THE COMPENSATION FUNDS. 4.1 Governing law and principal place of business of the Trustee The Trustee must ensure:
Bonus Compensation During the Term, in addition to the Base Salary, Employee shall be eligible to receive an annual performance-based cash bonus (“Annual Bonus”) during each Contract Year with respect to each fiscal year of the Company (subject to Section 4.1). The Annual Bonus shall be based upon quantitative and qualitative performance targets as established by the Committee in it sole discretion in accordance with the Company’s annual bonus plan; provided, that Employee’s Annual Bonus payable for achievement of the target level of performance designated by the Committee shall be not less than fifty percent (50%) of Base Salary in effect at the time the Committee establishes the Annual Bonus. The Committee may, in its discretion, specify amounts of Annual Bonus payable above or below the designated target amount for achievement of performance at specified levels above or below the designated target level of performance. The Annual Bonus shall be payable to Employee at the same time bonuses are paid to other executive officers in accordance with the Company’s annual bonus plan, but in no event later than March 15 of the calendar year following the calendar year in which the Annual Bonus is not subject to a substantial risk of forfeiture within the meaning of Section 409A of the Internal Revenue Code of 1986, as amended (“Section 409A”).
Severance Compensation (a) If, following the occurrence of a Change in Control, the Company shall terminate the Executive's employment during the Period of Employment other than pursuant to Section 4(a) hereof, or if the Executive shall terminate his employment pursuant to Section 4(b) hereof, the Company shall pay to the Executive the amount specified in Section 5(a)(i) hereof within ten business days after the date (the "Termination Date") that the Executive's employment is terminated (the effective date of which shall be the date of termination, or such other date that may be specified by the Executive if the termination is pursuant to Section 4(b) hereof):
Cash and Incentive Compensation For clarification, it is understood by all parties that other than as specified herein, the Company is not obligated to award any future grants of stock options or other form of equity compensation to Executive during Executive's employment with the Company.
Compensation & Payment 8.4.1. Should the claim be found proven; settlement is executed only in the form of compensation payment added to the Client trade account.
Compensation Benefits and Expenses During the Term, Company shall compensate Employee for his services as follows:
Compensation Benefits In accordance with Section 142 of the State Finance Law, this contract shall be void and of no force and effect unless the Contractor shall provide and maintain coverage during the life of this contract for the benefit of such employees as are required to be covered by the provisions of the Workers' Compensation Law.
Salary Benefits and Bonus Compensation 3.1 BASE SALARY. Effective July 1, 2000, as payment for the services to be rendered by the Employee as provided in Section 1 and subject to the terms and conditions of Section 2, the Employer agrees to pay to the Employee a "Base Salary" at the rate of $180,000 per annum, payable in equal bi-weekly installments. The Base Salary for each calendar year (or proration thereof) beginning January 1, 2001 shall be determined by the Board of Directors of Avocent Corporation upon a recommendation of the Compensation Committee of Avocent Corporation (the "Compensation Committee"), which shall authorize an increase in the Employee's Base Salary in an amount which, at a minimum, shall be equal to the cumulative cost-of-living increment on the Base Salary as reported in the "Consumer Price Index, Huntsville, Alabama, All Items," published by the U.S. Department of Labor (using July 1, 2000, as the base date for computation prorated for any partial year). The Employee's Base Salary shall be reviewed annually by the Board of Directors and the Compensation Committee of Avocent Corporation.
Annual Bonus Compensation For each fiscal year completed during the term hereof, prorated for the partial initial fiscal year of employment, the Executive shall be eligible to participate in any annual bonus plan provided by the Company (or Parent) for its executives generally, as in effect from time to time. The Executive’s annual target bonus shall be thirty-five percent (35%) of the Base Salary, subject to adjustment upward, but not downward, from time to time by the Board in its sole discretion (the “Target Bonus”), with the actual amount of the bonus, if any, to be determined by the Board (or, to the extent permitted or required by applicable law, regulation or stock exchange requirement, a compensation or remuneration committee thereof) or the CEO in accordance with applicable performance criteria reasonably established by the Board. In order to earn an annual bonus under this Section 4(b) for any fiscal year, the Executive must be employed by the Company on the last date of the applicable fiscal year. Any annual bonus payable hereunder will be paid at the same time as such bonuses are paid to similarly situated Company executives, but in no event later than two and one-half months following the end of the fiscal year for which the bonus is earned.
Variable Compensation Executive shall be entitled to participate in any short-term or long-term variable compensation programs offered by the Company to its executive officers generally (collectively, such programs are referred to in this Agreement as the “Combined Programs” and which are currently the Annual Incentive Program and the Long-Term Incentive Program), subject to the generally applicable terms and conditions of the program in question and to the determination of the Compensation Committee or any committee administering such program.
Cash Compensation The Company shall pay to the Executive compensation for his services during the Contract Period as follows: