Compensation and Benefits Clause Example with 6 Variations from Business Contracts
This page contains Compensation and Benefits 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. Your compensation and other benefits shall include, in addition to any further benefits and compensation as later approved by the Board, the following: 3.1. Base Salary. You will be paid an annual salary of $300,000.00, as of March 1, 2021, subject to annual increases as determined by the Chairman/CEO and/or the President of the Company. Your annual salary shall be payable in accordance with the Company's customary policies, subject to payroll and withholding deductions as may be required by law.... 3.2. Annual Incentive Program. You shall participate in an equitable manner with all other senior management employees in the annual incentive program approved by the Board or the Compensation Committee. No other compensation provided for in this Agreement shall be deemed a substitute for your right to participate in such annual incentive program. 3.3. Long Term Incentive Program. You will be entitled to participate in the Company's long term incentive program as approved by the Board or the Compensation Committee. 3.4. Expenses. You shall be reimbursed for any and all reasonable expenses incurred by you in the performance of your duties and services as specified in this Agreement or incurred by you on behalf of, or in furtherance of the business of, the Company, including, but not limited to, business expenses incurred in connection with travel and entertainment, provided that you shall submit to the Company satisfactory supporting receipts and other information with respect to reimbursable costs and expenses. 3.5. Other Benefits. During your term of employment, you shall be entitled to participate in any benefit plan or arrangement that the Company or its subsidiaries now or hereafter maintains that relates to (i) pension, profit sharing or other retirement benefits, (ii) medical insurance or reimbursement of medical or dependent care expenses, or (iii) other group benefits, including disability and other life insurance plans, in the same manner as other senior management employees of the Company. You may also be reimbursed for expenses incurred in connection with your club dues at a club approved by the Board. In addition, you will be provided with (i) the use of an automobile and reimbursed for all costs and expenses related to operating the vehicle or (ii) an annual vehicle allowance in an amount approved by the CEO, Board or Compensation Committee. 2 4. TERM. This Agreement shall have an initial term beginning on the Effective Date, and shall expire on the first anniversary of such date; provided, however, that the term shall be automatically extended for successive periods of one (1) year on a continuing basis unless either you or the Company shall give written notice of intention not to so extend at least ninety (90) days prior to the end of the initial one (1) year period or any renewal period (the "Term").View More
Variations of a "Compensation and Benefits" Clause from Business Contracts
Compensation and Benefits. Your compensation and other benefits shall include, in addition to any further benefits and compensation as later approved by the Board, the following: 3.1. 3.1 Base Salary. You will be paid an annual salary of $300,000.00, as of March 1, 2021, $580,000, subject to annual increases as determined by the Chairman/CEO and/or the President Compensation Committee of the Company. Board. Your annual salary shall be payable in accordance with the Company's customary policies, subject to payroll and with...holding deductions as may be required by law. 3.2. 3.2 Annual Incentive Program. You shall participate in an equitable manner with all other senior management employees in the annual incentive program approved by the Board or the Compensation Committee. Committee of the Board. No other compensation provided for in this Agreement shall be deemed a substitute for your right to participate in such annual incentive program. 3.3. 3.3 Long Term Incentive Program. You will be entitled to participate in the Company's long term long-term incentive program as approved by the Board or the Compensation Committee. 3.4. Committee of the Board. 3.4 Expenses. You shall be reimbursed for any and all reasonable expenses incurred by you in the performance of your duties and services as specified in this Agreement or incurred by you on behalf of, or in furtherance of the business of, the Company, including, but not limited to, business expenses incurred in connection with travel and entertainment, provided that you shall submit to the Company satisfactory supporting receipts and other information with respect to reimbursable costs and expenses. 3.5. 3.5 Other Benefits. During your term of employment, you shall be entitled to participate in any benefit plan or arrangement that the Company or its subsidiaries now or hereafter maintains that relates to (i) pension, profit sharing or other retirement benefits, (ii) medical insurance or reimbursement of medical or dependent care expenses, or (iii) other group benefits, including disability and other life insurance plans, in the same manner as other senior management 2 employees of the Company. You may shall also be reimbursed for expenses incurred in connection with your club dues at a club approved by the Board. In addition, you will shall be provided with (i) the use of an automobile and reimbursed for all costs and expenses related to operating the vehicle or (ii) an annual vehicle allowance in an amount approved by the CEO, Board or Compensation Committee. 2 4. TERM. This Agreement shall have an initial term beginning on the Effective Date, and shall expire on the first anniversary of such date; provided, however, that the term shall be automatically extended for successive periods of one (1) year on a continuing basis unless either you or the Company shall give written notice of intention not to so extend at least ninety (90) days prior to the end of the initial one (1) year period or any renewal period (the "Term"). Board. View More
Compensation and Benefits. Your compensation and other benefits shall include, in addition to any further benefits and compensation as later approved by the Board, the following: 3.1. 3.1 Base Salary. You will be paid an annual salary of $300,000.00, as of March 1, 2021, $600,000.00, subject to annual increases as determined by the Chairman/CEO and/or the President Compensation Committee of the Company. Board. Your annual salary shall be payable in accordance with the Company's customary policies, subject to payroll and w...ithholding deductions as may be required by law. 3.2. 3.2 Annual Incentive Program. You shall participate in an equitable manner with all other senior management employees in the annual incentive program approved by the Board or the Compensation Committee. Committee of the Board. No other compensation provided for in this Agreement shall be deemed a substitute for your right to participate in such annual incentive program. 3.3. 3.3 Long Term Incentive Program. You will be entitled to participate in the Company's long term long-term incentive program as approved by the Board or the Compensation Committee. 3.4. Committee of the Board. 3.4 Expenses. You shall be reimbursed for any and all reasonable expenses incurred by you in the performance of your duties and services as specified in this Agreement or incurred by you on behalf of, or in furtherance of the business of, the Company, including, but not limited to, business expenses incurred in connection with travel and entertainment, provided that you shall submit to the Company satisfactory supporting receipts and other information with respect to reimbursable costs and expenses. 3.5. 2 3.5 Other Benefits. During your term of employment, you shall be entitled to participate in any benefit plan or arrangement that the Company or its subsidiaries now or hereafter maintains that relates to (i) pension, profit sharing or other retirement benefits, (ii) medical insurance or reimbursement of medical or dependent care expenses, or (iii) other group benefits, including disability and other life insurance plans, in the same manner as other senior management employees of the Company. You may shall also be reimbursed for expenses incurred in connection with your club dues at a club approved by the Board. In addition, you will shall be provided with (i) the use of an automobile and reimbursed for all costs and expenses related to operating the vehicle or (ii) an annual vehicle allowance in an amount approved by the CEO, Board or Compensation Committee. 2 4. TERM. This Agreement shall have an initial term beginning on the Effective Date, and shall expire on the first anniversary of such date; provided, however, that the term shall be automatically extended for successive periods of one (1) year on a continuing basis unless either you or the Company shall give written notice of intention not to so extend at least ninety (90) days prior to the end of the initial one (1) year period or any renewal period (the "Term"). Board. View More
Compensation and Benefits. Your compensation and other benefits shall include, in addition to any further benefits and compensation as later approved by the Board, the following: 3.1. Base Salary. You will be paid an annual salary of $300,000.00, as of March 1, 2021, $460,000, subject to annual increases as determined by the Chairman/CEO and/or the President of the Company. Board. Your annual salary shall be payable in accordance with the Company's customary policies, subject to payroll and withholding deductions as may b...e required by law. 3.2. Annual Incentive Program. You shall participate in an equitable manner with all other senior management employees in the annual incentive program approved by the Board or the Compensation Committee. Committee of the Company. No other compensation provided for in this Agreement shall be deemed a substitute for your right to participate in such annual incentive program. 3.3. Long Term Incentive Program. You will be entitled to participate in the Company's long term incentive program as approved by the Board or the Compensation Committee. Committee of the Company. 3.4. Expenses. You shall be reimbursed for any and all reasonable expenses incurred by you in the performance of your duties and services as specified in this Agreement or incurred by you on behalf of, or in furtherance of the business of, the Company, including, but not limited to, business expenses incurred in connection with travel and entertainment, provided that you shall submit to the Company satisfactory supporting receipts and other information with respect to reimbursable costs and expenses. 3.5. Other Benefits. During your term of employment, you shall be entitled to participate in any benefit plan or arrangement that the Company or its subsidiaries now or hereafter maintains that relates to (i) pension, profit sharing or other retirement benefits, (ii) medical insurance or reimbursement of medical or dependent care expenses, or (iii) other group benefits, including disability and other life insurance plans, in the same manner as other senior management employees of the Company. You may shall also be reimbursed for expenses incurred in connection with your club dues at a club approved by the Board. In addition, you will shall be provided with (i) the use of an automobile and reimbursed for all costs and expenses related to operating the vehicle or (ii) an annual vehicle allowance in an amount approved by the CEO, Board or Compensation Committee. 2 4. TERM. This Agreement shall have an initial term beginning on the Effective Date, and shall expire on the first anniversary of such date; provided, however, that the term shall be automatically extended for successive periods of one (1) year on a continuing basis unless either you or the Company shall give written notice of intention not to so extend at least ninety (90) days prior to the end of the initial one (1) year period or any renewal period (the "Term"). Board. View More
Compensation and Benefits. Your compensation and other benefits shall include, in addition to any further benefits and compensation as later approved by the Board, the following: 3.1. Base Salary. You will be paid an annual salary of $300,000.00, as of March 1, 2021, $475,000, subject to annual increases as determined by the Chairman/CEO and/or the President of the Company. Board. Your annual salary shall be payable in accordance with the Company's customary policies, subject to payroll and withholding deductions as may b...e required by law. 3.2. Annual Incentive Program. You shall participate in an equitable manner with all other senior management employees in the annual incentive program approved by the Board or the Compensation Committee. Committee of the Company. No other compensation provided for in this Agreement shall be deemed a substitute for your right to participate in such annual incentive program. 3.3. Long Term Incentive Program. You will be entitled to participate in the Company's long term incentive program as approved by the Board or the Compensation Committee. Committee of the Company. 3.4. Expenses. You shall be reimbursed for any and all reasonable expenses incurred by you in the performance of your duties and services as specified in this Agreement or incurred by you on behalf of, or in furtherance of the business of, the Company, including, but not limited to, business expenses incurred in connection with travel and entertainment, provided that you shall submit to the Company satisfactory supporting receipts and other information with respect to reimbursable costs and expenses. 3.5. Other Benefits. During your term of employment, you shall be entitled to participate in any benefit plan or arrangement that the Company or its subsidiaries now or hereafter maintains that relates to (i) pension, profit sharing or other retirement benefits, (ii) medical insurance or reimbursement of medical or dependent care expenses, or (iii) other group benefits, including disability and other life insurance plans, in the same manner as other senior management employees of the Company. You may shall also be reimbursed for expenses incurred in connection with your club dues at a club approved by the Board. In addition, you will shall be provided with (i) the use of an automobile and reimbursed for all costs and expenses related to operating the vehicle or (ii) an annual vehicle allowance in an amount approved by the CEO, Board or Compensation Committee. 2 4. TERM. This Agreement shall have an initial term beginning on the Effective Date, and shall expire on the first anniversary of such date; provided, however, that the term shall be automatically extended for successive periods of one (1) year on a continuing basis unless either you or the Company shall give written notice of intention not to so extend at least ninety (90) days prior to the end of the initial one (1) year period or any renewal period (the "Term"). Board. View More
Compensation and Benefits. Your compensation and other benefits shall include, in addition to any further benefits and compensation as later approved by the Board, the following: 3.1. Base Salary. You will be paid an annual salary of $300,000.00, as of March 1, 2021, $260,000.00, subject to annual increases as determined by the Chairman/CEO and/or of the President Company and approved by the Board of the Company. Your annual salary shall be payable in accordance with the Company's customary policies, subject to payroll an...d withholding deductions as may be required by law. 3.2. Annual Incentive Program. You shall participate in an equitable manner with all other senior management employees in the annual incentive program approved by the Board or the Compensation Committee. No other compensation provided for in this Agreement shall be deemed a substitute for your right to participate in such annual incentive program. 3.3. Long Term Incentive Program. You will be entitled to participate in the Company's long term incentive program as approved by the Board or the Compensation Committee. 