Reilly v. NatWest Markets Group Inc.
Court of Appeals for the Second Circuit
1Opinion of the Court
McLAUGHLIN, Circuit Judge:
BACKGROUND
In January 1994, NatWest, an investment bank, hired Michael T. Reilly to help *259develop its fledgling underwriting business. The parties entered into an express contract guaranteeing Reilly’s employment for 1994 and 1995 under the following terms. For 1994, Reilly would receive a base salary of $200,000 plus a bonus that would raise his “total compensation” to 33% of the first $4.5 million of gross revenues derived by NatWest from deals on which he worked (the “Percentage Bonus”), but that in no case would be less than $1 million. For 1995, Reilly’s salary…
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