Compensation and Benefits Clause Example with 7 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. (a) Base Salary. Your rate of annual base salary as of the Effective Date will be $328,000 per year, less applicable withholding, which will be paid in accordance with the Company's normal payroll procedures (b) Annual Bonus Opportunity. Your annual target bonus opportunity following the Effective Date will be forty percent (40%) of your annual base salary (the "Target Bonus"). The Target Bonus shall be subject to review and may be adjusted based upon the Company's normal performance review prac...tices. Your actual bonuses shall be based upon achievement of performance objectives to be determined by the Board in its sole and absolute discretion. Bonuses will be paid as soon as practicable after the Board determines that such bonuses have been earned, but in no event will a bonus be paid to you after the later of (i) the fifteenth (15th) day of the third (3rd) month following the close of the Company's fiscal year in which such bonus is earned or (ii) March 15 following the calendar year in which such bonus is earned. (c) Employee Benefits. As a full-time employee, you will continue to be eligible to participate in the Company's standard benefit plans as in effect from time to time, on the same basis as those benefit plans are generally made available to other similarly situated executives of the Company. Such benefit plans are subject to change, and may be supplemented, altered, or eliminated, in part or entirely. Any eligibility to participate in such benefits plans, as well as the terms thereof, shall be as set forth in the governing documents for such plans, or there are no such governing documents, in the Company's policies. (d) Equity Awards. You will be eligible to receive compensatory equity awards such as stock options or restricted stock unit awards from the Company on the terms and conditions determined by the Board in its sole discretion. (e) Expenses. You will be entitled to receive prompt reimbursement for all reasonable expenses incurred by you in the furtherance of or in connection with the performance of your duties hereunder, in accordance with the applicable policy of the Company, as in effect from time to time. In the event that any expense reimbursements are taxable to you, such reimbursements will be made in the time frame specified by Treasury Regulation Section 1.409A-3(i)(1)(iv) unless another time frame that complies with or is exempt from Section 409A is specified in the Company's expense reimbursement policy. (f) Vacation. You will be entitled to accrue paid vacation in accordance with the Company's vacation policy, as in effect from time to time.View More
Variations of a "Compensation and Benefits" Clause from Business Contracts
Compensation and Benefits. (a) Base Salary. Your rate of annual base salary as of the Effective Date will be $328,000 $500,000 per year, less applicable withholding, which will be paid in accordance with the Company's normal payroll procedures (b) Annual Bonus Opportunity. Your annual target bonus opportunity following the Effective Date will be forty percent (40%) 50% of your annual base salary (the "Target Bonus"). The Target Bonus shall be subject to review and may be adjusted based upon the Company's normal performanc...e review practices. Your actual bonuses shall be based upon achievement of performance objectives to be determined by the Board in its sole and absolute discretion. Bonuses will be paid as soon as practicable after the Board determines that such bonuses have been earned, but in no event will a bonus be paid to you after the later of (i) the fifteenth (15th) day of the third (3rd) month following the close of the Company's fiscal year in which such bonus is earned or (ii) March 15 following the calendar year in which such bonus is earned. (c) Employee Benefits. As a full-time employee, you will continue to be eligible to participate in the Company's standard benefit plans as in effect from time to time, on the same basis as those benefit plans are generally made available to other similarly situated executives of the Company. Such benefit plans are subject to change, and may be supplemented, altered, or eliminated, in part or entirely. Any eligibility to participate in such benefits plans, as well as the terms thereof, shall be as set forth in the governing documents for such plans, or there are no such governing documents, in the Company's policies. (d) Equity Awards. You will be eligible to receive compensatory equity awards such as stock options or restricted stock unit awards from the Company on the terms and conditions determined by the Board in its sole discretion. (e) Expenses. You will be entitled to receive prompt reimbursement for all reasonable expenses incurred by you in the furtherance of or in connection with the performance of your duties hereunder, in accordance with the applicable policy of the Company, as in effect from time to time. In the event that any expense reimbursements are taxable to you, such