3.4. Expenses. You shall be reimbursed for any and all reasonable expenses incurred by you in the performance of your duties and services as specified in this Agreement or incurred by you on behalf of, or in furtherance of the business of, the Company, including, but not limited to, business expenses incurred in connection with travel and entertainment, provided that you shall submit to the Company satisfactory supporting receipts and other information with respect to reimbursable costs and expenses. 3.5. Other Benefits. During your term of employment, you shall be entitled to participate in any benefit plan or arrangement that the Company or its subsidiaries now or hereafter maintains that relates to (i) pension, profit sharing or other retirement benefits, (ii) medical insurance or reimbursement of medical or dependent care expenses, or (iii) other group benefits, including disability and other life insurance plans, in the same manner as other senior management employees of the Company. You may shall also be reimbursed for expenses incurred in connection with your club dues at a club approved by the Board. In addition, you will be provided with (i) the use of an automobile and reimbursed for all costs and expenses related to operating the vehicle or (ii) an annual vehicle allowance in an amount approved by the CEO, Board or Compensation Committee. 2 4. TERM. This Agreement shall have an initial term beginning on the Effective Date, and shall expire on the first anniversary of such date; provided, however, that the term shall be automatically extended for successive periods of one (1) year on a continuing basis unless either you or the Company shall give written notice of intention not to so extend at least ninety (90) days prior to the end of the initial one (1) year period or any renewal period (the "Term").View More
Compensation and Benefits. Your compensation and other benefits shall include, in addition to any further benefits and compensation as later approved by the Board, the following: 3.1. Base Salary. You will be paid an annual salary of $300,000.00, as of March 1, 2021, $240,000.00, subject to annual increases as determined by the Chairman/CEO Compensation Committee and/or the President Chairman/CEO of the Company and approved by the Board of the Company. Your annual salary shall be payable in accordance with the Company's c...ustomary policies, subject to payroll and withholding deductions as may be required by law. In addition, you will receive a signing bonus of $10,000.00 to be paid immediately on the next regularly scheduled pay date after you start employment and an additional $10,000.00 after the first six months of satisfactory employment. In the event that you leave the Company within 6 months of your date of hire, you will be responsible for reimbursing the Company on a pro-rata basis for any months not worked. 3.2. Annual Incentive Program. You shall participate in an equitable manner with all other senior management employees in the annual discretionary incentive program approved by the Board or the Compensation Committee. No other compensation provided for in this Agreement shall be deemed a substitute for your right to participate in such annual incentive program. 3.3. Long Term Incentive Program. You will be entitled to participate in the Company's long term discretionary incentive program as approved by the Board or the Compensation Committee. 3.4. Expenses. You shall be reimbursed for any and all reasonable expenses incurred by you in the performance of your duties and services as specified in this Agreement or incurred by you on behalf of, or in furtherance of the business of, the Company, including, but not limited to, business expenses incurred in connection with travel and entertainment, provided that you shall submit to the Company satisfactory supporting receipts and other information with respect to reimbursable costs and expenses. 3.5. Other Benefits. During your term of employment, you shall be entitled to participate in any benefit plan or arrangement that the Company or its subsidiaries now or hereafter maintains that relates to (i) pension, profit sharing or other retirement benefits, (ii) medical insurance or reimbursement of medical or dependent care expenses, or (iii) other group benefits, including disability and other life insurance plans, in the same manner as other senior management employees of the Company. You may also be reimbursed for expenses incurred in connection with your club dues at a club approved by the Board. In addition, you will be provided with (i) the use of an automobile and reimbursed for all costs and expenses related to operating the vehicle or (ii) an annual vehicle allowance in an amount up to $1000.00 per month as approved by the CEO, Board or Compensation Committee. 2 4. TERM. This Agreement shall have an initial term beginning on the Effective Date, July 10, 2017, and shall expire on the first anniversary of such date; provided, however, that the term shall be automatically extended for successive periods of one (1) year on a continuing basis unless either you or the Company shall give written notice of intention not to so extend at least ninety (90) days prior to the end of the initial one (1) year period or any renewal period (the "Term"). View More
