Common use of Compensation Related Matters Clause in Contracts

Compensation Related Matters. (a) Employee shall receive salary for his services at the rate of $ 100,000 per annum, subject to increases by the Board of Directors of the Company, from time to time, payable in accordance with the Company's normal payroll procedures for executive employees. (b) At the discretion of the Board of Directors of the company, the Employee shall be eligible to receive an annual bonus. 3.2 The Company shall reimburse the Employee for all reasonable expenses incurred by him in connection with the business of the Company, provided Employee shall submit supporting documentation for such expenses consistent with the Company's policies. 3.3 Employee shall be eligible, to the extent he qualifies, for participation in any health or other group insurance plan of the Company and shall also be entitled to participate in any employee benefit programs of the Company for its key employees generally, including without limitation, any stock option or purchase plan and any profit-sharing or pension plan. The Company shall provide the Employee and his immediate family members with Blue Cross/Blue Shield or equivalent and major medical coverage. 3.4 Employee shall be entitled to a five (5) week paid vacation per year during the Term, to be taken at such times as are consistent with the needs of the Company and the convenience of the Employee. Such vacation period may be extended beyond five weeks if consistent with Company policy. 3.5 The Company shall provide, maintain and insure an automobile for Employee's use (the "Automobile'). (a) In the event the Employee's employment by the Company is terminated for "cause" pursuant to Section 2.1(c) hereof, or by virtue of Section 2.1(d) hereof because the Employee voluntarily leaves the employ of the Company (other than for "Good Reason" or on account of a "Change in Control" as set forth in Section 3.6(b) below), the Employee shall be entitled to the compensation provided for by Section 3.1 only up until the date of termination of his employment. (b) In the event the Employee leaves the employment of the Company (A) for Good Reason, as defined below, or (B) on account of a Change in Control (as defined in Section 4 hereof), then the Employee shall be entitled to receive the compensation and benefits (but only to the extent legally allowable) provided for in Sections 3.1, 3.3 and 3.5 hereof, for the balance of the Term; provided, however, that if such termination occurs at a time when there is less than two years left in the Term, the compensation and benefits (but only to the extent legally allowable) provided for in Sections 3.1, 3.3 and 3.5 shall continue for a period of two (2) years from the date of

Compensation Related Matters. (a) Employee shall receive a salary for his services hereunder at the rate of $ 100,000 $160,000 per annum, subject to increases by the Board of Directors of the Company, from time to time, payable in accordance with the Company's normal payroll procedures procedure for executive employees. (b) At In addition to the Employee's salary, the Employee will be eligible to receive a bonus as part of the OMG Bonus Plan. Such bonus will be determined at the discretion of the Board Chief Executive Officer. (c) On an annual basis beginning January 1, 2003, the Company shall review the Employee's performance and other relevant factors relating to salary and bonus. If the Employee is employed by the Company as of Directors January 1, 2003, he will receive a minimum salary increase of 10%. Any further increase in salary shall be at the discretion of the company, the Employee shall be eligible to receive an annual bonusCompany's Chief Executive Officer. 3.2 The Company shall reimburse the Employee for all reasonable expenses incurred by him in connection with the business of the Company, provided Employee shall submit proper supporting documentation for such expenses consistent with the Company's policiesexpenses. 3.3 Employee shall be eligible, to the extent he qualifies, for participation in any health or other group insurance plan of the Company and shall also be entitled to participate in any employee benefit programs of the Company for its key employees or for its employees generally, including without limitation, any stock option or purchase plan and any profit-sharing or pension plan. The Company shall provide the Employee and his immediate family members with Blue Cross/Blue Shield or equivalent and major medical coverage. 3.4 Employee shall be entitled to a five four (54) week paid vacation per year during the Termannually, to be taken at such times as are consistent with the needs of the Company and the convenience of the Employee. Such vacation period , plus such other holidays, personal days or other days as may be extended beyond five weeks if consistent determined in accordance with Company policy. 