Compensation and Benefits Clause Example with 5 Variations from Business Contracts

Compensation and Benefits. As compensation for the services to be performed by the Executive under this Agreement, the Company agrees to pay the Executive, and the Executive agrees to accept the following: 5.1 6.1 Salary. The Company shall pay to the Executive an annual base salary of Four Hundred Thousand US Dollars ($400,000.00) ($400,000) (the “Base Salary”) commencing on January 1, 2020, the Effective Date of this Agreement, which shall be payable in equal installments, not less frequently than bi-weekly, in accordanc...e with the Company’s payroll practices; shall be subject to customary and required deductions and withholdings. 5.2 withholdings; and shall be reviewed by the Company in its sole discretion based upon the Executive’s and the Company’s performance and may be increased (but not decreased). 6.2 Discretionary Bonus. Executive will be eligible to participate in Company’s annual discretionary bonus plan, plan for executives (“Bonus Plan”), subject to its terms and conditions, with the potential to earn a short-term cash and/or equity-based bonus under the Company’s annual management incentive plan or other similar bonus plan, equivalent to a target percentage of up to fifty thirty (30) percent (50%) of Executive’s Base Salary (“Bonus”), Salary, based upon achievement of corporate and individual goals. The Company shall pay goals under the Bonus Plan (“Discretionary Bonus”) for the given calendar year to which such Discretionary Bonus relates (“Bonus Year”). Any Discretionary Bonus shall be paid in full in a single lump sum cash payment during the calendar year, if at all, on or after January 1st, but by year following the Bonus Year for which it is earned and vested (“Payment Calendar Year”) and no later than March 15th, the earlier of (i) December 31 of the Payment Calendar Year or (ii) fifteen (15) calendar days following calendar year, and Executive must be employed by the date on which the Company on the payment date in order to have earned the Bonus. publicly announces its results of operations for such Bonus Year. No annual Discretionary Bonus is guaranteed, and its payment rests in the sole discretion of the Company. 5.3 Incentive Equity Grants. Executive shall be eligible to receive discretionary equity grants (“Equity Grants”) under the Columbia Care Inc. Omnibus Long-Term Incentive Plan, as may be amended from time to time (“Omnibus Plan”), based upon achievement of corporate and individual goals. The current annual target for Executive is One Million Seven Hundred and Fifty Thousand US Dollars ($1,750,000.00). Such Equity Grants are subject to all of the terms and conditions of the Omnibus Plan. The vesting schedule, exercise timing and price per unit (as defined in the applicable award agreement) will be determined in accordance with the Omnibus Plan. Executive should consult with a tax advisor concerning the tax risks associated with accepting the Equity Grants. 2 5.4 6.3 Benefits. The Executive shall be entitled to participate in the Company’s benefit plans, including but not limited to, medical, dental, vision, life and disability insurance plans, and 401k plan for its employees, subject to the eligibility and contribution requirements, enrollment criteria and the other terms and conditions of such plans. The Company reserves the right to modify, amend and eliminate any such plans, in its sole and absolute discretion. 5.5 6.4 Paid Time Off. Executive shall be entitled to paid vacation time off (“PTO”) and holidays pursuant to the terms of the Company’s vacation paid time off policy as may exist and be amended from time to time in the sole and absolute discretion of the Company. time. Initially, Executive shall also be eligible for paid sick days, pursuant accrue up to the Company’s applicable policy as may exist and be amended from time to time in the sole and absolute discretion eight weeks of the Company, and in accordance with any applicable laws. 5.6 PTO per calendar year. 6.5 Expense Reimbursement. The Company shall reimburse the Executive for any reasonable out-of-pocket business expenses, expense, including for travel, marketing, entertaining or other similar business expenses, expenses incurred by the Executive during the Employment Period in the discharge of the position duties under this Agreement (“Expense”); provided that for each Expense, such Expense was incurred and the related reimbursement request was made, in compliance with the Company’s expense reimbursement policy in effect and supported by relevant documentation. 5.7 Life 6.6 Stock Options. Subject to approval by the Company’s Board of Directors, you will be granted 250,000 iCAD incentive stock options, subject to a 3-year vesting schedule and Disability Insurance. a 10-year expiration period. The Company shall reimburse exercise price is determined by the Executive for fair market value of the costs Company’s stock on the grant date. In addition, you will be eligible to receive an additional grant of life and long-term disability insurance up to $20,000 per year, provided that stock options or other form of equity on each anniversary of the request for reimbursement is supported by relevant documentation. 5.8 Tax Planning Costs. The Company shall reimburse the Executive for the costs associated with tax planning and preparation up to $20,000 per year, provided that the request for reimbursement is supported by relevant documentation. Effective Date. View More

