Compensation Clause Example with 5 Variations from Business Contracts
This page contains Compensation 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. (a) Salary. The Company shall pay you base salary (as may be increased, “Salary”) at a rate of Nine Hundred Eleven Thousand Five Hundred Fifty Dollars ($911,550) per year for all of your services as an employee. Your Salary shall be subject to merit reviews, on or about an annual basis, while you are actively employed during the Contract Period and may at that time, be increased but not decreased. Your Salary, less deductions and income and payroll tax withholding as may be required under applic...able law, shall be payable in accordance with the Company’s ordinary payroll policy, but no less frequently than monthly. (b) Bonus. You also shall be eligible to earn a bonus (“Bonus”) or a Pro-Rated Bonus (as defined in paragraph 19(e)(ii)), as applicable, determined as set forth below and in paragraph 19(e)(ii). DeDe Lea As of October 2, 2019 Page 2 (i) Your Bonus for each Company fiscal year, regardless of whether such fiscal year is a 12-month period or a shorter period of time, shall be determined in accordance with the Company’s annual bonus plan in effect from time to time, as determined by the Board or a committee of the Board (the “STIP”). (ii) Your target Bonus for each Company fiscal year during the Contract Period shall be 100% of your Salary (your “Target Bonus”) and shall be adjusted based on the Company’s performance (the “Company Performance Factor”) and your individual performance (the “Individual Performance Factor”), in each case as determined by the Company and as further provided in the STIP. (c) Long-Term Incentive Compensation. During your employment under this Agreement, you shall be eligible to participate in the Company’s equity incentive plan as in effect from time to time, at a level appropriate to your position and individual performance as determined by the Board or a committee of the Board, in its discretion, based on a target value of Seven Hundred Fifty Thousand Dollars ($750,000), comprised of one or more types of equity awards determined by the Board or a committee of the Board. (d) Compensation During Short-Term Disability. Your compensation for any period that you are absent due to a short-term disability (“STD”) and are receiving compensation under a short-term disability plan sponsored or maintained by the Company shall be determined in accordance with the terms of such STD plan. The compensation provided to you under the applicable STD plan shall be in lieu of the Salary provided under this Agreement. Your participation in any other Company benefit plans or programs during the STD period shall be governed by the terms of the applicable plan or program documents, award agreements and certificates.View More
Variations of a "Compensation" Clause from Business Contracts
Compensation. (a) Salary. The Company shall pay you base salary (as may be increased, “Salary”) at a rate of Nine Seven Hundred Eleven Thousand Five Hundred Fifty Dollars ($911,550) ($700,000) per year for all of your services as an employee. Your Salary shall be subject to merit reviews, on or about an annual basis, while you are actively employed during the Contract Period and may may, at that time, be increased but not decreased. Your Salary, less deductions and income and payroll tax withholding as may be... required under applicable law, shall be payable in accordance with the Company’s ordinary payroll policy, but no less frequently than monthly. (b) Bonus. You also shall be eligible to earn a bonus (“Bonus”) or a Pro-Rated Bonus (as defined in paragraph 19(e)(ii)), as applicable, determined as set forth below and in paragraph 19(e)(ii). DeDe Lea As of October 2, 2019 Page 2 (i) Your Bonus for each Company fiscal year, regardless of whether such fiscal year is a 12-month period or a shorter period of time, shall be determined in accordance with the Company’s annual bonus plan in effect from time to time, as determined by the Board or a committee of the Board (the “STIP”). (ii) Your target Bonus for each Company fiscal year during the Contract Period shall be 100% of your Salary (your “Target Bonus”) and shall be adjusted based on the Ms. Julia Phelps As of August 28, 2019 Page 2 Company’s performance (the “Company Performance Factor”) and your individual performance (the “Individual Performance Factor”), in each case as determined by the Company and as further provided in the STIP. (c) Long-Term Incentive Compensation. During your employment under this Agreement, you shall be eligible to participate in receive annual grants of long-term compensation under the Company’s equity incentive plan as in effect from time to time, at a level appropriate to your position and individual performance as determined by the Board or a committee of the Board, in its discretion, based on a with an expected annual target value of Seven