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CANM.PK > SEC Filings for CANM.PK > Form 8-K on 1-Oct-2008All Recent SEC Filings

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Form 8-K for CANEUM INC


1-Oct-2008

Entry into a Material Definitive Agreement


Item 1.01 Entry into a Material Definitive Agreement

On September 29, 2008, Caneum entered into an amendment dated effective September 25, 2008, with Burdock Inc. (the "Amendment") to add Section 8.4 to the Consulting Agreement with Burdock dated effective December 31, 2006, as amended April 4, 2007, and April 23, 2007 (the "Consulting Agreement"). Pursuant to Section 8.4, Burdock will be eligible for an annual

bonus tied to performance as measured by the net profit generated by Caneum India Pvt Ltd, formerly known as Continuum Systems Pvt Ltd and a wholly owned subsidiary of Caneum. The bonus will be a percentage of the net profit generated and will be payable from Caneum with 50% of the bonus payable in stock under Caneum's 2002 Stock Option/Stock Issuance Plan and 50% payable in cash. At the end of each year, the bonus formula will be adjusted for the subsequent year based on both the Caneum and Caneum India operating plans for the upcoming year. Burdock will be eligible for such annual bonuses for fiscal years commencing the current fiscal year ending December 31, 2008. The formula for 2008 will be calculated as follows: 10% of the first US$100,000 of net profit up to US$100,000; 15% of the next US$100,000 of net profit; and 20% of everything above US$200,000 in net profit.

Item 9.01 Exhibits

99.1 Amendment effective September 25, 2008, to the Consulting Agreement with Burdock, Inc.

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