Common use of Compensation and Reimbursement of Expenses Clause in Contracts

Compensation and Reimbursement of Expenses. (a) In full consideration of the services to be performed hereunder by Consultant throughout the first year of this Agreement, i.e., calendar year 2013, Company agrees to pay to Consultant the sum of $250,000, payable in equal monthly installments. For subsequent years, the remuneration to be paid from Company to Consultant shall be as negotiated between Consultant and the Executive Compensation and Stock Option Committee of the Board of Directors of Company (the “Committee”). Any remuneration in addition to the agreed upon for any year, if any, shall be determined in the discretion of the Committee, taking into account such factors as the Committee deems appropriate, including but not limited to, the services rendered, results of such services and profitability of Company. (b) Company agrees to reimburse Consultant for reasonable out-of-pocket expenses incurred by Consultant on behalf of Company, provided Consultant submits proper documentation for such expenses, which are reasonably acceptable to Company.

Compensation and Reimbursement of Expenses. (a) In full consideration of the services to be performed hereunder by Consultant throughout the first year of this Agreement, i.e., calendar year 20132014, Company agrees to pay to Consultant the sum of $250,000, payable in equal monthly installments. For subsequent years, the remuneration to be paid from Company to Consultant shall be as negotiated between Consultant and the Executive Compensation and Stock Option Committee of the Board of Directors of Company (the “Committee”). Any remuneration in addition to the agreed upon for any year, if any, shall be determined in the discretion of the Committee, taking into account such factors as the Committee deems appropriate, including but not limited to, the services rendered, results of such services and profitability of Company. (b) Company agrees to reimburse Consultant for reasonable out-of-pocket expenses incurred by Consultant on behalf of Company, provided Consultant submits proper documentation for such expenses, which are reasonably acceptable to Company.