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EX-4.1 - PROMISSORY NOTE - URBAN AG. CORPurban_10k-ex401.htm
EX-3.4 - AMENDED AND RESTATED CERTIFICATE OF INCORPORATION - URBAN AG. CORPurban_10k-ex304.htm
EX-10.17 - STOCK PURCHASE AGREEMENT WITH DISTRESSED ASSET ACQUISITIONS, INC. - URBAN AG. CORPurban_10k-ex1017.htm
EX-21.1 - LIST OF SUBSIDIARIES - URBAN AG. CORPurban_10k-ex2101.htm
EX-10.13 - STOCK PURCHASE AGREEMENT - URBAN AG. CORPurban_10k-ex1013.htm
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EX-32.1 - CERTIFICATION - URBAN AG. CORPurban_10k-ex3201.htm
EX-31.1 - CERTIFICATION - URBAN AG. CORPurban_10k-ex3101.htm
EX-31.2 - CERTIFICATION - URBAN AG. CORPurban_10k-ex3102.htm
EX-23.1 - CONSENT - URBAN AG. CORPurban_10k-ex2301.htm
EX-10.16 - FACTORING AND SECURITY AGREEMENT WITH MIDLAND AMERICAN CAPITAL - URBAN AG. CORPurban_10k-ex1016.htm
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EX-10.15 - LOAN PURCHASE AND SALE AGREEMENT WITH SUMMITBRIDGE CREDIT INVESTMENTS LLC - URBAN AG. CORPurban_10k-ex1015.htm
v2.4.0.6
14. Related Party Transactions
12 Months Ended
Dec. 31, 2011
Related Party Transactions [Abstract]  
14. Related Party Transactions

Executive Team Compensation

 

Billy V. Ray Jr., was appointed Chief Executive Officer of the Company effective November 2, 2011. In connection with Mr. Ray's appointment, he entered into an employment agreement under which H2 Technologies, a company with which he has an interest, receives payments for management services. The payments totaled $2,300 for the year ended December 31, 2011.

 

Edwin A. Reilly, Chief Executive Officer and Chairman of the Board of Directors of the Company resigned effective March 9, 2011. In connection with Mr. Reilly's resignation, he entered into a Separation Agreement under which he received 62,500 shares of the Company's common stock in exchange for canceling his employment agreement and foregoing any unpaid and accrued compensation, such amount totaling $129,042 through 2010 and $33,333 for 2011.

 

Michael J, Mahoney, President and Chief Operating Officer and a member of the Board of Directors, also resigned effective March 9, 2011. In connection with Mr. Mahoney's resignation, he also entered into a Separation Agreement under which he received 62,500 shares of the Company's common stock in exchange for canceling his employment agreement and foregoing any unpaid and accrued compensation, such amount totaling $88,501 for 2010 and $31,667 for 2011.

 

The settlement of accrued compensation noted above with the Company’s common stock was recorded as an increase to additional paid in capital.

 

Marshall Sterman – Chairman

 

During 2009, a company related to Mr. Sterman provided consulting services for $45,000. As of September 30, 2011, the balance of $45,000 remains accrued and unpaid. Additionally, in 2009 and 2010, a party related to Mr. Sterman made non-interest bearing temporary advances to the Company totaling $12,813, which remains unpaid as of December 31, 2011.