Compensation and Benefits by the Company Contract Clauses (51)
Grouped Into 1 Collection of Similar Clauses From Business Contracts
This page contains Compensation and Benefits by the Company clauses in business contracts and legal agreements. We have organized these clauses into groups of similarly worded clauses.
Compensation and Benefits by the Company. As compensation for all services rendered pursuant to this Agreement, the Company shall provide the Executive the following during the Term: 4.1 Base Salary. The Company will pay to the Executive an annual base salary of $400,000, payable in accordance with the general payroll practices of the Company ("Base Salary"). The Base Salary will be subject to review at least annually by the Board for increase, but not decrease. 4.2 Bonuses and Incentives. (a) Annual Bonus. The Executive shall receive a...n annual bonus (the "Bonus") in respect of each calendar year during the Term, targeted at 100% of annual Base Salary at the rate in effect at the end of the relevant calendar year (the "Target Bonus"), based on the achievement of specific annual performance criteria established by the Compensation Committee of the Board (the "Compensation Committee") in consultation with the Executive no later than 90 days after the commencement of the relevant bonus period. The Bonus will not be subject to any cap and may exceed the Target Bonus, based on the achievement of stretch goals to be determined by the Compensation Committee no later than 90 days after the commencement of the relevant bonus period. The Bonus awarded for a calendar year, if any, shall be payable as soon as practicable following the completion of the Company's audited financial statements for the calendar year in which such Bonus is earned but in no event later than March 15 of the calendar year following the calendar year in which such Bonus is earned. Subject to the provisions of Section 5 hereof, the Bonus shall be payable only if the Executive is employed by the Company on the date the Bonus is paid. 2 (b) Long-Term Incentive. The Executive shall be eligible to participate in any long-term incentive plan adopted by the Company for its senior management team (each, an "Incentive Plan") subject to the terms of the Incentive Plan and any applicable award agreements between the Executive and the Company. Unless otherwise agreed by the Board and the Executive, the Executive will annually receive an award or awards under an Incentive Plan having a grant date target value (calculated in accordance with the Company's normal annual equity award valuation methodology) consistent with the long-term incentives granted under the Incentive Plan to the other Company senior executives in respect of the applicable year as determined by the Compensation Committee after consultation with the Executive. (c) Management Incentive Plan. The Executive acknowledges that the Executive received an equity award in the form of a profits interest granted under the terms of the Keane Management Holdings LLC Management Incentive Plan ("MIP") and award agreement. From the management pool, the Executive received 5,294.12 Series 2 Class B Units representing an interest equal to 0.45% of the value of the Company above the base value at the Effective Date of the Prior Employment Agreement, subject to time-based vesting under the terms of the Award Agreement and MIP plan document. 4.3 Benefits. (a) Participation in Benefits Plans. During the Term, the Executive shall be entitled, if and to the extent eligible, to participate in all of the applicable benefit plans and perquisite programs of the Company, which are available to other senior executives of the Company, on the same terms as such other senior executives; provided, however, that the Executive shall be eligible for five weeks of vacation annually. The Company may at any time or from time to time amend, modify, suspend or terminate any employee benefit plan, program or arrangement for any reason without the Executive's consent if such amendment, modification, suspension or termination is consistent with the amendment, modification, suspension or termination for other senior executives of the Company. (b) Car Allowance. During the Term, the Executive will be provided with a car allowance of $1,700.00 per month, subject to the Company's policies regarding automobile use in effect from time to time. 4.4 Expense Reimbursement. The Executive shall be entitled to receive reimbursement for all appropriate business expenses incurred by him in connection with his duties under this Agreement in accordance with the policies of the Company as in effect from time to time, subject to the Company's requirements with respect to reporting and documentation of such expenses.View More
Compensation and Benefits by the Company. As compensation for all services rendered pursuant to this Agreement, 4.1 Base Salary. During the Term, the Company shall provide the Executive the following during the Term: 4.1 Base Salary. The Company will pay to the Executive an annual base salary of $400,000, $600,000, payable in accordance with the general customary payroll practices of the Company ("Base Salary"). Salary'"). The Executive shall be entitled to such increases, if any, in Base Salary will as may be subject determined from ti...me to review at least annually time by the Board for increase, but not decrease. 4.2 Bonuses and Incentives. (a) Annual Bonus. The Executive shall receive an annual bonus (the "Bonus") in respect of each calendar year during the Term, targeted at 100% of annual Base Salary at the rate in effect at the end of the relevant calendar year (the "Target Bonus"), based on the achievement of specific annual performance criteria established by or the Compensation Committee of the Board (the "Compensation Committee") in consultation with Committee"). 