Compensation Benefits and Reimbursement Sample Clauses
The "Compensation, Benefits and Reimbursement" clause defines the financial and non-financial remuneration that a party, typically an employee or contractor, will receive under an agreement. It outlines the salary or fees to be paid, details any additional benefits such as health insurance or retirement plans, and specifies the process for reimbursing expenses incurred in the course of performing duties. This clause ensures that both parties have a clear understanding of the total compensation package and the procedures for claiming benefits or reimbursements, thereby preventing disputes and promoting transparency regarding payment and entitlements.
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Compensation Benefits and Reimbursement. (a) In consideration of Executive’s performance of the responsibilities and duties set forth in this Agreement, the Bank will provide Executive the compensation specified in this Agreement. The Bank will pay Executive a salary of not less than $238,523.43 per year (“Base Salary”). Such Base Salary will be payable in accordance with the customary payroll practices of the Bank. During the term of this Agreement, Executive’s Base Salary shall be reviewed at least annually. Such review shall be conducted by a Committee designated by the Board, and the Board may increase, but not decrease (other than a decrease which is applicable to all senior officers of the Bank and in a percentage not in excess of the percentage decrease for other senior officers), Executive’s Base Salary (any increase in Base Salary shall become the “Base Salary” for purposes of this Agreement).
(b) Executive shall be eligible to receive discretionary bonuses that are authorized and declared by the Board to its senior management employees from time to time. No other compensation provided for in this Agreement shall be deemed a substitute for Executive’s right to receive such discretionary bonuses as declared by the Board.
(c) Executive will be entitled to participate in all employee benefit plans, arrangements and perquisites offered to senior management employees of the Bank. Without limiting the generality of the foregoing provisions of this Section 3(c), Executive also will be entitled to participate in any employee benefit plans including but not limited to, bonus plans, retirement plans, pension plans, profit-sharing plans, health-and-accident plans, or any other employee benefit plan or arrangement made available by the Bank in the future to management employees, subject to and on a basis consistent with the terms, conditions and overall administration of such plans and arrangements.
(d) The Bank shall provide Executive with medical, dental, vision and disability coverage made available by the Bank to its senior management employees, subject to and on a basis consistent with the terms, conditions and overall administration of such coverage. In addition, Executive may submit to a physical examination or examinations and such physicals may be conducted by a health care provider of the Executive’s choice. The net cost of such examinations, services and tests, after regular health insurance benefits have been paid, shall be paid by the Bank in their entirety, including reasonable travel ...
Compensation Benefits and Reimbursement. 3.1 During the Term the Consultant shall receive cash compensation of the amount of two thousands Euros (2,000.00 €) per month (the “Consultant’s Fee”).
3.2 The Consultant shall be entitled to additional to the Consultant’s Fee compensation for third party financing to bring to the Company, under the terms and conditions of this Agreement, such compensation to be determined on a case by case basis upon mutual agreement of the Company and the Consultant.
3.3 The Company shall pay or reimburse the Consultant for all reasonable travel, and other reasonable expenses incurred by the Consultant in performance of the Consultant's obligations under this Agreement, provided that all long distance travel and other extraordinary expenses are approved by the Company prior to incurrence of the same.
3.4 The Consultant shall be entitled to participate in the Company’s incentive stock option plans, if any, and to receive stock awards and other incentives, which shall be agreed between the Consultant and the Company. The Consultant shall also be entitled to participate in any health, medical and dental plans which the Company may implement during the Term or the extension hereof.
Compensation Benefits and Reimbursement. (a) The compensation specified under this Agreement shall constitute the salary and benefits paid for the duties described in Section 2(b). The Association shall pay Executive as compensation a salary of not less than $_____________ per year ("Base Salary"). Such Base Salary shall be payable biweekly, or with such other frequency as officers and employees are generally paid. During the period of this Agreement, Executive's Base Salary shall be reviewed at least annually. Such review may be conducted by a Committee designated by the Board, and the Board may increase, but not decrease (except a decrease that is generally applicable to all employees), Executive's Base Salary (any increase in Base Salary shall become the "Base Salary" for purposes of this Agreement). In addition to the Base Salary provided in this Section 3(a), the Association shall provide Executive at no cost to Executive with all such other benefits as are provided uniformly to permanent full-time employees of the Association. Base Salary shall include any amounts of compensation deferred by Executive under qualified and nonqualified plans maintained by the Association.
(b) The Association will provide Executive with employee benefit plans, arrangements and perquisites substantially equivalent to those in which Executive was participating or otherwise deriving benefit from immediately prior to the beginning of the term of this Agreement, and the Association will not, without Executive's prior written consent, make any changes in such plans, arrangements or perquisites which would adversely affect Executive's rights or benefits thereunder, except as to any changes that are applicable to all participating employees or as reasonably or customarily available. Without limiting the generality of the foregoing provisions of this Subsection (b), Executive will be entitled to participate in or receive benefits under any employee benefit plans including, but not limited to, retirement plans, supplemental retirement plans, pension plans, profit-sharing plans, health-and-accident insurance plans, medical coverage or any other employee benefit plan or arrangement made available by the Association or the Company in the future to its senior executives and key management employees, subject to and on a basis consistent with the terms, conditions and overall administration of such plans and arrangements. Executive will be entitled to incentive compensation and bonuses as provided in any plan of the Associati...