reimbursements will be made in the time frame specified by Treasury Regulation Section 1.409A-3(i)(1)(iv) unless another time frame that complies with or is exempt from Section 409A is specified in the Company's expense reimbursement policy. (f) Vacation. You Udemy offers a flexible time off policy pursuant to which you can take a reasonable amount of paid time away from the office for vacation, illness, family emergencies, etc., as necessary. (g) Housing Assistance. For the duration of your employment with the Company (or earlier if you relocate to the San Francisco Bay Area), the Company will either pay directly or reimburse you for temporary housing and the cost of flights to and from your home (the "Housing Assistance"). The Housing Assistance will not exceed $10,000 per month. In order to be eligible for the Housing Assistance, you must be employed by the Company or one of its subsidiaries on the date the Housing Assistance is paid or provided to you. To ameliorate the tax burden to you of receiving the Housing Assistance, to the extent taxable to you, as part of your Housing Assistance, gross-up payments will be entitled provided as necessary to accrue pay federal and state income and employment taxes incurred by you with respect to any taxable Housing Assistance paid vacation or provided, including with respect to such gross-up payments themselves, which payments will be calculated and provided as calculated by the Company using good-faith and reasonable assumptions to calculate such amounts. In the event that any expense reimbursements are taxable to you, such reimbursements will be made in accordance the time frame specified by Treasury Regulation Section 1.409A-3(i)(1)(iv) unless another time frame that complies with or is exempt from Section 409A (as defined in Appendix A) is specified in the Company's vacation policy, as in effect from time to time. expense reimbursement policy. View More
Compensation and Benefits. (a) Base Salary. Your rate of annual base salary as of the Effective Date will be $328,000 $410,000 per year, less applicable withholding, which will be paid in accordance with the Company's normal payroll procedures (b) Annual Bonus Opportunity. Your annual target bonus opportunity following the Effective Date will be forty sixty percent (40%) (60%) of your annual base salary (the "Target Bonus"). The Target Bonus amount shall be subject to review and may be adjusted based upon the Company's no...rmal performance review practices. Your actual bonuses shall be based upon achievement determined in accordance with the terms and conditions of performance objectives the Company's Compensation Policy for Directors and Officers (the "Compensation Policy") and the individual bonus policy attached hereto as Exhibit A (the "Bonus Policy"), provided that such Bonus Policy may be adjusted from time to be determined time by the Board in its sole and absolute discretion. Bonuses will be paid as soon as practicable after become earned and payable to you in accordance with terms of the Board determines Bonus Policy, provided that such bonuses have been earned, but in no event will a any bonus be paid to you after the later of (i) the fifteenth (15th) day of the third (3rd) month following the close of the Company's fiscal year in which such bonus is earned or (ii) March 15 following the calendar year in which such bonus is earned. You should note that the Company reserves the right to modify salaries and/or incentive compensation opportunities from time to time as it deems necessary, subject to the terms of the Compensation Policy. (c) Employee Benefits. As a full-time employee, you will continue to be eligible to participate in the Company's standard benefit plans benefits as in effect from time to time, on the same basis as those benefit plans benefits are generally made available to other similarly situated executives of the Company. Company, and subject to the Company's policies. Such benefit plans benefits are subject to change, and may be supplemented, altered, or eliminated, in part or entirely. Any eligibility to participate in such benefits plans, as well as the terms thereof, shall be as set forth in the governing documents for such plans, or there are no such governing documents, in the Company's policies. (d) Equity Awards. You will be eligible to receive compensatory equity awards such as stock options or restricted stock unit awards from the Company or its affiliates on the terms and conditions determined by the Board in its sole discretion. discretion, subject to the terms of the Compensation Policy and any applicable Company equity plans. (e) Expenses. You will be entitled to receive prompt reimbursement for all reasonable expenses incurred by you in the furtherance of or in connection with the performance of your duties hereunder, in accordance with the applicable policy of the Company, as in effect from time to time. In the event that any expense reimbursements are taxable to you, such reimbursements will be made in the time frame specified by Treasury Regulation Section 1.409A-3(i)(1)(iv) unless another time frame that complies with or is exempt from Section 409A is specified in the Company's expense reimbursement policy. (f) Vacation. You will be entitled to accrue paid vacation of twenty (20) business days per year in accordance with the Company's vacation policy, as in effect from time to time. View More