4.2 Bonuses. During the Executive no later than 90 days after Term, the commencement of the relevant bonus period. The Bonus will not be subject to any cap and may exceed the Target Bonus, based on the achievement of stretch goals to be determined by the Compensation Committee no later than 90 days after the commencement of the relevant bonus period. The Bonus awarded for a calendar year, if any, shall be payable as soon as practicable following the completion of the Company's audited financial statements for the calendar year in which such Bonus is earned but in no event later than March 15 of the calendar year following the calendar year in which such Bonus is earned. Subject to the provisions of Section 5 hereof, the Bonus shall be payable only if the Executive is employed by the Company on the date the Bonus is paid. 2 (b) Long-Term Incentive. The Executive shall be eligible to participate in any long-term incentive receive a bonus or bonuses (collectively, the "Bonus") for each fiscal year of the Company subject to a plan adopted (or plans) established by the Company for its senior management team (each, (the "Bonus Plan") in an "Incentive Plan") subject to the terms of the Incentive Plan and any applicable award agreements between the Executive and the Company. Unless otherwise agreed amount determined by the Board or Compensation Committee based upon achievement of performance measures derived from the business plan presented by management and approved by the Executive, Board or Compensation Committee. The target amount of the Executive's Bonus for each fiscal year shall be 100% of the Base Salary (the "Target Bonus"). If such performance measures are only partially achieved or not achieved, the Executive will annually receive an award or awards under an Incentive Plan having a grant date target value (calculated in accordance with the Company's normal annual equity award valuation methodology) consistent with the long-term incentives granted shall only be entitled to such Bonus, if any, as provided under the Incentive applicable Bonus Plan to or as otherwise determined in the other Company senior executives in respect sole discretion of the applicable year as determined by the Board or Compensation Committee after consultation with the Executive. (c) Management Incentive Plan. The Executive acknowledges that the Executive received an equity award in the form of a profits interest granted under the terms of the Keane Management Holdings LLC Management Incentive Plan ("MIP") and award agreement. From the management pool, the Executive received 5,294.12 Series 2 Class B Units representing an interest equal to 0.45% of the value of the Company above the base value at the Effective Date of the Prior Employment Agreement, subject to time-based vesting under the terms of the Award Agreement and MIP plan document. Committee. 4.3 Benefits. (a) Participation in Benefits Employee Benefit Plans. During the Term, the The Executive shall be entitled, if and to the extent eligible, to participate in all of the applicable benefit plans and perquisite programs of the Company, Company or its affiliates, which are may be available to other senior executives of the Company, on the same terms as such other senior executives; provided, however, that the Executive shall be eligible for five weeks of vacation annually. executives. The Company or its affiliates may at any time or from time to time amend, modify, suspend or terminate any employee benefit plan, program or arrangement for any reason without the Executive's consent if such amendment, modification, suspension or termination is consistent with the amendment, modification, suspension or termination for other senior executives similarly-situated employees of the Company. (b) Car Allowance. During the Term, the Executive will be provided with a car allowance of $1,700.00 per month, subject to the Company's policies regarding automobile use in effect from time to time. Company and its affiliates. 4.4 Expense Reimbursement. The Executive shall be entitled to receive reimbursement for all of the Executive's appropriate business expenses incurred by him in connection with his the Executive's duties under this Agreement in accordance with the policies of the Company as in effect from time to time, subject as well as reimbursement for the costs incurred by the Executive in connection with the preparation of the Executive's applicable tax returns, up to the Company's requirements with respect to reporting and documentation a maximum of such expenses. $8,000 annually. View More
Compensation and Benefits by the Company. As compensation for all services rendered pursuant to this Agreement, the Company shall will provide the Executive the following during the Term: 4.1 (a) Base Salary. The Company will pay to the Executive an annual base salary of $400,000, $804,375, payable in accordance with the general Company's customary payroll practices of the Company ("Base Salary"). The Base Salary will be subject to review at least annually by the Board for increase, but not decrease. 