Consideration and Expenses Clause Samples
The Consideration and Expenses clause defines the payment or value exchanged between the parties and outlines responsibility for costs incurred under the agreement. It typically specifies what each party must provide—such as money, services, or goods—and clarifies which party is responsible for expenses like administrative fees, travel, or materials. This clause ensures both parties understand their financial obligations, preventing disputes over payments and cost allocation during the contract's execution.
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Consideration and Expenses. Executive shall perform his obligations under this Section 7 at Employer's expense, but without any additional or special compensation therefor.
Consideration and Expenses. 2.1 During the Term of this Agreement, in consideration of the Executive’s Services hereunder, including, without limitation, service as an officer or director of the Company or of any subsidiary or affiliate thereof and as a full-time employee of Geovic Ltd., the Company shall pay the Executive according to the attached Schedule II payable monthly in arrears on the last working day of each month or as otherwise stipulated in Schedule II. All payments of consideration and expenses shall be made by direct deposit to an account in the name of Executive at a financial institution selected by Executive and located in the United States. All currency herein is expressed in US dollars.
2.2 The Company or Geovic Ltd. shall pay or reimburse to the Executive:
2.2.1 All costs reasonably and properly expended by him on behalf of the Company for performance of Services, if proper documentation of such expenses is received by the Company in accordance with the Company’s normal expense reimbursement procedures;
2.2.2 During the Term of this Agreement, the Executive shall be entitled to participate in employee benefit plans or programs, if any, to the extent that Executive is eligible to participate in such plans or programs;
2.2.3 During the Term of this Agreement, Executive shall be entitled to participate in the Company’s Employee Stock Option Plan and the Company’s Annual bonus Program for Executives, subject to recommendations of the Compensation Committee and approval by the Company’s Board; and
2.2.4 Executive shall receive a vehicle allowance of $400 per month. Such payments or reimbursements shall be made within seven (7) days of a request for reimbursement by the Executive together with provision by the Executive of such additional evidence and information as the Company or Geovic Ltd. shall reasonably require.
2.3 The Company shall pay the Executive’s medical insurance through the Company’s policy.
2.4 The Executive shall be entitled to take four (4) calendar weeks of paid vacation and one (1) week of unpaid vacation annually during the Term of this Agreement, subject to the dates being previously agreed by the CEO. Executive shall not be entitled to additional compensation if he fails to use this vacation, provided that with written approval of the CEO, up to two (2) weeks of annual vacation may be carried over to a succeeding year. The Executive shall also be entitled to take paid holidays in accordance with standard Company or Geovic Ltd. policy.
2.5 Executi...
Consideration and Expenses. Employee shall perform his obligations under this Section 7 at Employer's expense, but without any additional or special compensation therefor.
Consideration and Expenses. 2.1 During the Term of this Agreement, in consideration of the Executive’s Services hereunder, including, without limitation, service as an officer or director of the Company or of any subsidiary or affiliate thereof and as a full-time employee of Geovic Ltd., the Company shall pay the Executive according to the attached Schedule II payable monthly in arrears on the last working day of each month or as otherwise stipulated in Schedule II. All payments of consideration and expenses shall be made by direct deposit to an account in the name of Executive at a financial institution selected by Executive and located in the United States. All currency herein is expressed in US dollars.
2.2 The Company or Geovic Ltd. shall pay or reimburse to the Executive:
2.2.1 All costs reasonably and properly expended by him on behalf of the Company for performance of Services, if proper documentation of such expenses is received by the Company in accordance with the Company’s normal expense reimbursement procedures;
2.2.2 During the Term of this Agreement, the Executive shall be entitled to participate in employee benefit plans or programs, if any, to the extent that Executive is eligible to participate in such plans or programs.
2.2.3 During the Term of this Agreement, Executive shall be entitled to participate in the Company’s Employee Stock Option Plan and the Company’s Annual bonus Program for Executives, subject to recommendations of the Compensation Committee and approval by the Company’s Board,
2.2.4 Until such time as the Company may adopt a medical plan, the Company shall reimburse the Executive’s medical insurance in an amount not to exceed $700/month or actual cost to Executive, whichever is lower. Once such a plan is adopted, Executive shall be entitled to full family coverage under the plan.
Consideration and Expenses. The Employee shall perform his obligations under this Paragraph 11 at the Company’s expense, but without any additional compensation other than that which the Employee receives by reason of his employment with the Company or pursuant to any separate agreement between the Company and the Employee or any separate policy of the Company that may be in effect from time to time during the Employment Term.
Consideration and Expenses. The Executive shall perform his -------------------------- obligations under this Paragraph 14 at the Company's expense, but without any additional compensation other than that which the Executive receives by reason of his employment with the Company or pursuant to any separate agreement between the Company and the Executive or any separate policy of the Company that may be in effect from time to time during the Employment Term.
Consideration and Expenses. The Company agrees to pay the Trust, as the designee of Consultant, as his fee and full consideration for services provided to the Company and contemplated in this Agreement, a fee of 5,000,000 restricted shares of the Company’s common stock. Consultant shall also be entitled to payment of any and all expenses incurred by Consultant in connection with his consulting and advisory services to the Company.
Consideration and Expenses. 5.1 In consideration for the Services, the Consultant shall receive the compensation designated in Schedule 5.1 (the "Consideration"). The Consideration constitutes the full and complete consideration payable with respect to the Services.
5.2 The Consultant shall not be entitled to any additional payments with respect to medical, life or disability insurance, Managers Insurance, retirement benefits, or any amounts with respect to severance, recuperation, sickness or vacation or any other amounts whatsoever.
Consideration and Expenses. The Company shall pay the Executive according to Schedule I-B (“Executive Compensation”) payable monthly in arrears according to the Company’s regular payroll schedule. The Company shall pay or reimburse to the Executive all costs reasonably and properly expended by him on behalf of the Company for performance of his duties, including travel, food and entertainment, in accordance with Company expense reimbursement policy, including domestic medical insurance and reasonable medical treatment expense while in Cameroon. Executive will maintain records and written receipts as required by the Company and reasonably requested by the Board of Directors.
1. Such payments or reimbursements shall be made within fourteen (14) days of a request for reimbursement by the Executive, together with provision by the Executive of such additional evidence and information as the Company shall reasonably require.
2. The Company shall reimburse Executive’s costs for medical insurance in an amount not to exceed $400 per month.
3. During the Contract Period, Executive shall be entitled to four (4) weeks of paid vacation in addition to existing recognized US holidays during the Contract Period. Executive shall not be entitled to additional compensation if he fails to use this vacation, and the benefit will be forfeited unless the Contract term is extended, in which event any unused vacation will accrue to the Contract extension term and be used by 31 December 2007 or be then forfeited.
Consideration and Expenses the Agreement, Consideration and Expenses, is hereby deleted and the following is substituted therefor: