Compensation and Benefits Clause Example with 5 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. 3.1 Salary. The Company shall pay to Executive a salary ("Base Salary") at the annual rate of $250,000. Executive's compensation shall be paid in equal, periodic installments in accordance with the Company's normal payroll procedures. The Executive's base salary shall be reviewed periodically by the Board or Committee (as defined below) pursuant to the Board or Committee's normal performance review policies for senior level executives. 3.2 Bonus. In addition to the Base Salary, Executive shall b...e eligible to receive a discretionary performance bonus ("Bonus") with a target of fifty percent (50%) of the Executive's Base Salary in effect as of December 31st of the preceding year based on Executive's and the Company's performance over the preceding year. The payment and amount of any Bonus shall be in the sole discretion of the Board or the Compensation Committee of the Board (the "Committee"). 3.3 Equity Awards. Subject to approval by the Committee, Executive will be granted an option (the "Option") to acquire 200,000 shares of the Company's common stock, at an exercise price per share basis equal to the closing price of the Company's common stock as of the date immediately prior to the date of grant (the "Grant Date"). Such option will be subject to the terms and conditions of the Company's 2018 Long-Term Incentive Equity Plan and a stock option agreement in the Company's standard form (pursuant to which the Option shall be granted). 3.4 Benefits. Executive shall be entitled to such medical, life, disability and other benefits as are generally afforded to other executives of the Company, subject to applicable waiting periods and other conditions, as well as participation in all other company-wide employee benefits, including a defined contribution pension plan and 401(k) plan, as may be made available generally to executive employees from time to time. The Executive shall be eligible to participate in the Company's annual and long-term incentive plans and programs in accordance with the terms of such plans and programs as in effect and afforded to other senior executives of the Company at levels determined by the Board (or committee of the Board). 3.5 Vacation. Executive shall be entitled to twenty (20) days of paid vacation in each year during the Term and to a reasonable number of other days off for religious and personal reasons in accordance with customary Company policy. 3.6 Expenses. The Company shall pay or reimburse Executive for all transportation, hotel and other expenses reasonably incurred by Executive on business trips and for all other ordinary and reasonable out-of-pocket expenses actually incurred by him in the conduct of the business of the Company, including expenses relating to his laptop, cell phone or other similar devices, against itemized vouchers submitted with respect to any such expenses and approved in accordance with customary procedures.View More
Variations of a "Compensation and Benefits" Clause from Business Contracts
Compensation and Benefits. 3.1 Salary. The Company shall pay to Executive a salary ("Base Salary") at the annual rate of $250,000. $360,000. Executive's compensation shall be paid in equal, periodic installments in accordance with the Company's normal payroll procedures. The procedures; provided however, that Executive's base salary Base Salary shall be reviewed periodically accrued and deferred until such time as the Company consummates a "Qualified Financing" as defined in that such Convertible Promissory Note issued by... the Board or Committee (as defined below) pursuant Company to the Board or Committee's normal performance review policies for senior level executives. Mesa Verde Venture Partners III, LP (dated October 30, 2019), at which time such accrued and deferred Base Salary shall be paid to Executive in full. 1 3.2 Bonus. In addition to the Base Salary, Executive shall be eligible to receive paid a discretionary performance bonus ("Bonus") with a target on January 1st of fifty percent (50%) each year beginning in 2022 equal to 100% of the Executive's Base Salary in effect as of December 31st of plus additional performance bonuses to be determined by the preceding year based on Executive's and the Company's performance over the preceding year. Board. The payment and amount of any Bonus shall be in contingent upon the sole discretion of Company meeting annual performance objectives, which shall be established annually at the first meeting each fiscal year by the Board or of Directors. For the Compensation Committee avoidance of doubt, whether Executive receives an annual bonus for any given year will be determined by the Board (the "Committee"). in its sole discretion. 