Compensation and Fringe Benefits. (a) The Company shall, during the Term of Employment, pay to the Executive as compensation for the performance of his duties and obligations a salary of $240,000 per annum. This compensation is subject to annual review and adjustment, as appropriate in the judgment of the Company. The compensation payable pursuant to this Section 5(a) shall be payable in equal semi-monthly installments on the last day of each such pay period.
Compensation and Fringe Benefits. For all services rendered by Employee to Employer in any capacity, Employee shall be compensated in accordance with the terms set forth in this section and in Exhibit B, which is attached hereto and made a part hereof. Employee shall be entitled to participate in and to be covered by a profit-sharing, pension, life insurance, accident insurance, health insurance, hospitalization and any other employee benefit plan effective with respect to employees of Employer only to the extent he/she shall be eligible and qualify under the terms of such plans.
Compensation and Fringe Benefits. Take no action to increase, or agree to increase, the salary, severance, or other compensation payable to, or fringe benefits of, or pay or agree to pay any bonus to, any officer or director, or any other class or group of employees as a class or group without Old Kent's prior written consent, except that Grand Premier may pay or agree to pay for periods ending on or before the date of the Effective Time, previously planned or scheduled salary increases and bonuses, consistent with past practices, all of which have been set forth in Schedule 5.3.13 of the Grand Premier Disclosure Statement (excluding any update thereof). The payment of any and all such compensation shall be subject to the limitations prescribed for pooling-of-interests accounting treatment of the Merger.
Compensation and Fringe Benefits. (a) Effective January 1, 1999, the Base Compensation of Holmes during the then remaining term of this Agreement shall be $640,000, which may be increased from time to time by the Board or, in the case of any proposed decrease, such other amount as mutually may be agreed upon by Holmes and Reynolds; provided, however, that such Base Compensation may not be reduced below said rate of $640,000 ($560,000 for the period from the date hereof through December 31, 1998) without Holmes' consent, unless necessitated by general business conditions adversely affecting Reynolds' operations; but, in the event of a reduction, his Base Compensation shall be fair and reasonable, and any disagreement concerning the same shall be resolved by arbitration in the manner provided in Section 10 below. Holmes' Base Compensation shall be reviewed at least annually to determine whether in view of Reynolds' performance during the year any increase is warranted. Responsibility for this determination rests within the sole discretion of the Board, and this provision shall not be construed as requiring any such increase for any given year.
Compensation and Fringe Benefits. Schedule 2.17 contains a correct and complete list of each officer, director, employee or agent of Merging Entity in the format as set forth in Schedule 2.17. Also, Schedule 2.17 contains a description of all fringe benefits presently being provided by Merging Entity to any of its employees or agents. 2.18
Compensation and Fringe Benefits. For all the services rendered by the Executive to the Company in the Position, the Executive shall be compensated by the Company in accordance with this Article II. Such compensation and benefits shall be paid in accordance with the Company's customary payroll practices, and shall be subject to withholdings required by federal, state and local laws and otherwise with the consent of the Executive.
Compensation and Fringe Benefits. The compensation and fringe benefits to be received by Employee in consideration of the services to be rendered by Employee are set forth in Exhibit “A” attached hereto. The provisions of Exhibit “A” are incorporated into this Agreement by reference as if fully set forth herein. The Company reserves the right to cancel or change the employee benefit plans and programs it offers to employees.
Compensation and Fringe Benefits. Employee shall be entitled to an annual salary of $150,000, which will be paid monthly in accordance with the Company’s normal payroll procedures. In addition Employee will be entitled to take all Company holidays as paid time off. On the commencement date the Employee will have 12 business days vacation accured and will further accrue 16 business days vacation per year, with remuneration, which shall be coordinated with the vacation periods of other officers of the Company in a manner that will minimize disruption of the Company’s management efforts. Such vacation days shall be in addition paid public holidays prescribed by United States law and applicaple to employees of the company. As a full time employee, Employee will also be eligible to receive certain benefits including medical, dental, life/AD&D, short-term disability and long-term disability coverage and participation in the Company 401(k) plan. At present, the Company pays 80% of all medical and dental premiums and 100% of premiums for life, AD&D and short term and long-term disability coverage. The Company may modify job titles, salaries and benefits from time to time, as it deems necessary.