Base Compensation Clause Example with 4 Variations from Business Contracts
This page contains Base Compensation clauses in business contracts and legal agreements. An example clause is provided at the top of the page, followed by clauses with minor variations. You can view the text differences by selecting the "Show Differences" option.
Base Compensation. (a) Salary. For all the services rendered by you in any capacity under this Agreement, the Company agrees to pay you an annual base salary (“Salary”) at the rate of Seven Hundred Fifty Thousand Dollars ($750,000), less applicable deductions and withholding taxes, in accordance with the Company’s payroll practices as they may exist from time to time. During the Term of this Agreement, your Salary will be reviewed annually and may be increased, but not decreased. Any such increase shall be made... at a time, and in an amount, that the Company shall determine in its discretion. (b) Bonus Compensation. You also shall receive annual bonus compensation (“Bonus”) during your employment with the Company under this Agreement, determined and payable as follows: (i) Your Bonus for each calendar year during your employment with the Company under this Agreement will be determined in accordance with the guidelines of the Company’s short-term incentive program or any successor thereto (the “STIP”), as such guidelines may be amended from time to time without notice in the discretion of the Company. (ii) Beginning with the 2020 calendar year, your target bonus (“Target Bonus”) for each calendar year during your employment with the Company under this Agreement shall be 100% of your Salary in effect on November 1st of such calendar year or the last day of your employment, if earlier. For purposes of clarity and avoidance of doubt, your Target Bonus for the 2019 calendar year will be equal to 100% of your base salary in effect on November 1, 2019 (i.e., $675,000). (iii) Your Bonus for any calendar year shall be payable, less applicable deductions and withholding taxes, between January 1st and March 15th of the following calendar year, except as otherwise provided in the CBS Retention Plan Letter (as defined in paragraph 15 below). (iv) Except as otherwise set forth herein, you must be employed on the last day of a calendar year to receive a Bonus for such calendar year. However, if, prior to the last day of a calendar year, your employment with the Company terminates, the Company may, in its discretion, choose to pay you a prorated Bonus, in which case such prorated Bonus will be determined in accordance with the guidelines of the STIP and payable in accordance with paragraph 3(b)(iii). (c) Long-Term Incentive Compensation. Beginning with the Company’s annual grant for fiscal year 2021 and thereafter during your employment with the Company or any of its affiliates, you shall be eligible to receive annual grants of long-term incentive compensation under the CBS Corporation 2009 Long-Term Incentive Plan (or any successor Richard M. Jones as of November 19, 2019 Page 3 plan thereto) (the “LTIP”), as may be amended from time to time without notice in the discretion of the Company, with a target long-term incentive value equal to Seven Hundred Fifty Thousand Dollars ($750,000) (it being understood and agreed that you have already received your annual LTIP grant for fiscal years 2019 and 2020, in each case with a target long-term incentive value of $750,000). The precise amount, form (including equity and equity-based awards, which for purposes of this Agreement are collectively referred to as “equity awards”) and timing of any such long-term incentive award, if any, shall be determined in the discretion of the Compensation Committee of the Company’s Board of Directors (the “Committee”).View More
Variations of a "Base Compensation" Clause from Business Contracts
Base Compensation. (a) Salary. For all the services rendered by you in any capacity under this Agreement, the Company agrees to pay you an annual base salary (“Salary”) at the rate of Seven One Million One Hundred Fifty Thousand Dollars ($750,000), ($1,100,000), less applicable deductions and withholding taxes, in accordance with the Company’s payroll practices as they may exist from time to time. During the Term of this Agreement, your Your Salary will shall be reviewed annually by the Compensation Committee of t...he Board (the “Committee”) and may be increased, but not decreased. Any such increase shall be made at a time, and in an amount, that the Company Committee shall determine in its discretion. (b) Bonus Compensation. You also shall receive annual bonus compensation (“Bonus”) during your employment with the Company under this Agreement, determined and payable as follows: (i) Your Bonus for each calendar year during your employment with the Company under this Agreement (including, in the case of the 2019 calendar year, the period of your service with the Company or any of its affiliates prior to the Effective Date of this Agreement) will be determined in accordance with the guidelines of the Company’s short-term incentive program or any successor thereto (the “STIP”), as such guidelines may be amended from time to time without notice in the discretion of the Company. (ii) Beginning with the 2020 calendar year, your Your target bonus (“Target Bonus”) for each calendar year during (including the period of your employment service with the Company under or any of its affiliates prior to the Effective Date of this Agreement Agreement) shall be 100% of your Salary in effect on November 1st of such the calendar year year, or the last day of your employment, if earlier. For purposes of clarity and avoidance of doubt, your Target (iii) The Bonus for the 2019 calendar year will be equal to 100% of your base salary in effect on November 1, 2019 (i.e., $675,000). (iii) Your Bonus for any a calendar year shall be payable, less applicable deductions and withholding taxes, between January 1st and March 15th of the following calendar year, except as otherwise provided in the CBS Retention Plan Letter (as defined in paragraph 15 below). 7. (iv) Except as otherwise set forth herein, you must be employed on the last day of a calendar year to receive a Bonus for such calendar year. However, if, if your Laura Franco as of August 13, 2019 Page 3 employment with the Company terminates prior to the last day of a calendar year, your employment with the Company terminates, the Company may, in its discretion, choose to pay you a prorated Bonus, in which case such prorated Bonus will be determined in accordance with the guidelines of the STIP and payable in accordance with paragraph 3(b)(iii). (c) Long-Term Incentive Compensation. (i) Beginning with the Company’s annual grant for fiscal year 2021 2020 (it being understood and agreed that you have already received an annual LTIP grant for fiscal year 2019) and thereafter during your employment with the Company or any of its affiliates, you shall be eligible to receive annual grants of long-term incentive compensation under the CBS Corporation 2009 Long-Term Incentive Plan (or any successor Richard M. Jones as of November 19, 2019 Page 3 plan thereto) (the “LTIP”), as may be amended from time to time without notice in the discretion of the Company, with Company. You shall have a target long-term incentive value equal to Seven One Million Eight Hundred Fifty Thousand Dollars ($750,000) (it being understood and agreed that you have already received your annual LTIP grant for fiscal years 2019 and 2020, in each case with a target long-term incentive value of $750,000). ($1,800,000). The precise amount, form (including equity and equity-based awards, which for purposes of this Agreement are collectively referred to as “equity awards”) and timing of any such long-term incentive award, if any, shall be determined in the discretion of the Compensation Committee Committee. (ii) The Company (or any successor thereto) shall maintain a registration statement on Form S-8 for the class of shares that may be delivered to you under the Company’s Board LTIP upon exercise of Directors (the “Committee”). stock options or the settlement of restricted share units (RSUs). View More
Base Compensation. (a) Salary. For all the services rendered by you in any capacity under this Agreement, the Company agrees to pay you an annual base salary (“Salary”) at the rate of Seven One Million Four Hundred Fifty Thousand Dollars ($750,000), ($1,400,000), less applicable deductions and withholding taxes, in accordance with the Company’s payroll practices as they may exist from time to time. During the Term of this Agreement, your Your Salary will shall be reviewed annually by the Compensation Committee (th...e “Committee”) of the Board of Directors of the Company (the “Board”), and may be increased, but not decreased. Any such increase shall be made at a time, and in an amount, that the Company Committee shall determine in its discretion. (b) Bonus Compensation. You also shall receive annual bonus compensation (“Bonus”) during your employment with the Company under this Agreement, determined and payable as follows: (i) Your Bonus for each calendar year during your employment with the Company under this Agreement (including, in the case of the 2019 calendar year, the period of your service with the Company or any of its affiliates prior to the Effective Date of this Agreement) will be determined in accordance with the guidelines of the Company’s short-term incentive program or any successor thereto (the “STIP”), as such guidelines may be amended from time to time without notice in the discretion of the Company. (ii) Beginning with the 2020 calendar year, your Your target bonus (“Target Bonus”) for each calendar year during (including the period of your employment service with the Company under or any of its affiliates prior to the Effective Date of this Agreement Agreement) shall be 100% 200% of your Salary in effect on November 1st of such the calendar year year, or the last day of your employment, if earlier. For purposes of clarity and avoidance of doubt, your Target (iii) The Bonus for the 2019 calendar year will be equal to 100% of your base salary in effect on November 1, 2019 (i.e., $675,000). (iii) Your Bonus for any a calendar year shall be payable, less applicable deductions and withholding taxes, between January 1st and March 15th of the following calendar year, except as otherwise provided in the CBS Retention Plan Letter (as defined in paragraph 15 below). (iv) Except as otherwise set forth herein, you must be employed on the last day of a calendar year to receive a Bonus for such calendar year. However, if, if your employment with the Company terminates prior to the last day of a calendar year, your employment with the Company terminates, the Company may, in its discretion, choose to pay you a prorated Bonus, in which case such prorated Bonus will be determined in accordance with the guidelines of the STIP and payable in accordance with paragraph 3(b)(iii). Christina Spade as of August 13, 2019 Page 3 (c) Long-Term Incentive Compensation. (i) Beginning with the Company’s annual grant for fiscal year 2021 2020 (it being understood and agreed that you have already received an annual LTIP grant for fiscal year 2019) and thereafter during your employment with the Company or any of its affiliates, you shall be eligible to receive annual grants of long-term incentive compensation under the CBS Corporation 2009 Long-Term