Base Salary; Benefits; Expense Reimbursements. After the Effective Date and while Employee is employed, in consideration for the services of Employee, Employer shall compensate Employee and provide benefits to Employee as determined by Employer; provided, however, that (A) during the Initial Term the rate of base salary shall be not less than Five Hundred Thousand U.S. Dollars ($500,000) per year (the “Minimum Base Salary”), (B) Employer shall provide to Employee at least basic medical insurance or other medical coverage, and (C) Employee may participate in any other group insurance plan maintained by Employer from time to time in accordance with the terms of such plan. Employee’s base salary as in effect from time to time shall be paid in substantially equal installments in accordance with Employer’s normal payroll practices, but no less frequently than monthly. In addition, subject to the following sentence, Employer shall reimburse Employee for all reasonable expenses of the types authorized by Employer and incurred by Employee in the performance of his/her duties hereunder. Employee shall comply with such budget limitations and other policies and procedures of Employer relating to reimbursable expenses, including without limitation those relating to approval and reporting, as are applicable to Employee, which policies and procedures are subject to change in the sole discretion of Employer from time to time, and need not be the same as those applicable to other employees.
Base Salary; Benefits; Expense Reimbursements. After the Effective Date and while Employee is employed, in consideration for the services of Employee, Employer shall compensate Employee and provide benefits to Employee as determined by Employer; provided, however, that (A) during the Initial Term the rate of base salary shall be Five Hundred Thousand U.S. Dollars ($500,000) per year (the “Minimum Base Salary”), (B) Employer shall offer to Employee at least basic medical insurance or other medical coverage, and (C) Employee may participate in any other group insurance plan maintained by Employer from time to time in accordance with the terms of such plan. Employee’s base salary as in effect from time to time shall be paid in substantially equal installments in accordance with Employer’s normal payroll practices, but no less frequently than monthly. In addition, subject to the following sentence, Employer shall reimburse Employee for all reasonable expenses of the types authorized by Employer and incurred by Employee in the performance of his/her duties hereunder. Employee shall comply with such budget limitations and other policies and procedures of Employer relating to reimbursable expenses, including without limitation those relating to approval and reporting, as are applicable to Employee, which policies and procedures are subject to change in the sole discretion of Employer from time to time, and need not be the same as those applicable to other employees. During the Initial Term Employee shall also be eligible to participate in various long term incentive programs offered to senior executives from time to time (it being understood and agreed that Employee’s participation in any Employer long term incentive program shall be in the discretion of Employer). Employee shall be entitled to 4 weeks of paid vacation per calendar year.
