Compensation for Services Clause Example with 4 Variations from Business Contracts
This page contains Compensation for Services 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 for Services. As compensation for the services Executive will perform under this Agreement during the Employment Period, the Company will pay Executive, and Executive shall accept as full compensation, the following: (a) Base Salary. Executive shall receive an annualized base salary ("Base Salary") of Two Hundred Twenty-Five Thousand Dollars (US $225,000), commencing as of the Execution Date (and retroactive to February 1, 2021), prorated for any partial years of employment. Additionally, the Company will rev...iew Executive's Base Salary at least annually during the Employment Period, and, in the sole discretion of the Board, may increase (but not decrease) such Base Salary from time to time, but shall not be obligated to effectuate such an increase. Executive's compensation shall be subject to all appropriate federal and state withholding taxes and shall be payable in accordance with the Company's normal payroll procedures. (b) Bonus Compensation. Annual incentive bonuses awarded to Executive for any calendar year during the Employment Period shall be determined by the Board, based on criteria to be established jointly by the Board and Executive and communicated to Executive in writing. Each such annual incentive bonus shall be payable during the annual review period (generally January or February) in the calendar year following the calendar year to which the annual incentive bonus relates, provided Executive is employed by the Company on such payment date. (c) Reserved. (d) Vacation. During the Employment Period, Executive shall be entitled to five (5) weeks paid vacation annually. Vacation shall be taken at such times and intervals as shall be determined by Executive, subject to the reasonable business needs of the Company. Upon the termination of Executive's employment, for any reason, Executive will forfeit any accrued but unused vacation. Amended and Restated Executive Employment AgreementPage 2 (e) Reserved. (f) Reserved. (g) Other Benefits and Perquisites. Executive shall be entitled to participate in the benefit plans provided by the Company for all employees generally, and for the Company's executive employees. The Company shall be entitled to change or terminate these plans in its sole discretion at any time. Any reimbursement of expenses made under this Agreement shall only be made for eligible expenses (including transportation and cellular service expenses as set forth above) incurred during the Employment Period, and no reimbursement of any expense shall be made by the Company after December 31st of the year following the calendar year in which the expense was incurred. The amount eligible for reimbursement under this Agreement during a taxable year may not affect expenses eligible for reimbursement in any other taxable year, and the right to reimbursement under this Agreement is not subject to liquidation or exchange for another benefit. Executive will comply with the Company's policies regarding these benefits, including all Internal Revenue Service rules and requirements. (h) Withholdings and Deductions. The compensation described in this Section 5 is subject to all legally required and authorized withholdings and deductions.View More
Variations of a "Compensation for Services" Clause from Business Contracts
Compensation for Services. As compensation Except as otherwise provided by Agreement Section 10 below, for the all services rendered by Executive will perform under pursuant to this Agreement during the Employment Period, Agreement, the Company will shall pay to Executive, and Executive shall accept as full compensation, compensation hereunder the following: (a) a. Base Salary. Executive shall receive an annualized annual base salary ("Base Salary") of Two Hundred Twenty-Five Thousand Dollars (US $225,000), commencing as ...of the Execution Date (and retroactive to February 1, 2021), prorated for any partial years of employment. Additionally, the Company will review $ . Executive's Base Salary at least annually during the Employment Period, and, in the sole discretion of the Board, may increase (but not decrease) such Base Salary from time to time, but shall not be obligated to effectuate such an increase. Executive's compensation salary shall be paid semi-monthly and subject to all appropriate federal and state withholding taxes and shall be payable in accordance with the Company's normal payroll procedures. (b) Bonus Compensation. Annual incentive bonuses awarded to Executive for any calendar year during the Employment Period shall be determined by the Board, based on criteria to be established jointly by the Board and Executive and communicated to Executive in writing. Each such annual incentive bonus shall be payable during the annual review period (generally January or February) in the calendar year following the calendar year to which the annual incentive bonus relates, provided Executive is employed by the Company on such payment