Annual base salary of $350,000 per year to be paid on a bi-monthly basis on the 15th and last day of the month in the amount of $14,583.33 for each pay period worked.
As a fulltime employee, you will be eligible to participate in the Company’s annual Cash Bonus Incentive Program and our annual Long-Term Incentive Program (LTIP), both programs currently have a 50% of base target for your level of employment. Participation is each program is discretionary based on Company and individual level of performance.
For the 2019 performance year, you are guaranteed a minimum end-of year performance cash bonus in the amount of $160,000. Additionally, you will receive a minimum of $160,000 worth of Long-Term Incentive units (LTI) as part of the 2020-22 Program. LTI may be paid in BKEP units or cash equivalent. Cash bonus and LTI phantom units are payable in full on the regularly scheduled March 2020 bonus payout date.
You will receive a sign-on bonus consisting of both cash and LTI units. A cash bonus payment will be made in the amount of $50,000 payable in one lump sum on your first paycheck following 90 days of employment. Additionally, you will receive $50,000 worth of LTI units. LTI grant will be awarded following 30 days of employment. Unit grant price will be determined by using the average market closing price of the last three market days in May 2019.
Your eligibility for all bonus and LTI payments is based on your being employed in good standing on the date of payment. All bonus and LTI payments are subject to all applicable taxes and withholdings.