3.5 The Company shall provide, maintain and insure an automobile for Employeethe Company's use (the "Automobile')policies as in effect from time to time. (a) In the event the Employee's employment by the Company is terminated for "cause" pursuant to Section 2.1(c) hereof, or by virtue of Section 2.1(d) hereof because the Employee voluntarily leaves the employ of the Company (other than for "Good Reason" or on account of a "Change in Control" as set forth in Section 3.6(b) below)Company, the Employee shall be entitled to (i) the compensation provided for by Section 3.1 (a) hereof, and (ii) compensation accrued pursuant to Section 3.1 (b) hereof, in each case only up until the date of termination of his employment. (b) In the event the Employee's employment by the Company is terminated for any reason other than cause or by virtue of Section 2.1(d) hereof because the Employee voluntarily leaves the employment employ of the Company (A) for Good ReasonCompany, as defined below, or (B) on account of a Change in Control (as defined in Section 4 hereof), then the Employee (or his estate in the event such termination is due to the death of the Employee or the Employee dies subsequent to such termination) shall be entitled to receive (i) the compensation and benefits (but only to the extent legally allowable) provided for in Sections 3.1, 3.3 and 3.5 hereof, for the balance of the Term; provided, however, that if such termination occurs at a time when there is less than two years left in the Term, the compensation and benefits (but only to the extent legally allowableSection 3.1(a) provided for in Sections 3.1, 3.3 and 3.5 shall continue hereof for a period of two six (26) years months from the date ofof termination, and (ii) any monies due and owing to the Employee pursuant to Section 3.1 (b) hereof.

Compensation Related Matters. (a) Employee shall receive a salary for his services hereunder at the rate of $ 100,000 $200,000 per annum, subject to increases by the Board of Directors of the Company, from time to time, payable in accordance with the Company's normal payroll procedures procedure for executive employees. (b) At In addition to the Employee's salary, the Employee: (i) May receive a bonus of up to $60,000, as follows: (A) up to $30,000 pursuant to the terms of a quantitative senior management plan under development; and (B) up to an additional $30,000, at the discretion of the Board of Directors Company's Chief Executive Officer and President; and (ii) Employee shall receive an "override" on all bookings generated by Employee during the first six (6) months of the companyTerm that are a direct result of Employee's existing business relationships on the Commencement Date ("Bookings"), such "override" to be computed as follows: 5% of the first $250,000 in Bookings, 4% of Bookings between $250,000 and $750,000, and 3% of Bookings above $750,000. Payment of such "override" shall be made to Employee within 10 days after the end of the month during which the revenues from such Bookings are received by the Company. (c) On an annual basis beginning December 2002, the Employee Company shall review the Employee's performance and other relevant factors relating to salary and bonus. Any increase in salary and/or bonus at such time shall be eligible to receive an annual bonusat the discretion of the Company's Chief Executive Officer and President. 3.2 The Company shall reimburse the Employee for all reasonable expenses incurred by him in connection with the business of the Company, provided Employee shall submit proper supporting documentation for such expenses consistent with the Company's policiesexpenses. 3.3 Employee shall be eligible, to the extent he qualifies, for participation in any health or other group insurance plan of the Company and shall also be entitled to participate in any employee benefit programs of the Company for its key employees or for its employees generally, including without limitation, any stock option or purchase plan and any profit-sharing or pension plan. The Company shall provide the Employee and his immediate family members with Blue Cross/Blue Shield or equivalent and major medical coverage. 3.4 Employee shall be entitled to a five four (54) week paid vacation per year during the Termannually, to be taken at such times as are consistent with the needs of the Company and the convenience of the Employee. Such vacation period , plus such other holidays, personal days or other days as may be extended beyond five weeks if consistent determined in accordance with Company policy. 3.5 The Company shall provide, maintain and insure an automobile for Employeethe Company's use (the "Automobile')policies as in effect from time to time. (a) In the event the Employee's employment by the Company is terminated for "cause" pursuant to Section 2.1(c) hereof, or by virtue of Section 2.1(d) hereof because the Employee voluntarily leaves the employ of the Company (other than for "Good Reason" or on account of a "Change in Control" as set forth in Section 3.6(b) below)Company, the Employee shall be entitled to (i) the compensation provided for by Section 3.1 (a) hereof, (ii) compensation accrued pursuant to Section 3.1 (b) hereof, and (iii) compensation based upon revenues received pursuant to Section 3.1 (b) (ii) hereof, in each case only up until the date of termination of his employment. (b) In the event the Employee's employment by the Company is terminated for any reason other than cause or by virtue of Section 2.1(d) hereof because the Employee voluntarily leaves the employment employ of the Company (A) for Good ReasonCompany, as defined below, or (B) on account of a Change in Control (as defined in Section 4 hereof), then the Employee (or his estate in the event such termination is due to the death of the Employee or the Employee dies subsequent to such termination) shall be entitled to receive (i) the compensation and benefits (but only to the extent legally allowable) provided for in Sections 3.1, 3.3 and 3.5 hereof, for the balance of the Term; provided, however, that if such termination occurs at a time when there is less than two years left in the Term, the compensation and benefits (but only to the extent legally allowableSection 3.1(a) provided for in Sections 3.1, 3.3 and 3.5 shall continue hereof for a period of two six (26) years months from the date ofof termination, and (ii) any monies due and owing to the Employee pursuant to Section 3.1 (b) hereof.

