Common use of Term of Employment; Compensation Clause in Contracts

Term of Employment; Compensation. a. The Company agrees to employ Employee as an employee from the date hereof, for a period of five (5) years or until the earlier termination of this Agreement pursuant to the terms hereof. The Company will pay Employee base salary for his services rendered hereunder at an initial annual rate of $175,000. Upon receipt by the Company of an investment commitment of at least $5,000,000 and physical receipt of at least $1,000,000 of such commitment, Employee's base salary shall increase to an annual rate of $275,000 effective October 1, 2008. Employee shall have the option to receive any amounts which were not paid to Employee from October 1, 2008 until such time as the increase in salary becomes payable in cash or restricted common stock of the Company at the then current market price. Employee's salary shall be paid in accordance with the Company's regular payroll practices as determined by the Company, subject only to such payroll and withholding deductions as are required by law and such other payroll deductions, as are determined by the Company policy or as Employee may approve. Employee shall receive an annual salary review and shall be considered for salary increases consistent with the profitability of the Company and with the salary increases of the other executive level employees of the Company. b. The Company does not presently have a stock option plan, bonus plan or a company vehicle plan in place. In the event the Company shall implement any such plan in the future, Employee shall be entitled to participate in such plan in a manner consistent with that of other executive level employees. c. Employee shall be entitled to up to four (4) weeks paid vacation annually. To the extent that Employee does not use all of his vacation in any year, he may elect to carryover such unused vacation to the next year or to receive compensation in lieu of such unused vacation. d. Employee shall be entitled to participate in and receive all benefits under any welfare benefit plan or program, including, without limitation, group medical and dental insurance for himself and his dependents, and all employee benefits, including, without limitation, hospital, medical, health and disability insurance, paid holidays, paid sick and personal days and/or any retirement savings plan or program provided at any time by the Company to any of its executive level employees. The benefits offered by the Company are subject to change from time to time as determined in the sole and absolute discretion of the Board of Directors of the Company. e. Employee shall be entitled to reimbursement by the Company for all ordinary and necessary business expenses incurred by Employee in the performance of his duties. f. Employee's location of employment shall be at Savannah, Georgia and employee shall not be required to change his location of employment beyond 20 miles from the present location.

Term of Employment; Compensation. a. The Company agrees to employ Employee as an employee from the date hereof, for a period of five (5) years or until the earlier termination of this Agreement pursuant to the terms hereof. The Company will pay Employee base salary for his services rendered hereunder at an initial annual rate of $175,000150,000. Upon receipt by the Company of an investment commitment of at least $5,000,000 and physical receipt of at least $1,000,000 of such commitment, Employee's base salary shall increase to an annual rate of $275,000 225,000 effective October 1, 2008. Employee shall have the option to receive any amounts which were not paid to Employee from October 1, 2008 until such time as the increase in salary becomes payable in cash or restricted common stock of the Company at the then current market price. Employee's salary shall be paid in accordance with the Company's regular payroll practices as determined by the Company, subject only to such payroll and withholding deductions as are required by law and such other payroll deductions, as are determined by the Company policy or as Employee may approve. Employee shall receive an annual salary review and shall be considered for salary increases consistent with the profitability of the Company and with the salary increases of the other executive level employees of the Company. b. The Company does not presently have a stock option plan, bonus plan or a company vehicle plan in place. In the event the Company shall implement any such plan in the future, Employee shall be entitled to participate in such plan in a manner consistent with that of other executive level employees. c. Employee shall be entitled to up to four (4) weeks paid vacation annually. To the extent that Employee does not use all of his vacation in any year, he may elect to carryover such unused vacation to the next year or to receive compensation in lieu of such unused vacation. d. Employee shall be entitled to participate in and receive all benefits under any welfare benefit plan or program, including, without limitation, group medical and dental insurance for himself and his dependents, and all employee benefits, including, without limitation, hospital, medical, health and disability insurance, paid holidays, paid sick and personal days and/or any retirement savings plan or program provided at any time by the Company to any of its executive level employees. The benefits offered by the Company are subject to change from time to time as determined in the sole and absolute discretion of the Board of Directors of the Company. e. Employee shall be entitled to reimbursement by the Company for all ordinary and necessary business expenses incurred by Employee in the performance of his duties. f. Employee's location of employment shall be at Savannah, Georgia and employee shall not be required to change his location of employment beyond 20 miles from the present location.