Hundred Fifty Thousand Dollars ($750,000), ($700,000), comprised of one or more types of equity awards determined by the Board or a committee of the Board. (d) Compensation During Short-Term Disability. Your compensation for any period that you are absent due to a short-term disability (“STD”) and are receiving compensation under a short-term disability plan sponsored or maintained by the Company shall be determined in accordance with the terms of such STD plan. The compensation provided to you under the applicable STD plan shall be in lieu of the Salary provided under this Agreement. Your participation in any other Company benefit plans or programs during the STD period shall be governed by the terms of the applicable plan or program documents, award agreements and certificates. View More
Compensation. (a) Salary. The Company shall pay you base salary (as may be increased, “Salary”) at a rate of Nine Hundred Eleven Thousand Five Two Million Seven Hundred Fifty Thousand Dollars ($911,550) ($2,750,000) per year for all of your services as an employee. employee of the Company. Your Salary shall be subject to annual merit reviews, on or about an annual basis, reviews while you are actively employed during the Contract Period and may may, at that time, be increased but not decreased. Your Salary, l...ess deductions and income and payroll tax withholding as may be required under applicable law, shall be payable in accordance with the Company’s ordinary payroll policy, but no less frequently than monthly. (b) monthly.(b) Bonus. You also shall be eligible to earn a bonus (“Bonus”) or a Pro-Rated Bonus (as defined in paragraph 19(e)(ii)), as applicable, determined as set forth below and in paragraph 19(e)(ii). DeDe Lea As of October 2, 2019 Page 2 (i) Your (i)Your Bonus for each Company fiscal year, regardless of whether such fiscal year is a 12-month period or a shorter period of time, shall be determined in accordance with the Company’s annual bonus plan in effect Viacom Inc. Short-Term Incentive Plan as it may be amended from time to time, or any successor plan, as determined by the Board or a committee of the Board (the “STIP”). (ii) Your (ii)Your target Bonus for each Company fiscal year during the Contract Period shall be 100% of your Salary Three Million Five Hundred Thousand Dollars ($3,500,000) (your “Target Bonus”) and shall be adjusted based on the Company’s performance (the “Company Performance Factor”) and your individual performance (the “Individual Performance Factor”), in each case as determined by the Company or Viacom Inc. and as further provided in the STIP. For the avoidance of doubt, the Robert BakishAs of October 31, 2016Page 2 Company Performance Factor shall be based on the performance of the businesses comprising the Global Entertainment Group. (c) Long-Term Incentive Compensation. During your employment under this Agreement, you shall be eligible to participate in receive annual grants of long-term compensation under the Company’s equity incentive plan as in effect from time to time, at a level appropriate to your position and individual performance Viacom Inc. 2016 Long-Term Management Incentive Plan, or any successor plan, as determined by the Board or a committee of the Board, in its discretion, based on a target value of Seven Three Million Two Hundred Fifty Thousand Dollars ($750,000), comprised of one or more types of equity awards ($3,250,000), determined and modified by the Board or a committee of the Board. (d) Compensation During Short-Term Disability. Your compensation for any period that you are absent due to a short-term disability (“STD”) and are receiving compensation under a short-term disability Viacom STD plan sponsored or maintained by the Company shall be determined in accordance with the terms of such STD plan. The compensation provided to you under the applicable STD plan shall be in lieu of the Salary provided under this Agreement. Your participation in any other Company Viacom benefit plans or programs during the STD period shall be governed by the terms of the applicable plan or program documents, award agreements and certificates. View More
Compensation. (a) Salary. The Company shall pay you base salary (as may be increased, “Salary”) at a rate of Nine One Million Two Hundred Eleven and Fifty Thousand Five Hundred Fifty Dollars ($911,550) ($1,250,000) per year for all of your services as an employee. employee of the Company. Your Salary shall be subject to merit reviews, on or about an annual basis, while you are actively employed during the Contract Period and may may, at that time, be increased but not decreased. Your Salary, less deductions a...nd income and payroll tax withholding as may be required under applicable law, shall be payable in accordance with the Company’s ordinary payroll policy, but no less frequently than monthly. (b) Bonus. You also shall be eligible to earn a bonus (“Bonus”) or a Pro-Rated Bonus (as defined