Compensation Benefits and Expenses Contract Clauses (39)

Compensation Benefits and Expenses. 3.1. Base Salary. In consideration of the services to be rendered under this Agreement, the Company shall pay the Employee a base salary at the rate of Three Hundred and Fifty Thousand and no/100 Dollars ($350,000.00) per annum ("Base Salary''). The Base Salary shall be paid in equal installments in accordance with the Company's regularly established payroll practice for executives. The Employee's Base Salary will be reviewed no less often than once per calendar year beginning in January 2020 in... accordance with the established procedures of the Company for reviewing salaries for similarly situated employees with the Group Companies. 3.2. Bonus. For each fiscal year completed during the Employment Period, the Employee shall be eligible to participate in the annual bonus plan maintained by the Company or Group Companies for its executives generally, as in effect from time to time (such plan, as so in effect from time to time, the "Bonus Plan"). The actual amount of any bonus payable to the Employee in respect of any fiscal year will be determined by the Board of Directors of the Group Companies (the "Board") or the Remuneration Committee thereof based on the achievement of performance objectives established by the Board or the Remuneration Committee thereof in accordance with the terms of the Bonus Plan and will be payable pursuant to the terms of the Bonus Plan. 3.3. Stock Options. The Employee shall be eligible to receive stock-based awards under the equity incentive plan or program maintained by the Group Companies for its executives generally, as in effect from time to time, in the discretion of the Board or the Remuneration Committee thereof. It is agreed that the Employee's initial stock-based awards shall be made effective as of the first date of employment (i.e., 8th April 2019), the awards consisting of options over ordinary shares of the Company with a value of $425,000 and a grant of restricted share units with a value of $425,000 as of the date of grant (the "Initial Awards"). The date of grant for the Initial Awards shall be April 8th 2019 and the exercise price of the options shall be the closing price on the date of grant. The Initial Awards and all other stock-based awards which Employee may receive from time to time during the term of employment shall be subject to the terms of the Company's 2013 Share Incentive Plan, as updated or superseded over time. 3.4. Other Benefits. The Employee shall be eligible to participate in standard employee benefits offered by the Company from time to time in accordance with Company policies and plan terms. All such policies and plans are subject to amendment from time to time in the Company's sole discretion. The Employee will receive vacation and other paid time off in accordance with the Company's vacation, holiday and other policies, which may be modified by the Company from time to time. 3.5. Expenses. The Company will reimburse the Employee for reasonable business expenses incurred in the performance of his duties hereunder. Reimbursement shall be made in accordance with the Company's expense reimbursement policies, which will include timely submission of expense reports and appropriate receipts. To the extent that these any of these expense reimbursements are considered as income to you, you will be responsible for the payment of all taxes arising from such reimbursement or income. View More

Compensation Benefits and Expenses. 3.1. Base Salary. Commencing on the Effective Date, the Company shall pay to Executive an annual base salary ("Annual Base Salary") in the amount set forth on Exhibit A for all services to be rendered by Executive hereunder. The Annual Base Salary shall be payable in accordance with the Company's normal payroll practices for employees, and the Company shall deduct or cause to be deducted from the Annual Base Salary all taxes and amounts required by law to be withheld. Executive's performance and... base salary will be reviewed annually by the compensation committee of the Board of Directors. Future increases of the Annual Base Salary, if any, shall be determined by the Board of Directors of the Company in their sole and absolute discretion. 3.2. Performance Bonus. The Executive shall be eligible to receive an annual bonus with a target level at a percentage set forth in Exhibit A, based on meeting certain performance metrics and stock performance as determined in the sole and absolute discretion of the Board of Directors of the Company. The Board of Directors may, in its sole and absolute discretion, establish a bonus plan. There is no guarantee of a bonus in any year and under no circumstances shall a bonus be considered a required part of Executive's annual compensation. 3.3. Benefits. During the Term of this Agreement, Executive shall be entitled to participate in all savings and retirement plans, health, dental, life, accident and short and long term disability, and policies and other programs maintained by the Company for the benefit of its full-time employees. 3.4. Reimbursement of Expenses. Executive shall be reimbursed for all reasonable out-of-pocket expenses paid to third parties incurred by Executive in connection with the performance of his duties hereunder within thirty (30) days of presentation of expense statements and vouchers and other supporting documentation and such other information as the Company may reasonably require. 3.5. Personal Leave. During the Term, Executive shall be entitled to a certain amount, as set forth on Exhibit A, of paid personal time off ("PTO") during each calendar year (pro rated for partial years) in accordance with the Company's policies in effect from time to time. 3.6 Car Expenses. The Company shall pay Executive a monthly allowance in an amount as set forth on Exhibit A for gas expense and mileage. Executive shall not be entitled to receive any other amounts related to car usage. 3.7 Phone Expenses. The Company shall pay Executive a monthly allowance in an amount as set forth on Exhibit A for a cellular phone plan. Executive shall not be entitled to receive any other amounts related to his cellular phone or monthly cellular phone bill. View More

Compensation Benefits and Expenses. During the Term and before the Termination of his/her Employment, the Company shall compensate (or cause the Bank to compensate) the Executive for his/her services as follows: (a) Base Salary. The Executive shall receive a base salary at the annual rate of $450,000, as increased from time to time by the Board. During the Term, the Board may increase (but not decrease) the Executive's base salary. Base salary payments shall be made in substantially equal installments pursuant to the Employing Com...panies' established payroll procedures. (b) Incentive Compensation. The Executive shall be entitled to incentive compensation, including equity-based compensation, as determined by the Board from time to time, payable in accordance with the provisions of these incentive plans or programs. (c) Employee Benefits. The Executive shall be eligible to participate in such benefit plans as are made available to, and on such terms and conditions applicable to, other similarly situated executives and subject to the terms of such benefit plans. The Employing Companies may change or terminate any such benefit plan at any time, in its sole discretion, subject to applicable legal requirements. (d) Vacation Benefits. The Executive shall be entitled to annual vacation in accordance with the Employing Companies' policies as in effect from time to time for similarly situated executive employees, but not less than four (4) weeks of paid vacation per year. (e) Reimbursement of Expenses. The Employing Companies shall reimburse the Executive for reasonable business expenses incurred by the Executive in connection with the performance of his/her duties. Such reimbursements shall be made in accordance with the Employing Companies' established reimbursement policies, as in effect from time to time; provided, however, reimbursements for expenses incurred during a calendar year shall be made not later than March 15 of the following year. View More