Compensation and Benefits Clause Example with 6 Variations from Business Contracts

Compensation and Benefits. (a) Base Compensation. As compensation for the services to be performed by the Executive during the Term, the Company Bank shall pay to the Executive, in regular periodic installments, a base salary (“Base Salary”) at the rate of Dollars ($ ) per year. The Board shall review the Executive’s annual rate of Base Salary at such times during the employment period as it deems appropriate, but not less frequently than once every (12) months, and may in its discretion, approve an increase in the Execut...ive’s annual rate of Base Salary. (b) Short-Term Incentive Compensation. In addition to the foregoing Base Salary, the Executive shall be eligible during the Term to receive cash short-term incentive compensation, determined and payable in the discretion of the Compensation Committee of the Board. At least annually, the Compensation Committee shall consider awarding short-term incentive compensation to the Executive. (c) Long-Term Incentive Compensation. In addition to the foregoing Base Salary, the Executive shall be eligible during the Term to receive long-term incentive compensation determined and payable in the discretion of the Compensation Committee of the Board. At least annually, the Compensation Committee shall consider awarding long-term incentive compensation to the Executive. (d) Fringe Benefits. During the Term, the Company Bank shall provide the Executive with the fringe benefits in which the Executive was participating on the Effective Date. The Executive shall also be entitled to participate in any employee benefit plans from time to time in effect for executive officers of the Company. Bank. The Executive shall be entitled to at least four (5) weeks of vacation per year or such greater amount as determined by the Board from time to time, 2 and to the number of personal days to which the Executive would otherwise be entitled under the Company Bank policies in effect for executive officers. In addition to the foregoing, the Company Bank shall provide the Executive with an automobile allowance in an amount determined by the Board from time to time. 2 (e) Attorney’s Fees. The Company Bank shall reimburse the Executive for his reasonable attorney’s fees incurred in the review and negotiation of this Agreement. (f) Timing of Certain Payments. Any compensation payable or provided under this Section 3 shall be paid or provided not later than two and one-half months after the calendar year in which such compensation is no longer subject to a substantial risk of forfeiture, within the meaning of Treasury Regulations Section 1.409A-l(d). (g) Source of Payments: No Duplication of Benefits. Notwithstanding any provision in this Agreement to the contrary, to the extent payments and benefits, as provided for under this Agreement, including payments and benefits under Sections 6 and 7 of this Agreement, are paid or received by Executive under the employment agreement in effect between Executive and the Bank, the payments and benefits paid by the Bank will be subtracted from any amount or benefit due simultaneously to Executive under similar provisions of this Agreement. Payments will be allocated in proportion to the level of activity and the time expended by Executive on activities related to the Company and at the Bank, respectively, as determined by the Company and the Bank. View More

Compensation and Benefits. (a) Base Compensation. As compensation for the services to be performed by the Executive during the Term, the Company Bank shall pay to the Executive, in regular periodic installments, a base salary (“Base Salary”) at the rate of Dollars ($ ) per year. The Board shall review the Executive’s annual rate of Base Salary at such times during the employment period as it deems appropriate, but not less frequently than once every (12) months, and may in its discretion, approve an increase in the Execut...ive’s annual rate of Base Salary. (b) Short-Term Incentive Compensation. In addition to the foregoing Base Salary, the Executive shall be eligible during the Term to receive cash short-term incentive compensation, determined and payable in the discretion of the Compensation Committee of the Board. At least annually, the Compensation Committee shall consider awarding short-term incentive compensation to the Executive. (c) Long-Term Incentive Compensation. In addition to the foregoing Base Salary, the Executive shall be eligible during the Term to receive long-term incentive compensation determined and payable in the discretion of the Compensation Committee of the Board. At least annually, the Compensation Committee shall consider awarding long-term incentive compensation to the Executive. (d) Fringe Benefits. During the Term, the Company Bank shall provide the Executive with the fringe benefits in which the Executive was participating on the Effective Date. The Executive shall also be entitled to participate in any employee benefit plans from time to time in effect for executive officers of the Company. Bank. The Executive shall be entitled to at least four (5) weeks of vacation per year or such greater amount as determined by the Board from time to time, 2 and to the number of personal days to which the Executive would otherwise be entitled under the Company Bank 2 policies in effect for executive officers. In addition to the foregoing, the Company Bank shall provide the Executive with an automobile allowance in an amount determined by the Board from time to time. (e) Attorney’s Fees. The Company Bank shall reimburse the Executive for his reasonable attorney’s fees