Cash Compensation and Benefits. As of the Effective Date, your salary will be at the rate of USD $400,000 on an annualized basis (“Base Salary”), which will be paid in accordance with the Company’s normal payroll procedures and subject to applicable payroll withholdings and deductions. Your salary is subject to review and adjustment by the Company in its sole discretion. In addition, you will be eligible for an annual, discretionary performance bonus with a target of 35% of your Base Salary for calendar year 2023, and commencing with calendar year 2024 you will be eligible for an annual discretionary performance bonus with a target of 40% of your Base Salary (the “Annual Performance Bonus”), subject to attainment of certain corporate goals (the “Performance Goals”) to be established by Tourmaline’s Board of Directors (the “Tourmaline Board”) and your individual performance during the applicable year. The Annual Performance Bonus and the applicable Performance Goals are subject to review and adjustment by the Tourmaline Board annually. The decision to award the Annual Performance Bonus and the amount of the Annual Performance Bonus, if awarded, will be determined at the sole discretion of the Tourmaline Board upon the Tourmaline Board’s good faith review of the satisfaction of the Performance Goals and your individual performance in the applicable year. The amount of an Annual Performance Bonus for the previous year, if awarded, will be determined by the Tourmaline Board in the first quarter of each fiscal year, and if awarded, the Annual Performance Bonus for a given year will be paid in the next payroll cycle following the Tourmaline Board’s determination of the amount of the Annual Performance Bonus. To the extent the Tourmaline Board delegates one or more of its authorities with respect to the Annual Performance Bonus and Performance Goals set forth in this paragraph to the Compensation Committee of the Tourmaline Board (the “Compensation Committee”), references to the Tourmaline Board in this paragraph shall mean the Compensation Committee. Notwithstanding anything herein to the contrary, you must be employed by the Company or an affiliate of the Company on the date of payment of such Annual Performance Bonus, and such Annual Bonus is not earned until paid. As a full-time, regular employee of the Company, you will remain eligible for Company benefits in accordance with the Company’s applicable benefit plans and policies for similarly situated employees, subject to plan terms, general...
Cash Compensation and Benefits. Subject to HOLMXX' xxlfillment of his obligations under this Agreement (including without limitation those set forth in Section 4(a) and Section 7 hereof but subject to the last sentence of Section 3), the parties agree as follows:
Cash Compensation and Benefits. Subject to the provisions set forth in Section 22 and 23, the Executive shall be compensated as follows:
Cash Compensation and Benefits. Your base salary will continue to be $200,000 per year or as adjusted upwards by the compensation committee. In addition, you will be eligible for an annual performance bonus, consistent with the Company’s bonus program. Your salary and bonus will be paid in accordance with our normal payroll procedures and will be subject to all applicable taxes and other withholdings. Your position is considered an exempt position for purposes of federal wage-hour law. You will be eligible to participate on the same basis as similarly situated employees in the Company’s benefit plans in effect from time to time. Currently those plans include health, dental, and life insurance, and a 401k plan. All matters of eligibility for coverage or benefits under any benefit plan shall be determined in accordance with the provisions of such plan. The Company reserves the right to change, alter, or terminate any benefit plan or compensation in its sole discretion. Exempt employees may take a reasonable amount of time off with pay, as permitted by their duties and responsibilities, as long as reasonable advance notice is given to the Company and subject to the Company’s then current vacation, paid time and leave policies.
Cash Compensation and Benefits. Until otherwise agreed between the parties, CBI agrees to compensate the Executive as follows:
Cash Compensation and Benefits. Subject to BURKX'x xxxfillment of his obligations under this Agreement (including without limitation those set forth in Section 4(a) and Section 7 hereof but subject to the last sentence of Section 3), the parties agree as follows:
Cash Compensation and Benefits
