Position; Compensation. Employee shall be elected an Executive Vice President of UOL. Subject to overall control of the Boards of Directors of UOL and HTR, Employee shall be responsible for the general direction and oversight of HTR. The Board of Directors of UOL will promptly elect Employee, or his designee (reasonably acceptable to UOL), to the Board of Directors of UOL at the first meeting of the Board subsequent to the Effective Time and recommend him for reelection at each meeting of stockholders during the period of Employee's employment by UOL or its affiliates or subsidiaries; provided, however, that if UOL is advised by counsel that the Board of Directors cannot be expanded to include Employee until the next meeting of stockholders, then Employee or his designee shall have observer rights (with all notice and information provided to him as if he were a Board Member) until the next meeting of stockholders of UOL, at which meeting UOL shall recommend to the UOL stockholders that Employee be elected to the Board. In the event that the number of directors authorized by the stockholders of UOL is not sufficient to add Employee or his designee, management of UOL shall use their best efforts to obtain the resignation of an existing Board member and the election to the Board of Employee or his designee. In consideration of Employee's services hereunder, UOL shall, beginning with the pay period commencing _______________, 1997, pay Employee a minimum annual base salary of One Hundred Ten Thousand and no/100s Dollars ($110,000) per annum, payable in equal monthly installments in accordance with UOL's normal payroll practices, plus an annual performance bonus determined in accordance with the Bonus Pool provisions set forth in Exhibit A. Employee's annual base salary will increase to One Hundred Forty Thousand and no/100s Dollars ($140,000) on the first anniversary hereof. Employee's annual base salary for the year beginning on the second anniversary hereof shall be determined by Farzxx Xxxxxxxxx xxx in no event shall be less than $140,000. Employee's total compensation shall be reviewed by the Board of Directors of UOL on an annual basis during the term hereof (including renewal terms) and may be increased (but not decreased) as UOL deems appropriate in its sole discretion. Employee shall subject to UOL Shareholder approval, be entitled to the grant of an option to purchase 13,500 shares of UOL Common Stock at an option price of $________ per share for a term of five years. In add...
Position; Compensation. You shall be employed as and perform the duties of the Executive Vice President and Chief Financial Officer for EOL and its subsidiaries. You will report to EOL’s Chief Executive Officer (“CEO”). You will receive an annualized salary, payable in accordance with EOL’s regular payroll practices, of at least $250,000, a $125,000 bonus opportunity based on annual performance in your first year of employment, a one time $40,000 signing bonus payable across 6 months, reimbursement of up to $60,000 in relocation expenses. Your salary shall be subject to annual review and adjustment at the discretion of EOL’s Board of Directors (the “Board”). Each year following your first year of employment, your bonus opportunity will be based on annual performance objectives as defined by EOL’s CEO. Your actual bonuses may be more or less than the target bonus established by the CEO, and shall be dependent upon the extent to which your actual performance meets, exceeds, or falls below the performance objectives set forth by the CEO. Bonuses paid to you shall be paid in a single lump sum, subject to lawful deductions, unless payment of the bonus amount in a lump sum would violate any applicable law or regulation. To the extent practicable, any bonuses paid to you shall be paid at such time as bonuses are regularly paid to senior executives of EOL, but in any event shall be paid on or before March 15 of the year following the year to which the bonus payment relates. You will be eligible to participate in the Company’s benefit plans including Medical, Dental, Life, Short and Long Term disability and 401K on the first of the month following your date of hire. You will accrue four weeks of vacation per year. You will receive 675,000 restricted shares of XXXXX Online, Inc. common stock on the date you commence your employment, the terms of which shall be set forth in a grant agreement, a form of which is attached hereto as Exhibit A. These shares are being issued as an inducement grant under the NASDAQ rules and not under the EOL 2005 Stock Award and Incentive Plan, as amended. The shares will vest in equal installments on the first three anniversaries of such date. You will be eligible for future grants of stock and stock options as the Compensation Committee of the Board deems appropriate, based on overall corporate performance and individual performance, and in accordance with the terms of the EOL 2005 Stock Award and Incentive Plan, as amended.
Position; Compensation a. Effective as of immediately following the Closing, your sole position with the Company shall be Strategic Advisor. In this role, your time commitment is expected to be 25% of the time commitment of a full-time executive. You shall remain subject to Section 2 of your Employment Agreement, other than clause (i) thereof, and any activities that you perform with respect to other businesses shall not interfere with your duties to the Company.
Position; Compensation. Employee initially shall be employed in the position, and for the compensation, described on Exhibit A attached hereto. Employee expressly understands and agrees that from time to time Employer in its sole discretion may change the job responsibilities or title of Employee, and may modify the compensation payable to Employee.
Position; Compensation. Physician's annual base compensation for services rendered pursuant to this Appointment shall be One Hundred Fifty Thousand Dollars ($150,000) for the term of this Appointment. Physician shall continue to receive all standard Company benefits and shall be entitled to four (4) weeks paid vacation per year. On or about the inception date of this Appointment, Physician shall receive 50,000 stock options at market price with a three year vesting period. The terms of the Stock Option Agreement and the Company Stock Option Plan shall control the RMO's rights and interests in said options, which shall be in addition to any other Company stock options he may have as of the date of this Appointment. Physician shall be entitled to receive the following as incentive compensation:
