Exhibit 10.5
Final
To: Alan Merkur
From: Chaim Katzman
Date: 3/11/03
TERM SHEET FOR EMPLOYMENT CONTRACT
Term Of Agreement | 3 years commencing January 1, 2003 - Automatically renewable for successive 1 year terms, unless either party advises the other party at least 90 days prior to termination as to its intent not to renew. |
Base Salary | $190,000 per annum with CPI increases each anniversary |
Restricted Stock | 10,500 shares vesting over a three year period |
Stock Option | T/B/D After the full vesting of the previous grant |
Annual Cash Bonus | 40% target. formula equal to other Senior Executives |
Miscellaneous | $500 car allowance + Health Benefits allowance + other customary perquisites |
Change of Control | Upon a Change of Control as defined: |
Lump sum payment equal to 150% of the Base Salary + 150% of most recent bonus. | |
All remaining restricted stocks and options to become vested. | |
Termination | In the event of Termination without cause as defined, conditions of Change of Control shall apply. |
Other | In the event of death or disability: |
All stock and options shall vest. | |
Payment of 1 year salary or life insurance at the same amount paid by the company (employee to determine beneficiaries) | |