Common use of Term and Compensation Clause in Contracts

Term and Compensation. (a) This Agreement shall continue for a two year period, except the term shall be automatically renewed for a period of one year on each expiration date ("Employment Term") unless either party provides three months written notice of non-renewal to the other party. (a) Executive shall be paid $195,000 per year (the "Base Salary"), payable on a bi-monthly basis in arrears. The Base Salary may be increased from time to time as determined by the Compensation Committee of the Board of Directors (the "Committee"). Such salary shall be effective upon the Corporation completing a Minimum Financing Transaction. A Minimum Financing Transaction is defined as a single or series of transactions that take place subsequent to the date of this Agreement whereby the Corporation raises at least $4 million in gross proceeds. A Minimum Financing Transaction may consist of, or a combination of, the sale of equity or debt, the exercise of warrants or proceeds received under a licensing agreement. From the date of this Agreement until such time that the Minimum Financing Transaction is completed, Executive shall be paid the interim salary of $104,000, payable on a bi-monthly basis in arrears. (b) Executive shall be entitled to an annual cash performance bonus of up to 50% of the Base Salary (the "Performance Bonus") based on annual target performance objectives approved by the Committee. The bonus target may be raised during the Employment Term at the discretion of the Committee. The bonus will only be earned and payable in the event that the Corporation completes a Minimum Financing Transaction. The Compensation Committee of the Board shall be responsible for determining annual bonuses and shall make such determination on or before December 15th of each fiscal year. Bonuses earned in any fiscal year shall be paid in full on or before March 15th of the following fiscal year (e.g. bonus earned in FY'05 shall be paid no later than March 15, 2006). (c) Executive currently holds options to acquire 475,000 shares of the Corporation's common stock and options to acquire 852,500 shares of common stock of Osmotics Corporation all as evidenced by formal option agreements. From time to time, at the discretion of the Committee, Executive may be eligible for additional stock option grants and/or other equity incentive awards

Term and Compensation. (a) This Agreement shall continue for a two year period, except the term shall be automatically renewed for a period of one year on each expiration date ("Employment Term") unless either party provides three months written notice of non-renewal to the other party. (a) Executive shall be paid $195,000 185,000 per year (the "Base Salary"), payable on a bi-monthly basis in arrears. The Base Salary may be increased from time to time as determined by the Compensation Committee of the Board of Directors (the "Committee"). Such salary shall be effective upon the Corporation completing a Minimum Financing Transaction. A Minimum Financing Transaction is defined as a single or series of transactions that take place subsequent to the date of this Agreement whereby the Corporation raises at least $4 million in gross proceeds. A Minimum Financing Transaction may consist of, or a combination of, the sale of equity or debt, the exercise of warrants or proceeds received under a licensing agreement. From the date of this Agreement until such time that the Minimum Financing Transaction is completed, Executive shall be paid the interim salary of $104,000144,000, payable on a bi-monthly basis in arrears. For purposes of future Base Salary adjustments, Executive shall be treated as if he held the position of President. (b) Executive shall be entitled to an annual cash performance bonus of up to 50% of the Base Salary (the "Performance Bonus") based on annual target performance objectives approved by the Committee. The bonus target may be raised during the Employment Term at the discretion of the Committee. The bonus will only be earned and payable in the event that the Corporation completes a Minimum Financing Transaction. The Compensation Committee of the Board shall be responsible for determining annual bonuses and shall make such determination on or before December 15th of each fiscal year. Bonuses earned in any fiscal year shall be paid in full on or before March 15th of the following fiscal year (e.g. bonus earned in FY'05 shall be paid no later than March 15, 2006). (c) Executive currently holds options to acquire 475,000 purchase 550,000 shares of the Corporation's common stock and options to acquire 852,500 purchase 1,052,500 shares of common stock of Osmotics Corporation Corporation, all as evidenced by formal option agreements. From time to time, at the discretion of the Committee, Executive may be eligible for additional stock option grants and/or other equity incentive awards.

Term and Compensation. (a) This Agreement shall continue for a two year period, except the term shall be automatically renewed for a period of one year on each expiration date ("Employment Term") unless either party provides three months written notice of non-renewal to the other party. (a) Executive shall be paid $195,000 175,000 per year (the "Base Salary"), payable on a bi-monthly basis in arrears. The Base Salary may be increased from time to time as determined by the Compensation Committee of the Board of Directors (the "Committee"). Such salary shall be effective upon the Corporation completing a Minimum Financing Transaction. A Minimum Financing Transaction is defined as a single or series of transactions that take place subsequent to the date of this Agreement whereby the Corporation raises at least $4 million in gross proceeds. A Minimum Financing Transaction may consist of, or a combination of, the sale of equity or debt, the exercise of warrants or proceeds received under a licensing agreement. From the date of this Agreement until such time that the Minimum Financing Transaction is completed, Executive shall be paid the interim salary of $104,000144,000, payable on a bi-monthly basis in arrears. (b) Executive shall be entitled to an annual cash performance bonus of up to 50% of the Base Salary (the "Performance Bonus") based on annual target performance objectives approved by the Committee. The bonus target may be raised during the Employment Term at the discretion of the Committee. The bonus will only be earned and payable in the event that the Corporation completes a Minimum Financing Transaction. The Compensation Committee of the Board shall be responsible for determining annual bonuses and shall make such determination on or before December 15th of each fiscal year. Bonuses earned in any fiscal year shall be paid in full on or before March 15th of the following fiscal year (e.g. bonus earned in FY'05 shall be paid no later than March 15, 2006). (c) Executive currently holds options to acquire 475,000 purchase 400,000 shares of the Corporation's common stock and options to acquire 852,500 purchase 750,000 shares of common stock of Osmotics Corporation Corporation, all as evidenced by formal option agreements. From time to time, at the discretion of the Committee, Executive may be eligible for additional stock option grants and/or other equity incentive awards.