Omnitek Engineering : Private Placement - Form 8-K

Item 1.01Entry into a Material Definitive Agreement.

On May 3, 2024, the Company renewed and entered into an Employment Agreement with Werner Funk, the President and CEO of the Company. The term of the Employment Agreement shall be for a period of three (3) years, with a Base Salary of $150,000 per year with such salary reviewed on an annual basis by the Board of Directors. Additionally, concurrent and pursuant to the Employment Agreement, the Company granted o Werner Funk, the President and Chief Executive Officer, astock option to purchase 300,000shares of common stock, at an exercise price of $0.015 representing 110% of the closing price of the Company's common stock as of May 3, 2024. Such Options shall be exercisable for a period of seven years. The Option shall vest and be exercisable at the rate of 1/36 per month.

The foregoing description of the Employment Agreement is qualified in its entirety by reference to the Employment Agreement filed as Exhibits 10.1 to this Current Report on Form 8-K, which is incorporated herein by reference.