Compensation and Other Benefits Clause Example with 7 Variations from Business Contracts
This page contains Compensation and Other 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 Other Benefits. Subject to the provisions of this Agreement, the Company shall pay and provide the following compensation and other benefits to the Executive as compensation for services rendered hereunder: (a) Base Salary. The Company shall pay to the Executive a base salary at the annual rate of $412,000 (the "Base Salary"), payable in substantially equal installments at such intervals in accordance with the Company's ordinary payroll practices as established from time to time. The Compensation Committee of t...he Board (the "Compensation Committee") shall review the Executive's Base Salary, not less than annually, and may increase (but not decrease) the Executive's Base Salary in its sole discretion. (b) Bonus. The Executive shall be entitled to participate in the Company's annual incentive bonus plan in accordance with its terms as may be in effect from time to time and subject to such other terms as the Board or the Compensation Committee may approve. For each fiscal year, the Executive shall be eligible to receive a target annual bonus opportunity of 60% of the Executive's Base Salary. The annual incentive bonus plan for the fiscal year ending June 30, 2021 shall be administered in accordance with its existing terms. (c) Long-Term Incentive Plan. The Executive shall be entitled to participate in the Company's long-term incentive plan in accordance with its terms that may be in effect from time to time and subject to such other terms as the Board of Directors of the Company (the "Board") or the Compensation Committee, in its sole discretion, may approve. (d) Benefit Plans. The Executive shall be entitled to participate in all employee benefit plans or programs of the Company as are available to other similarly situated executives of the Company, in accordance with the terms of the plans, as may be amended from time to time. (e) Expenses. The Company shall reimburse the Executive for reasonable travel and other business-related expenses incurred by the Executive in the fulfillment of the Executive's duties hereunder upon presentation of written documentation thereof, in accordance with the business expense reimbursement policies and procedures of the Company as in effect from time to time. Payments with respect to reimbursements of expenses shall be made consistent with the Company's reimbursement policies and procedures. (f) Vacation; Paid Time Off. The Executive shall be entitled to vacation time and paid time off consistent with the applicable policies of the Company for other similarly situated executives of the Company as in effect from time to time.View More
Variations of a "Compensation and Other Benefits" Clause from Business Contracts
Compensation and Other Benefits. Subject to the provisions of this Agreement, Agreement and the approval of the Compensation Committee of the Board (the "Committee"), during the Term, the Company shall pay and provide the following compensation and other benefits to the Executive as compensation for services rendered hereunder: (a) Base Salary. The Company shall pay to the Executive a base salary at the annual rate of $412,000 (the $400,000 (as adjusted from time to time, the "Base Salary"), payable in substantially equal insta...llments at such intervals in accordance with the Company's ordinary payroll practices as established from time to time. The Compensation Base Salary will be reviewed on an annual basis by the Committee of the Board (the "Compensation Committee") shall review the Executive's Base Salary, not less than annually, and may increase (but not decrease) be adjusted from time to time by the Committee. (b) Annual Bonus. For each fiscal year ending during the Term, Executive shall be eligible for an annual bonus (the "Annual Bonus") with a target opportunity of 175% of Executive's Base Salary (the "Target Bonus"). The actual bonus payable to Executive, if any, with respect to any year may be more or less than the Target Bonus and will be determined by the Committee, in its sole discretion. (b) Bonus. The discretion, based on the achievement of corporate and/or personal objectives established by the Committee. Except as otherwise provided herein or determined by the Committee, payment of any otherwise earned Annual Bonus will be conditioned on Executive's continued service through the date that annual bonuses are paid to the Company's executive officers generally with respect to the applicable year. (c) Annual Equity Award. Executive will be eligible for annual equity incentive awards in such form, in such amounts and on such terms (including vesting and payment terms and performance conditions) as determined by the Committee, in its sole discretion; provided, however, that Executive's 2023 annual equity award will have a grant date fair value (as determined for financial accounting purposes) of approximately $600,000. (d) Benefit Plans. During the Term, Executive shall be entitled to participate in the Company's annual incentive bonus plan in accordance with its terms as may be in effect from time to time and subject to such other terms as the Board or the Compensation Committee may approve. For each fiscal year, the Executive shall be eligible to receive a target annual bonus opportunity of 60% of the Executive's Base Salary. The annual incentive bonus plan for the fiscal year ending June 30, 2021 shall be administered in accordance with its existing terms. (c) Long-Term Incentive Plan. The Executive shall be entitled to participate in