date. (c) Reserved. (d) Vacation. During the Employment Period, Executive shall be entitled to five (5) weeks paid vacation annually. Vacation shall be taken at such times and intervals as shall be determined by Executive, subject to the reasonable business needs procedures of the Company. Upon Prior to , 20 , the termination of Board may review Executive's employment, for any reason, Executive will forfeit any accrued but unused vacation. Amended base salary annually, in its sole and Restated Executive Employment AgreementPage 2 (e) Reserved. (f) Reserved. (g) Other absolute discretion, and commencing , 20 , the Board shall annually review such base salary, provided, however, that Executive's base salary may not be reduced without Executive's consent, except as otherwise required by Agreement Section 10. b. Benefits and Perquisites. Executive shall be entitled to participate in the benefit plans provided by the Company for all employees generally, and for executive employees of the Company's executive employees. Company. The Company shall be entitled to change or terminate these such plans in its sole discretion at any time. The parties acknowledge that at the initial date of this Agreement the fringe benefits provided to Executive include a 401(k) plan, health, dental, life, short and long disability insurance, and reimbursement of certain reasonable out-of-pocket expenses in accordance with the policies and procedures of the Company. Any reimbursement of expenses made under this Agreement shall only be made for eligible expenses (including transportation and cellular service expenses as set forth above) incurred during the Initial Employment Period, Term or Renewal Term, and no reimbursement of any expense shall be made by the Company after December 31st of the year following the calendar year in which the expense was incurred. The amount eligible for reimbursement under this Agreement during a taxable year may not affect expenses eligible for reimbursement in any other taxable year, and the right to reimbursement under this Agreement is not subject to liquidation or exchange for another benefit. 2 c. Discretionary Bonuses. The Company's Board shall establish an incentive bonus plan for its key executives based on various targets and performance criteria to be established by the Board in its sole discretion. Executive shall be permitted to participate in such plan, if adopted by the Board. The evaluation of the performance of Executive as measured by the applicable targets and the awarding of applicable bonuses, if any, shall be at the Board's sole discretion. The annual discretionary bonus may be awarded in whole or in part, based on the level of incentive bonus plan performance criteria achieved by Executive, in the Board's sole judgment. If Executive terminates this Agreement without Good Reason, as defined in Agreement Section 7(d), or if the Company terminates this Agreement at any time for Cause, as defined in Agreement Section 7(b), Executive will comply with not be paid any Discretionary Bonus, in whole or in part, for the year in which such termination occurs. The parties agree that any bonus payable pursuant to this Agreement Section 5(c) shall be paid no later than March 15 of the calendar year immediately following the calendar year in which such bonus is no longer subject to a substantial risk of forfeiture. d. Equity Compensation. The Company establishes equity-based incentives for its executives from time to time pursuant to the Texas Capital Bancshares, Inc. 2005 Long-Term Incentive Plan (the "Plan"). Except as otherwise provided herein, the Company may, but is not obligated to, make grants of equity-based incentive compensation to Executive pursuant to the terms of the Plan. As soon as reasonably practicable following the execution of this Agreement, the Company agrees to grant an equity award under the Plan to Executive relating to shares of the Company's policies regarding these benefits, including all common stock (the "Award"). The Award shall be subject to the terms and conditions of the applicable award agreement by and between Executive and the Company, which shall include, without limitation, the terms described in Exhibit A attached hereto and incorporated herein. The parties agree to use reasonable efforts to ensure that the Award either complies with or is exempt from the requirements of Section 409A of the Internal Revenue Service rules and requirements. (h) Withholdings and Deductions. The compensation described in this Section 5 is subject to all legally required and authorized withholdings and deductions. Code of 1986, as amended (the "Code"). View More
