Compensation and Bonus. For all of the services rendered by Employee pursuant to this Agreement, the Corporation shall pay the Employee his or her current annual base salary. In no event shall Employee’s current annual base salary be decreased, but it may, from time to time be increased at the discretion of Employer during the term of this Agreement (hereinafter referred to as Compensation), payable in accordance with the Corporation’s normal pay practices during the term of Employee’s employment. In addition, the Corporation may pay Employee a bonus, as may be determined pursuant to any bonus plan applicable to the Employee for such year, if any, approved by the Corporation’s Board of Directors from time-to-time in its sole and absolute discretion. Employee may provide a written election to have any bonus due in December of any year paid in January of the following year.
Compensation and Bonus. (a) The Company agrees to pay the Employee throughout the Employment Term an initial base salary at the gross rate of $275,000 per annum (as adjusted in accordance with this Section 4(a), hereinafter the “Base Salary”), which shall be payable in equal installments in accordance with Company payroll practices from time to time in effect and subject to applicable withholdings and deductions. The Employee’s Base Salary will be reviewed in good faith annually by the CEO or the Board (or the compensation committee thereof) and will be increased (but not decreased) by the Board or the compensation committee, after taking into consideration the recommendation of the CEO, from time to time, based upon any increase in the scope of the Employee’s duties or responsibilities and any other relevant factors.
Compensation and Bonus a. For all of the services rendered by Employee pursuant to this Agreement, the Corporation shall pay the Employee an annual base salary of not less than $475,000 (hereinafter referred to as ("Compensation"), payable in accordance with the Corporation's normal pay practices during the term of Employee's employment. In no event shall Employee's current annual base salary be decreased, but it may, from time to time be increased at the discretion of Corporation during the term of this Agreement. The Compensation shall be paid on a calendar-year basis, and shall be pro rated for any partial year.
Compensation and Bonus. Subject to the closing of the initial public offering of the Company in the US:
Compensation and Bonus. Employee will be entitled to receive his full compensation earned in 2008 prior to the Termination Date paid in accordance with the Company’s normal payroll practices. Such payment is based on a Base Salary of $315,000 for 2008. Employee will also be entitled to receive the benefit earned by him under the Short-Term Incentive Compensation program for 2007. The parties agree that such amount under the Short-Term Incentive Compensation program shall be $310,781, payable at the same time as the amounts noted in Section 4(a)(1) above. If the earnings part of the 2007 bonus calculation under the percent (50%) for the other executive officers (“Excess Amount”), Employee will receive a lump sum payment within thirty days after such determination, equal to four (4) times the amount of the additional bonus amount attributable to the Excess Amount.
Compensation and Bonus. The Compensation and Bonus section of the Consulting Agreement is amended by adding the following at the end thereof: MMMS agrees to issue 200,000 shares of common stock, par value $.0001 per share (the "Common Stock"), to the Consultant. The Consultant represents and warrants to MMMS as follows: It is acquiring the Common Stock for its own account and for investment purposes only and without the intent toward the further sale and/or distribution thereof. In addition, the undersigned is familiar with the business and financial condition of MMMS, has been afforded the opportunity to ask management of MMMS all relevant questions concerning the Common Stock and MMMS, and understands that there are numerous and substantial risks associated with the investment in such Common Stock, including the risk that it may have to bear the complete economic loss of such investment. The undersigned has had an opportunity to review all of MMMS' filings with the Securities and Exchange Commission. It further agrees, acknowledges, represents and warrants that the Common Stock is deemed "restricted" securities and that in order for it to sell, transfer and/or assign any such Common Stock, it would have to effectuate any such transaction pursuant to an effective registration statement under the Securities Act of 1933, as amended (the "Act"), or in accordance with an exemption from the registration requirements under such Act. It further acknowledges that the exemption currently afforded under Rule 144, promulgated under the Act, requires that it hold the Common Stock for at least six months and that certain other conditions must be satisfied under such Rule at the time of any sale. It further agrees and acknowledges that MMMS has no current intention of filing a registration statement covering said Common Stock. Accordingly, the liquidity of said investment evidenced by the Common Stock is restricted, and it may not be able to sell or otherwise dispose, assign, hypothecate, pledge or otherwise transfer any of such Common Stock for a period of time. In addition, it hereby represents and warrants that neither MMMS nor any of its officers, directors, affiliates or shareholders have made any representations or warranties to it with respect to the future performance of MMMS or the Common Stock. It further represents and warrants that it is an accredited investor, as such term is defined under the Act and that it has the financial sophistication, experience and business acumen necess...
Compensation and Bonus. 6.1 During the Employee’s Employment with the Company and subject to the Employee complying with his obligations and duties under this Agreement, the Company shall pay to the Employee a salary at the rate of $630,121.00, per annum which shall accrue from day-to-day and be payable by bank credit transfer in equal monthly instalments in accordance with the Company’s standard payroll practices from time to time. The salary shall be deemed to include any fees receivable by the Employee as a Director of the Company, any Associated Company or of any other company or unincorporated body in which the Employee holds office as nominee or representative of the Company or any Associated Company.
Compensation and Bonus. You will receive a Level One base salary of Two Hundred Forty Thousand Dollars ($240,000) per annum. The raise to this level will commence as of January 1, 1997.
Compensation and Bonus. A. Salary ------ For services to be rendered by Xxxxxxxx pursuant to this Agreement, and provided that Xxxxxxxx has kept and performed all of his obligations hereunder, ComEd shall pay to Xxxxxxxx an annual salary ("Salary") for calendar years 1997 and 1998 of $475,000, to be paid in accordance with ComEd's normal payroll practices as such practices may be modified from time to time. Xxxxxxxx shall receive the above-named Salary for all hours worked by him in a week regardless of the number of hours he may work. Effective beginning with calendar year 1999, ComEd may increase Xxxxxxxx'x Salary, provided that it shall not be reduced after any such increase, and the term Salary as used in this Agreement shall refer to the Salary as so increased.
Compensation and Bonus. (a) The Company agrees to pay the Employee throughout the Employment Term an initial base salary at the gross rate of $250,000 (U.S.) per annum (as adjusted pursuant to the provision of this section 4(a)) (the “Base Salary”) payable in equal installments in accordance with Company payroll practices from time to time in effect and subject to applicable withholdings and deductions. Employee’s Base Salary will be reviewed and may be adjusted annually by the Chief Executive Officer of the Company (the “CEO”) or by the Board of Directors of the Company (or the compensation committee thereof) (the “Board”), after taking into consideration the recommendations of the CEO, provided that Employee’s Base Salary may not be decreased below Employee’s initial Base Salary.
