Common use of Salary; Additional Compensation; Perquisites and Benefits Clause in Contracts

Salary; Additional Compensation; Perquisites and Benefits. (a) During the Term, the Company will pay you a base salary at an annual rate of not less than Three Hundred Twenty-Five Thousand Dollars ($325,000) (“Base Salary”), subject to annual review by the Compensation Committee of the Board of Directors (the “Compensation Committee”) and, in the discretion of the Compensation Committee, increase, but not decrease, from time to time. After any such increase, the term “Base Salary” as utilized in this Agreement shall thereafter refer to the increased amount. Such Base Salary shall be paid in installments in accordance with the Company’s standard practice, but not less frequently than monthly.

Appears in 2 contracts

Samples: General Maritime Corp/, General Maritime Subsidiary Corp

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Salary; Additional Compensation; Perquisites and Benefits. (a) During the Term, the Company will pay you a base salary at an annual rate of not less than Three Four Hundred Twenty-Five Thousand Dollars ($325,000400,000) (“Base Salary”), subject to annual review by the Compensation Committee of the Board of Directors (the “Compensation Committee”) and, in the discretion of the Compensation Committee, increase, but not decrease, from time to time. After any such increase, the term “Base Salary” as utilized in this Agreement shall thereafter refer to the increased amount. Such Base Salary shall be paid in installments in accordance with the Company’s standard practice, but not less frequently than monthly.

Appears in 1 contract

Samples: General Maritime Corp/

Salary; Additional Compensation; Perquisites and Benefits. (a) During the Term, the Company will pay you a base salary at an annual rate of not less than Three Five Hundred Twenty-Five five Thousand Dollars ($325,000525,000) ("Base Salary"), subject to annual review by the Board of Managers of the Company in consultation with the Compensation Committee of the Board of Directors of Parent (the "Compensation Committee") and, in the discretion of such Board in consultation with the Compensation Committee, increase, but not decrease, Base Salary from time to time. After any such increase, the term "Base Salary" as utilized in this Agreement shall thereafter refer to the increased amount. Such Base Salary shall be paid in installments in accordance with the Company’s 's standard practice, but not less frequently than monthly.

Appears in 1 contract

Samples: General Maritime Corp/

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Salary; Additional Compensation; Perquisites and Benefits. (a) During the Term, the Company will pay you a base salary at an annual rate of not less than Three Six Hundred Twenty-Five Thousand Dollars ($325,000600,000) (“Base Salary”), subject to annual review by the Compensation Committee of the Board of Directors (the “Compensation Committee”) and, in the discretion of the Compensation Committee, increase, but not decrease, from time to time. After any such increase, the term “Base Salary” as utilized in this Agreement shall thereafter refer to the increased amount. Such Base Salary shall be paid in installments in accordance with the Company’s standard practice, but not less frequently than monthly.

Appears in 1 contract

Samples: General Maritime Subsidiary Corp

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