Compensation and Benefits. As compensation for the services to be performed by the Executive Employee under this Agreement, the Company agrees to pay the Executive, Employee, and the Executive Employee agrees to accept the following: 5.1 6.1 Salary. The Company shall pay to the Executive Employee an annual base salary of Four Three Hundred Thousand US Dollars ($400,000.00) ($300,000.00) (the “Base Salary”) commencing on January 1, 2020, the Effective Date of this Agreement, which shall be payable in equal installments, no...t less frequently than bi-weekly, in accordance with the Company’s payroll practices; shall be subject to customary and required deductions and withholdings. 5.2 6.2 Discretionary Bonus. Executive Employee will be eligible to participate in Company’s annual bonus plan, subject to its terms and conditions, with the potential to earn a short-term cash bonus under the Company’s annual management incentive plan or other similar bonus plan, equivalent to a target percentage of up to fifty forty percent (50%) (40%) of Executive’s Employee’s Base Salary (“Bonus”), based upon achievement of corporate and individual goals. The Company shall pay the Bonus for a calendar year, if at all, on or after January 1st, but by no later than March 15th, of the following calendar year, and Executive Employee must be employed by the Company on the payment date in order to have earned the Bonus. No annual Bonus is guaranteed, and its payment rests in the sole discretion of the Company. 5.3 Company 6.3 Reserved. 6.4 Incentive Equity Grants. Executive Employee shall be eligible to receive discretionary equity grants (“Equity Grants”) under the Columbia Care Inc. Omnibus Long-Term Incentive Plan, as may be amended from time to time (“Omnibus Plan”), based upon achievement of corporate and individual goals. The current annual target for Executive Employee is One Million Seven Hundred and Fifty Thousand US Dollars ($1,750,000.00). ($1,000,000.00). Such Equity Grants are subject to all of the terms and conditions of the Omnibus Plan. The vesting schedule, exercise timing and price per unit (as defined in the applicable award agreement) will be determined in accordance with the Omnibus Plan. Executive Employee should consult with a tax advisor concerning the tax risks associated with accepting the Equity Grants. 2 5.4 6.5 Benefits. The Executive Employee shall be entitled to participate in the Company’s benefit plans, including but not limited to, medical, dental, vision, life and disability insurance plans, subject to the eligibility and contribution requirements, enrollment criteria and the other terms and conditions of such plans. The Company reserves the right to modify, amend and eliminate any such plans, in its sole and absolute discretion. 5.5 6.6 Paid Time Off. Executive Employee shall be entitled to paid vacation and holidays pursuant to the terms of the Company’s vacation policy as may exist and be amended from time to time in the sole and absolute discretion of the Company. Executive Company, and in accordance with any applicable laws. Employee shall also be eligible for paid sick days, pursuant to the Company’s applicable policy as may exist and be amended from time to time in the sole and absolute discretion of the Company, and in accordance with any applicable laws. 5.6 6.7 Expense Reimbursement. The Company shall reimburse the Executive Employee for any reasonable out-of-pocket business expenses, including for travel, marketing, entertaining or other similar business expenses, incurred by the Executive Employee during the Employment Period in the discharge of the position duties under this Agreement (“Expense”); provided that for each Expense, such Expense was incurred and the related reimbursement request was made, in compliance with the Company’s expense reimbursement policy in effect and supported by relevant documentation. 5.7 Life and Disability Insurance. The Company shall reimburse the Executive for the costs of life and long-term disability insurance up to $20,000 per year, provided that the request for reimbursement is supported by relevant documentation. 5.8 Tax Planning Costs. The Company shall reimburse the Executive for the costs associated with tax planning and preparation up to $20,000 per year, provided that the request for reimbursement is supported by relevant documentation. View More

