Common use of Compensation Related Matters Clause in Contracts

Compensation Related Matters. (a) Employee shall receive a salary for his services hereunder at the rate of $200,000 per annum, payable in accordance with the Company's normal payroll procedure for executive employees. (b) 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 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 Term 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 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 at 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. 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. 3.4 Employee shall be entitled to a four (4) week paid vacation annually, to be taken at such times as are consistent with the needs of the Company and the convenience of the Employee, plus such other holidays, personal days or other days as may be determined in accordance with the Company's 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, 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 employ of the Company, 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 provided for in Section 3.1(a) hereof for a period of six (6) months from the date of 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 $200,000 160,000 per annum, payable in accordance with the Company's normal payroll procedure for executive employees. (b) In addition to the Employee's salary, the Employee: (i) May Employee will be eligible to receive a bonus as part 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, OMG Bonus Plan. Such bonus will be determined at the discretion of the 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 Term 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 CompanyOfficer. (c) On an annual basis beginning December 2002January 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 January 1, 2003, he will receive a minimum salary increase of 10%. Any further increase in salary and/or bonus at such time shall be at the discretion of the Company's Chief Executive Officer and PresidentOfficer. 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. 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. 3.4 Employee shall be entitled to a four (4) week paid vacation annually, to be taken at such times as are consistent with the needs of the Company and the convenience of the Employee, plus such other holidays, personal days or other days as may be determined in accordance with the Company's 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, 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, 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 employ of the Company, 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 provided for in Section 3.1(a) hereof for a period of six (6) months from the date of termination, and (ii) any monies due and owing to the Employee pursuant to Section 3.1 (b) hereof.