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Quotes & Info
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| OMNI > SEC Filings for OMNI > Form 8-K on 3-Mar-2009 | All Recent SEC Filings |
3-Mar-2009
Change in Directors or Principal Officers, Financial Statements and Exh
Effective May 1, 2008, OMNI Energy Services Corp. (the "Company") entered into an employment agreement (the "Employment Agreement") with Gregory B. Milton, the Company's Chief Accounting Officer and Vice President. Under terms of the Employment Agreement, Mr. Milton's employment with the Company will continue in effect until December 31, 2010 with automatic renewals for successive one year terms, unless either party gives 60 days prior written notice of non-renewal. Under the Employment Agreement, Mr. Milton will receive an annual base salary of $130,000, which base salary will be reviewed annually in the second quarter of each fiscal year of Mr. Milton's employment under the Employment Agreement, beginning in the second quarter of 2008. Additionally, Mr. Milton will be eligible to receive an annual bonus through the achievement of targets generated by the Company's Chief Executive Officer and approved by the Board of Directors.
If the employment of Mr. Milton is terminated, other than for cause (as defined in the Employment Agreement), the Company shall pay (i) the annual base salary in effect in semi-monthly payments for the remainder of the contract period or twelve months, whichever is greater, and (ii) vacation pay earned but not taken to the date of such termination. In addition, the employment agreement contains standard termination provisions for disability, death or cause, and contains non-compete, non-solicitation and confidentiality provisions that prohibit Mr. Milton from disclosing certain information belonging to the Company.
The foregoing description of the Employment Agreement does not purport to be complete and is qualified in its entirety by reference to the Employment Agreement which is attached hereto as Exhibit 10.1 and incorporated herein by reference.
10.1 Employment Agreement between OMNI Energy Services Corp. and Gregory B. Milton dated May 1, 2008.
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