Incentive Plan (or any successor Richard M. Jones as of November 19, 2019 Page 3 plan thereto) (the “LTIP”), as may be amended from time to time without notice in the discretion of the Company, with Company. You shall have a target long-term incentive value equal to Seven Three Million Four Hundred Fifty Thousand Dollars ($750,000) (it being understood and agreed that you have already received your annual LTIP grant for fiscal years 2019 and 2020, in each case with a target long-term incentive value of $750,000). ($3,400,000). The precise amount, form (including equity and equity-based awards, which for purposes of this Agreement are collectively referred to as “equity awards”) and timing of any such long-term incentive award, if any, shall be determined in the discretion of the Compensation Committee Committee. (ii) The Company (or any successor thereto) shall maintain a registration statement on Form S-8 for the class of shares that may be delivered to you under the Company’s Board LTIP upon exercise of Directors (the “Committee”). stock options or the settlement of restricted share units (RSUs). View More
Base Compensation. (a) Salary. For all the services rendered by you in any capacity under this Agreement, the Company CBS agrees to pay you an annual base salary (“Salary”) at the rate of Seven Nine Hundred Fifty Thousand Dollars ($750,000), ($950,000) per annum, less applicable deductions and Jonathan Anschellas of January 1, 2019Page 2 withholding taxes, in accordance with the Company’s CBS’s payroll practices as they may exist from time to time. During the Term of this Agreement, your Salary will be reviewed an...nually and may be increased, but not decreased. Any and such increase increase, if any, shall be made at a time, and in an amount, that the Company CBS shall determine in its discretion. (b) Bonus Compensation. You also shall be eligible to receive annual bonus compensation (“Bonus”) during your employment with the Company CBS under this Agreement, determined and payable as follows: (i) follows:(i) Your Bonus for each calendar year during your employment with the Company CBS under this Agreement will be determined in accordance with the guidelines of the Company’s CBS short-term incentive program or any successor thereto (the “STIP”), as such guidelines may be amended from time to time without notice in the discretion of the Company. CBS. (ii) Beginning with the 2020 calendar year, your Your target bonus (“Target Bonus”) for each calendar year during your employment with the Company CBS under this Agreement shall be 100% of your Salary in effect on November 1st of such calendar year or the last day of your employment, if earlier. For purposes of clarity and avoidance of doubt, your Target Bonus for the 2019 calendar year will be equal to 100% of your base salary in effect on November 1, 2019 (i.e., $675,000). (iii) Your Bonus for any calendar year shall be payable, less applicable deductions and withholding taxes, between January 1st and March 15th of the following calendar year, except as otherwise provided in the CBS Retention Plan Letter (as defined in paragraph 15 below). year. (iv) Except as otherwise set forth herein, you must be employed on the last day of a calendar year to receive a Bonus for such calendar year. However, if, if your employment with CBS terminates prior to the last day of a calendar year, your employment with the Company terminates, the Company CBS may, in its discretion, choose to pay you a prorated Bonus, in which case such prorated Bonus will be determined in accordance with the guidelines of the STIP and payable in accordance with paragraph 3(b)(iii). (c) Long-Term Incentive Compensation. Beginning with the Company’s annual grant for fiscal year 2021 and thereafter during During your employment with the Company or any of its affiliates, under this Agreement, you shall be eligible to receive annual grants of long-term incentive compensation under the CBS Corporation 2009 Long-Term Incentive Plan (or any successor Richard M. Jones as of November 19, 2019 Page 3 plan thereto) (the “LTIP”), as may be amended from time to time without notice in the discretion of the Company, CBS. Beginning with 2019, you shall have a target long-term incentive value equal to Seven One Million One Hundred Fifty Thousand Dollars ($750,000) (it being understood and agreed that you have already received your annual LTIP grant for fiscal years 2019 and 2020, in each case with a target long-term incentive value of $750,000). ($1,100,000). The precise amount, form (including equity and equity-based awards, which for purposes of this Agreement are collectively referred to as “equity awards”) and timing of any such long-term incentive award, if any, shall be determined in the discretion of the Compensation Committee of the Company’s CBS Board of Directors (the “Committee”). “Compensation Committee”). Jonathan Anschellas of January 1, 2019Page 3 4. Benefits. You shall participate in all CBS vacation, medical, dental, life insurance, long-term disability insurance, retirement, long-term incentive and other benefit plans and programs applicable generally to other senior executives of CBS and its subsidiaries as CBS may have or establish from time to time and in which you would be eligible to participate under the terms of the plans, as may be amended from time to time. This provision shall not be construed to either require CBS to establish any welfare, compensation or long-term incentive plans, or to prevent the modification or termination of any plan once established, and no action or inaction with respect to any plan shall affect this Agreement.5. Business Expenses, Etc. During your employment under this Agreement, CBS shall reimburse you for such reasonable travel and other expenses incurred in the performance of your duties as are customarily reimbursed to CBS executives at comparable levels. Such travel and other expenses shall be reimbursed by CBS as soon as practicable in accordance with CBS’s established guidelines, as may be amended from time to time, but in no event later than December 31st of the calendar year following the calendar year in which you incur the related expenses. View More
