Grouped Into 1 Collection of Similar Clauses From Business Contracts
This page contains Compensation Additional Incentives clauses in business contracts and legal agreements. We have organized these clauses into groups of similarly worded clauses.
Compensation Additional Incentives. Base Salary. Executive's base salary (the "Base Salary") will be paid at the rate of $8,076.92 bi-weekly ($210,000.00 annualized) during the Term. Executive's Base Salary may be increased by the Compensation Committee and/or Board in their sole discretion, but shall not be decreased without Executive's consent. Executive's Base Salary will be paid at periodic intervals in accordance with the Company's normal payroll practices for salaried employees. Executive will be eligible to participate in a... non-qualified retirement plan set up by the Company with an employee match at least equivalent to that provided by the Company to any Company employees entitled to participate in any Company 401(k) plan. Bonus Opportunities. (i) Discretionary Bonus. With respect to each fiscal year beginning with the fiscal year ending December 31, 2021, the Compensation Committee shall have sole discretion to award a discretionary bonus to the Executive. (ii) Performance Bonus. Beginning with the fiscal year ending December 31, 2021, Company shall pay to Executive a bonus according to the Company Senior Executive Bonus Plan (the "Performance Bonus"). Subject to final approval by the Compensation Committee, Executive shall receive the Performance Bonus between 0% and 50% of his Base Salary upon achieving the various tiered goals set forth in the Company Senior Executive Performance Bonus Plan. 3 (iii) Short-Term Deferral. Any bonus payable pursuant to Sections 3.B. (i) – 3.(B). (ii) shall be paid to the Employee within a reasonable time, but in no event later than 60 calendar days, after the last day of the applicable fiscal year to which the bonus relates. The Company may deduct and withhold, from the compensation payable and benefits provided to Executive hereunder, any and all applicable federal, state, local and other taxes and any other amounts required to be deducted or withheld by the Company under applicable statute or regulation. To the extent that any compensation paid or payable pursuant to this Agreement is considered "incentive-based compensation" within the meaning and subject to the requirements of Section 10D of the Exchange Act, such compensation shall be subject to potential forfeiture or recovery by the Company in accordance with any compensation recovery policy adopted by the Board or any committee thereof in response to the requirements of Section 10D of the Exchange Act and any implementing rules and regulations thereunder adopted by the Securities and Exchange Commission or any national securities exchange on which the Company's common stock is then listed. This Agreement may be unilaterally amended by the Company to comply with any such compensation recovery policy.View More
Compensation Additional Incentives. Base Salary. Executive's base salary (the "Base Salary") will be paid at the rate of $8,076.92 bi-weekly ($210,000.00 $27,083.33 monthly ($325,000 annualized) during the Term. Executive's Base Salary may be increased by the Compensation Committee and/or Board in their sole discretion, but shall not be decreased without Executive's consent. Executive's Base Salary will be paid at periodic intervals in accordance with the Company's normal payroll practices for salaried employees. Bonus Opportuniti...es. Executive will be eligible to participate in for a non-qualified retirement plan set up by bonus payment (a "Change of Control Bonus") if a Change of Control occurs. If Change of Control occurs (i) during the Term, (ii) within three months following the expiration of the Term, or (iii) between three and six months following the expiration of the Term, but only if the transaction involves parties with whom the Company with an employee match at least equivalent to that provided signed a letter of intent during the Term regarding a Change of Control, Executive will receive a Change of Control Bonus payment of $200,000 payable within fifteen days of the Change of Control. Such amount will be offset by the Company to any Company employees entitled to participate in any Company 401(k) plan. Performance Bonus Opportunities. (i) Discretionary Bonus. With respect to each fiscal year beginning with the fiscal year ending December 31, 2021, the Compensation Committee shall have sole discretion to award received by Executive under paragraph (c) below. Executive will be eligible for a discretionary bonus payment (a "Performance Bonus") tied to the Executive. (ii) Performance Bonus. Beginning with the fiscal year ending December 31, 2021, Company shall pay to Executive a bonus according to the Company Senior Executive Bonus Plan (the "Performance Bonus"). Company's Fiscal Year 2019 Earnings. Subject to final approval by the Compensation Committee, Executive will receive a Performance Bonus if the Company's quarterly Adjusted EBITDA exceeds the quarterly target as established by the Compensation Committee (the "Quarterly Target") . For any quarter in which Adjusted EBITDA exceeds the Quarterly Target, Executive shall receive 7.5% of the amount in excess of the Quarterly Target. If Executive is not employed by the Company at the time the results are calculated for payment, he will be paid a pro-rated Performance Bonus based on the last date of his employment. Payments pursuant to this paragraph will be made no later than 30 days following the filing of the Form 10-Q or 10-K. Upon a Change of Control, no further Performance Bonus shall be paid. If Change of Control occurs prior to the end of a quarterly period, Executive and the Compensation Committee will negotiate in good faith to determine the Performance Bonus between 0% for the then current period and to set realistic bonus targets for the remainder of the Term. The Company will calculate the performance under this metric as it has traditionally done for other executives, subject, in all cases, to final approval by the Compensation Committee or the Board. 