the Company's long-term incentive plan in accordance with its terms that may be in effect from time to time and subject to such other terms as the Board of Directors of the Company (the "Board") or the Compensation Committee, in its sole discretion, may approve. (d) Benefit Plans. The Executive shall be entitled to participate in all employee benefit plans or and programs of maintained by the Company as are available to other for similarly situated executives employees of the Company, in accordance with and subject to the terms of the plans, those plans and programs, as may be amended from time to time. (e) Expenses. The Company shall reimburse the Executive for reasonable travel and other business-related expenses incurred by the Executive in the fulfillment of the Executive's duties hereunder to the Company upon presentation of written documentation thereof, in accordance with the business expense reimbursement policies and procedures of the Company as in effect from time to time. Payments with respect to reimbursements of expenses shall be made consistent with the Company's reimbursement policies and procedures. (f) Vacation; Paid Time Off. The Executive shall be entitled to vacation time and paid time off consistent with the applicable policies of the Company for other similarly situated executives of the Company as in effect from time to time.View More
Compensation and Other Benefits. Subject to the provisions of this Agreement, the Company shall pay and provide the following compensation and other benefits to the Executive during the Term as compensation for services rendered hereunder: (a) Base Salary. The Company shall pay to the Executive a base an annual salary at the annual rate of $412,000 (the "Base Salary"), Salary") payable in substantially equal installments at such intervals as may be determined by the Company in accordance with the Company's its ordinary payroll ...practices practices, as established from time to time. The Compensation Committee Base Salary shall be reviewed annually and increased as appropriate for market changes, commencing effective January 1, 2021. Executive annualized 2020 Base Salary is $300,000. The Base Salary shall not be decreased by the Company except with the prior written consent of the Board (the "Compensation Committee") shall review the Executive's Base Salary, not less than annually, and may increase (but not decrease) the Executive's Base Salary in its sole discretion. Executive. (b) Annual Bonus. The Executive shall be entitled to participate in the Company's annual incentive bonus plan in accordance with its terms as may be in effect from time to time and subject to such other terms as the Board or the Compensation Committee may approve. For each fiscal year, the Executive shall be eligible to receive a target annual bonus opportunity incentive compensation (the "Annual Bonus") As governed by the terms set forth in the First Western Financial, Inc. Incentive Plan for Senior Executive Officers, as may be amended from time to time. The incentive compensation performance measures and goals are reviewed by the Board of 60% Directors annually, and adjusted as appropriate, according to the needs of the Executive's Base Salary. The annual incentive bonus plan for the fiscal year ending June 30, 2021 shall be administered in accordance with its existing terms. business. (c) Long-Term Incentive Plan. The Executive shall be entitled to participate in eligible for grants under the Company's long-term incentive plan in accordance with its terms that may be in effect First Western Financial, Inc. 2016 Omnibus Incentive Plan, including, but not limited to, grants of stock options, market conditioned performance share units, financial conditioned performance stock units and restricted stock units, as the Compensation Committee of the Board shall determine from time to time time. (d) Savings and subject to such other terms as the Board of Directors of the Company (the "Board") or the Compensation Committee, in its sole discretion, may approve. (d) Benefit Retirement Plans. The Executive shall be entitled eligible to participate in all employee benefit savings and retirement plans or programs of the Company as are available applicable generally to other similarly situated executives of the Company, in accordance with the terms of the plans, as may be amended from time to time. (e) Expenses. Welfare Benefit Plans. The Company Executive and his eligible dependents shall reimburse be eligible to participate in and shall receive all benefits under the Executive for reasonable travel Company's welfare benefit plans and programs applicable generally to other business-related expenses incurred by the Executive in the fulfillment executives of the Executive's duties hereunder upon Company, in accordance with the terms of the plans, as may be amended from time to time. 3 (f) Expenses. Upon presentation of written documentation thereof, in accordance with the business applicable expense reimbursement policies and procedures of the Company as in effect from time to time. time, the Company shall reimburse the Executive for reasonable business-related expenses incurred by the Executive in the fulfillment of his duties. Payments with respect to reimbursements of expenses shall be made consistent promptly and in accordance with the Company's applicable expense reimbursement policies and procedures. (f) Vacation; Paid Time Off. procedures of the Company, but in any event, on or before the last day of the calendar month following the calendar month in which the relevant expense is incurred. (g) Vacation. The Executive shall be entitled to four (4) weeks of paid vacation time and paid time off consistent with each calendar year during the applicable policies of Term, subject to the Company for other similarly situated executives of the Company as Company's vacation policy in effect from time to time. View More