Compensation for Services. As compensation for the For all services rendered by Executive will perform under pursuant to this Agreement during the Employment Period, Agreement, the Company will shall pay to Executive, and Executive shall accept as full compensation, compensation hereunder the following: (a) a. Base Salary. Executive shall receive an annualized annual base salary ("Base Salary") of Two Hundred Twenty-Five Thousand Dollars (US $225,000), commencing as of the Execution Date (and retroactive to February 1, 20...21), prorated for any partial years of employment. Additionally, the Company will review $625,000. Executive's Base Salary at least annually during the Employment Period, and, in the sole discretion of the Board, may increase (but not decrease) such Base Salary from time to time, but shall not be obligated to effectuate such an increase. Executive's compensation salary shall be paid semi-monthly and subject to all appropriate federal and state withholding taxes and shall be payable in accordance with the Company's normal payroll procedures. (b) Bonus Compensation. Annual incentive bonuses awarded to Executive for any calendar year during the Employment Period shall be determined by the Board, based on criteria to be established jointly by the Board and Executive and communicated to Executive in writing. Each such annual incentive bonus shall be payable during the annual review period (generally January or February) in the calendar year following the calendar year to which the annual incentive bonus relates, provided Executive is employed by the Company on such payment date. (c) Reserved. (d) Vacation. During the Employment Period, Executive shall be entitled to five (5) weeks paid vacation annually. Vacation shall be taken at such times and intervals as shall be determined by Executive, subject to the reasonable business needs procedures of the Company. Upon the termination of The Board shall annually review such base salary, provided, however, that Executive's employment, for any reason, Executive will forfeit any accrued but unused vacation. Amended and Restated Executive Employment AgreementPage 2 (e) Reserved. (f) Reserved. (g) Other base salary may not be reduced without Executive's consent. b. Benefits and Perquisites. Executive shall be entitled to participate in the benefit plans provided by the Company for all employees generally, and for executive employees of the Company's executive employees. Company. The Company shall be entitled to change or terminate these such plans in its sole discretion at any time. The Parties acknowledge that at the initial date of this Agreement the fringe benefits provided to Executive include a 401(k) plan, health, dental, life, short and long disability insurance, and reimbursement of certain reasonable out-of-pocket expenses in accordance with the policies and procedures of the Company. Any reimbursement of expenses made under this Agreement shall only be made for eligible expenses (including transportation and cellular service expenses as set forth above) incurred during the Initial Employment Period, Term 2 or Renewal Term, and no reimbursement of any expense shall be made by the Company after December 31st of the year following the calendar year in which the expense was incurred. The amount eligible for reimbursement under this Agreement during a taxable year may not affect expenses eligible for reimbursement in any other taxable year, and the right to reimbursement under this Agreement is not subject to liquidation or exchange for another benefit. c. Discretionary Bonuses. The Company's Board shall establish an incentive bonus plan for its key executives based on various targets and performance criteria to be established by the Board in its sole discretion. Executive shall be permitted to participate in such plan, if adopted by the Board. The evaluation of the performance of Executive as measured by the applicable targets and the awarding of applicable bonuses, if any, shall be at the Board's sole discretion. The annual discretionary bonus may be awarded in whole or in part, based on the level of incentive bonus plan performance criteria achieved by Executive, in the Board's sole judgment. If Executive terminates his employment and this Agreement without Good Reason, as defined in Agreement Section 7(d), or if the Company terminates this Agreement and Executive's employment at any time for Cause, as defined in Agreement Section 7(b), Executive will comply with not be paid any discretionary bonus pursuant to this Agreement Section 5(c), in whole or in part, for the Company's policies regarding these benefits, including all Internal Revenue Service rules and requirements. (h) Withholdings and Deductions. year in which such termination occurs. The compensation described Parties agree that any bonus payable pursuant to this Agreement Section 5(c) shall be paid no later than March 15 of the calendar year immediately following the calendar year in this Section 5 which such bonus is no longer subject to all legally required and authorized withholdings and deductions. a substantial risk of forfeiture. d. Equity Compensation. The Company establishes equity-based incentives for its executives from time to time under certain stock-based compensation plans as the Company may establish from time to time (collectively, the "Plans"). The Company may, but is not obligated to, make grants of equity-based incentive compensation to Executive pursuant to the terms of the Plans. View More
