Compensation and Expenses Clause Example with 14 Variations from Business Contracts

Compensation and Expenses. (a) Salary. While the Executive is serving as both CEO and CFO, for the services of the Executive to be rendered under this Agreement, the Company shall pay the Executive an annual salary of $250,000.00 (the "Base Salary"), less such deductions as shall be required to be withheld by applicable law and regulations payable in accordance with the Company's customary payroll practices. While the Executive is serving as only the CFO, the services of the Executive to be rendered under this Agreement, ...the Company shall reduce the Base Salary to $210,000, less such deductions as shall be required to be withheld by applicable law and regulations payable in accordance with the Company's customary payroll practices. The Executive's Base Salary shall be reviewed at least annually by the Board and the Board may, but shall not be required to, increase the Base Salary during the Term. However, the Executive's Base Salary may not be decreased during the Term. The Executive acknowledges that up to 50% of the Base Salary or any mutually agreed upon portion thereof, shall be deferred by the Executive and shall accrue until the earlier of (i) May 1, 2023 or (ii) the mutual consent of the parties, and on such date shall be payable in full unless otherwise agreed upon by the Executive. (b) Target Bonus. In addition to the Annual Base Salary, the Executive shall be eligible to earn, for each completed 12 month period following the Effective Date of this Agreement during the Term, an annual bonus (the "Annual Bonus") of up to 100% of the Executive's Annual Base Salary based on terms and conditions, including the financial performance of the Company as well as individual performance goals, as set forth in a bonus plan that is to be established, approved, administered and determined in all respects in the sole discretion of the Board or, if applicable, the Board's Compensation Committee. (c) Expenses. In addition to any compensation received pursuant to this Section 4, the Company will reimburse or advance funds to the Executive for all reasonable documented travel (including travel expenses incurred by the Executive related to his travel to the Company's offices), entertainment and miscellaneous expenses incurred in connection with the performance of his duties under this Agreement, provided that the Executive properly provides a written accounting of such expenses to the Company in accordance with the Company's practices. Such reimbursement or advances will be made in accordance with policies and procedures of the Company in effect from time to time relating to reimbursement of, or advances to, its executive officers. 3 (d) Equity Grant. The Executive shall receive a restricted stock award of 2,500,000 shares of restricted common stock (the "RSA") of the Company granted as of the Effective Date of this Agreement (the "Grant Date"). As a condition of the grant, the Executive shall execute the Company's Restricted Stock Agreement in the form attached hereto as Exhibit C. The RSA will be valued as of the Grant Date based on a methodology and guidance as discussed with the Company's external tax counsel. The Executive shall have the ability to assign the RSA to entity of his choice, so long that the entity is subject to the same requirements by the Securities and Exchange Commission (the "SEC") for changes in beneficial ownership reporting and disclosure. The RSA shall vest in 20 equal quarterly increments on the last day of each calendar quarter beginning with December 31, 2022, subject to continued employment of the Executive on each applicable vesting date and subject to the terms and conditions of the Restricted Stock Agreement. View More