Base Salary and Benefits Contract Clauses (28)

Base Salary and Benefits. (a) Base Salary. During the Employment Period, Employee's base salary shall be $400,000.00 per annum (the "Base Salary"), which shall be payable in regular installments in accordance with the Company's general payroll practices. This annual Base Salary shall be prorated for 2019 based upon the Effective Time through the end of the calendar year. Annual compensation review and increases, if any, will be subject to approval by the Board. However, the Base Salary may not be decreased during the Emp...loyment Period other than as part of an across-the-board salary reduction for senior executives of the Company. (b) Bonus. At the conclusion of each fiscal year during the Employment Period, in addition to the Base Salary, Employee may be eligible to receive an annual bonus (the "Annual Bonus") in an amount to be established by the Board. The amount of the Annual Bonus will be based on achievement of certain annual operating profit targets and other objectives established by the Board, and the target Annual Bonus, assuming that all performance goals are satisfied at the target level of performance, shall be sixty-two and a half percent (62.5%) of the Base Salary. The Annual Bonus shall be prorated for 2019 based upon the Effective Time through the end of the calendar year. Any Annual Bonus shall be paid promptly following the completion of the annual audit for the calendar year to which it relates, and in all events no later than March 15th of the calendar year following the calendar year to which it relates. (c) Vacation. During the Employment Period, Employee shall be entitled to paid vacation in accordance with Company policy. (d) Expenses. The Company shall reimburse Employee for all reasonable expenses incurred by him in the course of performing his duties under this Agreement which are consistent with the Company's policies in effect from time to time with respect to travel, entertainment and other business expenses ("Business Expenses"), subject to the Company's requirements with respect to reporting and documentation of such expenses. 2 (e) Benefits. Employee will be eligible to participate in such health care, insurance, retirement, and other employee benefit plans as are generally made available by the Company to their employees, subject to the terms of said plan or plans. The terms of such plans are subject to change or termination at any time, with or without notice, at the discretion of the Company. View More