Compensation Benefits and Expenses Clause Samples
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Compensation Benefits and Expenses. (a) For services rendered under this Employment Agreement, the Company will pay the Employee (i) during the period commencing on the Effective Date and continuing up to and including July 26, 2003, a base annual salary of $140,000 and (ii) from the period commencing on July 27, 2003 and continuing through the Employment Term, a base annual salary of $150,000 (such applicable annual rate referred to herein as the "BASE SALARY"). Payment will be made on the regularly scheduled pay dates of the Company, subject to all appropriate withholdings or other deductions required by applicable law or by the Company's established policies applicable to employees of the Company. The Board may increase the Base Salary in its sole discretion, but shall not reduce the Base Salary below the rate established by the Employment Agreement without the Employee's written consent.
(b) During the Employment Term, the Employee shall be entitled to participate in the Company's annual incentive plan, under which the Employee shall be eligible to receive an annual target bonus equal to an amount between twenty percent (20%) and fifty percent (50%) of Base Salary if certain performance criteria and measures are satisfied, as determined by and within the sole discretion of the Board.
(c) During the Employment Term, in addition to the compensation payable to the Employee as described above, the Employee shall be entitled to participate in all the employee benefit plans or programs of the Company that are available to employees of the Company generally ("EMPLOYEE BENEFITS").
(d) As soon as administratively practicable following the Effective Date, the Board shall grant the Employee options (the "OPTIONS") to acquire 10,000 shares of common stock of the Company, pursuant to the terms of the Company's 1998 Incentive Stock Option Plan (the "OPTION PLAN"). In addition, during the Employment Term, the Employee shall be eligible for subsequent annual Option grants under the Option Plan, or any such successor stock option plan, at the time such grants are made under the Option Plan to management employees of the Company generally, with a targeted grant of Options to acquire between 5,000 and 10,000 shares of common stock of the Company per year, as determined by and within the sole discretion of the Board.
(e) During the Employment Term, the Company shall reimburse the Employee for such reasonable out-of-pocket expenses as he may incur from time to time for and on behalf of the furtherance of the...
Compensation Benefits and Expenses. During the Term, Company shall compensate Employee for his services as follows:
Compensation Benefits and Expenses. During the Term and before the Termination of his/her Employment, the Company shall compensate (or cause the Bank to compensate) the Executive for his/her services as follows:
Compensation Benefits and Expenses. During the Term, the Bank shall compensate the Executive for his services as provided in this Section 3. Unless otherwise determined by the Company Board, all payments and benefits provided in this Agreement shall be paid or provided solely by the Bank. Notwithstanding anything in this Agreement to the contrary, no provision of this Agreement shall be construed so as to result in the duplication of any payment or benefit. Unless otherwise determined by the Company Board, the Company’s sole obligation under this Agreement shall be to unconditionally guarantee the payment and provision of all amounts and benefits due hereunder to Executive, and the affirmative obligations of the Company as set forth at Section 3(h), herein, with respect to Indemnification, and, if such amounts and benefits due from the Bank are not timely paid or provided by the Bank, such amounts and benefits shall be paid or provided by the Company.
Compensation Benefits and Expenses. (a) During the Employment Term, the Company shall pay the Employee a base annual salary of $250,000 (the “Base Salary”). Payment will be made on the regularly scheduled pay dates of the Company, subject to all appropriate withholdings or other deductions required by applicable law or by the Company’s established policies applicable to employees of the Company. The Board may increase the Base Salary in its sole discretion, but shall not reduce the Base Salary below the rate established by the Employment Agreement without the Employee’s written consent.
(b) During the Employment Term, the Employee shall be entitled to participate in the Company’s annual incentive plan, under which the Employee shall be eligible to receive an annual target bonus equal to an amount between twenty percent (20%) and fifty percent (50%) of Base Salary if certain performance criteria and measures are satisfied, as determined by and within the sole discretion of the Board.
(c) The Company shall promptly reimburse the Employee upon receipt of appropriate documentation in accordance with Company policies for all reasonable and customary relocation expenses that he may incur in relocating to Palm Beach Gardens, Florida in an amount not to exceed $7,500.
(d) During the Employment Term, in addition to the compensation payable to the Employee as described above, the Employee shall be entitled to participate in all the employee benefit plans or programs of the Company that are available to senior executives of the Company generally and such other benefit plans or programs in accordance with the terms thereof, as may be specified by the Board (“Employee Benefits”).
(e) As of the Effective Date, the Board shall grant the Employee options (the “Options”) to acquire 25,000 shares of common stock of the Company, with a per share exercise price equal to the closing price of such stock on the Effective Date, pursuant to the Company’s 2003 Long Term Incentive Plan (the “LTIP”). Such grant shall be subject to the terms and conditions of the award agreement for the Option Plan, attached hereto as Exhibit A. In addition, during the Employment Term, the Employee shall be eligible for subsequent annual option grants under the LTIP, or any such successor stock option plan, at the time such grants are made under the LTIP to senior executives of the Company generally, as determined by and within the sole discretion of the Board.
