Base Salary Bonuses Clause Samples
The Base Salary/Bonuses clause defines the employee’s regular compensation and any additional incentive payments they may be eligible to receive. Typically, this clause specifies the amount and frequency of the base salary, as well as the criteria, timing, and calculation methods for bonuses, such as performance-based or annual bonuses. Its core function is to ensure both parties have a clear understanding of the employee’s total compensation package, reducing the risk of disputes over pay and aligning expectations regarding financial rewards.
Base Salary Bonuses. During the Employment Period, the Executive shall receive an annual base salary ("BASE SALARY") equal to THREE HUNDRED THOUSAND DOLLARS ($300,000.00), payable in accordance with the customary payroll procedures as in effect from time to time for senior executives of the Company. In the event that the Company achieves the profit levels set forth on EXHIBIT A hereto, for such year, or achieves the profit levels set forth in the annual business plan approved by the Board of Directors of TPEG, then for each such year Executive shall be entitled to an annual increase equal to fifteen percent (15%) of the then applicable Base Salary. Notwithstanding the foregoing sentence, in no event shall the Base Salary exceed the total sum of Five Hundred Thousand Dollars ($500,000.00). Additionally, for any year where the Company achieves the profit levels as defined in the Merger Agreement and as set forth in EXHIBIT A hereto, for such year, or achieves the profit levels set forth in the annual business plan approved by the Board of Directors of TPEG, the compensation committee of the Board of Directors of TPEG shall authorize the payment of a bonus, in cash or in kind, in an amount representing the equivalent of a minimum of ten percent (10%) of Executive's Base Salary for the preceding year. This bonus shall be calculated based solely on annual earnings figures and earnings figures shall not be cumulative with earnings figures from other years.
Base Salary Bonuses. During the Term, the Company shall pay, or cause to be paid, to the Executive a salary of $341,000 per year, payable in accordance with the payroll practices of the Company for its executives. Such salary is hereinafter referred to as the "Base Salary". The Company shall review Executive's compensation package no less frequently than annually, and may in its reasonable discretion increase the salary and other compensation paid or provided to Executive. Annually the Executive shall also receive a bonus in an amount determined by Board or the Compensation Committee of the Board.
Base Salary Bonuses. (a) During the Employment Term, in consideration of the performance by the Executive of the Executive’s obligations during the Employment Term (including any service in any position with any subsidiary or affiliate of the Company), the Company shall pay the Executive a base salary (the “Base Salary”) at an annual rate of $600,000 for calendar year 2008. The Base Salary may be increased, but not decreased, by the Compensation Committee of the Board (the “Committee”) in its sole and absolute discretion. The Committee shall perform annual reviews of the Executive after the end of each calendar year during the Employment Term for purposes of determining any Base Salary increases. Base Salary shall be payable in monthly or more frequent installments in accordance with the Company’s then current practices and policies with respect to other senior executives.
(b) During the Employment Term, in addition to the payments of the Base Salary set forth above, Executive shall be eligible to receive, in respect of each calendar year during which the Employment Term is in effect, a performance-based cash bonus at a target level of 100% of Base Salary (the “Target Bonus”), based on the achievement of goals established with respect to each calendar year by the Committee. The Board, based upon the recommendation of the Committee, may, in its discretion, pay the Executive a bonus in addition to, or in excess of, any bonus payable under this Section 3(b).
Base Salary Bonuses. Executive shall receive a base salary at the rate of one hundred fifty thousand dollars ($150,000) per annum, commencing on the Effective Date and payable in equal installments on EchoMetrix’ regular pay dates, subject to the usual and required payroll deductions and withholdings (“Base Salary”). The base salary shall increase to $175,000 upon the raise of $3,000,000 in equity/debt or combination within the initial twelve month period. The base salary shall increase to $200,000 upon the total raise of $4,000,000 within the initial 12 month period. If the Company fails to raise $3,000,000 within the first twelve months, Executive shall be entitled to a minimum of a 10% salary increase, subject to board discretion, at the one year anniversary date.
Base Salary Bonuses. Executive shall receive a base salary at the rate of two hundred forty thousand dollars ($240,000) per annum, commencing on the Effective Date and payable in equal installments on SearchHelp’ regular pay dates, subject to the usual and required payroll deductions and withholdings (“Base Salary”). Commencing one year from the Effective Date, and thereafter, all salary increases and or cash bonus shall be based upon Executive’s Performance and the overall Performance of the Company and shall be at the sole discretion of the Board of Directors. The Board shall review the Executive's performance for the prior year in order to determine if a salary increase and or cash bonus is warranted. Executive pay shall be increased to a maximum of $300,000 during the first 12 months of employment if the following events occur: o Executive achieves any two milestones listed in 3.5 below, o Company raises a total of $3,500,000 in one or more debt or equity financings, Executive pay shall increase by $25,000 upon the next pay period, o Company raises a total in excess of $4,00,000 in one or more debt or equity financings, Executive pay shall increase by an additional $35,000 upon the next pay period, bringing Executive’s base salary to $300,000.
Base Salary Bonuses. The first three bullets point of Exhibit A shall be revised as indicated below: Employee’s starting annual Base Salary effective November 1, 2008 is $700,000.00 $775,000.00. Employee will be entitled to participate in our Company’s management bonus program (“Bonus Program”) each fiscal year or partial fiscal year of the Company occurring during the Term of the Agreement. Initially and unless otherwise mutually agreed, the Employee will participate in the Bonus Program at the 70% target level , or $490,000.00, with leverage ranging from 0% to 200150% based upon performance metrics to be agreed upon by the Compensation Committee of the Board of Directors and the Employee, and approved by the Board of Directors (“Annual Bonus”). In the event that the Employee and the Board of Directors are unable to agree upon a performance metrics by March 31st of each year, the performance metrics will be referred to binding arbitration. Employee is entitled to the Cash Bonuses described in Section 5, which shall be paid in accordance with Section 5.
Base Salary Bonuses. Executive shall receive a base salary at the rate of one hundred thirty five thousand dollars ($135,000) per annum, commencing on the Effective Date and payable in equal installments on EchoMetrix’ regular pay dates, subject to the usual and required payroll deductions and withholdings (“Base Salary”). Executive shall be entitled to a minimum of a 10% salary increase, subject to board discretion, at the one year anniversary date.
Base Salary Bonuses