in paragraph 19(e)(ii)), as applicable, determined as set forth below and in paragraph 19(e)(ii). DeDe Lea As of October 2, 2019 Page 2 (i) Your Bonus for each Company fiscal year, regardless of whether such fiscal year is a 12-month twelve (12)-month period or a shorter period of time, shall be determined in accordance with the Company’s annual bonus plan in effect from time to time, time (the “STIP”), as determined by the Board of Directors of the Company (the “Board”) or a committee of the Board (the “STIP”). Board. (ii) Your target Bonus for each Company fiscal year during the Contract Period shall be 100% one hundred twenty-five percent (125%) of your Salary (your “Target Bonus”) and shall be adjusted based on the Company’s performance (the “Company Performance Factor”) and your individual performance (the “Individual Performance Factor”), in each case as determined by the Company and as further provided in the STIP. (c) Long-Term Incentive Compensation. During your employment under this Agreement, you shall be eligible to participate in receive annual grants of long-term compensation under the Company’s equity incentive plan plan, as in effect from time to time, at a level appropriate to your position and individual performance as determined by the Christa D’Alimonte August 13, 2019 Page 2 Board or a committee of the Board, in its discretion, based on a with an expected target value of Two Million One Hundred Eighty Seven Thousand and Five Hundred Fifty Thousand Dollars ($750,000), ($2,187,500), comprised of one or more types of equity awards determined by the Board or a committee of the Board. (d) Compensation During Short-Term Disability. Your compensation for any period that you are absent due to a short-term disability (“STD”) and are receiving compensation under a short-term disability plan sponsored or maintained by the Company shall be determined in accordance with the terms of such STD plan. The compensation provided to you under the applicable STD plan shall be in lieu of the Salary provided under this Agreement. Your participation in any other Company benefit plans or programs during the STD period shall be governed by the terms of the applicable plan or program documents, award agreements and certificates. View More
Compensation. (a) Salary. The Company shall pay you base salary (as may be increased, “Salary”) at a rate of Nine One Million Four Hundred Eleven Thousand Five Hundred Fifty Dollars ($911,550) ($1,400,000) per year for all of your services as an employee. Your Salary shall be subject to merit reviews, on or about an annual basis, while you are actively employed during the Contract Period and may at that time, be increased but not decreased. Your Salary, less deductions and income and payroll tax withholding a...s may be required under applicable law, shall be payable in accordance with the Company’s ordinary payroll policy, but no less frequently than monthly. (b) Bonus. You also shall be eligible to earn a bonus (“Bonus”) or a Pro-Rated Bonus (as defined in paragraph 19(e)(ii)), as applicable, determined as set forth below and in paragraph 19(e)(ii). DeDe Lea As of October 2, 2019 Page 2 (i) Your (i)Your Bonus for each Company fiscal year, regardless of whether such fiscal year is a 12-month period or a shorter period of time, shall be determined in accordance with the Company’s annual bonus plan in effect from time to time, as determined determine by the Board or a committee Committee of the Board (the “STIP”). (ii) Your (ii)Your target Bonus for each Company fiscal year during the Contract Period shall be 100% 150% of your Salary (your “Target Bonus”) and shall be adjusted based on the Company’s performance (the “Company Performance Factor”) and your individual performance (the “Individual Performance Factor”), in each case as determined by the Company and as further provided in the STIP. Notwithstanding the foregoing, your 2020 Bonus will be guaranteed at your Mr. Naveen ChopraJune 30, 2020Page 2 Target Bonus, and prorated for time employed during the fiscal year, beginning with the Effective Date. (c) Long-Term Incentive Compensation. During your employment under this Agreement, you shall be eligible to participate in the Company’s equity incentive plan as in effect from time to time, at a level appropriate to your position and individual performance as determined by the Board or a committee of the Board, in its discretion, based on a target value of Seven Hundred Fifty Thousand Three Million Dollars ($750,000), comprised ($3,000,000) per annum. The annual design and actual grant date value of one or more types your award shall be determined and subject to modification (in a manner consistent with award principles applicable to similarly situated employees of equity awards determined the Company) by the Board or a committee of the Board. (d) Compensation During Short-Term Disability. Your compensation for any period that you are absent due to a short-term disability (“STD”) and are receiving compensation under a short-term disability Company STD plan sponsored or maintained by the Company shall be determined in accordance with the terms of such STD plan. The compensation provided to you under the applicable STD plan shall be in lieu of the Salary provided under this Agreement. Your participation in any other Company benefit plans or programs during the STD period shall be governed by the terms of the applicable plan or program documents, award agreements and certificates. View More