Compensation Benefits and Reimbursement. (a) The Company shall pay, or cause to be paid, to the Executive a base salary (the "Base Salary") at a rate of $175,000 per annum which shall be payable in accordance with the customary payroll practices of the Company.
(b) During the Employment Period, the Executive shall be entitled to the following:
(i) participation, upon satisfaction of any applicable eligibility requirements, in the Company's and/or the Group's pension and benefit plans as offered to similarly situated employees; provided, however, the Company and/or the Group may modify or discontinue any such benefits, plans or programs; and
(ii) reimbursement for all reasonable and necessary expenses incurred in the ordinary course of Executive's employment hereunder, including travel and entertainment expenses, upon presentation by Executive of appropriate documentation sufficient for tax purposes to substantiate the expenditure as an income tax deduction, except that each such expenditure shall be reimbursable only if it is of a nature qualifying it as a proper deduction on the federal and state income tax returns of the Company.
(iii) the Company shall grant the Executive (i) an option to purchase 300,000 shares of the Company's common stock, par value $0.001 per share, of which 75,000 shares shall vest upon the date of the execution and delivery of this Agreement and 75,000 shares shall vest on each of April 1, 2003, July 1, 2003 and October 1, 2003, and (ii) an option to purchase 150,000 shares of the Company's common stock, par value $0.001 per share, the shares of which shall vest in 50,000 share increments upon the Company's deployment of certain products to each successive group of 10,000 targeted physicians, as shall be more fully described in the Option Agreement (as hereinafter defined) (clauses (c)(i) and (ii) above collectively, the "Options"). The Options shall be granted pursuant to the Company's 1999 Stock Option Plan (as may be amended, modified, or replaced, or any new stock option plan of the Company, the "Stock Option Plan") and the Company and the Executive shall executive and deliver an Option Agreement (the "Option Agreement") in accordance with the Stock Option Plan. The Medix Board shall determine, in its sole discretion, the exercise prices and the duration of the terms of the Options. The vesting of the Options is subject to the Executive being employed by the Company at such times. Except as otherwise set forth herein, the Options shall be granted pursuant to, and sha...
Compensation Benefits and Reimbursement a. he Bank shall pay Executive a base salary of $225,000 per year (“Base Salary”). Such Base Salary shall be payable bi-weekly, or with such other frequency as officers and employees are generally paid. In addition to the Base Salary, the Bank shall provide Executive with all such other benefits as are provided uniformly to permanent full-time employees of the Bank. Executive shall not be paid any separate fees for serving on the Board of the Bank or the Company during the term of this Agreement.
b. Executive will be entitled to participate in or receive benefits under any employee benefit plans including, but not limited to, retirement plans, supplemental retirement plans, pension plans, profit-sharing plans, health-and-accident insurance plans, medical coverage or any other employee benefit plan or arrangement made available by the Bank or the Company in the future to its senior executives and key management employees, subject to and on a basis consistent with the terms, conditions and overall administration of such plans and arrangements; provided, however, that Executive will be not be entitled to participate in any incentive or bonus plans. In addition, Executive shall receive an automobile allowance of not less than $700 each month. Executive’s principal place of business shall be at the Bank’s office in Goshen.
c. The Bank shall reimburse Executive for his ordinary and necessary business expenses including, without limitation, fees for memberships in such clubs and organizations as Executive and the Board shall mutually agree are necessary and appropriate for business purposes, and travel and entertainment expenses, incurred in connection with the performance of his duties under this Agreement.
Compensation Benefits and Reimbursement. 3.1 The Consultant shall earn as compensation the amount of twenty thousand pounds (£20,000.00 GBP) per year ("Consultant’s Fee"), with subsequent adjustments as mutually agreed between the parties to reflect the growth and success of the Company. The Consultant’s Fee shall be paid in equal monthly installments to Consultant in cash, commencing on the 1st of May, 2014.
3.2 The Company shall pay or reimburse Consultant for all reasonable travel, and other reasonable expenses incurred by Consultant in performance of Consultant's obligations under this Agreement, provided that all long distance travel and other extraordinary expenses are approved by the Company prior to incurrence of the same. The Consultant agrees to obtain approval from the Company in writing for any individual expense of one thousand dollars ($1,000.00 USD) or greater or any aggregate expense in excess of two thousand dollars ($2,000.00 USD) incurred in any given month by the Consultant in connection with the carrying out his duties under this Agreement.