Compensation and Benefits. As compensation for the services to be performed by the Executive under this Agreement, the Company agrees to pay the Executive, and the Executive agrees to accept the following: 5.1 6.1 Salary. The Company shall pay to the Executive an annual base salary of Four Three Hundred Twenty Thousand US Dollars ($400,000.00) ($320,000) (the “Base Salary”) commencing on January 1, 2020, the Effective Date of this Agreement, which shall be payable in equal installments, not less frequently than bi-weekly,... in accordance with the Company’s payroll practices; shall be subject to customary and required deductions and withholdings. 5.2 withholdings; and shall be reviewed by the Company in its sole discretion based upon the Executive’s and the Company’s performance and may be increased. 6.2 Equity. Subject to the approval of the Board of Directors of the Company, your employment and continued employment, and your execution of the NDA as set forth in Section 5, you will be offered an incentive stock option (the “Option”) to purchase 75,000 shares of common stock of the Company at a price per share equal to the fair market value at the time of Board approval, as determined by the Board in its discretion. The Option shall be subject to a 3-year vesting schedule and 10-year expiration period, and all other terms and other provisions set forth in the Company’s 2020 Equity Incentive Plan, grant, notice, option agreement and any other governing documents. 6.3 Discretionary Bonus. Executive will be eligible to participate in Company’s annual discretionary bonus plan, plan for executives, subject to its terms and conditions, with the potential to earn a short-term cash and/or equity-based bonus under the Company’s annual management incentive plan or other similar bonus plan, equivalent to a target percentage of up to fifty 45 percent (50%) of Executive’s Base Salary (“Bonus”), based upon achievement Salary, as determined by the Company in its sole discretion (“Discretionary Bonus”). No annual Discretionary Bonus is guaranteed, and its payment rests in the sole discretion of corporate and individual goals. the Company. The Company shall pay the Discretionary Bonus for a calendar year, if at all, on or after January 1st, but by no later than March 15th, of the following calendar year, and Executive must be employed by the Company on the payment date date, and in good standing, in order to have earned the Discretionary Bonus. No annual Discretionary Bonus is guaranteed, and its payment rests in the sole discretion of the Company. 5.3 Incentive Equity Grants. During Executive’s first year of employment, Executive shall will be eligible to receive discretionary equity grants (“Equity Grants”) under for a prorated Discretionary Bonus based on the Columbia Care Inc. Omnibus Long-Term Incentive Plan, as may be amended from time to time (“Omnibus Plan”), based upon achievement number of corporate and individual goals. The current annual target for days Executive is One Million Seven Hundred and Fifty Thousand US Dollars ($1,750,000.00). Such Equity Grants are subject to all of was actually employed by the terms and conditions of Company during the Omnibus Plan. The vesting schedule, exercise timing and price per unit (as defined in the applicable award agreement) will be determined in accordance with the Omnibus Plan. Executive should consult with a tax advisor concerning the tax risks associated with accepting the Equity Grants. 2 5.4 calendar year. 6.4 Benefits. The Executive shall be entitled to participate in the Company’s benefit plans, including but not limited to, medical, dental, vision, life and disability insurance plans, and 401k plan for its employees, subject to the eligibility and contribution requirements, enrollment criteria and the other terms and conditions of such plans. The Company reserves the right to modify, amend and eliminate any such plans, in its sole and absolute discretion. 5.5 6.5 Paid Time Off. Executive shall be entitled to paid vacation time off and holidays pursuant to the terms of the Company’s vacation policy paid time off policy(ies) as may exist and be amended from time to time in the sole and absolute discretion of the Company. Executive shall also be eligible for paid sick days, pursuant to the Company’s applicable policy as may exist and be amended from time to time in the sole and absolute discretion of the Company, and in accordance with any applicable laws. 5.6 time. 6.6 Expense Reimbursement. The Company shall reimburse the Executive for any reasonable out-of-pocket business expenses, expense, including for travel, marketing, entertaining or other similar necessary business expenses, expenses incurred by the Executive during the Employment Period in the discharge of the position duties under this Agreement (“Expense”); provided that for each Expense, such Expense was incurred incurred, and the related reimbursement request was made, in compliance with the Company’s expense reimbursement policy in effect and supported by relevant documentation. 5.7 Life and Disability Insurance. The Company shall reimburse the Executive for the costs of life and long-term disability insurance up to $20,000 per year, provided that the request for reimbursement is supported by relevant documentation. 5.8 Tax Planning Costs. The Company shall reimburse the Executive for the costs associated with tax planning and preparation up to $20,000 per year, provided that the request for reimbursement is supported by relevant documentation. View More

