Officer Compensation; Incentive Plans Sample Clauses

Officer Compensation; Incentive Plans. Increase the level of compensation paid or payable to any Founder or any individual who becomes a member of the Company’s senior management after the Effective Date (collectively “Senior Managers”) above an annual base salary of $100,000 subject to 5% annual increases. Preferred Unit Holders dividends will be given priority over Senior Manager, Employee, or other Company bonus plans.
Sample 1
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Officer Compensation; Incentive Plans. Increase the level of compensation paid or payable to any Founder or any individual who becomes a member of the Company’s senior management after the Effective Date (collectively “Senior Managers”) above an annual base salary of $360,000, in each case other than (i) customary annual base salary increases not to exceed five percent (5%) on an annual basis or (ii) if the Company’s EBITDA is at least $12,500,000 in 2010, 2011 and/or 2012, annual bonuses for that year to Senior Managers not to exceed an aggregate of twenty-five percent (25%) of the Company’s EBITDA for such year after giving effect to the General Employee Bonus Pool (the “Senior Managers Bonus Pool” which for the avoidance of doubt is distinct from the bonus pool payable to the Company’s employees who are not Senior Managers (the “General Employee Bonus Pool”) of four and one-half percent (4-1/2%) of the Company’s net profits), or amend, modify or waive any provision of the Unit Incentive Plan (or increase the aggregate number of Performance Units available for issuance thereunder) or adopt, enter into, amend, modify or waive any provision of any other option, equity incentive or phantom equity plan. For the avoidance of doubt, it is understood and agreed (w) that for 2010, 2011 and 2012, the annual base salary of each Founder shall be $360,000 and subject to an annual base salary increase not to exceed five percent (5%) on an annual basis, (x) that for 2010, 2011 and 2012, provided the condition in clause (ii) above is satisfied, the Senior Managers Bonus Pool shall be twenty-five percent (25%) of the Company’s EBITDA for such year, (y) that for any given year, the General Employee Bonus Pool will be four and one-half percent (4-1/2%) of the Company’s net profits and in the discretion of the Board will be subject to an increase of five percent (5%) of the Company’s EBITDA each time a Founder ceases to serve as a member of senior management (provided there is a corresponding dollar reduction in the Senior Managers Bonus Pool), and (z) the Founders then serving as members of senior management shall allocate the Senior Managers Bonus Pool in their discretion.
Sample 1

Related to Officer Compensation; Incentive Plans

  • Long-Term Incentive Compensation Subject to the Executive’s continued employment hereunder, the Executive shall be eligible to participate in any equity incentive plan for executives of the Firm as may be in effect from time to time, in accordance with the terms of any such plan.

  • Incentive Compensation Plans The occurrence of any of the following: (i) a material reduction by the Corporation in the Executive’s (A) annual incentive compensation target or maximum opportunity, or (B) long-term incentive compensation target or maximum opportunity (measured based on grant date fair value of any equity-based awards), in each case, as in effect immediately prior to the Change in Control, or (ii) a change in the performance conditions, vesting, or other material terms and conditions applicable to annual and/or long-term incentive compensation awards granted to Executive after the Change in Control which would have the effect of materially reducing the Executive’s aggregate potential incentive compensation from the level in effect immediately prior to the Change in Control; or

  • Long-term Incentive Compensation Programs During the Employment Period, the Executive shall participate in all long-term incentive compensation programs for key executives at a level that is commensurate with the Executive's participation in such plans immediately prior to the Effective Date, or, if more favorable to the Executive, at the level made available to the Executive or other similarly situated officers at any time thereafter.

  • Annual Bonus Compensation In addition to your Salary, during the Employment Term you shall be eligible to earn an annual bonus for each whole or partial calendar year during the Employment Term, determined and payable as follows (the “Bonus”):

  • Annual Incentive Compensation (a) The Executive shall be eligible to receive annual bonus compensation, if any, as may be determined by, and based on performance measures established by, the Board of Directors upon the recommendation of the Compensation Committee of the Board of Directors (the “Committee”) consistent with the Employer’s strategic planning process, pursuant to any incentive compensation program as may be adopted from time to time by the Board of Directors, based on recommendations by the Committee (an “Annual Bonus”).

  • Incentive Compensation Plan In addition to receipt of Basic Compensation under the Employment Agreement, you shall participate in the Incentive Compensation Plan for Executive Officers of the Company (the “Compensation Plan”) and shall be eligible to receive incentive compensation under the Compensation Plan as may be awarded in accordance with its terms.

  • Bonus and Incentive Compensation Executive shall be entitled to equitable participation in incentive compensation and bonuses in any plan or arrangement of the Bank or the Company in which Executive is eligible to participate. Nothing paid to Executive under any such plan or arrangement will be deemed to be in lieu of other compensation to which Executive is entitled under this Agreement.

  • Incentive and Bonus Compensation The Executive shall be eligible to participate in the Company’s existing and future bonus and stock option plans and other incentive compensation programs for similarly situated executives (collectively, “Plans”), to the extent that the Executive is qualified to participate in any such Plan under the generally applicable provisions thereof in effect from time to time. Such eligibility is not a guarantee of participation in or of the receipt of any award, payment or other compensation under any Plan. To the extent the Executive does participate in a Plan and the Plan does not expressly provide otherwise, the Chief Executive Officer and/or the Board, as appropriate, may determine all terms of participation (including, without limitation, the type and size of any award, payment or other compensation and the timing and conditions of receipt thereof by the Executive) in the Chief Executive Officer’s or the Board’s sole and absolute discretion. Nothing herein shall be deemed to prohibit the Company or the Board from amending or terminating any and all Plans in its sole and absolute discretion. Except as otherwise provided herein, the terms of each Plan shall govern the Executive’s rights and obligations thereunder during the Executive’s employment and upon the termination thereof. Without limiting the generality of the foregoing, the definition of “Cause” hereunder shall not supersede the definition of “cause” in any Plan (unless the Plan expressly defers to the definition of “cause” under an executive’s employment agreement) and any rights of the Executive hereunder upon and subsequent to the termination of the Executive’s employment shall be in addition to, and not in lieu of, any right of the Executive under any Plan then in effect upon or subsequent to a termination of employment.

  • Equity Incentive Compensation Executive shall be eligible to receive annual equity awards based on the Company’s and Executive’s actual performance, as determined by the Board or the Compensation Committee. Each such equity award granted to Executive hereunder shall be subject to the terms and conditions of the incentive plan pursuant to which it is granted and such other terms and conditions as are established by the Board or Compensation Committee and set forth in an award agreement evidencing the grant of such equity award.

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