3.3 Equity Awards. Subject Stock Options. The Board (or Compensation Committee) may, in its sole discretion, grant Employee options to approval by the Committee, Executive will be granted an option (the "Option") to acquire 200,000 purchase shares of the Company's common stock, at an exercise price per share basis equal stock from time to the closing price of time under the Company's common stock as of the date immediately prior equity compensation plans, but Executive understands that it is under no obligation to the date of grant (the "Grant Date"). Such option will be subject to the terms and conditions of the Company's 2018 Long-Term Incentive Equity Plan and a stock option agreement in the Company's standard form (pursuant to which the Option shall be granted). do so. 3.4 Benefits. Executive shall be entitled to such medical, life, disability and other benefits as are generally afforded to other executives of the Company, subject to applicable waiting periods and other conditions, as well as participation in all other company-wide employee benefits, including a defined contribution pension plan and 401(k) plan, as may be made available generally to executive employees from time to time. The Executive shall be eligible to participate in the Company's annual 3.5 Vacation and long-term incentive plans and programs in accordance with the terms of such plans and programs as in effect and afforded to other senior executives of the Company at levels determined by the Board (or committee of the Board). 3.5 Vacation. Sick Days. Executive shall be entitled to twenty (20) twenty-five (25) days of paid vacation and five (5) days of paid sick days in each year during the Term and to a reasonable number of other days off for religious and personal reasons in accordance with customary Company policy. 3.6 Expenses. The Company shall pay or reimburse Executive for all transportation, hotel and other expenses reasonably incurred by Executive on business trips and for all other ordinary and reasonable out-of-pocket expenses actually incurred by him in the conduct of the business of the Company, including expenses relating to his laptop, cell phone and Blackberry or other similar devices, against itemized vouchers submitted with respect to any such expenses and approved in accordance with customary procedures. View More
Compensation and Benefits. 3.1 Salary. The Company shall pay to Executive a salary ("Base Salary") at the annual rate of $250,000. $285,000. Executive's compensation shall be paid in equal, periodic installments in accordance with the Company's normal payroll procedures. The Executive's base salary shall be reviewed periodically by the Board or Committee (as defined below) pursuant to the Board or Committee's normal performance review policies for senior level executives. 3.2 Bonus. In addition to the Base Salary, Executi...ve shall be paid an initial bonus of $50,000 on the execution of this Agreement in consideration of the services previously provided to the Company and be eligible to receive a an annual discretionary performance bonus ("Bonus") with a target of fifty forty percent (50%) (40%) of the Executive's annualized Base Salary in effect as of December 31st of the preceding year based on Executive's and the Company's performance over the preceding year. The payment and amount of any Bonus shall be year in the sole discretion of the Board. 3.3 Stock Options. The Board or the (or Compensation Committee of the Board (the "Committee"). 3.3 Equity Awards. Subject Committee) may, in its sole discretion, grant Employee options to approval by the Committee, Executive will be granted an option (the "Option") to acquire 200,000 purchase shares of the Company's common stock, at an exercise price per share basis equal stock from time to the closing price of time under the Company's common stock as of the date immediately prior equity compensation plans, but Executive understands that it is under no obligation to the date of grant (the "Grant Date"). Such option will be subject to the terms and conditions of the Company's 2018 Long-Term Incentive Equity Plan and a stock option agreement in the Company's standard form (pursuant to which the Option shall be granted). do so. 3.4 Benefits. Executive shall be entitled to such medical, life, disability and other benefits as are generally afforded to other executives of the Company, subject to applicable waiting periods and other conditions, as well as participation in all other company-wide employee benefits, including a defined contribution pension plan and 401(k) plan, as may be made available generally to executive employees from time to time. The Executive shall be eligible to participate in the Company's annual 3.5 Vacation and long-term incentive plans and programs in accordance with the terms of such plans and programs as in effect and afforded to other senior executives of the Company at levels determined by the Board (or committee of the Board). 3.5 Vacation. Sick Days. Executive shall be entitled to twenty (20) five (25) days of paid vacation and five (5) days of paid sick days in each year during the Term and to a reasonable number of other days off for religious and personal reasons in accordance with customary Company policy. 3.6 Expenses. The Company shall pay or reimburse Executive for all transportation, hotel and other expenses reasonably incurred by Executive on business trips and for all other ordinary and reasonable out-of-pocket expenses actually incurred by him in the conduct of the business of the Company, including expenses relating to his laptop, cell phone and Blackberry or other similar devices, against itemized vouchers submitted with respect to any such expenses and approved in accordance with customary procedures. View More
