Compensation Guarantee Clause Samples
Compensation Guarantee. Although the Employer will have sole discretion in setting, determining and modifying the Employee Compensation, the Employer wishes to provide Employees with certainty of a minimum level of Compensation. Employees Hired as a Sales Representative prior to Effective Date of this Agreement The Employer guarantees that for each calendar year of the agreement, an Employee shall receive a minimum of eighty-five (85) percent of the average annual Compensation received by the Employee in the calendar years 2016, 2017 and 2018. Should an Employee not have worked a full calendar year in 2016, 2017 or 2018, the period worked in the applicable calendar year shall be prorated over the missed period to determine the guaranteed Compensation. No later than twenty (20) days after the end of each of the first three (3) quarters, the Employer will provide a summary of the employee's compensation earned in the previous quarter. If the applicable quarter's pay is less than twenty-five percent (25%) of the basic guaranteed pay, the employer will pay the employee the difference between the earnings earned and the basic guaranteed pay (minus all mandatory deductions), and not later than forty (40) days after the end of each of those quarters. To receive this advance, the employee must always be employed at the time of payment of this difference. Any advance received during a quarter must be repaid from the portion of the employee's variable compensation for the following quarter, as applicable. No later than January 15th of each calendar year of the Term, the Employer shall provide a detailed summary of the Employee’s Compensation earned in the preceding calendar year Should the Applicable Year Compensation be lower than the guaranteed Compensation, the Employer shall pay the Employee the difference (minus all statutory deductions) before March 1st of the new Calendar year. Employees Hired as a Sales Representative after the Effective Date of this Agreement The Employer guarantees that for each calendar year of the agreement, an Employee shall receive a minimum of sixty (60) percent (the “Minimum Percentage”) of the average guaranteed Compensation of the Employees in the same Sales Channel as the Employees hired prior to Effective date of this agreement. Notwithstanding the foregoing, the Minimum Percentage shall increase by ten (10) percent annually, until such time as the Employee reaches one hundred (100) percent of the guaranteed Compensation more particularly one hundred (1...
Compensation Guarantee. (a) All compensation payable to Executive under Section 5 of this Agreement will be guaranteed (the "Guaranteed Payments") as of the Effective Date of this Agreement for the full term of this Agreement, except for any termination of this Agreement provided for in Sections 9(a), 9(b), 9(c) or 9(e). In particular, upon termination of Executive's employment for any reason other than pursuant to Sections 9(a), 9(b), 9(c) or 9(e), the Company shall pay to Executive a lump-sum payment, and Executive shall be entitled to receive from the Company not later than ten (10) calendar days after termination of Executive's employment, (i) a severance distribution consisting of a cash payment equal to five (5) times the sum of (A) Executive's then-current base salary, as determined pursuant to Section 5(a) of this Agreement for the then-current year of this Agreement in which such termination occurs and (B) an amount equal to the average of his bonuses with respect to the five (5) most recently completed fiscal years of the Company (including any fiscal years prior to the Effective Date) and (ii) all other unpaid amounts pursuant to any other provision of this Agreement or otherwise; provided that, following a Control Termination (as defined in Section 11(b)), the Executive shall be entitled to receive the payments described in Section 11 (as opposed to the Guaranteed Payments ).
(b) None of the Guaranteed Payments described in this Section 6 shall affect the Executive's right to receive the payments described in Sections 12, 13 and 14 of this Agreement.
Compensation Guarantee. It is agreed irrevocably and unconditionally that where the other party or the Company suffers any loss caused by each party in violation of any statements, guarantees or promises herein, each party shall compensate sufficiently to the other party’s company.
Compensation Guarantee. With respect to the fiscal year from May 1, 1998, through April 30, 1999, Employee is guaranteed a base salary and bonus of $300,000. This guarantee shall not apply to any other period during the Employment Term.
Compensation Guarantee. 17.4.1. The payment of the Compensation and any penalties or additions resulting from its default, shall be guaranteed by the Guaranteeing Fund of the Partnerships, by means of a guarantee to be granted to the Concessionaire under the Guarantee Agreement executed on this day, according to Attachment 17.4. 1.
17.4.2. For enforcement of the Guarantee, the Concessionaire shall sue the Guaranteeing Fund of the Partnerships, by means of formal correspondence with return receipt - AR, with copies of invoices attached, which shall be considered by the Administrator only if: (i) clearly legal credit provided for in the enforceable instrument, accepted and unpaid by the Granting Authority, provided that after more than forty five (45) days from its maturity, and (ii) debts set forth in the issued invoice and not yet accepted by the Federal Government, provided that after more than ninety (90) days from its maturity, and it was not reasonably refused.
17.4.3. The Guaranteeing Fund shall have fifteen (15) days from the receipt of the formal letter mentioned in item 17.4.2, if the events mentioned in the same item take place, to pay the guarantee to the concessionaire.
17.4.4. After the elapsed the terms addressed in sub-clause 3.1 above, the Concessionaire shall have peremptive period of sixty (60) days to sue the Guaranteeing Fund of the Partnerships, after which the payment of late invoices shall be unenforceable against it.