Joshua M. Berman Compensation Arrangement Memo (March 2000–July 2002)

Summary

This memo outlines the compensation arrangement between Joshua M. Berman and the Company. From March 1, 2000, Mr. Berman was employed as Vice President, receiving $30,000 per month, health benefits, reimbursement for normal expenses, and secretarial support, but no other fringe benefits. The arrangement was approved by the Board on June 25, 2002, and continued until Mr. Berman terminated his engagement and compensation agreement on July 31, 2002.

EX-10.4 6 a2085985zex-10_4.txt EXHIBIT 10.4 EXHIBIT 10.4 MEMO SUMMARIZING JOSHUA M. BERMAN'S COMPENSATION ARRANGEMENT Joshua M. Berman had until 29 February 2000 been affiliated with a law firm that served as outside counsel to the Company and had since 1 March 2000 been engaged by the Company to render legal, regulatory and other professional services. On June 25, 2002, the Compensation Committee recommended and the Board of Directors approved a resolution that his compensation be continued at the same level as he has received since 1 March 2000, namely that his compensation be set at $30,000 per month; that the compensation be paid to him as an employee and Vice President of the Company; that he be entitled to health benefits but not other fringe benefits; and that he receive normal and customary expenses and have the use of a secretary. On July 31, 2002 Mr. Berman terminated his engagement and the compensation arrangement.