incurred in the review and negotiation of this Agreement. (f) Timing of Certain Payments. Any compensation payable or provided under this Section 3 shall be paid or provided not later than two and one-half months after the calendar year in which such compensation is no longer subject to a substantial risk of forfeiture, within the meaning of Treasury Regulations Section 1.409A-l(d). (g) Source of Payments: No Duplication of Benefits. Notwithstanding any provision in this Agreement to the contrary, to the extent payments and benefits, as provided for under this Agreement, including payments and benefits under Sections 6 and 7 of this Agreement, are paid or received by Executive under the employment agreement in effect between Executive and the Bank, the payments and benefits paid by the Bank will be subtracted from any amount or benefit due simultaneously to Executive under similar provisions of this Agreement. Payments will be allocated in proportion to the level of activity and the time expended by Executive on activities related to the Company and at the Bank, respectively, as determined by the Company and the Bank. View More

Compensation and Benefits. (a) Base Compensation. As compensation for the services to be performed by the Executive during the Term, the Company Bank shall pay to the Executive, in regular periodic installments, a base salary (“Base Salary”) at the rate of Three Hundred Thirteen Thousand Dollars ($ ) ($313,000) per year. The Board shall review the Executive’s annual rate of Such Base Salary at such times during will be payable in accordance with the employment period as it deems appropriate, customary payroll practices of... the Bank. During the term of this Agreement, the Board may consider increasing, but not less frequently decreasing (other than once every (12) months, a decrease which is applicable to all named executive officers of the Bank and may in its discretion, approve an increase a percentage not in excess of the percentage decrease for other named executive officers), Executive’s annual rate Base Salary as the Board deems appropriate. Any change in Base Salary will become the “Base Salary” for purposes of Base Salary. this Agreement. 2 (b) Short-Term Incentive Compensation. In addition to the foregoing Base Salary, the Executive shall be eligible during the Term to receive cash short-term incentive compensation, determined and payable in the discretion of the Compensation Committee of the Board. At least annually, the Compensation Committee shall consider awarding short-term incentive compensation to the Executive. (c) Long-Term Incentive Compensation. In addition to the foregoing Base Salary, the Executive shall be eligible during the Term to receive long-term incentive compensation determined and payable in the discretion of the Compensation Committee of the Board. At least annually, the Compensation Committee shall consider awarding long-term incentive compensation to the Executive. (d) Fringe Other Benefits. During the Term, the Company Bank shall provide the Executive with the fringe other benefits in which the Executive was participating on the Effective Date. The Executive shall also be entitled to participate in any employee benefit plans from time to time in effect for executive officers of the Company. Bank. The Executive shall be entitled to at least four (5) weeks of vacation per year or such greater amount pursuant to the Bank’s written policies, including the Bank’s Paid-Time Off Policy, as determined by the Board from time to time, 2 and to the number of personal days to which the time. The Executive would otherwise shall be entitled under to an executive perquisites allotment of Twenty-Four Thousand Dollars ($24,000) annually (the “Personal Benefits Allotment”), or such other greater amount as recommended by the Company policies in effect for executive officers. In addition to the foregoing, the Company shall provide the Executive with an automobile allowance in an amount determined Compensation Committee and approved by the Board from time to time. (e) Attorney’s Fees. The Company time (any increase in the Personal Benefits Allotment shall reimburse become the “Personal Benefits Allotment”), to be applied by Executive, in his sole discretion, towards perquisites as the Executive for deems to be appropriate or desirable to his reasonable attorney’s fees incurred in executive position, and this amount shall be fully taxable to the review and negotiation of this Agreement. (f) Executive. (e) Timing of Certain Payments. Any compensation payable or provided under this Section 3 shall be paid or provided not later than two and one-half months after the calendar year in which such compensation is no longer subject to a substantial risk of forfeiture, within the meaning of Treasury Regulations Section 1.409A-l(d). (g) Source of Payments: No Duplication of Benefits. Notwithstanding any provision in this Agreement to the contrary, to the extent payments and benefits, as provided for under this Agreement, including payments and benefits under Sections 6 and 7 of this Agreement, are paid or received by Executive under the employment agreement in effect between Executive and the Bank, the payments and benefits paid by the Bank will be subtracted from any amount or benefit due simultaneously to Executive under similar provisions of this Agreement. Payments will be allocated in proportion to the level of activity and the time expended by Executive on activities related to the Company and at the Bank, respectively, as determined by the Company and the Bank. View More

