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 specify from time to time. The Corporation shall reimburse the Employee's moving and related expenses, and provide bridge loans, consistent with Recoton's policy for senior executives if the Corporation's offices shall be moved out of Hong Kong. (e) The Corporation shall reimburse the Employee for all reasonable and necessary expenses incurred by the Employee requested or authorized by the Corporation in connection with the Corporation's business and such expenses are properly documented and accounted for in accordance with the then policy of the Corporation.
Appears in 1 contract
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 or Recoton during the Employment Term pursuant to Section 2(a3(a) or as otherwise set forth in Section 2(c) or the last sentence of Section 2(d):3(d);
(a) The Corporation or the Surviving Corporation shall pay the Employee a salary at the initial rate of HK$2,390,000 $300,000 per year (the "Base Salary"). Such salary Base Salary shall be payable in equal 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 SalarySalary and Guaranteed Bonus, as defined below) are provided to other employees and such employee benefits are similarly generally reduced.
(b) The Employee shall receive an annual bonus in respect of services for each twelve (12) month period during the Employment Term in the amount of at least $150,000 (the "Guaranteed Bonus"). The Guaranteed Bonus shall be entitled to receive such bonusespaid in one (1) installment, and advances against such bonuses, as are described in Section 9.02 payable on the fifteenth day following the end of each twelve month period. The Employee also shall be eligible for an additional annual performance-based bonus which may be granted by the Board of Directors of the Acquisition Agreement as being allocable to himCorporation in its sole discretion (the "Performance Bonus").
(c) The Employee shall be entitled eligible to the fringe benefits generally made available to the executives of Recoton participate in all executive medical, dental, life, long-term disability, and qualified or non-qualified retirement benefit plans and all key executive and other employee benefit plans or arrangements of the rank equal Corporation, including, without limitation, any Section 401(k) savings and profit sharing plan, and any standard life, disability, accidental death and dismemberment and retirement plans or programs consistent with the terms and coverages of such plans or arrangements and such other individual plans and arrangements applicable to key executives or employees generally, each as may from time to time be established, amended or terminated; PROVIDED, HOWEVER, that the value of all such benefits shall not be less than the aggregate value of those benefits provided to the Employee prior under Section 4(e) of the 1991 Employment Agreement except that the key man life insurance policies with aggregate benefits totalling $16.5 million can be terminated or assigned 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, IJI Acquisition but the Corporation shall be under no obligation to include him pay the premiums on the Transamerica Life insurance policy owned by the Robert G. Shaw Trust in any stock optionthe principal amount of $▇.▇ ▇▇▇▇▇▇▇ ▇▇ring the Employment Term, profit sharing plan or bonus program, in light and for a period of two (2) years following the termination of the bonus referred Employment Term, to in the extent required pursuant to Section 3(b3(e). He shall continue to receive the same automobile benefits which he received prior to execution of this Agreement.
(d) The Employee's place of workOn the Effective Date, when not engaged in business travel, the Employee shall be such place as granted an option pursuant to the terms of the Recoton Corporation may reasonably specify 1991 Stock Option Plan (the "Option Plan") to purchase 50,000 Recoton Common Shares, par value $.20 (the "Common Shares") at the closing price for the Common Shares on the day prior to the Effective Time which option shall vest in five equal annual installments, commencing on the first anniversary of the grant, and shall have a term of ten years from time to timethe date hereof. The Corporation shall reimburse the Employee's moving and related expenses, and provide bridge loans, consistent with Recoton's policy for senior executives if the Corporation's offices options granted under this paragraph (d) shall be moved out issued under the form of Hong Kongoption agreement attached hereto as Exhibit 4(d).
(e) The Corporation shall reimburse the Employee for all reasonable and necessary expenses incurred by the Employee requested or authorized by the Corporation in connection with the Corporation's business and where such expenses are properly documented and accounted for in accordance with the then current policy of the Corporation.
Appears in 1 contract
Sources: Employment Agreement (Recoton Corp)
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 HK$1,108,000 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 specify from time to time. The Corporation shall reimburse the Employee's moving and related expenses, and provide bridge loans, consistent with Recoton's policy for senior executives if the Corporation's offices shall be moved out of Hong Kong.