Compensation and Benefits. (a) Base Salary. Your rate of annual base salary as of the Effective Date will be $328,000 $385,000 per year, less applicable withholding, which will be paid in accordance with the Company's normal payroll procedures (b) Annual Bonus Opportunity. Your annual target bonus opportunity following the Effective Date will be forty one hundred percent (40%) (100%) of your annual base salary (the "Target Bonus"). The Target Bonus amount shall be subject to review and may be adjusted based upon the Compa...ny's normal performance review practices. Your actual bonuses shall be based upon achievement determined in accordance with the terms and conditions of performance objectives the Company's Compensation Policy for Directors and Officers (the "Compensation Policy") and the individual bonus policy attached hereto as Exhibit A (the "Bonus Policy"), provided that such Bonus Policy may be adjusted from time to be determined time by the Board in its sole and absolute discretion. Bonuses will be paid as soon as practicable after become earned and payable to you in accordance with terms of the Board determines Bonus Policy, provided that such bonuses have been earned, but in no event will a any bonus be paid to you after the later of (i) the fifteenth (15th) day of the third (3rd) month following the close of the Company's fiscal year in which such bonus is earned or (ii) March 15 following the calendar year in which such bonus is earned. You should note that the Company reserves the right to modify salaries and/or incentive compensation opportunities from time to time as it deems necessary, subject to the terms of the Compensation Policy. (c) Employee Benefits. As a full-time employee, you will continue to be eligible to participate in the Company's standard benefit plans benefits as in effect from time to time, on the same basis as those benefit plans benefits are generally made available to other similarly situated executives of the Company. Company, and subject to the Company's policies. Such benefit plans benefits are subject to change, and may be supplemented, altered, or eliminated, in part or entirely. Any eligibility to participate in such benefits plans, as well as the terms thereof, shall be as set forth in the governing documents for such plans, or there are no such governing documents, in the Company's policies. (d) Equity Awards. You will be eligible to receive compensatory equity awards such as stock options or restricted stock unit awards from the Company or its affiliates on the terms and conditions determined by the Board in its sole discretion. discretion, subject to the terms of the Compensation Policy and any applicable Company equity plans. (e) Expenses. You will be entitled to receive prompt reimbursement for all reasonable expenses incurred by you in the furtherance of or in connection with the performance of your duties hereunder, in accordance with the applicable policy of the Company, as in effect from time to time. In the event that any expense reimbursements are taxable to you, such reimbursements will be made in the time frame specified by Treasury Regulation Section 1.409A-3(i)(1)(iv) unless another time frame that complies with or is exempt from Section 409A is specified in the Company's expense reimbursement policy. (f) Vacation. You will be entitled to accrue paid vacation of twenty (20) business days per year in accordance with the Company's vacation policy, as in effect from time to time. View More
Compensation and Benefits. (a) Base Salary. Your rate of annual base salary as of the Effective Date will be $328,000 February 1, 2023 is $550,000 per year, less applicable withholding, which will be paid in accordance with the Company's normal payroll procedures procedures. (b) Annual Bonus Opportunity. Your annual target bonus opportunity following the Effective Date will be forty fifty percent (40%) (50%) of your annual base salary (the "Target Bonus"). The Target Bonus shall be subject to review and may be adjusted ba...sed upon the Company's normal performance review practices. Your actual bonuses shall be based upon achievement of performance objectives to be determined by the Board in its sole and absolute discretion. Bonuses will be paid as soon as practicable after the Board determines that the performance objectives related to such bonuses have been earned, but in no event will achieved, provided that you must remain an employee of the Company through the date a bonus be is paid in order to you after the later of (i) the fifteenth (15th) day of the third (3rd) month following the close of the Company's fiscal year in which earn such bonus is earned or (ii) March 15 following the calendar year