This excerpt taken from the MXGL DEF 14A filed Mar 21, 2007.
Keith S. Hynes. In December 1999, we entered into an employment agreement with Mr. Hynes having an initial four-year term with automatic one-year extensions. Mr. Hynes serves as our Executive Vice President and Chief Financial Officer. The employment agreement provides for an initial base salary of $360,000 subject to increase at the discretion of the Compensation Committee. In 2006, Mr. Hynes base salary was $425,000.
Mr. Hynes employment agreement also provides for an annual bonus targeted at 75% of base salary with a range of 0% to 150%. Mr. Hynes was paid a cash bonus of $50,000 for 2006.
At the inception of the employment agreement, Mr. Hynes was granted warrants to purchase 140,000 common shares. The warrants were 20% vested as of the date of grant and vested 20% on each subsequent anniversary thereof, subject to Mr. Hynes continued employment with us.
Under the terms of his employment agreement, Mr. Hynes receives an automobile allowance, payment of country club dues not to exceed $5,000 annually, a housing allowance not to exceed $7,000 per month on temporary housing or $8,000 per month on a permanent basis and participation in pension, life insurance, health, disability and major medical insurance plans, and in such other employee benefit plans that we establish during the term of his employment. Mr. Hynes is also entitled to two airline tickets per month for travel between Bermuda and the United States. Mr. Hynes compensation package is reviewed and subject to adjustment on an annual basis. In 2006, Mr. Hynes received an automobile allowance of $2,676, country club dues of $8,000 and a $120,000 housing allowance.
Pursuant to the terms of Mr. Hynes employment agreement, Mr. Hynes is subject to two year post-termination non-competition and non-solicitation restrictions (one year if termination is on account of expiration of the term of the agreement) and perpetual confidentiality and non-disparagement requirements.