Compensation and Other Benefits. Subject to the provisions of this Agreement, the Company Group shall pay and provide the following compensation and other benefits to the Executive during the Term as compensation for services rendered hereunder: (a) Base Salary. The Company Group shall pay to the Executive a base an annual salary at the annual rate of $412,000 $300,000 (the "Base Salary"), payable in substantially equal installments at such intervals as may be determined by the Company Group in accordance with the Company's its... ordinary payroll practices as established from time to time. The During the Term, the Compensation Committee of the Board (the "Compensation Committee") shall review the Executive's Base Salary, not less often than annually, and may increase (but not decrease) the Executive's Base Salary in its sole discretion. (b) Bonus. The Executive shall be entitled to participate in the Company's Company Group's annual incentive bonus plan for senior executives in accordance with its terms as may be in effect from time to time and subject to such other terms as the Board or the Compensation Committee may approve. For each fiscal year, the Executive shall be eligible to receive a target annual bonus opportunity of 60% of the Executive's Base Salary. The annual incentive bonus plan for the fiscal year ending June 30, 2021 shall be administered in accordance with its existing terms. (c) Long-Term Incentive Plan. The Executive shall be entitled to participate in the Company's long-term incentive plan in accordance with its terms that may be in effect from time to time and subject to such other terms as the Board of Directors of the Company (the "Board") or the Compensation Committee, Board, in its sole discretion, may approve. (d) Benefit Plans. The Executive shall be entitled to participate in all employee benefit plans or programs of the Company Group as are available to other similarly situated executives of the Company, in accordance with the terms of the plans, as may be amended from time to time. (e) Expenses. The Company Group shall reimburse the Executive for reasonable travel and other business-related expenses incurred by the Executive in the fulfillment of the Executive's duties hereunder hereunder, upon presentation of written documentation thereof, in accordance with the business expense reimbursement policies and procedures of the Company Group as in effect from time to time. Payments with respect to reimbursements of expenses shall be made consistent with the Company's Company Group's reimbursement policies and procedures. procedures and in no event later than the last day of the calendar year following the calendar year in which the relevant expense is incurred. (f) Vacation; Paid Time Off. Vacation. The Executive shall be entitled to vacation time and paid time off consistent with the applicable policies of the Company Group for other similarly situated executives of the Company Group as in effect from time to time. View More
Compensation and Other Benefits. Subject to the provisions of this Agreement, Agreement and a review of the compensation and other benefits as described in this Section 3 by the Company's compensation consultant as soon as practicable following the Effective Time, the Company Group shall pay and provide the following compensation and other benefits to the Executive during the Term as compensation for services rendered hereunder: (a) Base Salary. The Company Group shall pay to the Executive a base an annual salary at the annual...rate of $412,000 $350,000 (the "Base Salary"), payable in substantially equal installments at such intervals as may be determined by the Company Group in accordance with the Company's its ordinary payroll practices as established from time to time. The During the Term, the Compensation Committee of the Board (the "Compensation Committee") shall review the Executive's Base Salary, not less often than annually, and may increase (but not decrease) the Executive's Base Salary in its sole discretion. 1 (b) Bonus. The Executive shall be entitled to participate in the Company's Company Group's annual incentive bonus plan for senior executives in accordance with its terms as may be in effect from time to time and subject to such other terms as the Board or the Compensation Committee may approve. For each fiscal year, the Executive shall be eligible to receive a target annual bonus opportunity of 60% of the Executive's Base Salary. The annual incentive bonus plan for the fiscal year ending June 30, 2021 shall be administered in accordance with its existing terms. (c) Long-Term Incentive Plan. The Executive shall be entitled to participate in the Company's long-term incentive plan in accordance with its terms that may be in effect from time to time and subject to such other terms as the Board of Directors of the Company (the "Board") or the Compensation Committee, Board, in its sole discretion, may approve. (d) Benefit Plans. The Executive shall be entitled to participate in all employee benefit plans or programs of the Company Group as are available to other similarly situated executives of the Company, in accordance with the terms of the plans, as may be amended from time to time. (e) Expenses. The Company Group shall reimburse the Executive for reasonable travel and other business-related expenses incurred by the Executive in the fulfillment of the Executive's duties hereunder hereunder, upon presentation of written documentation thereof, in accordance with the business expense reimbursement policies and procedures of the Company Group as in effect from time to time. Payments with respect to reimbursements of expenses shall be made consistent with the Company's Company Group's reimbursement policies and procedures. procedures and in no event later than the last day of the calendar year following the calendar year in which the relevant expense is incurred. (f) Vacation; Paid Time Off. Vacation. The Executive shall be entitled to vacation time and paid time off consistent with the applicable policies of the Company Group for other similarly situated executives of the Company Group as in effect from time to time. View More
