Document:

Exhibit
10.1

 

For Immediate Release

 

 

Omagine, Inc.
Appoints Alan M. Matus as Director

 

New York –
August 28, 2015 - Omagine, Inc. [OTCQB: OMAG] today announced that Alan M. Matus has been appointed as an independent Director
of Omagine, Inc. (“Omagine” or the “Company”) effective September 1, 2015. With Mr. Matus’ appointment,
the majority of the Company’s Board of Directors now consists of non-executive independent outside directors.

 

Mr. Matus has five
decades of residential, hospitality and commercial real estate development experience. He is a seasoned real estate industry executive
and owner who has personally directed the development, planning, architectural design, financing, construction and marketing of
many public and private developments both internationally and in the U.S. Mr. Matus graduated as a Chartered Accountant (a CPA
equivalency) from the University of Witwatersrand, Johannesburg, South Africa.

 

Mr. Matus is an
owner and operator of Acqualina Residences and Resort, a beachfront luxury resort just north of Miami, Florida which he developed
and opened in 2006 (www.Acqualinaresort.com). Its Mediterranean villa décor offering ocean and Intracoastal views was designed
with a distinct European feel. The resort, including the 20,000 square foot Acqualina Spa by global spa leaders ESPA, is a recipient
of the coveted Forbes Travel Guide Five Star Award, the AAA Five Diamond Award and the Andrew Harper’s Reader’s Choice
Award for Top 20 Beach and Family Resorts worldwide. In 2015 Acqualina Mansions, comprising 79 ultra-luxurious residences, was
added to the resort and an additional 265 residences are currently being planned for the future.

 

Mr. Matus joined
Williams Island as its President and Chief Executive Officer in the 1980’s to conceive, develop, build and manage this two
billion dollar landmark residential and resort community on the Intracoastal Waterway in Aventura, Florida (http://www.williamsislandclub.com).
This renowned 80-acre community has been heralded worldwide as a “world unto itself”. It is also known as the “Florida
Riviera”. Mr. Matus currently resides in Williams Island and is active in professional industry organizations.

 

Omagine’s
president, Frank J. Drohan, remarked: “Alan brings a highly diverse skill set to the Board and to our business with his
development, ownership and operational expertise, finance experience and other relevant real estate development skills. He has
international experience, great taste and a terrific design sense. Alan’s focus on customer amenities and experiences and
his distinguished professional accomplishments in the real estate development business will greatly benefit our Company, its shareholders
and our vision for the Omagine Project. I am greatly pleased that we were successful in recruiting someone of Alan’s stature
and proven ability to our Board and we look forward to his contributions to our continued success.”

 

About Omagine,
Inc. 

 

Omagine, Inc. is
a publicly traded U.S. company (Stock Symbol: OMAG). The Company is focused on real-estate, entertainment and hospitality
opportunities in the Middle East and Northern Africa (the “MENA Region”) and on the design and development of unique
tourism destinations that are thematically imbued with culturally aware, historically faithful, and scientifically accurate entertainment
experiences. Governments in the MENA Region are highly focused on diversifying their economies to create employment opportunities
for their citizens via the development of tourism destination projects. It is the Company’s opinion that this governmental
strategic vision combined with the enormous financial resources in the MENA Region will continue to present superb development
opportunities.

Investors or interested
parties may visit Omagine’s website at www.omagine.com for more information about the Company or http://agoracom.com/ir/omagine which
is the Company’s investor relations website.

 

This press release
may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Statements
contained in this press release that are not historical facts, may be deemed to be forward-looking statements and are subject
to risks and uncertainties. Forward-looking statements are based on current facts and analyses and other information that are
based on forecasts of future results, estimates of amounts not yet determined and assumptions of management. Readers are urged
not to place undue reliance on the forward-looking statements, which speak only as of the date hereof.  Additional information
on risks and other factors that may affect the business and financial results of Omagine, Inc. can be found in the “SEC
Filings” of Omagine, Inc. with the United States Securities and Exchange Commission (“SEC”). Investors
are urged to review the Company’s SEC Filings.