(f) During the Employment Term, the Company shall reimburse the Employee for...
Compensation Benefits and Expenses. Subject to the provisions of this Employment Agreement, the Company shall pay and provide the following compensation and other benefits to the Employee during the Term as compensation for services rendered hereunder:
Compensation Benefits and Expenses. As full compensation for all services to be rendered by the Executive to the Company and its Affiliates in all capacities, the Executive shall receive the following compensation, benefits, and reimbursement of expenses during the Term:
Compensation Benefits and Expenses. For all services to be rendered to the Corporation or any affiliate thereof in any capacity, including services as an officer, director, member of any committee or otherwise, so long as the Employee is employed by the Corporation pursuant to Section 2(a) or as otherwise set forth in Section 2(c) or the last sentence of Section 2(d):
(a) The Corporation shall pay the Employee a salary at the initial rate of HK$2,390,000 per year (the "Base Salary"). Such salary shall be payable in installments, less any usual payroll deductions, in accordance with prevailing payroll practices of the Corporation from time to time. The Board of Directors shall review the Employee's compensation and benefits at least once each year and may in its sole discretion and absolute increase the Employee's Base Salary and benefits over those provided for hereunder; provided, however, that in any case the Base Salary shall be increased each year (effective as of January 1) by an amount at least equal to any increase in the Consumer Price Index (B) for All Items compiled by the Consumer Price Index Section of the Census and Statistics Department of the Hong Kong Government (or by any Hong Kong Government department upon which duties in connection with such index shall have devolved). Other than as provided in this Agreement, in no event may Employee's compensation or benefits be decreased by the Board of Directors except to the extent that such benefits (other than Base Salary) are provided to other employees and such employee benefits are similarly generally reduced.
(b) The Employee shall be entitled to receive such bonuses, and advances against such bonuses, as are described in Section 9.02 of the Acquisition Agreement as being allocable to him.
(c) The Employee shall be entitled to the fringe benefits generally made available to the executives of Recoton of the rank equal to the Employee prior to this Agreement (including vacation, holidays, insurance, medical benefits, automobile and professional training) to the extent that such benefits may be legally extended to him, but the Corporation shall be under no obligation to include him in any stock option, profit sharing plan or bonus program, in light of the bonus referred to in Section 3(b). He shall continue to receive the same automobile benefits which he received prior to execution of this Agreement.
(d) The Employee's place of work, when not engaged in business travel, shall be such place as the Corporation may reasonably specif...
Compensation Benefits and Expenses. (a) As compensation for the services to be rendered by you pursuant to this agreement, the Company hereby agrees to pay you at a Semi-Monthly Rate equal to Ten Thousand Four Hundred Sixteen Dollars and Sixty-Seven Cents ($10,416.67). The Semi-Monthly Rate shall be paid in accordance with the normal payroll practices of the Company.
(b) You shall be entitled to participate in annual incentive compensation plans, if any, that may be adopted by the Company from time to time and that are afforded generally to persons employed by the Company at your position level (subject to the terms and conditions of any such annual incentive compensation plans). Should such an annual incentive bonus plan be adopted for any annual period, your target annual incentive compensation opportunity will be as established by the Company for each annual period, which may be up to 55% of your annualized rate (i.e., 24 X Semi-Monthly Rate) based on achievement of objectives specified by the Company each annual incentive compensation period (which may include Company-wide performance objectives, divisional or department performance objectives, individual performance objectives and/or subjective performance evaluations, allocated between and among such performance objectives and evaluations as the Company may determine in its sole discretion). Specific annual incentive compensation plan details, target incentive compensation opportunity and objectives for each annual compensation plan period will be set forth in written documents provided to you by the Company. Awards under annual incentive plans may be prorated for a variety of factors, including time employed by the Company during the year, adjustments in base compensation or target award percentage changes during the year, and unpaid leaves. You understand that the Company’s annual incentive compensation plans, their structure and components, specific target incentive compensation opportunities and objectives, and the achievement of objectives and payouts, if any, thereunder are subject to the sole discretion of the Company’s Board of Directors, or a committee thereof.
(c) You shall be entitled to participate in such ordinary and customary benefits plans afforded generally to persons employed by the Company at your level (subject to the terms and conditions of such benefit plans, your making of any required employee contributions required for your participation in such benefits, your ability to qualify for and satisfy the requirements...
Compensation Benefits and Expenses. While employed by the Company during the Term, Executive will be provided with the following compensation and benefits: