Compensation and Benefits by the Company Clause Example with 11 Variations from Business Contracts
This page contains Compensation and Benefits by the Company 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.
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
Variations of a "Compensation and Benefits by the Company" Clause from Business Contracts
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, $800,000, payable in accordance with the general customary payroll practices of the Company ("Base Salary"). The Executive shall be entitled to such increases, if any, in Base Salary will as may be subject determined from time to review at least annually time by the Bo...ard 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 or 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 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. Committee"). 4.2 Annual Bonuses. The Executive shall be eligible to participate in any long-term incentive receive a bonus ("Annual Bonus") for each fiscal year of the Company under a plan adopted established by the Company for its senior management team (each, an "Incentive Plan") subject to in 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 the Compensation Committee) based upon achievement of performance measures derived from the business plan presented by management and approved by the Executive, Board (or the Compensation Committee). The Executive's target Annual Bonus shall be 60% of 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 Annual Bonus, if any, as provided under the Incentive Plan to Annual Bonus plan or as otherwise determined in the other Company senior executives in respect sole discretion of the applicable year as determined by Board (or the Compensation Committee after consultation with the Executive. (c) Management Incentive Plan. Committee). The Executive acknowledges that the Executive received an equity award Annual Bonus, if any, shall be paid in the form of a profits interest granted under calendar quarter following 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. quarter in which such Annual Bonus was earned. 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 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 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 as well as reimbursement for the costs of the Executive preparing his applicable tax returns up to $8,000 annually. 4.5 Equity Award. The Award Agreement by and between the Company's Executive and AB Acquisition LLC, entered into as of March 5, 2015, under the AB Acquisition LLC Phantom Unit Plan, shall remain in full force and effect upon the Effective Date. 4.6 Retention Bonus. The Executive will be eligible to receive a special retention incentive bonus payable on April 1, 2017, in the amount of $175,000, less standard income and payroll tax withholding and other authorized deductions (the "Retention Bonus"); provided, that the Executive: (a) remains actively working in the Executive's current or an equivalent position through such payment date; (b) demonstrates positive leadership; (c) protects Company assets, inventory, property, cash, equipment, IT data and confidential proprietary information; and (d) follows all Company policies and procedures, and state, federal and local 2 laws. If the Executive resigns or is discharged for any reason, ceases actively working in an equivalent position for any reason, is demoted, or fails to meet the requirements with respect to reporting and documentation of such expenses. outlined above, the Executive will no longer be eligible for the Retention Bonus. View More