in which such bonus is earned. bonus. (c) Employee Benefits. As a full-time employee, you will continue to be eligible to participate in the Company's standard benefit plans as in effect from time to time, on the same basis as those benefit plans are generally made available to other similarly situated executives of the Company. Such benefit plans are subject to change, and may be supplemented, altered, or eliminated, in part or entirely. Any eligibility to participate in such benefits plans, as well as the terms thereof, shall be as set forth in the governing documents for such plans, or there are no such governing documents, in the Company's policies. (d) Equity Awards. You will be eligible to receive compensatory equity awards such as stock options or restricted stock unit awards from the Company on the terms and conditions determined by the Board in its sole discretion. (e) Expenses. You will be entitled to receive prompt reimbursement for all reasonable expenses incurred by you in the furtherance of or in connection with the performance of your duties hereunder, in accordance with the applicable policy of the Company, as in effect from time to time. In the event that any expense reimbursements are taxable to you, such reimbursements will be made in the time frame specified by Treasury Regulation Section 1.409A-3(i)(1)(iv) unless another time frame that complies with or is exempt from Section 409A is specified in the Company's expense reimbursement policy. (f) Vacation. You will be entitled to accrue paid vacation in accordance with the Company's vacation policy, as in effect from time to time. View More
Compensation and Benefits. (a) Base Salary. Your rate of annual base salary as of the Effective Date will be $328,000 February 1, 2023 is $465,000 per year, less applicable withholding, which will be paid in accordance with the Company's normal payroll procedures procedures. (b) Annual Bonus Opportunity. Your annual target bonus opportunity following the Effective Date will be forty percent (40%) of your annual base salary (the "Target Bonus"). The Target Bonus shall be subject to review and may be adjusted based upon the... Company's normal performance review practices. Your actual bonuses shall be based upon achievement of performance objectives to be determined by the Board in its sole and absolute discretion. Bonuses will be paid as soon as practicable after the Board determines that the performance objectives related to such bonuses have been earned, but in no event will achieved, provided that you must remain an employee of the Company through the date a bonus be is paid in order to you after the later of (i) the fifteenth (15th) day of the third (3rd) month following the close of the Company's fiscal year in which earn such bonus is earned or (ii) March 15 following the calendar year in which such bonus is earned. bonus. (c) Employee Benefits. As a full-time employee, you will continue to be eligible to participate in the Company's standard benefit plans as in effect from time to time, on the same basis as those benefit plans are generally made available to other similarly situated executives of the Company. Such benefit plans are subject to change, and may be supplemented, altered, or eliminated, in part or entirely. Any eligibility to participate in such benefits plans, as well as the terms thereof, shall be as set forth in the governing documents for such plans, or there are no such governing documents, in the Company's policies. (d) Equity Awards. You will be eligible to receive compensatory equity awards such as stock options or restricted stock unit awards from the Company on the terms and conditions determined by the Board in its sole discretion. (e) Expenses. You will be entitled to receive prompt reimbursement for all reasonable expenses incurred by you in the furtherance of or in connection with the performance of your duties hereunder, in accordance with the applicable policy of the Company, as in effect from time to time. In the event that any expense reimbursements are taxable to you, such reimbursements will be made in the time frame specified by Treasury Regulation Section 1.409A-3(i)(1)(iv) unless another time frame that complies with or is exempt from Section 409A is specified in the Company's expense reimbursement policy. (f) Vacation. You will be entitled to accrue paid vacation in accordance with the Company's vacation policy, as in effect from time to time. View More