Compensation for Services. As compensation for the For all services rendered by Executive will perform under pursuant to this Agreement during the Employment Period, Agreement, the Company will shall pay to Executive, and Executive shall accept as full compensation, compensation hereunder the following: (a) a. Base Salary. Executive shall receive an annualized annual base salary ("Base Salary") of Two Hundred Twenty-Five Thousand Dollars (US $225,000), commencing as of the Execution Date (and retroactive to February 1, 20...21), prorated for any partial years of employment. Additionally, the Company will review $[ ]. Executive's Base Salary at least annually during the Employment Period, and, in the sole discretion of the Board, may increase (but not decrease) such Base Salary from time to time, but shall not be obligated to effectuate such an increase. Executive's compensation salary shall be paid semi-monthly and subject to all appropriate federal and state withholding taxes and shall be payable in accordance with the Company's normal payroll procedures. (b) Bonus Compensation. Annual incentive bonuses awarded to Executive for any calendar year during the Employment Period shall be determined by the Board, based on criteria to be established jointly by the Board and Executive and communicated to Executive in writing. Each such annual incentive bonus shall be payable during the annual review period (generally January or February) in the calendar year following the calendar year to which the annual incentive bonus relates, provided Executive is employed by the Company on such payment date. (c) Reserved. (d) Vacation. During the Employment Period, Executive shall be entitled to five (5) weeks paid vacation annually. Vacation shall be taken at such times and intervals as shall be determined by Executive, subject to the reasonable business needs procedures of the Company. Upon the termination of The Board shall annually review such base salary, provided, however, that Executive's employment, for any reason, Executive will forfeit any accrued but unused vacation. Amended and Restated Executive Employment AgreementPage 2 (e) Reserved. (f) Reserved. (g) Other base salary may not be reduced without Executive's consent. b. Benefits and Perquisites. Executive shall be entitled to participate in the benefit plans provided by the Company for all employees generally, and for executive employees of the Company's executive employees. Company. The Company shall be entitled to change or terminate these such plans in its sole discretion at any time. The Parties acknowledge that at the initial date of this Agreement the fringe benefits provided to Executive include a 401(k) plan, health, dental, life, short and long disability insurance, and reimbursement of certain reasonable out-of-pocket expenses in accordance with the policies and procedures of the Company. Any reimbursement of expenses made under this Agreement shall only be made for eligible expenses (including transportation and cellular service expenses as set forth above) incurred during the Initial Employment Period, Term or Renewal Term, and no reimbursement of any expense shall be made by the Company after December 31st of the year following the calendar year in which the expense was incurred. The amount eligible for reimbursement under this Agreement during a taxable year may not affect expenses eligible for reimbursement in any other taxable year, and the right to reimbursement under this Agreement is not subject to liquidation or exchange for another benefit. 2 c. Discretionary Bonuses. The Company's Board shall establish an incentive bonus plan for its key executives based on various targets and performance criteria to be established by the Board in its sole discretion. Executive shall be permitted to participate in such plan, if adopted by the Board. The evaluation of the performance of Executive as measured by the applicable targets and the awarding of applicable bonuses, if any, shall be at the Board's sole discretion. The annual discretionary bonus may be awarded in whole or in part, based on the level of incentive bonus plan performance criteria achieved by Executive, in the Board's sole judgment. If Executive terminates his employment under this Agreement without Good Reason, as defined in Agreement Section 7(d), or if the Company terminates this Agreement and Executive's employment at any time for Cause, as defined in Agreement Section 7(b), Executive will comply with not be paid any discretionary bonus, in whole or in part, for the Company's policies regarding these benefits, including all Internal Revenue Service rules year in which the Agreement and requirements. (h) Withholdings and Deductions. employment termination occurs. The Parties agree that any bonus payable under this Agreement Section 5(c) shall be paid no later than March 15 of the calendar year immediately following the calendar year in which such bonus is no longer subject to a substantial risk of forfeiture. d. Equity Compensation. The Company establishes equity-based incentives for its executives from time to time under certain stock-based compensation described plans as the Company may establish from time to time (collectively, the "Plans"). Except as otherwise provided in this Section 5 Agreement, the Company may, but is subject not obligated to, make grants of equity-based incentive compensation to all legally required and authorized withholdings and deductions. Executive under the terms of the Plans. View More