Compensation and Benefits. (a) Base Compensation. As compensation for the services to be performed by the Executive during the Term, the Company Bank shall pay to the Executive, in regular periodic installments, a base salary (“Base Salary”) at the rate of Dollars ($ ) per year. The Board shall review the Executive’s annual rate of Base Salary at such times during the employment period as it deems appropriate, but not less frequently than once every (12) months, and may in its discretion, approve an increase in the Execut...ive’s annual rate of Base Salary. (b) Short-Term Incentive Compensation. In addition to the foregoing Base Salary, the Executive shall be eligible during the Term to receive cash short-term incentive compensation, determined and payable in the discretion of the Compensation Committee of the Board. At least annually, the Compensation Committee shall consider awarding short-term incentive compensation to the Executive. (c) Long-Term Incentive Compensation. In addition to the foregoing Base Salary, the Executive shall be eligible during the Term to receive long-term incentive compensation determined and payable in the discretion of the Compensation Committee of the Board. At least annually, the Compensation Committee shall consider awarding long-term incentive compensation to the Executive. (d) Fringe Benefits. During the Term, the Company Bank shall provide the Executive with the fringe benefits in which the Executive was participating on the Effective Date. The Executive shall also be entitled to participate in any employee benefit plans from time to time in effect for executive officers of the Company. Bank. The Executive shall be entitled to at least four (5) weeks of vacation per year or such greater amount as determined by the Board from time to time, 2 and to the number of personal days to which the Executive would otherwise be entitled under the Company Bank 2 policies in effect for executive officers. In addition to the foregoing, the Company Bank shall provide pay or reimburse the Executive for all costs associated with the Executive’s use of his country club membership for business related expenses. The Executive shall be entitled to an automobile allowance in an executive perquisites allotment of Thirty Thousand Dollars ($30,000) annually (the “Personal Benefits Allotment”), or such other greater amount determined as recommended by the Compensation Committee and approved by the Board from time to time. time (any increase in the Personal Benefits Allotment shall become the “Personal Benefits Allotment”), to be applied by Executive, in his sole discretion, towards a car allowance, country club membership, tax or financial advice or other such other perquisites as the Executive deems to be appropriate or desirable to his executive position. (e) Attorney’s Fees. The Company Bank shall reimburse the Executive for his reasonable attorney’s fees incurred in the review and negotiation of this Agreement. (f) Timing of Certain Payments. Any compensation payable or provided under this Section 3 shall be paid or provided not later than two and one-half months after the calendar year in which such compensation is no longer subject to a substantial risk of forfeiture, within the meaning of Treasury Regulations Section 1.409A-l(d). (g) Source of Payments: No Duplication of Benefits. Notwithstanding any provision in this Agreement to the contrary, to the extent payments and benefits, as provided for under this Agreement, including payments and benefits under Sections 6 and 7 of this Agreement, are paid or received by Executive under the employment agreement in effect between Executive and the Bank, the payments and benefits paid by the Bank will be subtracted from any amount or benefit due simultaneously to Executive under similar provisions of this Agreement. Payments will be allocated in proportion to the level of activity and the time expended by Executive on activities related to the Company and at the Bank, respectively, as determined by the Company and the Bank. View More

Compensation and Benefits. (a) Base Compensation. As compensation for the services to be performed by the Executive during the Term, the Company shall pay to the Executive, in regular periodic installments, a base salary (“Base Salary”) at the rate of Dollars ($ ) per year. The Board shall review the Executive’s annual rate of Base Salary at such times during the employment period as it deems appropriate, but not less frequently than once every (12) months, and may in its discretion, approve an increase in the Executive’s... annual rate of Base Salary. (b) Short-Term Incentive Compensation. In addition to the foregoing Base Salary, the Executive shall be eligible during the Term to receive cash short-term incentive compensation, determined and payable in the discretion of the Compensation Committee of the Board. At least annually, the Compensation Committee shall consider awarding short-term incentive compensation to the Executive. (c) Long-Term Incentive Compensation. In addition to the foregoing Base Salary, the Executive shall be eligible during the Term to receive long-term incentive compensation determined and payable in the discretion of the Compensation Committee of the Board. At least annually, the Compensation Committee shall consider awarding long-term incentive compensation to the Executive. (d) Fringe Benefits. During the Term, the Company shall provide the Executive with the fringe benefits in which the Executive was participating on the Effective Date. The Executive shall also be entitled to participate in any employee benefit plans from time to time in effect for executive officers of the Company. The Executive shall be entitled to at least four (5) weeks of vacation per year or such greater amount as determined by the Board from time to time, 2 and to the number of personal days to which the Executive would otherwise be entitled under the Company policies in effect for executive officers. In addition to the foregoing, the Company shall provide the Executive with an automobile allowance in an amount determined by the Board from time to time. (e) Attorney’s Fees. The Company shall reimburse the Executive for his reasonable attorney’s fees incurred in the review and negotiation of this Agreement. (f) Timing of Certain Payments. Any compensation payable or provided under this Section 3 shall be paid or provided not later than two and one-half months after the calendar year in which such compensation is no longer subject to a substantial risk of forfeiture, within the meaning of Treasury Regulations Section 1.409A-l(d). (g) Source of Payments: No Duplication of Benefits. Notwithstanding any provision in this Agreement to the contrary, to the extent payments and benefits, as provided for under this Agreement, including payments and benefits under Sections 6 and 7 of this Agreement, are paid or received by Executive under the employment agreement in effect between Executive and the Bank, the payments and benefits paid by the Bank will be subtracted from any amount or benefit due simultaneously to Executive under similar provisions of this Agreement. Payments will be allocated in proportion to the level of activity and the time expended by Executive on activities related to the Company and at the Bank, respectively, as determined by the Company and the Bank. View More

Compensation and Benefits. (a) Base Compensation. As compensation for the services to be performed by the Executive during the Term, the Company shall pay to the Executive, in regular periodic installments, a base salary (“Base Salary”) at the rate of Dollars ($ ) per year. The Board shall review the Executive’s annual rate of Base Salary at such times during the employment period as it deems appropriate, but not less frequently than once every (12) months, and may in its discretion, approve an increase in the Executive’s... annual rate of Base Salary. (b) Short-Term Incentive Compensation. In addition to the foregoing Base Salary, the Executive shall be eligible during the Term to receive cash short-term incentive compensation, determined and payable in the discretion of the Compensation Committee of the Board. At least annually, the Compensation Committee shall consider awarding short-term incentive compensation to the Executive. (c) Long-Term Incentive Compensation. In addition to the foregoing Base Salary, the Executive shall be eligible during the Term to receive long-term incentive compensation determined and payable in the discretion of the Compensation Committee of the Board. At least annually, the Compensation Committee shall consider awarding long-term incentive compensation to the Executive. (d) Fringe Benefits. During the Term, the Company shall provide the Executive with the fringe benefits in which the Executive was participating on the Effective Date. The Executive shall also be entitled to participate in any employee benefit plans from time to time in effect for executive officers of the Company. The Executive shall be entitled to at least four (5) weeks of vacation per year or such greater amount as determined by the Board from time to time, 2 and to the number of personal days to which the Executive would otherwise be entitled under the Company policies in effect for executive officers. In addition to the foregoing, the Company shall provide pay or reimburse the Executive for all costs associated with the Executive’s use of his country club membership for business related expenses. The Executive shall be entitled to an automobile allowance in an executive perquisites allotment of Thirty Thousand Dollars ($30,000) annually (the “Personal Benefits Allotment”), or such other greater amount determined as recommended by the Compensation Committee and approved by the Board from time to time. time (any increase in the Personal Benefits Allotment shall become the “Personal Benefits Allotment”), to be applied by Executive, in his sole discretion, towards a car allowance, country club membership, tax or financial advice or other such other perquisites as the Executive deems to be appropriate or desirable to his executive position. (e) Attorney’s Fees. The Company shall reimburse the Executive for his reasonable attorney’s fees incurred in the review and negotiation of this Agreement. (f) Timing of Certain Payments. Any compensation payable or provided under this Section 3 shall be paid or provided not later than two and one-half months after the calendar year in which such compensation is no longer subject to a substantial risk of forfeiture, within the meaning of Treasury Regulations Section 1.409A-l(d). (g) Source of Payments: No Duplication of Benefits. Notwithstanding any provision in this Agreement to the contrary, to the extent payments and benefits, as provided for under this Agreement, including payments and benefits under Sections 6 and 7 of this Agreement, are paid or received by Executive under the employment agreement in effect between Executive and the Bank, the payments and benefits paid by the Bank will be subtracted from any amount or benefit due simultaneously to Executive under similar provisions of this Agreement. Payments will be allocated in proportion to the level of activity and the time expended by Executive on activities related to the Company and at the Bank, respectively, as determined by the Company and the Bank. View More