(e) The Corporation shall reimburse the Employee for all reasonable and necessary expenses incurred by the Employee requested or authorized by the Corporation in connection with the Corporation's business and such expenses are properly documented and accounted for in accordance with the then policy of the Corporation.
Appears in 1 contract
Compensation Benefits and Expenses. For all (a) As compensation for the services to be rendered by Employee pursuant to this Agreement, the Corporation Company hereby agrees to pay Employee a base annual salary (“Base Annual Salary”) at a rate equal to Four Hundred Ninety-Five Thousand Dollars ($495,000.00) during the Term. Employee’s Base Annual Salary shall be reviewed by the Board (or the Compensation Committee thereof) at least annually and may be increased by an amount approved by the Board (or the Compensation Committee thereof) in its sole discretion, and Employee agrees that the Company has not made any affiliate thereof in any capacity, including services as an officer, director, member promises or guaranty of any committee or otherwise, so long as increase in Base Annual Salary during the Employee is employed by Term. The Company may not reduce Employee’s Base Annual Salary during 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) Term without Employee’s prior written consent. The Corporation shall pay the Employee a salary at the initial rate of HK$2,390,000 per year (the "Base Salary"). Such salary Annual Salary shall be payable paid in substantially equal bimonthly installments, less any usual payroll deductions, in accordance with prevailing the normal payroll practices of the Corporation from time to timeCompany. 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 While employed by the Consumer Price Index Section Company, the Employee will not receive any compensation for Employee’s service as a member of the Census and Statistics Department Company’s Board or any 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 reducedits committees.
(b) The Employee shall be entitled to receive such bonusesall ordinary and customary benefits afforded generally to executive employees of the Company (except to the extent employee contribution may be required under the Company’s benefit plans as they may now or hereafter exist), which shall in no event be less than the benefits generally afforded to the other executive employees of the Company as of the date hereof or from time to time, but in any event shall include any qualified or non-qualified pension, profit sharing and savings plans, any death benefit and disability benefit plans, life insurance coverages, any medical, dental, health and welfare plans or insurance coverages, and advances against such bonuses, as any stock purchase programs that are described in Section 9.02 adopted or maintained by the Company generally for executives employees of the Acquisition Agreement as being allocable to himCompany.
(c) The For each calendar year beginning with 2014 and ending before this Agreement expires or terminates, Employee shall be entitled eligible to receive, at the fringe benefits generally made available to time and in the executives form provided for in the Company’s annual incentive compensation plan, an annual incentive bonus opportunity targeted at eighty-five percent (85%) of Recoton Employee’s Base Annual Salary based upon annual performance goals and the achievement of those goals, as established and determined at least annually (and consistently with the Company’s most recent proxy statement disclosure of the rank equal to standards for providing cash-based incentive compensation) by the Employee prior to this Agreement (including vacation, holidays, insurance, medical benefits, automobile and professional training) to Board or 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 Compensation Committee of the bonus referred to Board. Such performance goals may include Company-wide performance objectives, divisional or departmental performance objectives, and/or individual performance objectives, as the Board or the Compensation Committee may determine in Section 3(b). He shall continue to receive the same automobile benefits which he received prior to execution of this Agreementits discretion.
(d) The Employee's place Company shall pay or reimburse Employee for all reasonable and authorized business expenses incurred by Employee while employed under this Agreement; such payment or reimbursement shall not be unreasonably withheld so long as said business expenses have been incurred for and promote the business of workthe Company and are normally and customarily incurred by employees in comparable positions at other comparable businesses in the same or similar market. As a condition to reimbursement under this Section 4(d), when not engaged in business travel, Employee shall be furnish to the Company adequate records and other documentary evidence required by federal and state statutes and regulations for the substantiation of each expenditure. Employee must submit proper documentation for each such place as expense within 30 days after the Corporation may reasonably specify from time to time. The Corporation shall reimburse the Employee's moving and related expensesdate that Employee incurs such expense, and provide bridge loansthe Company will reimburse Employee for all eligible expenses within 30 days thereafter, consistent with Recoton's policy and in no event later than the last day of the calendar year following the calendar year in which the expense is incurred. Employee acknowledges and agrees that failure to furnish the required documentation may result in the Company denying all or part of the expense for senior executives if the Corporation's offices shall be moved out of Hong Kongwhich reimbursement is sought.
