Compensation During the Transition Period. The Company shall not pay any internalization fee to acquire the Business Manager. The Company shall continue to compensate the Business Manager on the terms and conditions set forth in this Agreement throughout the Transition Period. In addition, Company, in its sole discretion, may agree to pay or reimburse the Business Manager for: (x) costs and expenses the Business Manager has incurred on the Company’s behalf in connection with the Qualifying Internalization; and (y) costs and expenses the Business Manager incurs directly in connection with the Qualifying Internalization.
Compensation During the Transition Period. During the Transition Period:
Compensation During the Transition Period. Upon the Officer’s Qualifying Termination of Employment, and provided the Officer complies with the terms of this Agreement (including the requirements of Section 7) and the terms of the Executive Covenant Agreement, the Officer, or the Officer’s estate in the event of the Officer’s death, will receive during the Transition Period compensation and cash in lieu of employee benefits as provided on Exhibit 5(a), attached hereto and incorporated herein by this reference.
Compensation During the Transition Period. During the Transition Period, Sierra Monitor will pay Executive as compensation for his services a base salary at the annualized rate of $250,000 (the “Base Salary”). The Base Salary will be paid periodically in accordance with Sierra Monitor’s normal payroll practices and be subject to the usual, required withholding.
Compensation During the Transition Period. You will be eligible to earn the salary, compensation and benefits as set forth in the revised Exhibit D attached to this letter during the Transition Period.
Compensation During the Transition Period. (a) During the Transition Period, Executive shall continue to receive his Base Compensation (as defined in the Employment Agreement) at the annualized rate of $750,000 ($62,500 per month), less applicable withholdings by the Company. Such Base Compensation shall be paid in installments in accordance with the Company’s customary payroll practices.
Compensation During the Transition Period. In consideration for your services, we will provide the following payments and benefits during the Transition Period, subject to your continued employment with the Company through your Retirement Date: • You will continue to receive at least your current base salary through the Retirement Date. You will be eligible for an increase in your base salary in March 2017, and the amount of such increase will be in the discretion of the Company. • You will be eligible for an annual incentive award for the 2017 performance year under the Company’s Annual Incentive Plan, and your target award percentage will be the same as currently in effect (your “AIP Award”). The payout of your AIP Award will be based on actual Company performance and will be calculated in the same manner and paid on the same date as for other members of the P&A Committee. • You will be eligible for a 2017 long-term incentive compensation award under the Company’s long-term incentive compensation plan with a value equal to no less than $580,000 (the “LTI Award”), which LTI Award shall be awarded to you in the same proportion of restricted stock units and performance units as other members of the P&A Committee. The settlement of your performance units will be based on actual performance achieved against performance objectives established by the Company. • You will be eligible to receive the remaining installments of your retention bonus due and payable under your Employment Agreement (your “Retention Award”), pursuant to and subject to the terms of Section 4(f) of your Employment Agreement. With respect to the final installment of your Retention Award payable during the Subsequent Period, provided that you continue to be employed through the applicable payment date, in recognition of the fact that you have deferred payment of the prior installments, we will pay you on such date an amount equal to the supplemental matching contribution of 4% of the amount of such installment that you would have received had this installment also been deferred. • The applicable terms and conditions of the applicable plan documents and award agreements with respect to your outstanding LTI awards will apply, including the ability of the Compensation Committee to determine in its discretion to fully vest such awards upon your retirement. The Committee has exercised such discretion in the past in circumstances where the retiring executive faithfully executed an agreed-upon transition plan such as is contemplated by this...
Compensation During the Transition Period. From and after the Effective Date, the Executive shall not be entitled to receive compensation or benefits under the Employment Agreement except as expressly provided in this Agreement. During the Transition Period, the Company shall continue to pay the Executive the Base Salary as in effect on the Transition Date, and the compensation and benefits to which the Executive is entitled under Section 3.4 (Expense Reimbursement) and Section 3.6
Compensation During the Transition Period. While employed during the Transition Period, Executive shall (a) receive an annual base salary at a rate of $150,000.00 per year, which shall be paid at regular intervals based on the Company’s regular payroll practices for employees, (b) remain eligible to participate in the Company’s employee benefit plans for employees subject to the eligibility requirements for each such plan, (c) continue to be credited with service to the extent provided in any outstanding equity awards granted to him prior to the Transition Date, and (d) continued executive physical benefits and continued use of corporate aircraft for corporate purposes, in each case, on a basis no less favorable than immediately prior to the Transition Date. Executive shall not receive any equity awards for fiscal 2021 or for any fiscal year during the Transition Period and shall not be eligible to participate in the Company’s Annual Cash Incentive Plan (“ACIP”) for any period following the Transition Date, provided, however, that for avoidance of doubt, Executive shall continue to participate in the 2021 ACIP. In the event that the Executive shall not be eligible to participate in the Company’s health plan during the Transition Period and elects COBRA continuation coverage for himself (and his dependents if applicable), the Company will pay Executive additional compensation during the Transition Period such that Executive will retain an amount on an after-tax basis equal to the amount of the COBRA premiums for himself (and his dependents if applicable).
Compensation During the Transition Period. During the Transition Period, the Company will continue to pay you, in accordance with its standard payroll procedures, your base salary (as in effect immediately prior to the date of this Agreement) through the Employment Separation Date. For the period from April 1, 2020 through June 30, 2020, in lieu of a bonus as earned under the current provisions of the plan the Company shall make a payment to you in the amount of $32,033.63 which shall be paid to you on or prior to August 15, 2020. In addition, the Company shall pay or reimburse you the legal fees reasonably incurred by you to enter into this Agreement up to $5,000. You will also continue to receive employee benefits as described in Section 5 below. You will not be eligible to receive any further equity-based grants or awards.