Compensation and Other Benefits. Subject to the provisions of this Agreement, Agreement and a review of the compensation and other benefits as described in this Section 3 by the Company's compensation consultant as soon as practicable following the Effective Time, the Company Group shall pay and provide the following compensation and other benefits to the Executive during the Term as compensation for services rendered hereunder: (a) Base Salary. The Company Group shall pay to the Executive a base an annual salary at the annual...rate of $412,000 $275,000 (the "Base Salary"), payable in substantially equal installments at such intervals as may be determined by the Company Group in accordance with the Company's its ordinary payroll practices as established from time to time. The During the Term, the Compensation Committee of the Board (the "Compensation Committee") shall review the Executive's Base Salary, not less often than annually, and may increase (but not decrease) the Executive's Base Salary in its sole discretion. 2 (b) Bonus. The Executive shall be entitled to participate in the Company's Company Group's annual incentive bonus plan for senior executives in accordance with its terms as may be in effect from time to time and subject to such other terms as the Board or the Compensation Committee may approve. For each fiscal year, the Executive shall be eligible to receive a target annual bonus opportunity of 60% of the Executive's Base Salary. The annual incentive bonus plan for the fiscal year ending June 30, 2021 shall be administered in accordance with its existing terms. (c) Long-Term Incentive Plan. The Executive shall be entitled to participate in the Company's long-term incentive plan in accordance with its terms that may be in effect from time to time and subject to such other terms as the Board of Directors of the Company (the "Board") or the Compensation Committee, Board, in its sole discretion, may approve. (d) Benefit Plans. The Executive shall be entitled to participate in all employee benefit plans or programs of the Company Group as are available to other similarly situated executives of the Company, in accordance with the terms of the plans, as may be amended from time to time. (e) Expenses. The Company Group shall reimburse the Executive for reasonable travel and other business-related expenses incurred by the Executive in the fulfillment of the Executive's duties hereunder hereunder, upon presentation of written documentation thereof, in accordance with the business expense reimbursement policies and procedures of the Company Group as in effect from time to time. Payments with respect to reimbursements of expenses shall be made consistent with the Company's Company Group's reimbursement policies and procedures. procedures and in no event later than the last day of the calendar year following the calendar year in which the relevant expense is incurred. (f) Vacation; Paid Time Off. Vacation. The Executive shall be entitled to vacation time and paid time off consistent with the applicable policies of the Company Group for other similarly situated executives of the Company Group as in effect from time to time. View More
Compensation and Other Benefits. Subject to the provisions of this Agreement, Agreement and a review of the compensation and other benefits as described in this Section 3 by the Company's compensation consultant as soon as practicable following the Effective Time, the Company Group shall pay and provide the following compensation and other benefits to the Executive during the Term as compensation for services rendered hereunder: (a) Base Salary. The Company Group shall pay to the Executive a base an annual salary at the annual...rate of $412,000 $300,000 (the "Base Salary"), payable in substantially equal installments at such intervals as may be determined by the Company Group in accordance with the Company's its ordinary payroll practices as established from time to time. The During the Term, the Compensation Committee of the Board (the "Compensation Committee") shall review the Executive's Base Salary, not less often than annually, and may increase (but not decrease) the Executive's Base Salary in its sole discretion. 