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Mr. S.
Jambunathan
Chairman of the Board of Directors of HMNA
c/o HMNA
200 Park Avenue South
New York, New York 10003
Re:
Amendment to Employment Agreement
Helios
& Matheson North America — HMNA, (“Company”)
hereby agrees to amend your Employment Agreement dated as of
May 01, 2006 (“Agreement”) entered into by and
between The A Consulting Team Inc. (former name of HMNA) and
yourself, Salvatore M. Quadrino, (“Employee”) as
follows:
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(1)
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The
content in Section 1 of Agreement will be replaced by the
content provided in this bullet point (1) of this
Amendment.
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The Company
hereby employs Employee as Chief Financial Officer. The Company,
HMNA, will provide Employee with an office and appropriate computer
and communications at metropolitan area office. Employee hereby
accepts employment in such capacity and conditions as hereinafter
set forth.
In
addition, for the interim period, beginning with the date of
ratification of this Amendment and until Company appoints a new
Chief Executive Officer, Company offers and Employee accepts the
responsibility of Interim Chief Executive Officer, in addition to
Employee’s role & responsibility as Chief Financial
Officer.
When
Company hires a new Chief Executive Officer, Employee will revert
back to the original role of Chief Financial Officer.
As a
condition of continued Employment, Employee agrees to perform as
expected by the Company in the capacity of Chief Financial Officer
and Interim Chief Executive Officer, and bear all appropriate
responsibilities, including SEC related responsibilities that roles
of Chief Financial Officer and Chief Executive Officer have to
bear.
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(2)
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The
content in Section 2 of Agreement will be replaced by the
content provided in this bullet point (2) of this
Amendment.
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This
Agreement is for the time period May 1 st
2008 to
June 30 th
2009
(Term). Thereafter, the Agreement will automatically renew for
additional 1-year terms (Renewal Terms), unless either Party
(Company or Employee) conveys in writing to the other, of its
intention not to renew the Agreement at least 30 days prior to
the end of the corresponding Term. Termination of Agreement by the
Company will be governed by the provisions of Section 8. The
entire period in effect is hereinafter referred to as the
“Employment Period”.
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(3)
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The
content in Section 3 of Agreement will be replaced by the
content provided in this bullet point (3) of this
Amendment.
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The Company
shall pay to Employee the following compensation for all the
services to be rendered by Employee in any capacity:
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A
base salary at the rate of $200,000 per year (annual base salary of
Two Hundred Thousand US Dollars) payable twice a month, less all
applicable and required federal, state, local and authorized
deductions.
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Upon approval by the Board of
Directors, the Company shall grant to Employee options to shares of
Company Common Stock, from time to time, in accordance with the
terms of Company’s Stock Option and Award Plan.
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A
Performance Based Bonus
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