Base Compensation. (a) Salary. For all the services rendered by you in any capacity under this Agreement, the Company agrees to pay you an annual base salary (“Salary”) at the rate of Seven Nine Hundred Fifty Thousand Dollars ($750,000), ($950,000) per annum, less applicable deductions and withholding taxes, in accordance with the Company’s payroll practices as they may exist from time to time. During the Term of this Agreement, your Salary will be reviewed annually and may be increased, but not decreased. Any and... such increase increase, if any, shall be made at a time, and in an amount, that the Company shall determine in its discretion. (b) Bonus Compensation. You also shall be eligible to receive annual bonus compensation (“Bonus”) during your employment with the Company under this Agreement, determined and payable as follows: (i) follows:(i) Your Bonus for each calendar year during your employment with the Company under this Agreement will be determined in accordance with the guidelines Jonathan Anschellas of December 10, 2019Page 2 of the Company’s short-term incentive program or any successor thereto (the “STIP”), as such guidelines may be amended from time to time without notice in the discretion of the Company. (ii) Beginning with the 2020 calendar year, your Your target bonus (“Target Bonus”) for each calendar year during your employment with the Company under this Agreement shall be 100% of your Salary in effect on November 1st of such calendar year or the last day of your employment, if earlier. For purposes of clarity and avoidance of doubt, your Target Bonus for the 2019 calendar year will be equal to 100% of your base salary in effect on November 1, 2019 (i.e., $675,000). (iii) Your Bonus for any calendar year shall be payable, less applicable deductions and withholding taxes, between January 1st and March 15th of the following calendar year, except as otherwise provided in the CBS Retention Plan Letter (as defined in paragraph 15 7(f)(ii) below). (iv) Except as otherwise set forth herein, you must be employed on the last day of a calendar year to receive a Bonus for such calendar year. However, if, if your employment with the Company terminates prior to the last day of a calendar year, your employment with the Company terminates, the Company may, in its discretion, choose to pay you a prorated Bonus, in which case such prorated Bonus will be determined in accordance with the guidelines of the STIP and payable in accordance with paragraph 3(b)(iii). (c) Long-Term Incentive Compensation. Beginning with the Company’s annual grant for fiscal year 2021 and thereafter during During your employment with the Company or any of its affiliates, under this Agreement, you shall be eligible to receive annual grants of long-term incentive compensation under the CBS Corporation Company’s 2009 Long-Term Incentive Plan (or any successor Richard M. Jones as of November 19, 2019 Page 3 plan thereto) (the “LTIP”), as may be amended from time to time without notice in the discretion of the Company, Company. Beginning with the annual LTIP grants made for fiscal year 2021 (it being understood that you have already received an LTIP grant for each of the 2019 and 2020 fiscal years), you shall have a target long-term incentive value equal to Seven One Million One Hundred Fifty Thousand Dollars ($750,000) (it being understood and agreed that you have already received your annual LTIP grant for fiscal years 2019 and 2020, in each case with a target long-term incentive value of $750,000). ($1,100,000). The precise amount, form (including equity and equity-based awards, which for purposes of this Agreement are collectively referred to as “equity awards”) and timing of any such long-term incentive award, if any, shall be determined in the discretion of the Compensation Committee of the Company’s Board of Directors (the “Committee”). “Compensation Committee”).4. Benefits. You shall participate in all Company vacation, medical, dental, life insurance, long-term disability insurance, retirement, long-term incentive and other benefit plans and programs applicable generally to other senior executives of the Company and its subsidiaries as the Company may have or establish from time to time and in which you would be eligible to participate under the terms of the plans, as may be amended from time to time. This provision shall not be construed to either require the Company to establish any welfare, compensation or long-term incentive plans, or to prevent the modification or termination of any plan once established, and no action or inaction with respect to any plan shall affect this Agreement.5. Business Expenses, Etc. During your employment under this Agreement, the Company shall reimburse you for such reasonable travel and other expenses incurred in the Jonathan Anschellas of December 10, 2019Page 3 performance of your duties as are customarily reimbursed to Company executives at comparable levels. Such travel and other expenses shall be reimbursed by the Company as soon as practicable in accordance with the Company’s established guidelines, as may be amended from time to time, but in no event later than December 31st of the calendar year following the calendar year in which you incur the related expenses. View More
