Recoverable Draw Sample Clauses
POPULAR SAMPLE Copied 45 times
Recoverable Draw. The Executive’s annual recoverable draw rate shall be $300,000 per year (or $25,000 per month) (the “Draw”). The Executive’s draw rate shall be subject to review annually by the CEO, Board, or the Compensation Committee. The annual recoverable draw in effect at any given time is referred to herein as “Draw.” The Draw shall be payable in a manner that is consistent with the Company’s usual payroll practices and is subject to repayment in accordance with this Agreement.
Recoverable Draw. In addition to Base Salary, the Executive shall be entitled to receive a monthly amount in the form of a Recoverable Draw (as defined below), payable within thirty (30) days after each month’s end, equal to:
(A) ½ of the ▇▇▇▇▇ Retainer (as defined above) Revenue for the applicable month, minus (B) the Executive’s monthly Base Salary, and minus (C) monthly direct expenses for ▇▇▇▇▇ Retainer staff salaries, travel & entertainment, and other Company support and direct event costs, royalty payments, commissions, draws, direct marketing and other direct expenses, all relating to achieving ▇▇▇▇▇ Retainer Revenue. The parties agree to follow a monthly calculation and review process relating to determination of the Recoverable Draw, which process is attached hereto as Addendum 1.