Compensation Related Matters. (a) Employee shall receive salary for his services at the rate of $ $100,000 per annum, subject to increases by the Board of Directors of the Company, from time to time, payable in accordance with the Company's normal payroll procedures for executive employees. (b) At the discretion of the Board of Directors of the company, the Employee shall be eligible to receive an annual bonus. 3.2 The Company shall reimburse the Employee for all reasonable expenses incurred by him in connection with the business of the Company, provided Employee shall submit supporting documentation for such expenses consistent with the Company's policies. 3.3 Employee shall be eligible, to the extent he qualifies, for participation in any health or other group insurance plan of the Company and shall also be entitled to participate in any employee benefit programs of the Company for its key employees or for its employees generally, including without limitation, any stock option or purchase plan and any profit-sharing or pension plan. The Company shall provide the Employee and his immediate family members with Blue Cross/Blue Shield or equivalent and major medical coverage. 3.4 Employee shall be entitled to a five (5) week paid vacation per year during the Term, to be taken at such times as are consistent with the needs of the Company and the convenience of the Employee. Such vacation period may be extended beyond five weeks if consistent with Company policy. 3.5 The Company shall provide, maintain and insure an automobile for Employee's use (the "Automobile'"). (a) In the event the Employee's employment by the Company is terminated for "cause" pursuant to Section 2.1(c) hereof, or by virtue of Section 2.1(d) hereof because the Employee voluntarily leaves the employ of the Company (other than for "without Good Reason" Reason or on account of a "Change in Control" as set forth in Section 3.6(b) below), the Employee shall be entitled to the compensation provided for by Section 3.1 only up until the date of termination of his employment. (b) In the event the Employee leaves the employment of the Company (A) for Good Reason, as defined below, or (B) on account of a Change in Control (as defined in Section 4 hereof), then the Employee shall be entitled to receive the compensation and benefits (but only to the extent legally allowable) provided for in Sections 3.1, 3.3 and 3.5 hereof, for the balance of the Term; provided, however, that if such termination occurs at a time when there is less than two years left in the Term, the compensation and benefits (but only to the extent legally allowable) provided for in Sections 3.1, 3.3 and 3.5 shall continue for a period of two (2) years from the date ofof termination. Employee shall have no obligation to mitigate payments and benefits received, and shall be entitled to the compensation provided for herein even if Employee is employed elsewhere. For purposes hereof, "Good Reason" shall mean the following: (i) the dimunition of Employee's position, duties, responsibilities and status with the Company as contemplated hereunder or any removal of the Employee from any positions or offices the Employee held as contemplated hereunder, except in connection with the termination of the Employee's employment by the Company for Cause or incapacity; (ii) the failure of the Company to assign to the Employee duties consistent with his position, duties, responsibilities and status with the Company as contemplated hereunder; or (iii) a relocation of the Company's principal offices and place of Employee's employment outside of Manhattan or further than 25 miles from the Employee's principal residence.