Compensation and Benefits During the Employment Term. (a) The Executive's base compensation shall be at the rate of $5,000 per month, for the term of this Agreement, payable in regular semi-monthly installments in accordance with the Company's practice for its executives, less applicable withholding for income and employment taxes as required by law and other deductions as to which the Executive shall agree. Such base compensation shall be subject to increases as and when determined by the Company's Directors at their sole discretion.
Compensation and Benefits During the Employment Term. (a) SALARY. Commencing upon the date of this Agreement, Executive will be paid the first year an annual base salary of $126,000, the second year an annual base salary of $138,000, the third year an annual base salary of $150,000, payable in accordance with the then current payroll policies of Company or as otherwise agreed to by the parties (the "Salary"). At any time and from time to time the Salary may be increased for the remaining portion of the term if so determined by the Board of Directors of Company after a review of Executive's performance of his duties hereunder. Executive will not be entitled to receive sales commissions.
Compensation and Benefits During the Employment Term. The Executive’s base compensation shall be at the rate of $10,000 per month, for the term of this Agreement, payable in regular semi-monthly installments in accordance with the Company’s practice for its executives. At the election of the Executive, his compensation may be payable in shares of the Company’s common stock, registered on Form S-8 under the Securities Act of 1933 or such other form as may be appropriate, or at the election of the Executive pursuant to an exemption from registration under the Act. Cash compensation shall be less applicable withholding for income and employment taxes as required by law and other deductions as to which the Executive shall agree. Such base compensation shall be subject to increases as and when determined by the Company’s board of directors at its sole discretion. Any unpaid balance during the year shall be adjusted and paid on or before each fiscal year end. - In addition to the Executive’s base compensation, Executive will be entitled to a bonus as determined by the Company’s board of directors from time to time. In addition, in the event of a change in control of the Company, resulting in Executive ceasing to serve as the Company’s Chief Executive Officer, President and Chairman, Executive shall be entitled to receive and the Company shall pay to Executive within ninety (90) days of the change in control a sum equal to five (5) years of the base salary then payable to Executive under this Employment Agreement, and issue to Executive the shares underlying the common stock purchase warrants provided in 4(d) below, based upon and adjusted exercise price equal to par value of the shares at the date of the change in control. - The Executive shall be entitled to reimbursement of all reasonable, ordinary and necessary business related expenses incurred by him in the course of his duties and upon compliance with the Company’s procedures. - The Executive shall be granted common stock purchase warrants, exercisable on a cashless basis, for 144,000 shares per annum commencing on March 30, 2007 and on each consecutive March 30th for a period of five (5) years, based upon an exercise price of $7.00 per share. The warrants will provide for an expiration date two (2) years following each annual grant, as set forth in the warrant agreement that will be attached to this employment agreement. - The Company hereby ratifies the grant to Executive of common stock purchase options to purchase 50,000 shares of common stock heretofore ...
Compensation and Benefits During the Employment Term. (a) SALARY. Commencing upon the date of this Agreement, Executive will be paid a base salary of $30,000 the first year, $70,000 the second year and $120,000 for years three through five. At any time and from time-to-time the base salary may be increased for the remaining portion of the term if so determined by the Board of Directors of the Company after a review of Executive's performance of his duties hereunder. Executive will not be entitled to receive sales commissions.
Compensation and Benefits During the Employment Term. The Executive shall be entitled to the following compensation and benefits:
Compensation and Benefits During the Employment Term a. The Executive's base compensation shall be at the rate of $10,000 per month, for the term of this Agreement, payable in regular semi-monthly installments in accordance with the Company's practice for its executives. At the election of the Executive, his compensation may be payable in shares of the Company's common stock, registered on Form S-8 under the Securities Act of 1933 or such other form as may be appropriate, or at the election of the Executive pursuant to an exemption from registration under the Act. Cash compensation shall be less applicable withholding for income and employment taxes as required by law and other deductions as to which the Executive shall agree. Such base compensation shall be subject to increases as and when determined by the Company's board of directors at its sole discretion. Any unpaid balance during the year shall be adjusted and paid on or before each fiscal year end.
Compensation and Benefits During the Employment Term. The Executive’s base compensation shall be at the rate of $750 per month, for the term of this Employment Agreement, payable in regular semi-monthly installments. In addition to the Executive’s base compensation, Executive will be entitled to a bonus as determined by the Company’s board of directors from time to time, if and when declared by the board of directors. The Executive shall be entitled to reimbursement of all reasonable, ordinary and necessary business related expenses incurred by him in the course of his duties and upon compliance with the Company’s procedures. The Executive shall also be granted common stock purchase warrants, exercisable on a cashless basis, for 7,000,000 shares of common stock (the "Options"), pursuant to an employee stock option plan to be adopted by the Company's board of directors (the "ESOP"). The Parties understand that the Options shall be subject to certain vesting provisions and such other terms and conditions as shall be contained in the ESOP.
Compensation and Benefits During the Employment Term