Compensation and Benefits. As compensation for the services to be performed by the Executive under this Agreement, the Company agrees to pay the Executive, and the Executive agrees to accept the following: 5.1 Salary. The Company shall pay to the Executive an annual base salary of Four Hundred Thousand US Dollars ($400,000.00) (the “Base Salary”) commencing on January 1, 2020, which shall be payable in equal installments, not less frequently than bi-weekly, in accordance with the Company’s payroll practices; shall be subj...ect to customary and required deductions and withholdings. 5.2 Discretionary Bonus. Executive will be eligible to participate in Company’s annual bonus plan, subject to its terms and conditions, with the potential to earn a short-term cash bonus under the Company’s annual management incentive plan or other similar bonus plan, equivalent to a target percentage of up to fifty seventy-five percent (50%) (75%) of Executive’s Base Salary (“Bonus”), based upon achievement of corporate and individual goals. The Company shall pay the Bonus for a calendar year, if at all, on or after January 1st, but by no later than March 15th, of the following calendar year, and Executive must be employed by the Company on the payment date in order to have earned the Bonus. No annual Bonus is guaranteed, and its payment rests in the sole discretion of the Company. 5.3 Incentive Equity Grants. Executive shall be eligible to receive discretionary equity grants (“Equity Grants”) under the Columbia Care Inc. Omnibus Long-Term Incentive Plan, as may be amended from time to time (“Omnibus Plan”), based upon achievement of corporate and individual goals. The current annual target for Executive is One Two Million Seven Two Hundred and Fifty Thousand US Dollars ($1,750,000.00). ($2,250,000.00). Such Equity Grants are subject to all of the terms and conditions of the Omnibus Plan. The vesting schedule, exercise timing and price per unit (as defined in the applicable award agreement) will be determined in accordance with the Omnibus Plan. Executive should consult with a tax advisor concerning the tax risks associated with accepting the Equity Grants. 2 5.4 Benefits. The Executive shall be entitled to participate in the Company’s benefit plans, including but not limited to, medical, dental, vision, life and disability insurance plans, subject to the eligibility and contribution requirements, enrollment criteria and the other terms and conditions of such plans. The Company reserves the right to modify, amend and eliminate any such plans, in its sole and absolute discretion. 5.5 Paid Time Off. Executive shall be entitled to paid vacation and holidays pursuant to the terms of the Company’s vacation policy as may exist and be amended from time to time in the sole and absolute discretion of the Company. Executive shall also be eligible for paid sick days, pursuant to the Company’s applicable policy as may exist and be amended from time to time in the sole and absolute discretion of the Company, and in accordance with any applicable laws. 5.6 Expense Reimbursement. The Company shall reimburse the Executive for any reasonable out-of-pocket business expenses, including for travel, marketing, entertaining or other similar business expenses, incurred by the Executive during the Employment Period in the discharge of the position duties under this Agreement (“Expense”); provided that for each Expense, such Expense was incurred and the related reimbursement request was made, in compliance with the Company’s expense reimbursement policy in effect and supported by relevant documentation. 5.7 Life and Disability Insurance. The Company shall reimburse the Executive for the costs of life and long-term disability insurance up to $20,000 per year, provided that the request for reimbursement is supported by relevant documentation. 5.8 Tax Planning Costs. The Company shall reimburse the Executive for the costs associated with tax planning and preparation up to $20,000 per year, provided that the request for reimbursement is supported by relevant documentation. View More