4 c. Executive will be eligible for a Performance Bonus tied to the Company's Fiscal Year 2018 Earnings. The Company's Executive Team will share 15% of the Company's fiscal year Adjusted EBITDA for 2018 that exceeds $3 Million. The Company will calculate the performance under this metric as it has traditionally done for other executives. Executive will receive 50% of this amount and will recommend the appropriate distribution of the remaining 50% for final approval by the Compensation Committee or Board. If Executive is not employed by the Company at the time the results are calculated for payment, he will be paid a pro-rated amount based on the last date of his Base Salary upon achieving employment. Payments pursuant to this paragraph will be made no later than 30 days following the various tiered goals set forth completion of the Company's audited financial results and filing of the Company's annual report for fiscal year 2018 within the time extension period. For the avoidance of doubt, this paragraph supersedes and replaces the identical Performance Bonus paragraph in the Company Senior 2018 Agreement, such that Executive is only entitled to payments for this Performance Bonus Plan. 3 (iii) Short-Term Deferral. Any bonus payable pursuant to Sections 3.B. (i) – 3.(B). (ii) shall be paid to the Employee within a reasonable time, but in no event later than 60 calendar days, after the last day of the applicable fiscal year to which the bonus relates. this paragraph. The Company may deduct and withhold, from the compensation payable and benefits provided to Executive hereunder, any and all applicable federal, state, local and other taxes and any other amounts required to be deducted or withheld by the Company under applicable statute or regulation. To the extent that any compensation paid or payable pursuant to this Agreement is considered "incentive-based compensation" within the meaning and subject to the requirements of Section 10D of the Exchange Act, such compensation shall be subject to potential forfeiture or recovery by the Company in accordance with any compensation recovery policy adopted by the Board or any committee thereof in response to the requirements of Section 10D of the Exchange Act and any implementing rules and regulations thereunder adopted by the Securities and Exchange Commission or any national securities exchange on which the Company's common stock is then listed. This Agreement may be unilaterally amended by the Company to comply with any such compensation recovery policy. View More
Compensation Additional Incentives. Base Salary. Executive's base salary (the "Base Salary") will be paid at the rate of $8,076.92 bi-weekly ($210,000.00 $ 24,669.23 monthly ($296,031.00 annualized) during the Term. Executive's Base Salary may be increased by the Compensation Committee and/or Board in their sole discretion, discretion but shall not be decreased without Executive's consent. Executive's Base Salary will be paid at periodic intervals in accordance with the Company's normal payroll practices for salaried employees. Ex...ecutive's salary will increase by at least the Consumer Price Index upon any renewal. 3 B. Performance Bonus Opportunities. Executive will be eligible to participate in for a non-qualified retirement performance bonus (the "Performance Bonus"), which is based upon a rolling three-year operating plan set up adopted by the Company with an employee match at least equivalent to that provided Company's Board of Directors. The bonus will be based on operating metrics decided annually by the Company Board and tied to any Company employees entitled such three-year plan. The target bonus equates to participate in any Company 401(k) plan. Bonus Opportunities. (i) Discretionary Bonus. With respect to each fiscal year beginning with the fiscal year ending December 31, 2021, the Compensation Committee shall 30% of Executive's Base Salary. The Board will have sole discretion to award a discretionary bonus to the Executive. (ii) Performance Bonus. Beginning with the fiscal year ending December 31, 2021, Company shall pay to Executive a bonus according to the Company Senior Executive Bonus Plan (the "Performance Bonus"). Subject to final approval by the Compensation Committee, Executive shall receive alter the Performance Bonus between 0% and 50% of his Base Salary upon achieving the various tiered goals set forth in the Company Senior Executive Performance Bonus Plan. 3 (iii) Short-Term Deferral. Any bonus payable pursuant to Sections 3.B. (i) – 3.(B). (ii) shall be paid to the Employee within a reasonable time, but in no event later than 60 calendar days, after the last day of the applicable fiscal year to which the bonus relates. upward or downward by 20% based on its good faith discretion. The Company may deduct and withhold, from the compensation payable and benefits provided to Executive hereunder, any and all applicable federal, state, local and other taxes and any other amounts required to be deducted or withheld by the Company under applicable statute or regulation. To the extent that any compensation paid or payable pursuant to this Agreement is considered "incentive-based compensation" within the meaning and subject to the requirements of Section 10D of the Exchange Act, such compensation shall be subject to potential forfeiture or recovery by the Company in accordance with any compensation recovery policy adopted by the Board or any committee thereof in response to the requirements of Section 10D of the Exchange Act and any implementing rules and regulations thereunder adopted by the Securities and Exchange Commission or any national securities exchange (if any) on which the Company's common stock is then listed. This Agreement may be unilaterally amended by the Company to comply with any such compensation recovery policy. policy, and the Board retains complete discretion on awarding a Performance Bonus. View More
