Description of Oral Employment Arrangement with Jared E. Abbruzzese, Sr. as Vice Chairman (July 1, 2005)

Contract Categories: Human Resources › Employment Agreements
Summary

This agreement outlines the employment terms for Jared E. Abbruzzese, Sr., who serves as Vice Chairman of the Board as of July 1, 2005. Instead of a fixed salary, Mr. Abbruzzese will be compensated for the remainder of 2005 based on a percentage of business-related fees, consulting, or advisory revenues generated through his efforts, as determined by the Compensation Committee, minus related expenses.

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EX-10.4 5 y26828exv10w4.txt EX-10.4: DESCRIPTION OF ORAL EMPLOYMENT ARRANGEMENT EMPLOYMENT ARRANGEMENT WITH JARED E. ABBRUZZESE, SR., VICE CHAIRMAN OF THE BOARD, AS OF JULY 1, 2005. On July 1, 2005, the Company's Compensation Committee of the Board approved an employment arrangement with Jared E. Abbruzzese, Sr., as Vice Chairman of the Board. Mr. Abbruzzese will not be entitled to a guaranteed or minimum salary from the Company. Rather, for the remainder of the 2005 calendar year, Mr. Abbruzzese is to receive a percentage of business related fee income, consulting income or advisory revenues attributable to his efforts as determined by the Compensation Committee, less related expenses.