Summary of Revised Compensation Terms between Windswept and Michael O'Reilly

Summary

This document outlines revised compensation terms for Michael O'Reilly's employment with Windswept. Effective retroactively from March 1, 2006, O'Reilly's base salary is set at $342,000. He is also eligible for an annual bonus equal to 5% of EBITDA, calculated according to GAAP and excluding certain payments to Laurus Master Fund, Ltd. The Compensation Committee will determine the bonus amount and payment date within 90 days after each fiscal year ends. All other terms of the original June 30, 2005 Employment Agreement remain unchanged.

EX-10.1 2 exhibit10-1.txt SUMMARY OF REVISED TERMS Exhibit 10.1 Summary of Revised Compensation Terms Base Salary - $342,000, retroactive to March 1, 2006 Bonus - For each fiscal year commencing with the fiscal year ending in June 2006, 5% of EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) determined in accordance with Generally Accepted Accounting Principles and calculated without taking into account any payments made by Windswept to Laurus Master Fund, Ltd. The amount of such bonus and the date of payment shall be authorized by the Compensation Committee within 90 days after the end of each fiscal year. All other terms and conditions of the Employment Agreement, dated June 30, 2005, between Windswept and Michael O'Reilly shall remain in full force and effect.