(e) The Corporation Employee shall reimburse the Employee for all reasonable and necessary expenses incurred be covered by the Employee requested or authorized by Company’s directors and officers insurance policies on the Corporation in connection with same basis as the Corporation's business Company’s other senior executive officers, as such insurance policies and such expenses are properly documented coverage limits and accounted for in accordance with the then policy of the Corporationconditions may exist from time to time.
Appears in 1 contract
Sources: Employment Agreement (Autobytel Inc)
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 HK$913,000 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 specify from time to time. The Corporation shall reimburse the Employee's moving and related expenses, and provide bridge loans, consistent with Recoton's policy for senior executives if the Corporation's offices shall be moved out of Hong Kong.
(e) The Corporation shall reimburse the Employee for all reasonable and necessary expenses incurred by the Employee requested or authorized by the Corporation in connection with the Corporation's business and such expenses are properly documented and accounted for in accordance with the then policy of the Corporation.
Appears in 1 contract
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 in 1995 of HK$2,390,000 per year (the "Base Salary"), which rate has been increased as of the First Amendment Effective Date to HK$3,510,000. 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 discretion 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 the 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 bonusesa bonus of 3% of the net after-tax earnings of III and its direct and indirect subsidiaries (including InterAct Holdings, Inc., STD Holdings and its subsidiaries, InterAct Canada, Inc., InterAct Technologies, Inc., and advances against such bonusesSTD Technology Holding Limited and its subsidiaries) but excluding Recoton (Far East) Limited (collectively, as are described in Section 9.02 the "InterAct Group") on a consolidated basis, which bonus shall be paid on an annual basis for each full year of employment under this Agreement after 2000 on or before March 31st of each year with respect to the business of the Acquisition Agreement as being allocable InterAct Group for the immediately preceding fiscal year, commencing with the bonus to himbe paid in 2002 for the fiscal year ended December 31, 2001; provided, however, that if in any year the net after-tax earnings of the InterAct Group are negative, the negative balance shall be cumulated with the net after-tax earnings of subsequent years for purposes of determining the net after-tax earnings for such subsequent years until such negative balance shall have been eliminated on a cumulative basis.
(c) For the purposes of Section 3(b), "net after-tax earnings" shall mean the consolidated net earnings of the companies in the InterAct Group after imposition of taxes which will then be paid or are required to be accrued, computed in accordance with accounting principles generally accepted in the United States but as if the payments made pursuant to Section 3(b) were not made.
(d) The Corporation shall reimburse the Employee for all reasonable and necessary expenses incurred by the Employee requested or authorized by the Corporation in connection with the Corporation's business provided such expenses are properly documented and accounted for in accordance with the then policy of the Corporation.
(e) 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 bonuses referred to in Section 3(b). He shall continue to receive the same automobile benefits which he received prior to execution of this Agreement.
(df) The Employee's place of work, when not engaged in business travel, shall be such place as the Corporation may reasonably specify from time to time. The Corporation shall reimburse the Employee's moving and related expenses, and provide bridge loans, consistent with Recoton's policy for senior executives if the Corporation's offices shall be moved out of Hong Kong.
(eg) The Corporation Recoton, as a guarantor of this Agreement, shall reimburse cause III promptly after it becomes a subsidiary of Recoton to issue to the Employee for all reasonable and necessary expenses incurred by options to purchase shares in III in the form attached as Exhibit A (the "Initial Options").
(h) Recoton, as a guarantor of this Agreement, shall cause III promptly after it becomes a subsidiary of Recoton to issue to the Employee requested or authorized by options to purchase shares in III in the Corporation in connection with form attached as Exhibit B (the Corporation's business and such expenses are properly documented and accounted for in accordance with the then policy of the Corporation"Additional Options").
Appears in 1 contract
Sources: Employment Agreement (Recoton Corp)