Term of Employment; Compensation. a. The Company agrees to employ Employee as an employee from the date hereof, for a period of five (5) years or until the earlier termination of this Agreement pursuant to the terms hereof. The Company will pay Employee base salary for his services rendered hereunder at an initial annual rate of $175,000. Upon receipt by the Company of an investment commitment of at least $5,000,000 and physical receipt of at least $1,000,000 of such commitment, Employee's base salary shall increase to an annual rate of $275,000 effective October 1, 2008. Employee shall have the option to receive any amounts which were not paid to Employee from October 1, 2008 until such time as the increase in salary becomes payable in cash or restricted common stock of the Company at the then current market price150,000. Employee's salary shall be paid in accordance with the Company's regular payroll practices as determined by the Company, subject only to such payroll and withholding deductions as are required by law and such other payroll deductions, as are determined by the Company policy or as Employee may approve. Employee shall receive an annual salary review and shall be considered for salary increases consistent with the profitability of the Company and with the salary increases of the other executive level employees of the Company. b. The Company does not presently have a stock option plan, bonus plan or a company vehicle plan in place. In the event the Company shall implement any such plan in the future, Employee shall be entitled to participate in such plan in a manner consistent with that of other executive level employees. c. Employee shall be entitled to up to four (4) weeks paid vacation annually. To the extent that Employee does not use all of his vacation in any year, he may elect to carryover such unused vacation to the next year or to receive compensation in lieu of such unused vacation. d. Employee shall be entitled to participate in and receive all benefits under any welfare benefit plan or program, including, without limitation, group medical and dental insurance for himself and his dependents, and all employee benefits, including, without limitation, hospital, medical, health and disability insurance, paid holidays, paid sick and personal days and/or any retirement savings plan or program provided at any time by the Company to any of its executive level employees. The benefits offered by the Company are subject to change from time to time as determined in the sole and absolute discretion of the Board of Directors of the Company. e. Employee shall be entitled to reimbursement by the Company for all ordinary and necessary business expenses incurred by Employee in the performance of his duties. f. Employee's location of employment shall be at Savannah, Georgia and employee shall not be required to change his location of employment beyond 20 miles from the present location.

Term of Employment; Compensation. a. The Company agrees to employ Employee as an employee from the date hereof, for a period of five (5) years or until the earlier termination of this Agreement pursuant to the terms hereof. The Company will pay Employee base salary for his services rendered hereunder at an initial annual rate of $175,00096,000. Upon receipt by the Company of an investment commitment of at least $5,000,000 and physical receipt of at least $1,000,000 of such commitment, Employee's base salary shall increase to an annual rate of $275,000 150,000 effective October 1, 2008. Employee shall have the option to receive any amounts which were not paid to Employee from October 1, 2008 until such time as the increase in salary becomes payable in cash or restricted common stock of the Company at the then current market price. Employee's salary shall be paid in accordance with the Company's regular payroll practices as determined by the Company, subject only to such payroll and withholding deductions as are required by law and such other payroll deductions, as are determined by the Company policy or as Employee may approve. Employee shall receive an annual salary review and shall be considered for salary increases consistent with the profitability of the Company and with the salary increases of the other executive level employees of the Company. b. The Company does not presently have a stock option plan, bonus plan or a company vehicle plan in place. In the event the Company shall implement any such plan in the future, Employee shall be entitled to participate in such plan in a manner consistent with that of other executive level employees. c. Employee shall be entitled to up to four (4) weeks paid vacation annually. To the extent that Employee does not use all of his vacation in any year, he may elect to carryover such unused vacation to the next year or to receive compensation in lieu of such unused vacation. d. Employee shall be entitled to participate in and receive all benefits under any welfare benefit plan or program, including, without limitation, group medical and dental insurance for himself and his dependents, and all employee benefits, including, without limitation, hospital, medical, health and disability insurance, paid holidays, paid sick and personal days and/or any retirement savings plan or program provided at any time by the Company to any of its executive level employees. The benefits offered by the Company are subject to change from time to time as determined in the sole and absolute discretion of the Board of Directors of the Company. e. Employee shall be entitled to reimbursement by the Company for all ordinary and necessary business expenses incurred by Employee in the performance of his duties. f. Employee's location of employment shall be at Savannah, Georgia and employee shall not be required to change his location of employment beyond 20 miles from the present location.