 

Contact:

Omagine, Inc.

Corporate Inquiries

Charles P. Kuczynski, Vice-President

Telephone:+1-212-563-4141 -- Ext.
208

Email:charles.kuczynski@omagine.comExhibit

Exhibit 10.1
SUMMARY OF DIRECTOR AND NAMED EXECUTIVE OFFICER COMPENSATION
This summary sets forth the compensation of the Directors of Kimball Electronics, Inc. (the “Company”).  The summary also includes compensation of the Company’s current Chief Executive Officer, Chief Financial Officer, and the three other most highly compensated executive officers, who will be referred to herein as our “Named Executive Officers.”
Director Compensation
All Outside (non-employee) Directors receive annual compensation of $75,000 for the year for service as Directors.  For the initial organizational activities relating to the spin-off, the Directors received a one-time addition to the annual retainer of $5,000 during fiscal year 2015.  The Chairperson of the Audit Committee of the Board of Directors and the Chairperson of the Compensation and Governance Committee of the Board of Directors each receive an additional $10,000 annual retainer fee. 
The Directors can elect to receive some or all of their annual retainer fees in shares of Common Stock under the Company’s 2014 Stock Option and Incentive Plan.  Directors are also reimbursed for reasonable travel expenses incurred in connection with Board and Committee meeting attendance.
An Outside Director is a director who is not an employee of the Company or one of its subsidiaries.  Donald D. Charron, Chairman of the Board and Chief Executive Officer, is a Director of the Company but does not receive compensation for his service as a Director.
Named Executive Officer Compensation
Base Pay
Periodically, the Compensation and Governance Committee of the Board of Directors reviews and approves the salaries that are paid to the Company’s executive officers.  The following are the current annualized base salaries for the Company’s Named Executive Officers:
	
				
	Donald D. Charron, Chairman of the Board, Chief Executive Officer
	$
	642,876
	

	John H. Kahle, Vice President, General Counsel and Secretary
	$
	397,800
	

	Steven T. Korn, Vice President, North American Operations
	$
	288,132
	

	Michael K. Sergesketter, Vice President, Chief Financial Officer
	$
	262,704
	

	Christopher J. Thyen, Vice President, Business Development
	$
	265,668
	

Cash Incentive Compensation
Each of the Named Executive Officers was eligible to participate in the Company's 2014 Profit Sharing Incentive Bonus Plan (the “Plan”) during fiscal year 2015.  Under the Plan, cash incentives are accrued annually and paid in five installments over the succeeding fiscal year.  Except for provisions relating to retirement, death, permanent disability, and certain other circumstances described in a participant’s employment agreement, participants must be actively employed on each payment date to be eligible to receive any unpaid cash incentive installment.  The total amount of cash incentives accrued and authorized to be paid to the Named Executive Officers based on fiscal year 2015 results is listed below.  The Named Executive Officers received an installment of 50% of the payment in August 2015 and the remaining portions will be paid in equal installments in September 2015, January 2016, April 2016, and June 2016.
	
				
	Donald D. Charron, Chairman of the Board, Chief Executive Officer
	$
	496,008
	

	John H. Kahle, Vice President, General Counsel and Secretary
	$
	312,120
	

	Steven T. Korn, Vice President, North American Operations
	$
	228,160
	

	Michael K. Sergesketter, Vice President, Chief Financial Officer
	$
	204,973
	

	Christopher J. Thyen, Vice President, Business Development
	$
	208,817
	

Stock Compensation
The Named Executive Officers may also receive a variety of stock incentive benefits under the Company’s 2014 Stock Option and Incentive Plan consisting of: incentive stock options, stock appreciation rights, restricted shares, unrestricted shares, restricted share units, or performance shares and performance units.
During June 2014, the Named Executive Officers were awarded grants of performance shares under former Parent’s 2003 Amended and Restated Stock Option and Incentive Plan (the “former Parent’s 2003 Plan”).  On December 2, 2014, performance share awards issued and outstanding to Kimball Electronics employees under former Parent's previous incentive plans were amended, in accordance with the terms of the plans, to provide an equitable adjustment as a result of the spin-off.  The awards 

