Bonus Agreement Between Jay Stuart and John Fanelli III Dated April 27, 2005
This agreement confirms that John Fanelli III will receive a $15,000 immediate discretionary bonus and a $50,000 retention bonus from the company, provided he remains a full-time employee through September 30, 2005. Both bonuses are subject to applicable withholdings. The retention bonus will not be paid if he does not remain employed through the specified date. The agreement is acknowledged by both parties.
Exhibit 10.a.
Memorandum
| To: | John Fanelli | |
| From: | Jay Stuart /s/ Jay Stuart | |
| CC: | ||
| Date: | April 27, 2005 | |
| Re: | Discretionary Bonus Agreement – Immediate and Retention | |
This will confirm our discussions regarding the Company’s payment of discretionary bonuses to you. First, you will receive an immediate discretionary bonus in the amount of $15,000. This will be paid to you as soon as it can be processed.
Second, you will receive a retention bonus in the amount of $50,000 if you satisfactorily continue as a full-time employee through September 30, 2005. No portion of the retention bonus will be paid if you do not satisfactorily continue as a full time employee through September 30, 2005.
Both of these bonuses will be paid net of all applicable withholdings.
Please acknowledge receipt of this bonus information by signing the copy of this memo where indicated and returning it to me.
Acknowledged:
| /s/ John Fanelli III |
| John Fanelli III |