Compensation. (a) Salary. The Company shall pay you base salary (as may be increased, “Salary”) at a rate of Nine Three Million One Hundred Eleven Thousand Five Hundred Fifty Dollars ($911,550) ($3,100,000) per year for all of your services as an employee. Robert Bakish As of August 13, 2019 Page 2 employee of the Company. Your Salary shall be subject to annual merit reviews, on or about an annual basis, reviews while you are actively employed during the Contract Period and may may, at that time, be increased... but not decreased. Your Salary, less deductions and income and payroll tax withholding as may be required under applicable law, shall be payable in accordance with the Company’s ordinary payroll policy, but no less frequently than monthly. (b) Bonus. You also shall be eligible to earn a bonus (“Bonus”) or a Pro-Rated Bonus (as defined in paragraph 19(e)(ii)), as applicable, determined as set forth below and in paragraph 19(e)(ii). DeDe Lea As of October 2, 2019 Page 2 (i) Your Bonus for each Company fiscal year, regardless of whether such fiscal year is a 12-month twelve (12)-month period or a shorter period of time, shall be determined in accordance with the Company’s annual bonus plan in effect from time to time, time (the “STIP”), as determined by the Board or a committee of the Board (the “STIP”). Board. (ii) Your target Bonus for each Company fiscal year during the Contract Period shall be 100% of your Salary Twelve Million Four Hundred Thousand Dollars ($12,400,000) (your “Target Bonus”) and shall be adjusted based on the Company’s performance (the “Company Performance Factor”) and your individual performance (the “Individual Performance Factor”), in each case as determined by the Company Board or a committee of the Board and as further provided in the STIP. STIP; provided, however, that the Board or a committee of the Board will review your Target Bonus during the Contract Term and may increase, but not decrease, your Target Bonus at that time. The result of such review shall be reported to you promptly after it occurs. (iii) If your Bonus for Viacom’s FY 2019 or FY 2020 has not been paid prior to the Effective Date, your Bonus for such Viacom fiscal year shall be paid in accordance with the Merger Agreement. (c) Long-Term Incentive Compensation. During your employment under this Agreement, you shall be eligible to participate in receive annual grants of long-term compensation under the Company’s equity incentive plan as in effect from time to time, at a level appropriate to your position and individual performance as determined by the Board or a committee of the Board, in its discretion, based on a target value of Seven Hundred Fifty Thousand Sixteen Million Dollars ($750,000), ($16,000,000) comprised of one or more types of equity awards determined by the Board or a committee of the Board. Board; provided, that, the types of equity awards provided shall not be less favorable than those provided to other senior executive officers of the Company. Your equity grants shall be made at the same time as for other senior executive officers of the Company. (d) Special Transaction Bonus Grant. As soon as practicable following the Effective Date (and in no event more than ten (10) days following such date), you shall be granted an award of restricted stock units with respect to a number of shares of Class B Common Stock of the Company with a value equal to Five Million Dollars ($5,000,000) (based on the closing price of the Company’s Class B Common Stock on the trading day immediately prior to the grant date), which shall vest in equal installments on each of the first four (4) anniversaries of the Effective Date or earlier as provided in paragraph 11. (e) Compensation During Short-Term Disability. Your compensation for any period that you are absent due to a short-term disability (“STD”) and are receiving compensation under a short-term disability plan sponsored or maintained by the Company shall be determined in accordance with the terms of such STD plan. The compensation provided to you under the applicable STD plan shall be in lieu of the Salary provided under this Agreement. Your participation in any other Company benefit plans or programs during the STD period shall be governed by the terms of the applicable plan or Robert Bakish As of August 13, 2019 Page 3 program documents, award agreements and certificates. View More
