Please use IRAC format.

7. Pro Brands, Inc., a South Carolina corporation, hires Treena Javitz as vice president of marketing. Pro Brands and Javitz sign a written contract by which Pro Brands agrees to pay Javitz an annual salary of $450,000 and a performance bonus that could reach $400,000 a year, as well as issue to her 30,000 shares of Pro Brands common shares. The market price of the common shares is $22 per share. The board of directors agrees to issue the shares to Javitz in return for her signing the five-year contract and a separate promissory note for $330,000. The note is due immediately if Javitz terminates the contract any time before the end of five years. The amount that will be due to Pro Brands on the note will reduce by $5,500 for each month that Javitz works as VP of marketing for Pro Brands. If she works for Pro Brands for all five years, Javitz will owe nothing on the note. Has the board of directors issued the shares for proper consideration?