Compensation and Benefits. 3.1 Salary. The Company shall pay to Executive a salary ("Base Salary") at the annual rate of $250,000. $300,000. Executive's compensation shall be paid in equal, periodic installments in accordance with the Company's normal payroll procedures. The Executive's base salary shall be reviewed periodically by the Board or Committee (as defined below) pursuant to the Board or Committee's normal performance review policies for senior level executives. 3.2 Bonus. In addition to the Base Salary, Executi...ve shall be eligible to receive a discretionary performance bonus ("Bonus") with a target of fifty one hundred percent (50%) (100%) of the Executive's Base Salary in effect as of December 31st of the preceding year based on Executive's and the Company's performance over the preceding year. The payment and amount of any Bonus shall be in the sole discretion of the Board or the Compensation Committee of the Board (the "Committee"). 3.3 Equity Awards. Subject Restrictive Common Stock Awards and Stock Options. The Board (or Compensation Committee) may, in its sole discretion, grant Employee options to approval by the Committee, Executive will be granted an option (the "Option") to acquire 200,000 purchase shares of the Company's common stock, at an exercise price per share basis equal stock from time to time under the closing price Company's equity compensation plans, but Executive understands that it is under no obligation to do so. Upon the Effective Date, the Company shall grant Executive 60,000 shares of the Company's common stock as of the date immediately prior to the date of grant (the "Grant Date"). Such option will be subject to the terms and conditions of Restricted Common Stock under the Company's Second Amended 2018 Long-Term Incentive Equity Plan ("Plan"). Subject to continued service to the Company through the applicable vesting date and a stock option agreement the provisions of the Plan, this Restricted Common Stock shall become non-forfeitable on the three-year anniversary of the Effective Date. Any unvested forfeitable shares, shall become immediately vested and non-forfeitable in the Company's standard form (pursuant to which event of a termination for Good Reason or immediately after any Change of Control (as defined in the Option shall be granted). Plan). 3.4 Benefits. Executive shall be entitled to such medical, life, disability and other benefits as are generally afforded to other executives of the Company, subject to applicable waiting periods and other conditions, as well as participation in all other company-wide employee benefits, including a defined contribution pension plan and 401(k) plan, as may be made available generally to executive employees from time to time. The Executive shall be eligible to participate in the Company's annual and long-term incentive plans and programs in accordance with the terms of such plans and programs as in effect and afforded to other senior executives of the Company at levels determined by the Board (or committee of the Board). 3.5 Vacation. Vacation and Sick Days. Executive shall be entitled to twenty (20) twenty-five (25) days of paid vacation and five (5) days of paid sick days in each year during the Term and to a reasonable number of other days off for religious and personal reasons in accordance with customary Company policy. 3.6 Expenses. The Company shall pay or reimburse Executive for all transportation, hotel and other expenses reasonably incurred by Executive on business trips and for all other ordinary and reasonable out-of-pocket expenses actually incurred by him in the conduct of the business of the Company, including expenses relating to his laptop, cell phone and Blackberry or other similar devices, against itemized vouchers submitted with respect to any such expenses and approved in accordance with customary procedures. View More
Compensation and Benefits. 3.1 Salary. The Company shall pay to Executive a salary ("Base Salary") at the annual rate of $250,000. $345,000. Executive's compensation shall be paid in equal, periodic installments in accordance with the Company's normal payroll procedures. The Executive's base salary shall be reviewed periodically by the Board or Committee (as defined below) pursuant to the Board or Committee's normal performance review policies for senior level executives. 3.2 Bonus. In addition to the Base Salary, Executi...ve shall be eligible to receive a discretionary performance bonus ("Bonus") with a target of fifty percent (50%) of the Executive's Base Salary in effect as of December 31st of the preceding year based on Executive's and the Company's performance over the preceding year. The payment and amount of any Bonus shall be in the sole discretion of the Board or the Compensation Committee of the Board (the "Committee"). 3.3 Equity Awards. Subject to approval by Restricted Common Stock Award. Upon the Committee, Effective Date, the Company shall grant Executive will be granted an option (the "Option") to acquire 200,000 500,000 shares of the Company's common stock, at an exercise price per share basis equal Restricted Common Stock under the Company's Second Amended 2014 Long-Term Incentive Plan ("Plan"). Subject to continued service to the closing price Company through the applicable vesting date and the provisions of the Company's common stock as of Plan, the date Restricted Common Stock shall become non-forfeitable over three years in equal amounts on each anniversary date. Any unvested forfeitable shares, shall become immediately prior to the date of grant (the "Grant Date"). Such option will be subject to the terms vested and conditions of the Company's 2018 Long-Term Incentive Equity Plan and a stock option agreement non-forfeitable in the Company's standard form (pursuant to which event of a termination for Good Reason or immediately after any Change of Control as defined in the Option shall be granted). Restricted Common Stock Agreement and Indemnification Agreement. 