Compensation for Services. As compensation for the services Executive will perform under this Agreement during the Employment Period, the Company will pay Executive, and Executive shall accept as full compensation, the following: (a) Base (a)Base Salary. Executive shall receive an annualized base salary ("Base Salary") of Two Hundred Twenty-Five Thousand Dollars (US $225,000), $200,000), commencing as of the Execution Effective Date (and retroactive to February 1, 2021), and prorated for any partial years of employment. A...dditionally, the Company will review Executive's Base Salary at least annually during the Employment Period, and, in the sole discretion of the Board, may increase (but not decrease) such Base Salary from time to time, but shall not be obligated to effectuate such an increase. Executive's compensation shall be subject to all appropriate federal and state withholding taxes and shall be payable in accordance with the Company's normal payroll procedures. (b) (b)Bonus Compensation. (i)for the 2020 calendar year, Executive shall be eligible to receive a discretionary annual incentive bonus (the "Annual Incentive Bonus") of at least 25% of Base Salary, to be paid to Executive during the annual review period (generally January or February) in 2021, provided that: (A) Executive is employed by the Company on the date the Annual Incentive Bonus Compensation. is paid; and (B) Company has achieved certain performance goals to be established in a written bonus plan by the Compensation Committee of the Board of Directors with input from Executive. (ii) Annual incentive bonuses awarded to Executive for any subsequent calendar year during the Employment Period years shall be determined by the Board, based on criteria to be established jointly by the Board and Executive and communicated to Executive in writing. Executive. Each such annual incentive bonus shall be payable during the annual review period (generally January or February) in the calendar year following the calendar year to which the annual incentive bonus relates, provided Executive is employed by the Company on such payment date. (c) Reserved. (d) Vacation. (c)Reserved. 2 (d)Vacation. During the Employment Period, Executive shall be entitled to five (5) four (4) weeks paid vacation annually. Vacation shall be taken at such times and intervals as shall be determined by Executive, subject to the reasonable business needs of the Company. Upon the termination of Executive's employment, for any reason, Executive will forfeit any accrued but unused vacation. Amended and Restated Executive Employment AgreementPage 2 (e) Reserved. (f) Reserved. (g) Other (e)Reserved. (f)Reserved. (g)Other Benefits and Perquisites. Executive shall be entitled to participate in the the- benefit plans provided by the Company for all employees generally, and for the Company's executive employees. The Company shall be entitled to change or terminate these plans in its sole discretion at any time. Any reimbursement of expenses made under this Agreement shall only be made for eligible expenses (including transportation and cellular service expenses as set forth above) incurred during the Employment Period, and no reimbursement of any expense shall be made by the Company after December 31st of the year following the calendar year in which the expense was incurred. The amount eligible for reimbursement under this Agreement during a taxable year may not affect expenses eligible for reimbursement in any other taxable year, and the right to reimbursement under this Agreement is not subject to liquidation or exchange for another benefit. Executive will comply with the Company's policies regarding these benefits, including all Internal Revenue Service rules and requirements. (h) Withholdings (h)Withholdings and Deductions. The compensation described in this Section 5 is subject to all legally required and authorized withholdings and deductions. (i)Equity Award. The Company intends to consider a grant of stock options to Executive, as soon as administratively practicable after the effective date of this Agreement and subject to the Board of Directors' approval, the Executive will receive, by a separate agreement, a stock option granted under the PeerStream, Inc. 2016 Long- Term Incentive Plan (the "Plan") with respect of Seventy-Five Thousand (75,000) shares of the Company's common stock, with an exercise price equal to the fair market value on the Company's common stock on date of the grant, vesting in four (4) separate tranches of twenty-five percent (25%) each, with the first tranche vesting on the one (1) year anniversary of the start date and the remaining three (3) tranches vesting on one (1) year intervals thereafter (subject to early termination or forfeiture in accordance with the terms of the award agreement) (the "Stock Option"). View More