Compensation and Benefits. As compensation for the services to be performed by the Executive under this Agreement, the Company agrees to pay the Executive, and the Executive agrees to accept the following: 5.1 6.1 Salary. The Company shall pay to the Executive an annual base salary of Four Hundred Thousand US Dollars ($400,000.00) ($400,000) (the “Base Salary”) commencing on January 1, 2020, Salary”), effective as of November 19, 2019 (the one year anniversary of the Executive’s initial date of employment with the Company...), which shall be payable in equal installments, not less frequently than bi-weekly, in accordance with the Company’s payroll practices; practices (provided that retroactive amounts shall be payable in a lump sum following the Effective Date); shall be subject to customary and required deductions and withholdings. 5.2 withholdings; and shall be reviewed by the Company in its sole discretion based upon the Executive’s and the Company’s performance and may be increased. 6.2 Discretionary Bonus. Executive will be eligible to participate in Company’s annual bonus plan, subject to its terms and conditions, with the potential to earn a short-term cash and/or equity-based bonus under the Company’s annual management incentive plan or other similar bonus plan, equivalent to a target percentage of up to fifty 65 percent (50%) of Executive’s Base Salary (“Bonus”), based upon achievement of corporate and individual goals. The Company shall pay the Bonus for a calendar year, if at all, on or after January 1st, but by no later than March 15th, of the following calendar year, and Executive must be employed by the Company on the payment date date, and in good standing, in order to have earned the Bonus. No annual Bonus is guaranteed, and its payment rests in the sole discretion of the Company. 5.3 Incentive Equity Grants. During Executive’s first year of employment, Executive shall will be eligible to receive discretionary equity grants (“Equity Grants”) under for a prorated Bonus based on the Columbia Care Inc. Omnibus Long-Term Incentive Plan, as may be amended from time to time (“Omnibus Plan”), based upon achievement number of corporate and individual goals. The current annual target for days Executive is One Million Seven Hundred and Fifty Thousand US Dollars ($1,750,000.00). Such Equity Grants are subject to all of was actually employed by the terms and conditions of Company during the Omnibus Plan. The vesting schedule, exercise timing and price per unit (as defined in the applicable award agreement) will be determined in accordance with the Omnibus Plan. Executive should consult with a tax advisor concerning the tax risks associated with accepting the Equity Grants. 2 5.4 calendar year. 6.3 Benefits. The Executive shall be entitled to participate in the Company’s benefit plans, including but not limited to, medical, dental, vision, life and disability insurance plans, and 401k plan for its employees, subject to the eligibility and contribution requirements, enrollment criteria and the other terms and conditions of such plans. The Company reserves the right to modify, amend and eliminate any such plans, in its sole and absolute discretion. 5.5 6.4 Paid Time Off. Executive shall be entitled to paid vacation time off and holidays pursuant to the terms of the Company’s vacation paid time off policy as may exist and be amended from time to time in the sole and absolute discretion of the Company. Executive shall also be eligible for paid sick days, pursuant to the Company’s applicable policy as may exist and be amended from time to time in the sole and absolute discretion of the Company, and in accordance with any applicable laws. 5.6 time. 6.5 Expense Reimbursement. The Company shall reimburse the Executive for any reasonable out-of-pocket business expenses, including for travel, marketing, entertaining or other similar business expenses, incurred by the Executive during the Employment Period in the discharge of the position duties under this Agreement (“Expense”); provided that for each Expense, such Expense was incurred and the related reimbursement request was made, in compliance with the Company’s expense reimbursement policy in effect and supported by relevant documentation. 5.7 Life and Disability Insurance. The Company shall reimburse also pay to the Executive an automobile expense allowance in the amount of $650.00 per month accruing from day to day. The Executive shall pay all the expenses of maintaining, insuring and operating such automobile. To the extent any reimbursements referenced in Section 6.5 (and any other reimbursements of costs and expenses provided for herein) are includable in the costs Executive’s gross income for Federal income tax purposes, all such reimbursements and the automobile expense allowance shall be made no later than March 15 of life the calendar year next following the calendar year in which the expenses to be reimbursed are incurred or the automobile expense allowance accrued. 6.6 Stock Options. Subject to the approval of the Company’s Board of Directors, you will be granted 110,000 iCAD incentive stock options, subject to a 3-year vesting schedule and long-term disability insurance up to $20,000 per year, provided that a 10-year expiration period. The exercise price is determined by the request for reimbursement is supported by relevant documentation. 5.8 Tax Planning Costs. The Company shall reimburse fair market value of the Executive for Company’s stock on the costs associated with tax planning and preparation up to $20,000 per year, provided that the request for reimbursement is supported by relevant documentation. grant date. View More