Compensation and Related Matters Clause Example with 4 Variations from Business Contracts
This page contains Compensation and Related Matters 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 Related Matters. (a) Base Salary. During the Employment Period, the Company will pay Executive a base salary at the rate of $250,000 per year (“Base Salary”), to be paid in approximately equal installments in accordance with the Company’s customary payroll practices in effect from time to time. The level of Executive’s Base Salary will be subject to review as part of the Company’s ordinary course annual review process. (b) Annual Bonus. During the Employment Period and subject to approval by the Board or a... committee thereof, Executive will be eligible to receive an annual cash bonus with a target of 30% of Base Salary (“Target Bonus”). The actual amount of any such annual bonus payment will be determined in the sole discretion of the Board (“Actual Bonus”). The Actual Bonus (if any) shall be paid between January 1 and March 15 of the calendar year immediately following the performance year. To receive any such annual bonus, Executive must be employed by the Company on the date such annual bonus is paid. The level of Executive’s Target Bonus will be subject to review by the Board or a committee thereof as part of the Company’s ordinary course annual review process. (c) Long-Term Incentive Award. On February 18, 2021, Executive was granted 60,000 restricted stock units under the Company’s 2020 Stock Incentive Plan. Commencing in 2022 and for the remainder of the Employment Period, Executive will be eligible to receive an annual long-term incentive opportunity under the Company’s 2021 Equity Incentive Plan or any successor plan as for similarly-situated executive employees (other than the Chief Executive Officer and Executive Chairman), in a form and in such amounts to be determined by the Board or a committee thereof in its sole and absolute discretion. Any such long-term incentive awards will be subject to Executive’s continuing employment with the Company or any of its subsidiaries (collectively, the Company and its subsidiaries are referred to as the “Company Group”), and any other terms and conditions as set forth in the applicable award agreement. -2- (d) Benefits. During the Employment Period, Executive will be eligible to participate in employee health/welfare and retirement benefit plans and programs of the Company and its subsidiaries as are made available to the Company’s senior-level executives or to its employees generally, as such plans or programs may be in effect from time to time, and subject to the terms of the applicable plans or programs. (e) Expense Reimbursement. The Company will promptly reimburse Executive for all reasonable business expenses upon the presentation of reasonably itemized statements of such expenses in accordance with the policies and procedures of the Company Group in effect from time to time.View More
Variations of a "Compensation and Related Matters" Clause from Business Contracts
Compensation and Related Matters. (a) Base Salary. During the Employment Period, the Company will pay Executive a base salary at the rate of $250,000 $350,000 (THREE HUNDRED FIFTY THOUSAND DOLLARS) per year (“Base Salary”), to be paid in approximately equal installments in accordance with the Company’s customary payroll practices in effect from time to time. The level of Executive’s Base Salary will be subject to review as part of the Company’s ordinary course annual review process. (b) Annual Target Bonus. During the Employment... Period and subject to approval by the Board or a committee thereof, Executive will be eligible to receive an annual cash bonus with a target of 30% 50% (FIFTY PERCENT) of Base Salary (“Target Bonus”). The actual amount of any such annual bonus payment will be determined in the sole discretion of the Executive Chairman and CEO (“Actual Bonus”) in consultation with and approval by the Parent’s Board (“Actual Bonus”). The of Directors, and no guarantee is made that the Actual Bonus (if any) shall will be paid between January 1 and March 15 of the calendar year immediately following the performance year. payable in whole or in part, if at all. To receive any such annual bonus, Executive must be employed by the Company on the date such annual bonus is paid. paid, subject to Section 8(b) below. The level of Executive’s Target Bonus will be subject to review by the Parent’s Board or a committee thereof as part of the Company’s ordinary course annual review process. (c) Long-Term Incentive Award. On February 18, 2021, Executive was granted 60,000 restricted stock units under the Company’s 2020 Stock Incentive Plan. Commencing in 2022 and for the remainder In light of the Employment Period, Executive will Executive’s position as a director of Parent, Executive’s shall not be eligible to receive an annual long-term incentive opportunity under the Company’s 2021 Equity Incentive Plan or any successor plan as for similarly-situated executive employees (other than the Chief Executive Officer and Executive Chairman), in a form and in such amounts to be determined by the Board or a committee thereof in its sole and absolute discretion. Any such long-term long term incentive awards will be subject to Executive’s continuing employment with the Company or any of its subsidiaries (collectively, the Company and its subsidiaries are referred to as the “Company Group”), and any other terms and conditions as set forth in the applicable award agreement. -2- under this Agreement. (d) Benefits. During the Employment Period, Executive will be eligible to participate in employee health/welfare and retirement benefit plans and programs of the Company and its subsidiaries as are made available to the Company’s senior-level executives or to its employees generally, as such plans or programs may be in effect from time to time, and subject to the terms of the applicable plans or programs. (e) Expense Reimbursement. The Company will promptly reimburse Executive for all reasonable business expenses upon the presentation of reasonably itemized statements of such expenses in accordance with the policies and procedures of the Company Group in effect from time to time. time as may be modified for all senior executive officers of the Company. View More
