Compensation and Benefits Clause Example with 5 Variations from Business Contracts

Compensation and Benefits. (a) Director’s Option Equity Grant. Tapinator shall grant Director equity compensation in the form of an option to purchase 200,000 shares of Tapinator’s common stock at an exercise price equal to the fair market value on the date of grant which shall vest in eight equal quarterly 25,000 share installments at the end of each quarterly anniversary of this Agreement, contingent on the Director’s continuing to provide the Services as of each vesting date. The terms and conditions of such option ini...tial grant shall further be evidenced and a grant of Restricted Stock Unit (RSU) or Options of a certain amount of shares, governed by a stock option agreement, which shall be executed and delivered by both parties (the “Option Agreement”). separate RSU/Option agreement. (b) Director Cash Fee. Director shall be entitled to a quarterly cash payment of $5,000 which shall accrue at the end of each calendar quarter beginning in the fiscal year 2020 and continuing during the term of this Agreement, contingent on the Director’s continuing to provide the Services as of each such date; provided, however, the Company shall be entitled to defer actual payment of any such accrued cash compensation until the earlier of the following: (i) the consummation of an equity, debt, or some combination thereof financing of net proceeds to the Company of at least $1,000,000 or (ii) a Corporate Transaction (as defined in the Company’s 2015 Equity Incentive Plan, as amended). (c) Expenses. The Company shall reimburse Director for all reasonable business expenses incurred in the performance of his duties hereunder in accordance with Company’s expense reimbursement guidelines. Such reimbursement shall include the cost of coach airfare and one night of hotel stay for any board meeting wherein the Company specifically requests that Director shall attend such meeting in person. (d) (c) Records. Director shall have access to books and records of Company, as necessary to enable Director to fulfill his obligations as a Director of Company as required by Delaware Maryland law. Director shall give Company reasonable notice for any inspection of books and records that Director requests. (e) (d) Insurance. The Company shall at all times during the term of this Agreement maintain industry standard directors' and officers' liability insurance from a reputable insurance company which shall cover all members of the Board. View More

Compensation and Benefits. (a) Director’s Option Grant. Tapinator Director Fee. Beginning with the fiscal first quarter of 2016, Director shall grant earn quarterly cash compensation of $2,500. If and when Company achieves quarterly revenues of $2,500,000, Director equity shall earn quarterly cash compensation in the form of an option to purchase 200,000 shares of Tapinator’s common stock at an exercise price equal to the fair market value on the date of grant which $5,000. Cash compensation due Director under this Sectio...n 3(a) shall vest in eight equal quarterly 25,000 share installments at be paid within forty-five days from the end of each quarterly anniversary of this Agreement, contingent on the Director’s continuing to provide the Services as of each vesting date. The terms and conditions of such option grant shall further be evidenced and governed by a stock option agreement, which shall be executed and delivered by both parties (the “Option Agreement”). (b) Director Cash Fee. Director shall be entitled to a quarterly cash payment of $5,000 which shall accrue at the end of each calendar quarter beginning in the fiscal year 2020 and continuing during the term of this Agreement, contingent on the Director’s continuing to provide the Services as of each which such date; provided, however, the Company shall be entitled to defer actual payment of any such accrued cash compensation until the earlier of the following: (i) the consummation of an equity, debt, or some combination thereof financing of net proceeds to the Company of at least $1,000,000 or (ii) a Corporate Transaction (as defined in the Company’s 2015 Equity Incentive Plan, as amended). (c) was earned. (b) Expenses. The Company shall reimburse Director for all reasonable business expenses incurred in the performance of his duties hereunder in accordance with Company’s expense reimbursement guidelines. Such reimbursement shall include the cost of coach airfare and one night of hotel stay for any board meeting wherein the Company specifically requests that Director shall attend such meeting in person. (d) (c) Records. Director shall have access to books and records of Company, as necessary to enable Director to fulfill his obligations as a Director of Company as required by Delaware law. Company. Director shall give Company reasonable notice for any inspection of books and records that Director requests. (e) (d) Insurance. The As soon as is practical but in no event later than when and if Company achieves quarterly revenues of $1,250,000, Company shall obtain, at all times during the term of this Agreement maintain Company’s expense, industry standard directors' and officers' liability insurance from a reputable insurance company which shall cover all members of the Board. View More