3.3 In case that a research and development project is initiated during the term of this Agreement, the Consultant’s fee will be readjusted to the amount of forty thousand pounds (£40,000.00 GBP), and the Consultant shall be entitled of two hundred thousand (200,000) shares of the Company’s common stock for every research project completed during the term of this Agreement with a valuation less than twenty million dollars ($20,000,000.00 USD), and five hundred thousand (500,000) shares of the Company’s common stock for every research project completed during the term of this Agreement with a valuation equal or greater than twenty million dollars ($20,000,000.00 USD).
Compensation Benefits and Reimbursement. For all services rendered by the Executive in any capacity during the Employment Period, including, without limitation, services as an officer, director or member of any committee of the Company or any member of the Group, the Executive shall be compensated as follows (subject, in each case to the provisions of Sections 6-10 below):
(a) During the Employment Period, the Company shall pay, or cause to be paid, to the Executive a base salary (the "Base Salary") at a rate of $190,000 on an annualized basis, which shall be payable in accordance with the customary payroll practices of the Company.
(b) The Company shall pay, or cause to be paid, to the Executive a bonus of $15,000 payable on or before September 30, 2003.
(c) During the Employment Period, the Executive shall be entitled to the following:
(i) participation in the Company's and/or the Group's pension and benefit plans (excluding severance plans, if any, during the Initial Term) as the Company and/or the Group generally maintains from time to time during the Employment Period for the benefit of its similarly situated employees, in each case subject to the eligibility requirements and other terms and provisions of such plans or programs; provided, however, the Company and/or the Group may modify or discontinue any such benefits, plans or programs and change employee contribution amounts to benefit costs without notice in its discretion.
(ii) reimbursement for all reasonable and necessary out-of pocket expenses incurred in the ordinary course of the Executive's employment during the Employment Period, including travel and entertainment expenses, according to the Company's expense account and reimbursement policies in place from time to time and provided that the Executive shall submit appropriate documentation sufficient for tax purposes to substantiate the expenditure as an income tax deduction. Each such expenditure shall be reimbursable only if it is of a nature qualifying it as a proper deduction on the federal and state income tax returns of the Company, or with the prior approval of a Supervising Person. Further, the Executive must obtain the prior consent of a Supervising Person with respect to any single expense in excess of $2,500 or any aggregate expenses which exceed $10,000 in any one month period.
(iii) within ten (10) business days after the later of: (a) the Effective Date, or (b) the date this Agreement is executed by both the Executive and the Company, the Company shall grant the Exec...
Compensation Benefits and Reimbursement. (a) The compensation specified under this Agreement shall constitute the salary and benefits paid for the duties and responsibilities described in Section 1. Subject to Section 22 hereof, the Company and/or the Bank shall pay Executive as compensation a salary of not less than $131,840 per year (“Base Salary”). Such Base Salary shall be payable in accordance with the customary payroll practices of the Company and/or the Bank. During the period of this Agreement, Executive’s Base Salary shall be reviewed at least annually. Such review may be conducted by the compensation committee (the “Committee”) designated by the Board and the Board may increase, but not decrease Executive’s Base Salary (except for a decrease that is not in excess of any decrease that is generally applicable to all employees of the Company and/or the Bank).
(b) Any increase in Base Salary shall become the Base Salary for purposes of this Agreement. In addition to the Base Salary provided in Section 3(a), the Company and/or the Bank shall provide Executive all such other benefits as are provided to permanent full-time employees of the Company and/or the Bank.
(c) The Company and/or the Bank shall provide Executive with employee benefit plans, arrangements and perquisites substantially equivalent to those in which Executive was participating or otherwise deriving benefit from immediately prior to the beginning of the term of this Agreement. Without limiting the generality of the foregoing provisions of this subsection
Compensation Benefits and Reimbursement. (A) THE COMPENSATION SPECIFIED UNDER THIS AGREEMENT SHALL CONSTITUTE THE SALARY AND BENEFITS PAID FOR THE DUTIES DESCRIBED IN SECTION 2. The Bank shall pay Executive as compensation a salary of not less than $123,634 per year (“Base Salary”). Such Base Salary shall be payable biweekly, or with such other frequency as officers and employees are generally paid. During the period of this Agreement, Executive’s Base Salary shall be reviewed at least annually. Such review shall be conducted by the Compensation Committee of the Board, and the Bank may increase, but not decrease (except a decrease that is generally applicable to all employees) Executive’s Base Salary (with any increase in Base Salary to become “Base Salary” for purposes of this Agreement). Base Salary shall not include any director’s fees that Executive is entitled to receive as a director of the Bank or any affiliate of the Bank. Such director’s fees shall be separately paid to Executive.
Compensation Benefits and Reimbursement. The Consultant shall earn as compensation the amount of twenty thousand pounds (£20,000.00 GBP) per year ("Consultant’s Fee"), with subsequent adjustments as mutually agreed between the parties to reflect the growth and success of the Company. The Consultant’s Fee shall be paid in equal monthly installments to Consultant in cash, commencing on the 1st of May, 2014.