2 (b) Bonus. The Executive shall be entitled to participate in the Company's Company Group's annual incentive bonus plan for senior executives in accordance with its terms as may be in effect from time to time and subject to such other terms as the Board or the Compensation Committee may approve. For each fiscal year, the Executive shall be eligible to receive a target annual bonus opportunity of 60% of the Executive's Base Salary. The annual incentive bonus plan for the fiscal year ending June 30, 2021 shall be administered in accordance with its existing terms. (c) Long-Term Incentive Plan. The Executive shall be entitled to participate in the Company's long-term incentive plan in accordance with its terms that may be in effect from time to time and subject to such other terms as the Board of Directors of the Company (the "Board") or the Compensation Committee, Board, in its sole discretion, may approve. (d) Benefit Plans. The Executive shall be entitled to participate in all employee benefit plans or programs of the Company Group as are available to other similarly situated executives of the Company, in accordance with the terms of the plans, as may be amended from time to time. (e) Expenses. The Company Group shall reimburse the Executive for reasonable travel and other business-related expenses incurred by the Executive in the fulfillment of the Executive's duties hereunder hereunder, upon presentation of written documentation thereof, in accordance with the business expense reimbursement policies and procedures of the Company Group as in effect from time to time. Payments with respect to reimbursements of expenses shall be made consistent with the Company's Company Group's reimbursement policies and procedures. procedures and in no event later than the last day of the calendar year following the calendar year in which the relevant expense is incurred. (f) Vacation; Paid Time Off. Vacation. The Executive shall be entitled to vacation time and paid time off consistent with the applicable policies of the Company Group for other similarly situated executives of the Company Group as in effect from time to time. View More
Compensation and Other Benefits. Subject to the provisions of this Agreement, the Company shall pay and provide the following compensation and other benefits to the Executive during the Term as compensation for services rendered hereunder: (a) Base Salary. The Company shall pay to the Executive a base an annual salary at the annual rate of $412,000 $1,050,000 (the "Base Salary"), payable in substantially equal installments at such intervals as may be determined by the Company in accordance with the Company's its ordinary payrol...l practices as established from time to time. The time; provided that the Executive shall receive a reduced annual salary at the rate of $750,000 (the "Reduced Base Salary") in accordance with and until such time provided for in that certain letter agreement regarding salary reduction dated March 27, 2020 (the "Salary Reduction Letter"). For the avoidance of doubt, any references to "Base Salary" in this Agreement (including in Section 3(b) with respect to the Executive's bonus entitlements and in Section 4 relating to post-termination severance and other payments and benefits) shall refer to the highest annual rate of Base Salary approved by the Compensation Committee of the Board (the "Compensation Committee") for the Executive as of and following the date of this Agreement and shall not refer to the Reduced Base Salary or any other reduced annual salary rate unless specifically agreed to by the Executive. During the Term, the Compensation Committee of the Board shall review the Executive's Base Salary, not less often than annually, and may increase (but not decrease) the Executive's Base Salary in its sole discretion. 2 (b) Bonus. The Executive shall be entitled to participate in the Company's annual incentive bonus plan in accordance with its terms as may be in effect from time to time and subject to such other terms as the Board or the Compensation Committee may approve. For each fiscal year, year during the Term, the Executive shall be eligible to receive no less than (i) a target annual bonus opportunity of 60% 105% of the Executive's his Base Salary and (ii) an annual maximum bonus opportunity of 210% of his Base Salary. The annual incentive bonus plan for the fiscal year ending June 30, 2021 shall be administered in accordance with its existing terms. (c) Long-Term Incentive Plan. The Executive shall be entitled to participate in the Company's long-term incentive plan in accordance with its terms that may be in effect from time to time and subject to such other terms as the Board of Directors of the Company (the "Board") or the Compensation Committee, Board, in its sole discretion, may approve. (d) Benefit Plans. The Executive shall be entitled to participate in all employee benefit plans or programs of the Company as are available to other similarly situated senior executives of the Company, in accordance with the terms of the plans, as may be amended from time to time. (e) Expenses. The Company shall reimburse the Executive for reasonable travel and other business-related expenses incurred by the Executive in the fulfillment of the Executive's his duties hereunder upon presentation of written documentation thereof, in accordance with the business expense reimbursement policies and procedures of the Company as in effect from time to time. In addition, the Company shall reimburse the Executive for the cost of an annual physical exam by a physician of the Executive's choice upon presentation of written documentation thereof, in accordance with the applicable business expense reimbursement policies and procedures of the Company as in effect from time to time. Payments with respect to reimbursements of expenses shall be made consistent with the Company's reimbursement policies and procedures. procedures and in no event later than the last day of the calendar year following the calendar year in which the relevant expense is incurred. (f) Vacation; Paid Time Off. Vacation. The Executive shall be entitled to vacation time and paid time off consistent with the applicable policies of the Company for other similarly situated senior executives of the Company as in effect from time to time. View More
