Common use of SALARY AND CONTINGENT BONUS Clause in Contracts

SALARY AND CONTINGENT BONUS. Employee and the Company agree that effective October 16, 2004, Employee's salary shall be set at One Hundred Thousand dollars ($100,000) per annum, subject to the Company's state federal and other withholding obligations, payable semi-monthly, and that Employee's salary shall remain at this level until mutual agreement between the Employee and the Company. In the event the Company raises $2.5 million (net of commissions) between November 1, 2004 and February 1, 2005 and in the event Employee is still employed by the Company, Employee shall receive a bonus ("Bonus") in an amount equal to $8,333 times the number of full months from October 16, 2004 until the date of payment of such Bonus. Employee understands and agrees that in performing services to the Company, Employee will not effect transactions in securities, and will not act, either directly or indirectly, as a broker, dealer, or investment advisor (as such terms are defined under applicable federal and state securities laws and regulations). Employee further understands and acknowledges that Employee's employment with the Company is not for a specified term, it is at-will, and may be terminated by Employee or the Company at any time without notice, for any reason and for no reason, with or without cause.

SALARY AND CONTINGENT BONUS. Employee and the Company agree that effective October 16January 1, 20042005, Employee's salary shall be set at One Hundred and Fifty Thousand dollars ($100,000150,000) per annum, subject to the Company's state federal and other withholding obligations, payable semi-monthly, and that Employee's salary shall remain at this level until mutual agreement between the Employee and the Company. In the event the Company raises $2.5 million (net of commissions) between November 1, 2004 and February 1, 2005 and in the event Employee is still employed by the Company, Employee shall receive a bonus ("Bonus") in an amount equal to $8,333 20,834 plus $4,167 times the number of full months from October 16January 1, 2004 2005 until the date of payment of such Bonus. Employee understands and agrees that in performing services to the Company, Employee will not effect transactions in securities, and will not act, either directly or indirectly, as a broker, dealer, or investment advisor (as such terms are defined under applicable federal and state securities laws and regulations). Employee further understands and acknowledges that Employee's employment with the Company is not for a specified term, it is at-will, and may be terminated by Employee or the Company at any time without notice, for any reason and for no reason, with or without cause.

SALARY AND CONTINGENT BONUS. Employee and the Company agree that effective October 16, 2004, Employee's salary shall be set at One Hundred Ten Thousand dollars ($100,000110,000) per annum, subject to the Company's state federal and other withholding obligations, payable semi-monthly, and that Employee's salary shall remain at this level until mutual agreement between the Employee and the Company. In the event the Company raises $2.5 million (net of commissions) between November 1, 2004 and February 1, 2005 and in the event Employee is still employed by the Company, Employee shall receive a bonus ("Bonus") in an amount equal to $8,333 9,166 times the number of full months from October 16, 2004 until the date of payment of such Bonus. Employee understands and agrees that in performing services to the Company, Employee will not effect transactions in securities, and will not act, either directly or indirectly, as a broker, dealer, or investment advisor (as such terms are defined under applicable federal and state securities laws and regulations). Employee further understands and acknowledges that Employee's employment with the Company is not for a specified term, it is at-will, and may be terminated by Employee or the Company at any time without notice, for any reason and for no reason, with or without cause.

SALARY AND CONTINGENT BONUS. Employee and the Company agree that effective October 16, 2004, Employee's salary shall be set at One Eighty-Seven Thousand Five Hundred Thousand dollars ($100,00087,500) per annum, subject to the Company's state federal and other withholding obligations, payable semi-monthly, and that Employee's salary shall remain at this level until mutual agreement between the Employee and the Company. In the event the Company raises $2.5 million (net of commissions) between November 1, 2004 and February 1, 2005 and in the event Employee is still employed by the Company, Employee shall receive a bonus ("Bonus") in an amount equal to $8,333 7,291 times the number of full months from October 16, 2004 until the date of payment of such Bonus. Employee understands and agrees that in performing services to the Company, Employee will not effect transactions in securities, and will not act, either directly or indirectly, as a broker, dealer, or investment advisor (as such terms are defined under applicable federal and state securities laws and regulations). Employee further understands and acknowledges that Employee's employment with the Company is not for a specified term, it is at-will, and may be terminated by Employee or the Company at any time without notice, for any reason and for no reason, with or without cause.

SALARY AND CONTINGENT BONUS. Employee and the Company agree that effective October 16January 1, 20042005, Employee's salary shall be set at One Hundred Thirty One Thousand Two Hundred and Fifty dollars ($100,000131,250) per annum, subject to the Company's state federal and other withholding obligations, payable semi-monthly, and that Employee's salary shall remain at this level until mutual agreement between the Employee and the Company. In the event the Company raises $2.5 million (net of commissions) between November 1, 2004 and February 1, 2005 and in the event Employee is still employed by the Company, Employee shall receive a bonus ("Bonus") in an amount equal to $8,333 18,230 plus $3,646 times the number of full months from October 16January 1, 2004 2005 until the date of payment of such Bonus. Employee understands and agrees that in performing services to the Company, Employee will not effect transactions in securities, and will not act, either directly or indirectly, as a broker, dealer, or investment advisor (as such terms are defined under applicable federal and state securities laws and regulations). Employee further understands and acknowledges that Employee's employment with the Company is not for a specified term, it is at-will, and may be terminated by Employee or the Company at any time without notice, for any reason and for no reason, with or without cause.

SALARY AND CONTINGENT BONUS. Employee and the Company agree that effective October 16, 2004, Employee's salary shall be set at One Hundred Thousand dollars ($100,000) per annum, subject to the Company's state federal and other withholding obligations, payable semi-monthly, and that Employee's salary shall remain at this level until mutual agreement between the Employee and the Company. In the event the Company raises $2.5 million (net of commissions) between November 1, 2004 and February 1, 2005 and in the event Employee is still employed by the Company, Employee shall receive a bonus ("Bonus") in an amount equal to $8,333 times the number of full months from October 16, 2004 until the date of payment of such Bonus. Employee understands and agrees that in performing services to the Company, Employee will not effect transactions in securities, and will not act, either directly or indirectly, as a broker, dealer, or investment advisor (as such terms are defined under applicable federal and state securities laws and regulations). Employee further understands and acknowledges that Employee's employment with the Company is not for a specified term, it is at-will, and may be terminated by Employee or the Company at any time without notice, for any reason and for no reason, with or without cause. Employee hereby waives his rights, if any, under the Separation Agreement entered into between the parties on or about January 8, 2001.