Compensation and Benefits. (a) Base Salary. Your rate of annual base salary as of the Effective Date will be $328,000 February 1, 2023 is $410,000 per year, less applicable withholding, which will be paid in accordance with the Company's normal payroll procedures procedures. (b) Annual Bonus Opportunity. Your annual target bonus opportunity following the Effective Date will be forty percent (40%) of your annual base salary (the "Target Bonus"). The Target Bonus shall be subject to review and may be adjusted based upon the... Company's normal performance review practices. Your actual bonuses shall be based upon achievement of performance objectives to be determined by the Board in its sole and absolute discretion. Bonuses will be paid as soon as practicable after the Board determines that the performance objectives related to such bonuses have been earned, but in no event will achieved, provided that you must remain an employee of the Company through the date a bonus be is paid in order to you after the later of (i) the fifteenth (15th) day of the third (3rd) month following the close of the Company's fiscal year in which earn such bonus is earned or (ii) March 15 following the calendar year in which such bonus is earned. bonus. (c) Employee Benefits. As a full-time employee, you will continue to be eligible to participate in the Company's standard benefit plans as in effect from time to time, on the same basis as those benefit plans are generally made available to other similarly situated executives of the Company. Such benefit plans are subject to change, and may be supplemented, altered, or eliminated, in part or entirely. Any eligibility to participate in such benefits plans, as well as the terms thereof, shall be as set forth in the governing documents for such plans, or there are no such governing documents, in the Company's policies. (d) Equity Awards. You will be eligible to receive compensatory equity awards such as stock options or restricted stock unit awards from the Company on the terms and conditions determined by the Board in its sole discretion. (e) Expenses. You will be entitled to receive prompt reimbursement for all reasonable expenses incurred by you in the furtherance of or in connection with the performance of your duties hereunder, in accordance with the applicable policy of the Company, as in effect from time to time. In the event that any expense reimbursements are taxable to you, such reimbursements will be made in the time frame specified by Treasury Regulation Section 1.409A-3(i)(1)(iv) unless another time frame that complies with or is exempt from Section 409A is specified in the Company's expense reimbursement policy. (f) Vacation. You will be entitled to accrue paid vacation in accordance with the Company's vacation policy, as in effect from time to time. View More
Compensation and Benefits. (a) Base Salary. Your rate of annual base salary as of the Effective Date will be $328,000 $565,000 per year, less applicable withholding, which will be paid in accordance with the Company's normal payroll procedures procedures. (b) Annual Bonus Opportunity. Your annual target bonus opportunity following the Effective Date will be forty fifty-five percent (40%) (55%) of your annual base salary (the "Target Bonus"). The Target Bonus shall be subject to review and may be adjusted based upon the Co...mpany's normal performance review practices. Your actual bonuses shall be based upon achievement of performance objectives to be determined by the Board in its sole and absolute discretion. Bonuses will be paid as soon as practicable after the Board determines that the performance objectives related to such bonuses have been earned, but in no event will achieved, provided that you must remain an employee of the Company through the date a bonus be is paid in order to you after the later of (i) the fifteenth (15th) day of the third (3rd) month following the close of the Company's fiscal year in which earn such bonus is earned or (ii) March 15 following the calendar year in which such bonus is earned. bonus. (c) Employee Benefits. As a full-time employee, you will continue to be eligible to participate in the Company's standard benefit plans as in effect from time to time, on the same basis as those benefit plans are generally made available to other similarly situated executives of the Company. Such benefit plans are subject to change, and may be supplemented, altered, or eliminated, in part or entirely. Any eligibility to participate in such benefits plans, as well as the terms thereof, shall be as set forth in the governing documents for such plans, or there are no such governing documents, in the Company's policies. (d) Equity Awards. You will be eligible to receive compensatory equity awards such as stock options or restricted stock unit awards from the Company on the terms and conditions determined by the Board in its sole discretion. (e) Expenses. You will be entitled to receive prompt reimbursement for all reasonable expenses incurred by you in the furtherance of or in connection with the performance of your duties hereunder, in accordance with the applicable policy of the Company, as in effect from time to time. In the event that any expense reimbursements are taxable to you, such reimbursements will be made in the time frame specified by Treasury Regulation Section 1.409A-3(i)(1)(iv) unless another time frame that complies with or is exempt from Section 409A is specified in the Company's expense reimbursement policy. (f) Vacation. You will be entitled to accrue paid vacation in accordance with the Company's vacation policy, as in effect from time to time. View More
