Equity In Lieu of Unpaid Base Salary Sample Clauses

Equity In Lieu of Unpaid Base Salary. Executive shall be entitled to purchase shares of common stock of the Company at a price equal to the lower of (a) the lowest publicly traded share price for the Company’s common stock during the thirty (30) days prior to such issuance, or (b) the per share price paid by a third party investor during the past twelve (12) months for shares of the Company’s common stock, in lieu of base salary that has accrued and remains unpaid, provided, however, that the number of shares to be received by Executive shall equal an amount that is double such accrued and unpaid base salary. Additionally, Executive shall be entitled to receive an option to purchase 10 shares of common stock of the Company for each share that he receives in lieu of base salary pursuant to this Section 4.1(c) and at the same valuation as the shares to be received in lieu of accrued and unpaid base salary. As of the date of this Agreement, the accrued and unpaid base salary for Executive is $292,145.
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Related to Equity In Lieu of Unpaid Base Salary

  • Retirement in Lieu of Layoff 9.9.1 Any member in the bargaining unit may elect to accept a service retirement in lieu of layoff, voluntary demotion, or reduction in assigned time. Such bargaining unit member shall, within ten (10) workdays prior to the effective date of the proposed layoff, complete, and submit a form provided by the District for this purpose.

  • Annual Salary Executive's compensation shall consist of an annual base salary (the "Annual Salary") of one hundred fifty thousand dollars ($150,000), before all customary payroll deductions. The Annual Salary shall be reviewed, and shall be subject to change, by the Board of Directors of Employer (or the Compensation Committee thereof) at least annually while Executive is employed hereunder.

  • Base Salary During the Employment Term, the Company shall pay Executive a base salary at the annual rate of $250,000, payable in regular installments in accordance with the Company's usual payment practices. Executive shall be entitled to such increases in Executive's base salary, if any, as may be determined from time to time in the sole discretion of the Board. Executive's annual rate of base salary, as in effect from time to time, is hereinafter referred to as the "Base Salary."

  • Salary No salary will be paid to a Member for the performance of his or her duties under this Agreement unless the salary has been approved in writing by a Majority of the Members.

  • Equity Incentive Compensation During the term of employment hereunder the Executive shall be eligible to participate, in an appropriate manner relative to other senior executives of the Parent and its subsidiaries, in any equity-based incentive compensation plan or program approved by the Board from time to time, including (but not by way of limitation) any plan providing for the granting of (a) options to purchase stock of the Parent, (b) restricted stock of the Parent or (c) similar equity-based units or interests.

  • Annual Base Salary During the Term, the Executive shall receive a base salary at an initial rate of $550,000 per annum, which shall be paid in accordance with the customary payroll practices of the Company, subject to review annually for possible increase, but not decrease, in the Board’s discretion (the “Annual Base Salary”).

  • Monthly Salary The words “monthly salary” when used in this Agreement shall mean: (Bi-weekly pay at regular rate of pay times 26.1) divided by 12 = monthly salary

  • Termination Compensation Termination Compensation equal to two (2) times the Executive's Base Period Income shall be paid to the Executive in a single sum payment in cash on the thirtieth (30th) business day after the later of (a) the Control Change Date and (b) the date of the Executive's employment termination; provided that if at the time of the Executive's termination of employment the Executive is a Specified Employee, then payment of the Termination Compensation to the Executive shall be made on the first day of the seventh (7th) month following the Executive's employment termination.

  • Cash Compensation The Company shall pay to the Executive compensation for his services during the Contract Period as follows:

  • Basic Salary For all your services rendered under this Agreement, UO shall pay you a salary at an annual rate of no less than $450,000, or at such higher salary as may be determined by your performance review and the Executive Vice President, Human Resources, Legal & Business Affairs, UPR. Such higher salary shall subsequently be deemed the annual rate, commencing on such date as the Executive Vice President, Human Resources, Legal & Business Affairs, UPR may determine, for purposes of this Agreement.

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