4.2 Bonuses and Incentives. (a) Annu...al Bonus. The Executive shall receive an annual bonus (the "Bonus") in respect of each calendar year Salary"), with no subsequent increases during the Term, targeted at 100% of annual Base Salary at the rate in effect at the end of the relevant calendar year (the "Target Bonus"), based on the achievement of specific annual performance criteria established by Term unless the Compensation Committee provides otherwise subsequent to the Effective Date. Stephen J. Donaghy Employment Agreement 1 (b) Annual Bonus. For each year of the Board (the "Compensation Committee") in consultation with the Term, Executive no later than 90 days after the commencement shall be entitled to receive a cash incentive award under Article X of the relevant bonus period. The Bonus will not Universal Insurance Holdings, Inc. 2009 Omnibus Incentive Plan, as it may be subject amended from time to any cap and may exceed the Target Bonus, based on the achievement of stretch goals time (the "Plan"), in an amount equal to be determined by the Compensation Committee no later than 90 days after the commencement of the relevant bonus period. The Bonus awarded for a calendar year, if any, shall be payable as soon as practicable following the completion 1.5% of the Company's audited financial statements net income as reported in the Company's Annual Report on Form 10-K (the "Annual Bonus") for the calendar year in such year, which such Annual Bonus is earned but in shall be paid to Executive no event later than March 15 of the calendar year following the calendar year to which the bonus relates. For the avoidance of doubt, if Executive has earned a bonus under this Section 4(b), he need not be employed on the bonus payment date to receive such bonus, provided, subject to Section 5(b) and Section 5(c), that he is employed through December 31 of the year to which the bonus relates. (c) Participation in which such Bonus is earned. Subject to the provisions of Section 5 hereof, the Bonus shall be payable only if the Executive Benefit Plans. Executive is employed by the Company on the date the Bonus is paid. 2 (b) Long-Term Incentive. The Executive shall be eligible to participate in any long-term incentive plan adopted by the Company for its senior management team (each, an "Incentive Plan") subject to the terms of the Incentive Plan and any applicable award agreements between the Executive and the Company. Unless otherwise agreed by the Board and the Executive, the Executive will annually receive an award or awards under an Incentive Plan having a grant date target value (calculated in accordance with the Company's normal annual equity award valuation methodology) consistent with the long-term incentives granted under the Incentive Plan to the other Company senior executives in respect of the applicable year as determined by the Compensation Committee after consultation with the Executive. (c) Management Incentive Plan. The Executive acknowledges that the Executive received an equity award in the form of a profits interest granted under the terms of the Keane Management Holdings LLC Management Incentive Plan ("MIP") and award agreement. From the management pool, the Executive received 5,294.12 Series 2 Class B Units representing an interest equal to 0.45% of the value of the Company above the base value at the Effective Date of the Prior Employment Agreement, subject to time-based vesting under the terms of the Award Agreement and MIP plan document. 4.3 Benefits. (a) Participation in Benefits Plans. During the Term, the Executive shall be entitled, if and to the extent eligible, to participate in all of the applicable Company's benefit plans and perquisite programs of the Company, which are generally available to other senior executives Company employees in similar positions. Executive is eligible to participate in the Company's equity incentive plans, including the Plan, at the Company's sole discretion. (d) Vacation. Executive will receive paid vacation of four weeks per fiscal year. Unused vacation days will be forfeited at the Company, on end of each fiscal year. Executive is not entitled to payment for unused vacation days upon the same terms as such other senior executives; provided, however, that termination of employment. Notwithstanding the foregoing, for the fiscal year containing the Effective Date, Executive shall be eligible for five will receive four weeks of vacation annually. The Company may at any time or from time to time amend, modify, suspend or terminate any employee benefit plan, program or arrangement for any reason without the Executive's consent if such amendment, modification, suspension or termination is consistent with the amendment, modification, suspension or termination for other senior executives of the Company. (b) Car Allowance. During the Term, the Executive will be provided with a car allowance of $1,700.00 per month, subject to the Company's policies regarding automobile use in effect from time to time. 4.4 paid vacation. (e) Expense Reimbursement. The Company will reimburse Executive shall be entitled to receive reimbursement for all appropriate business expenses incurred by him Executive incurs in connection with his Executive's duties under this Agreement in accordance with the Company's policies of the Company as in effect from time to time, subject time. (f) Automobile Allowance. During the Term, the Company will pay Executive a monthly car allowance of $500 for the purposes of obtaining and maintaining an automobile to facilitate the Company's requirements performance of Executive's duties. (g) Insurance. During the Term, the Company will pay applicable premiums on a $1,000,000 term life insurance policy on Executive payable to Executive's designee. (h) Discretionary Equity Grants. The Compensation Committee will consider equity grants to Executive during the Term in accordance with respect to reporting and documentation of such expenses. its regular equity grant policy. View More
