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Employment Agreement

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Title:

Employment Agreement

Entities:

Nymex Holdings Inc

Date:

2006

Size:

Preview shows 5KB of 34KB total

Price:

$42

ID:

#1602125

► Employment ► Employment Agreements

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EMPLOYMENT AGREEMENT STRICTLY CONFIDENTIAL CONFIDENTIAL

EMPLOYMENT AGREEMENT

EMPLOYMENT AGREEMENT dated as of March 1, 2006, by and between NYMEX HOLDINGS, INC. and NEW YORK MERCANTILE EXCHANGE, INC, which have their principal place of business at One North End Avenue, New York, New York 10282 (collectively, the "Company"), and Christopher K. Bowen (the "Executive").

WHEREAS, the parties wish to state the terms on which the Executive is employed by the Company;

NOW, THEREFORE, the parties agree as follows:

Term. The Company hereby employs the Executive, and the Executive hereby accepts such employment, for a term commencing as of March 1, 2006 and ending on February 28, 2009, unless sooner terminated in accordance with the provisions of Section 4 or Section 5 (the "Initial Term"); with such employment to continue thereafter for successive one-year periods (each an "Extension Term") in accordance with the terms of this Agreement (subject to termination as aforesaid) unless either party notifies the other party of non-renewal in writing prior to 30 days before the expiration of the Initial Term or an Extension Term, as applicable (the period during which the Executive is employed hereunder, including the Initial Term and each Extension Term, being hereinafter referred to as the "Term").

2. Duties. During the Term, the Executive shall be employed by the Company as General Counsel and Chief Administrative Officer of the Company, and, as such, the Executive shall faithfully perform for the Company the duties of said office and shall perform such other duties of an executive, managerial or administrative nature, consistent with his office, as shall be specified and designated from time to time by the Board of Directors of the Company (the "Board"). In the capacity of General Counsel and Chief Administrative Officer, the Executive shall report directly to the president and/or the Chief Executive Officer of the Company. The Executive shall devote substantially all of his business time and effort to the performance of his duties hereunder.

3. Compensation.

Salary. The Company shall pay the Executive during the initial Term a salary at the rate of a minimum of $500,000 per year (the rate shall be considered the "Annual Salary"). The Annual Salary shall be payable in accordance with the customary payroll practices of the Company applicable to its senior executives.

Bonus.

(a) In addition to the Annual Salary, for each calendar year ending during the Term, the Executive shall have the opportunity to receive an annual bonus (the "Annual Bonus") in an amount to be determined by the Board, but in no event less than $250,000 per year. The Executive's minimum bonus entitlement for the year ending December 31, 2006 shall be $250,000 and shall not be prorated. The Executive's minimum bonus entitlement for the 1/1/09 to 2/28/09 period shall be $41,666.00. The Annual Bonus shall be deemed first earned and accrued on December 31 of each year during the Term and shall be paid, except for the Bonus entitlement for the period of 1/1/09 to 2/28/09 if there is no extension of the Term which, in such case, shall be paid within ten (10) business days of the expiration of the Term, either upon of Board of Directors' approval of executive staff bonuses or January 31^st of the year following the year the Bonus is deemed earned and accrued whichever is earlier.

3.3 Benefits.

(a) The Executive shall be permitted during the Term to participate in any group life, hospitalization or disability insurance plans, health programs, retirement plans, fringe benefit programs and similar benefits that may be available to other senior executives of the Company generally, on the same terms as such other executives, in each case to the extent that the Executive is eligible under the terms of such plans or programs.

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