will be granted in shares of the Company's stock instead of former Parent's shares under the Kimball Electronics plan.  The fiscal year 2014 performance share grants include both an annual performance share (“APS”) award and a long-term performance share (“LTPS”) award with one-fifth (1/5) of the LTPS award vesting annually over the succeeding five-year period.  During February 2015, the Compensation and Governance Committee of the Company's Board of Directors granted additional APS awards to certain members of the Company's management team and other key employees, including certain Named Executive Officers. 
The following table summarizes the performance shares issued in the Company's Common Stock during August 2015 to the Company’s Named Executive Officers pursuant to their June 2014 performance share awards, as amended, and February 2015 APS awards which were each applicable to fiscal year 2015 performance:
	
									
	 
	FY 2014
APS Grant
(Shares Issued) (1)
	 
	FY 2015
APS Grant
(Shares Issued) (1)
	 
	FY 2014
LTPS Grant
(Shares Issued) (1)

	Donald D. Charron, Chairman of the Board,                         Chief Executive Officer
	8,328
	

	 
	—
	

	 
	45,088
	

	John H. Kahle, Vice President, General Counsel and Secretary
	7,954
	

	 
	—
	

	 
	46,252
	

	Steven T. Korn, Vice President, North American Operations
	3,928
	

	 
	4,506
	

	 
	8,928
	

	Michael K. Sergesketter, Vice President, Chief Financial Officer
	3,928
	

	 
	3,198
	

	 
	8,928
	

	Christopher J. Thyen, Vice President, Business Development
	3,928
	

	 
	3,431
	

	 
	8,928
	

	 
	 
	 
	 
	 
	 

	(1) Shares have not been reduced by the number of shares withheld to satisfy tax withholding obligations.

During June 2015, the Compensation and Governance Committee awarded LTPS grants for fiscal year 2016 to key employees, including the Named Executive Officers, under the Company’s 2014 Stock Option and Incentive Plan.  One-third (1/3) of the June 2015 LTPS awards will vest annually over the succeeding three-year period.
The following table summarizes the maximum number of performance shares granted in June 2015 to the Company’s Named Executive Officers for fiscal year 2016: 
	
				
	 
	 
	LTPS Award
 (number of shares)

	Donald D. Charron, Chairman of the Board, Chief Executive Officer
	 
	50,228
	

	John H. Kahle, Vice President, General Counsel and Secretary
	 
	38,231
	

	Steven T. Korn, Vice President, North American Operations
	 
	10,711
	

	Michael K. Sergesketter, Vice President, Chief Financial Officer
	 
	10,385
	

	Christopher J. Thyen, Vice President, Business Development
	 
	10,423
	

The number of shares to be issued will be dependent upon the percentage payout under the Company’s 2014 Stock Option and Incentive Plan. 
Retirement Plans
The Named Executive Officers participate in a defined contribution, participant-directed retirement plan that all domestic employees are eligible to participate in (the “Retirement Plan”).  The Retirement Plan provides for voluntary employee contributions as well as a discretionary Company contribution which is determined annually by the Compensation and Governance Committee of the Board of Directors.  Each eligible employee’s Company contribution is defined as a percent of eligible compensation, the percent being identical for all eligible employees, including Named Executive Officers.  Participant contributions are fully vested immediately, and Company contributions are fully vested after five years of participation.  All Named Executive Officers are fully vested.  The Retirement Plan is fully funded.  For those eligible employees who, under the 1986 Tax Reform Act, are deemed to be highly compensated, their individual Company contribution under the Retirement Plan is reduced.  For employees who are eligible, including all Named Executive Officers, there is a nonqualified, Supplemental Employee Retirement Plan (“SERP”) in which the Company contributes to the account of each individual an amount equal to the reduction in the contribution under the Retirement Plan arising from the provisions of the 1986 Tax Reform Act. The SERP investment is primarily composed of employee contributions.

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