Compensation and Related Matters. (a) Base Salary. During the Employment Period, the Company will pay Executive a base salary at the rate of $250,000 $450,000 (FOUR HUNDRED FIFTY THOUSAND DOLLARS) per year (“Base Salary”), to be paid in approximately equal installments in accordance with the Company’s customary payroll practices in effect from time to time. The level of Executive’s Base Salary will be subject to review as part of the Company’s ordinary course annual review process. (b) Annual Bonus. During the Employment Period ...and subject to approval by the Board or a committee thereof, Executive will be eligible to receive an annual cash bonus with a target of 30% 70% (SEVENTY PERCENT) of Base Salary (“Target Bonus”). The actual amount of any such annual bonus payment will be determined in the sole discretion of the Executive Chairman and CEO (“Actual Bonus”) in consultation with the Employer’s Board (“Actual Bonus”). The of Directors, and no guarantee is made that the Actual Bonus (if any) shall will be paid between January 1 and March 15 of the calendar year immediately following the performance year. payable in whole or in part, if at all. To receive any such annual bonus, Executive must be employed by the Company on the date such annual bonus is paid. paid, subject to Section 8(b) below. The level of Executive’s Target Bonus will be subject to review by the Board or a committee thereof as part of the Company’s ordinary course annual review process. (c) Long-Term Incentive Award. On February 18, 2021, During Executive’s employment, Executive was will be eligible to be granted 60,000 restricted stock units under when and at such time as the Company’s board approves or ratifies such grant, 70,000 (SEVENTY THOUSAND) “Restricted Stock Units” (“RSUs”) per annum for 4 (four) years, for a total of 280,000 (TWO HUNDRED EIGHTY THOUSAND) RSUs as defined in and pursuant to the Company’s 2020 Stock Incentive Plan. Commencing in 2022 and for the remainder of the Employment Period, Executive will be eligible to receive an annual long-term incentive opportunity under the Company’s 2021 Equity Incentive Plan or any successor plan as for similarly-situated executive employees (other than plan, and in the Chief Executive Officer and Executive Chairman), in a form and in such amounts subject to the terms and conditions to be determined by the Board or a an independent committee thereof in its sole and absolute discretion. Any such long-term incentive awards Such Restricted Stock Units will be subject to Executive’s continuing employment with the Company or any of its subsidiaries (collectively, the Company and its subsidiaries are referred to as the “Company Group”), affiliates, and any other terms and conditions as set forth in the applicable award agreement. Restricted Stock -2- Unit grant, and will include the contingent right to receive Earnout Shares, as defined in the Business Combination Agreement. Executive acknowledges receiving a copy of Company’s 2020 Stock Incentive Plan. (d) Benefits. During the Employment Period, Executive will be eligible to participate in employee health/welfare and retirement benefit plans and programs of the Company and its subsidiaries as are made available to the Company’s senior-level executives or to its employees generally, as such plans or programs may be in effect from time to time, and subject to the terms of the applicable plans or programs. (e) Expense Reimbursement. The Company will promptly reimburse Executive for all reasonable business expenses upon the presentation of reasonably itemized statements of such expenses in accordance with the policies and procedures of the Company Group in effect from time to time. time as may be modified for all senior executive officers of the Company. View More
Compensation and Related Matters. (a) Base Salary. During the Employment Period, the Company will pay Executive a base salary at the rate of $250,000 $475,000 per year (“Base Salary”), to be paid in approximately equal installments in accordance with the Company’s customary payroll practices in effect from time to time. The level of Executive’s Base Salary will be subject to review as part of the Company’s ordinary course annual review process. In connection with the first regularly-scheduled payroll period following the Effecti...ve Date, the Company will make a lump sum payment in an amount equal to the difference between (i) the amount of Base Salary that Executive would have received had he been employed hereunder between June 1, 2021, and ending on the Effective Date (such period, the “Pre-Closing Period”) and (ii) any salary paid to Executive under the Existing Employment Agreement during the Pre-Closing Period. (b) Annual Bonus. During Retroactive to June 1, 2021 and during the Employment Period Period, and subject to approval by the Board or a committee thereof, Executive will be eligible to receive an annual cash bonus with a target of 30% up to 70% of Base Salary (“Target Bonus”). The actual amount of any such annual bonus payment will be determined in the sole discretion of the Board (“Actual Bonus”). The Actual Bonus (if any) shall be paid between January 1 and March 15 of the calendar year immediately following the