3.4 Benefits. Executive shall be entitled to such medical, life, disability and other benefits as are generally afforded to other executives of the Company, subject to applicable waiting periods and other conditions, as well as participation in all other company-wide employee benefits, including a defined contribution pension plan and 401(k) plan, as may be made available generally to executive employees from time to time. The Executive shall be eligible to participate in the Company's annual and long-term incentive plans and programs in accordance with the terms of such plans and programs as in effect and afforded to other senior executives of the Company at levels determined by the Board (or committee of the Board). 3.5 Vacation. Executive shall be entitled to twenty (20) twenty-five (25) days of paid vacation in each year during the Term and to a reasonable number of other days off for religious and personal reasons in accordance with customary Company policy. 3.6 Expenses. The Company shall pay or reimburse Executive for all transportation, hotel and other expenses reasonably incurred by Executive on business trips and for all other ordinary and reasonable out-of-pocket expenses actually incurred by him in the conduct of the business of the Company, including expenses relating to his laptop, cell phone or other similar devices, against itemized vouchers submitted with respect to any such expenses and approved in accordance with customary procedures. View More
Compensation and Benefits. 3.1 Salary. The Company shall pay to Executive a salary ("Base Salary") at the annual rate of $250,000. $225,000. Executive's compensation shall be paid in equal, periodic installments in accordance with the Company's normal payroll procedures. The Executive's base salary shall be reviewed periodically by the Board or Committee (as defined below) pursuant to the Board or Committee's normal performance review policies for senior level executives. 3.2 Bonus. In addition to the Base Salary, Executi...ve shall be eligible to receive a discretionary performance bonus ("Bonus") with a target of fifty seventy percent (50%) (70%) of the Executive's Base Salary in effect as of December 31st of the preceding year based on Executive's and the Company's performance over the preceding year. The payment and amount of any Bonus shall be in the sole discretion of the Board or the Compensation Committee of the Board (the "Committee"). 3.3 Equity Awards. Subject to approval by Restricted Common Stock Award. Upon the Committee, Effective Date, the Company shall grant Executive will be granted an option (the "Option") to acquire 200,000 60,000 shares of the Company's common stock, at an exercise price per share basis equal to the closing price of Restricted Common Stock under the Company's common stock as of the date immediately prior to the date of grant (the "Grant Date"). Such option will be subject to the terms and conditions of the Company's Second Amended 2018 Long-Term Incentive Equity Plan ("Plan"). Subject to continued service to the Company through the applicable vesting date and a stock option agreement the provisions of the Plan, this Restricted Common Stock shall become non-forfeitable on the three-year anniversary of the Effective Date. Any unvested forfeitable shares, shall become immediately vested and non-forfeitable in the Company's standard form (pursuant to which event of a termination for Good Reason or immediately after any Change of Control (as defined in the Option shall be granted). Plan). 3.4 Benefits. Executive shall be entitled to such medical, life, disability and other benefits as are generally afforded to other executives of the Company, subject to applicable waiting periods and other conditions, as well as participation in all other company-wide employee benefits, including a defined contribution pension plan and 401(k) plan, as may be made available generally to executive employees from time to time. The Executive shall be eligible to participate in the Company's annual and long-term incentive plans and programs in accordance with the terms of such plans and programs as in effect and afforded to other senior executives of the Company at levels determined by the Board (or committee of the Board). 3.5 Vacation. Executive shall be entitled to twenty (20) twenty-five (25) days of paid vacation in each year during the Term and to a reasonable number of other days off for religious and personal reasons in accordance with customary Company policy. 3.6 Expenses. The Company shall pay or reimburse Executive for all transportation, hotel and other expenses reasonably incurred by Executive on business trips and for all other ordinary and reasonable out-of-pocket expenses actually incurred by him in the conduct of the business of the Company, including expenses relating to his laptop, cell phone or other similar devices, against itemized vouchers submitted with respect to any such expenses and approved in accordance with customary procedures. View More