Compensation and Benefits. (a) Director’s Option Grant. Tapinator On an annual basis during the term of this Agreement, 374Water shall grant Director equity compensation in the form of an option to purchase 200,000 20,000 shares of Tapinator’s 374Water’s common stock at an exercise price equal to the fair market value on the date of grant which shall vest in eight four equal quarterly 25,000 5,000 share installments at the end of each quarterly anniversary of this Agreement, contingent on the Director’s continuing to prov...ide the Services as of each vesting date. The terms and conditions of such option grant shall further be evidenced and governed by a stock option agreement, which shall be executed and delivered by both parties (the “Option Agreement”). (b) Director Cash Fee. Director shall be entitled to a quarterly cash payment of $5,000 which shall accrue at the end of each calendar quarter beginning in the fiscal year 2020 and continuing during the term of this Agreement, contingent on the Director’s continuing to provide the Services as of each such date; provided, however, the Company shall be entitled to defer actual payment of any such accrued cash compensation until the earlier of the following: (i) the consummation of an equity, debt, or some combination thereof financing of net proceeds to the Company of at least $1,000,000 or (ii) a Corporate Transaction (as defined in the Company’s 2015 Equity Incentive Plan, as amended). (c) Expenses. The Company shall reimburse Director for all reasonable business expenses incurred in the performance of his duties hereunder in accordance with Company’s expense reimbursement guidelines. Such reimbursement shall include the cost of coach airfare and one night of hotel stay for any board meeting wherein the Company specifically requests that Director shall attend such meeting in person. (d) (c) Records. Director shall have access to books and records of Company, as necessary to enable Director to fulfill his obligations as a Director of Company as required by Delaware law. Director shall give Company reasonable notice for any inspection of books and records that Director requests. (e) (d) Insurance. The Company shall at all times during the term of this Agreement maintain industry standard directors' and officers' liability insurance from a reputable insurance company which shall cover all members of the Board. View More

Compensation and Benefits. (a) Director’s Option Grant. Tapinator shall grant Director equity compensation in the form of an option to purchase 200,000 shares of Tapinator’s common stock at an exercise price equal to the fair market value on the date of grant which shall vest in eight equal quarterly 25,000 share installments at the end of each quarterly anniversary of this Agreement, contingent on the Director’s continuing to provide the Services as of each vesting date. The terms and conditions of such option grant shal...l further be evidenced and governed by a stock option agreement, which shall be executed and delivered by both parties (the “Option Agreement”). (b) Director Cash Fee. Director shall be entitled to a quarterly cash payment of $5,000 which shall accrue at the end of each calendar quarter beginning in the fiscal year 2020 and continuing during the term of this Agreement, contingent on the Director’s continuing to provide the Services as of each such date; provided, however, the Company shall be entitled to defer actual payment of any such accrued cash compensation until the earlier of the following: (i) the consummation of an equity, debt, or some combination thereof financing of net proceeds to the Company of at least $1,000,000 or (ii) a Corporate Transaction (as defined in the Company’s 2015 Equity Incentive Plan, as amended). (c) Expenses. The Company shall reimburse Director for all reasonable business expenses incurred in the performance of his duties hereunder in accordance with Company’s expense reimbursement guidelines. Such reimbursement shall include the cost of coach airfare and one night of hotel stay for any board meeting wherein the Company specifically requests that Director shall attend such meeting in person. (d) Records. Director shall have access to books and records of Company, as necessary to enable Director to fulfill his obligations as a Director of Company as required by Delaware law. Director shall give Company reasonable notice for any inspection of books and records that Director requests. (e) Insurance. The Company shall at all times during the term of this Agreement maintain industry standard directors' and officers' liability insurance from a reputable insurance company which shall cover all members of the Board. View More

Compensation and Benefits. (a) Director’s Option Grant. Tapinator shall grant Director equity compensation in the form of an option to purchase 200,000 300,000 shares of Tapinator’s common stock at an exercise price equal to the fair market value on the date of grant which shall vest in eight equal quarterly 25,000 37,500 share installments at the end of each quarterly anniversary of this Agreement, beginning March 1, 2016, contingent on the Director’s continuing to provide the Services as of each vesting date. The terms ...and conditions of such option grant shall further be evidenced and governed by a stock option agreement, which shall be executed and delivered by both parties (the “Option Agreement”). (b) Director Cash Fee. Director shall be entitled to a not receive any cash compensation under this Agreement except as set forth in this Section 3(b). If and when Company achieves quarterly revenues of $1,250,000, Director shall earn quarterly cash payment compensation of $5,000 which $2,500. If and when Company achieves quarterly revenues of $2,500,000, Director shall accrue at earn quarterly cash compensation of $5,000. In the event cash compensation becomes due to Director under this Section 3(b), such compensation shall be paid within forty-five days from the end of each the calendar quarter beginning in the fiscal year 2020 and continuing during the term of this Agreement, contingent on the Director’s continuing to provide the Services as of each which such date; provided, however, the Company shall be entitled to defer actual payment of any such accrued cash compensation until the earlier of the following: (i) the consummation of an equity, debt, or some combination thereof financing of net proceeds to the Company of at least $1,000,000 or (ii) a Corporate Transaction (as defined in the Company’s 2015 Equity Incentive Plan, as amended). was earned. (c) Expenses. The Company shall reimburse Director for all reasonable business expenses incurred in the performance of his duties hereunder in accordance with Company’s expense reimbursement guidelines. Such reimbursement shall include the cost of coach airfare and one night of hotel stay for any board meeting wherein the Company specifically requests that Director shall attend such meeting in person. (d) Records. Director shall have access to books and records of Company, as necessary to enable Director to fulfill his obligations as a Director of Company as required by Delaware law. Company. Director shall give Company reasonable notice for any inspection of books and records that Director requests. (e) Insurance. The As soon as is practical but in no event later than when and if Company achieves the $1,250,000 quarterly revenue threshold set forth in Section 3(b) above, Company shall obtain, at all times during the term of this Agreement maintain Company’s expense, industry standard directors' and officers' liability insurance from a reputable insurance company which shall cover all members of the Board. View More