performance year. To receive any such annual bonus, Executive must be employed by the Company on the date such annual bonus is paid. The level of Executive’s Target Bonus will be subject to review by the Board or a committee thereof as part of the Company’s ordinary course annual review process. (c) Long-Term Incentive Award. On February 18, 2021, Executive was granted 60,000 restricted stock units under the Company’s 2020 Stock Incentive Plan. Commencing in 2022 and for the remainder of the Employment Period, Executive will be eligible to receive an annual one long-term incentive opportunity grant under the Company’s 2021 Equity Incentive Plan or any successor plan as for similarly-situated executive employees (other than with respect to a number of shares equal to 3% of the Chief Executive Officer and Executive Chairman), fully diluted outstanding shares of the Company’s Class A common stock following the closing of the Merger (as defined in the Business Combination Agreement), in a form and in such amounts to be determined by the Board or a committee thereof in its sole and absolute discretion. Any such long-term incentive awards will be subject to Executive’s continuing employment with the Company or any of its subsidiaries (collectively, the Company and its subsidiaries are referred to as the “Company Group”), and any other terms and conditions as set forth in the 2021 Equity Incentive Plan or any successor plan and the applicable award agreement. -2- (d) Benefits. During the Employment Period, Executive will be eligible to participate in employee health/welfare and retirement benefit plans and programs of the Company and its subsidiaries as are made available to the Company’s senior-level executives or to its employees generally, as such plans or programs may be in effect from time to time, and subject to the terms of the applicable plans or programs. (e) Expense Reimbursement. The Company will promptly reimburse Executive for all reasonable business expenses upon the presentation of reasonably itemized statements of such expenses in accordance with the policies and procedures of the Company Group in effect from time to time. View More
Compensation and Related Matters. (a) Base Salary. During the Employment Period, the Company will pay Executive a base salary at the rate of $250,000 $450,000 per year (“Base Salary”), to be paid in approximately equal installments in accordance with the Company’s customary payroll practices in effect from time to time. The level of Executive’s Base Salary will be subject to review as part of the Company’s ordinary course annual review process. In connection with the first regularly-scheduled payroll period following the Effecti...ve Date, the Company will make a lump sum payment in an amount equal to the difference between (i) the amount of Base Salary that Executive would have received had he been employed hereunder between June 1, 2021, and ending on the Effective Date (such period, the “Pre-Closing Period”) and (ii) any salary paid to Executive under the Existing Employment Agreement during the Pre-Closing Period. (b) Annual Bonus. During Retroactive to June 1, 2021, and during the Employment Period Period, and subject to approval by the Board or a committee thereof, Executive will be eligible to receive an annual cash bonus with a target of 30% up to 70% of Base Salary (“Target Bonus”). The actual amount of any such annual bonus payment will be determined in the sole discretion of the Board (“Actual Bonus”). The Actual Bonus (if any) shall be paid between January 1 and March 15 of the calendar year immediately following the performance year. To receive any such annual bonus, Executive must be employed by the Company on the date such annual bonus is paid. The level of Executive’s Target Bonus will be subject to review by the Board or a committee thereof as part of the Company’s ordinary course annual review process. (c) Long-Term Incentive Award. On February 18, 2021, Executive was granted 60,000 restricted stock units under the Company’s 2020 Stock Incentive Plan. Commencing in 2022 and for the remainder of the Employment Period, Executive will be eligible to receive an annual one long-term incentive opportunity grant under the Company’s 2021 Equity Incentive Plan or any successor plan as for similarly-situated executive employees (other than with respect to a number of shares equal to 3% of the Chief Executive Officer and Executive Chairman), fully diluted outstanding shares of the Company’s Class A common stock following the closing of the Merger (as defined in the Business Combination Agreement), in a form and in such amounts to be determined by the Board or a committee thereof in its sole and absolute discretion. Any such long-term incentive awards will be subject to Executive’s continuing employment with the Company or any of its subsidiaries (collectively, the Company and its subsidiaries are referred to as the “Company Group”), and any other terms and conditions as set forth in the 2021 Equity Incentive Plan or any successor plan and the applicable award agreement. -2- (d) Benefits. During the Employment Period, Executive will be eligible to participate in employee health/welfare and retirement benefit plans and programs of the Company and its subsidiaries as are made available to the Company’s senior-level executives or to its employees generally, as such plans or programs may be in effect from time to time, and subject to the terms of the applicable plans or programs. (e) Expense Reimbursement. The Company will promptly reimburse Executive for all reasonable business expenses upon the presentation of reasonably itemized statements of such expenses in accordance with the policies and procedures of the Company Group in effect from time to time. View More
