Compensation Clause Example with 6 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) During the Term, the Executive shall be paid an annual base salary of $1,025,000, which may be subject to any increase from time to time by recommendation of the CEOs to, and approval by, the Board of Directors of Holdings (the "Board") or any committee thereof (such amount, as increased, the "Base Salary"). All amounts paid to the Executive under this Agreement shall be in U.S. dollars. The Base Salary shall be paid at least monthly and, at the option of the Company, may be paid more freque...ntly. (b) On November 22, 2019 (the "Grant Date"), the Company shall cause Holdings to grant to the Executive the following: (i) an option to purchase shares of Holdings' common stock, par value $.001 per share (the "Common Stock"), at an exercise price equal to the closing price of the Common Stock on the Nasdaq Global Select Market on the Grant Date, with the number of shares of Common Stock subject to such option being that necessary to cause the Black-Scholes-Merton value of such option on the Grant Date to be equal to $2,000,000, determined by using inputs consistent with those Holdings uses for its financial reporting purposes. Such option shall be subject to the terms and conditions set forth in the Option Agreement attached to this Agreement as Exhibit A; (ii) a number of restricted stock units ("RSUs") equal to $2,000,000, divided by the closing price of the Common Stock on the Nasdaq Global Select Market on the Grant Date. Such RSUs shall be subject to the terms and conditions set forth in the Restricted Stock Unit Agreement attached to this Agreement as Exhibit B; and (iii) a number of performance-based restricted stock units ("PRSUs") equal to $4,000,000, divided by the closing price of the Common Stock on the Nasdaq Global Select Market on the Grant Date. Such PRSUs shall be subject to the terms and conditions set forth in the Performance–Based Restricted Stock Unit Agreement attached to this Agreement as Exhibit C. (c) All compensation paid to the Executive hereunder shall be subject to any payroll and withholding deductions required by applicable law, including, as and where applicable, federal, New York State and New York City income tax withholding, federal unemployment tax and social security (FICA).View More
Variations of a "Compensation" Clause from Business Contracts
Compensation. (a) During the Term, the Executive shall be paid an annual base salary of $1,025,000, $1,100,000, which annual base salary shall be increased on June 28, 2023 to $1,150,000. Such annual base salary, as in effect from time to time, may be subject to any increase (but not decrease) from time to time by recommendation of the CEOs CEO to, and approval by, the Board of Directors of Holdings (the "Board") or any committee thereof (such amount, as increased, the "Base Salary"). All amounts paid to the ...Executive under this Agreement shall be in U.S. dollars. The Base Salary shall be paid at least monthly and, at the option of the Company, may be paid more frequently. (b) On November 22, 2019 (the the first business day following the Effective Date on which Holdings and the Executive are not subject to a blackout restriction, or if there is no such blackout restriction then on the Effective Date (such date, as applicable, the "Grant Date"), the Company shall cause Holdings to grant to the Executive the following: (i) an option to purchase shares of Holdings' common stock, par value $.001 $0.001 per share (the "Common Stock"), at an exercise price equal to the closing price of the Common Stock on the Nasdaq Global Select Market on the Grant Date, with the number of shares of Common Stock subject to such option being that necessary to cause the Black-Scholes-Merton value of such option on the Grant Date to be equal to $2,000,000, $1,250,000, determined by using inputs consistent with those Holdings uses for its financial reporting purposes. Such option shall be subject to the terms and conditions set forth in the Option Agreement attached to this Agreement as Exhibit A; (ii) a number of restricted stock units ("RSUs") equal to $2,000,000, $1,250,000, divided by the average closing price of the Common Stock on the Nasdaq Global Select Market on for the twenty (20)-trading day period preceding, but not including, the Grant Date. Such RSUs shall be subject to the terms and conditions set forth in the Restricted Stock Unit Agreement attached to this Agreement as Exhibit B; and (iii) a number of performance-based restricted stock units ("PRSUs") equal to $4,000,000, $2,500,000, divided by the average closing price of the Common Stock on the Nasdaq Global Select Market on for the twenty (20)-trading day period preceding, but not including, the Grant Date. Such Fifty percent (50%) of such PRSUs shall be subject to the terms and conditions set forth in the Performance–Based Restricted Stock Unit Agreement (Free Cash Flow) attached to this Agreement as Exhibit C. C-1 and fifty percent (50%) of such PRSUs shall be subject to the terms and conditions set forth in the Performance–Based Restricted Stock Unit Agreement (Relative TSR) attached to this Agreement as Exhibit C-2. (c) All compensation paid to the Executive hereunder shall be subject to any payroll and withholding deductions required by applicable law, including, as and where applicable, federal, New York State state and New York City local income tax withholding, federal unemployment tax and social security (FICA). 2 5. Additional Compensation; Expenses and Benefits. (a) During the Term, the Company shall reimburse the Executive for all reasonable and necessary business expenses incurred and advanced by the Executive in carrying out the Executive's duties under this Agreement; provided that such expenses are incurred in accordance with the policies and procedures established by the Company. The Executive shall present to the Company an itemized account of all expenses in such form as may be required by the Company from time to time. (b) During the Term, the Executive shall be entitled to participate fully in any other benefit plans, programs, policies and fringe benefits which may be made available to the executive officers of the Company and/or Holdings generally, including, without limitation, disability, medical, dental and life insurance and benefits under the Company's and/or Holdings' 401(k) savings plan and deferred compensation plan. (c) During the Term, the Executive shall be eligible to participate in any bonus plans generally offered to executive officers of the Company and/or Holdings. The Executive's annual bonus (the "Bonus"), if any, shall be determined annually by the CEO, or the Board or the compensation committee of the Board (the "Compensation Committee"). During the Term, the Executive shall have a target bonus of 150% of the Base Salary (the "Target Bonus Opportunity"). Bonus(es) shall be subject to the Executive's individual performance and satisfaction of objectives established by the CEO or the Board or the Compensation Committee, and further are subject to the exercise of discretion by the CEO and review and approval by the Compensation Committee. Bonus(es), if any, shall be paid in the form of cash and shall be paid by March 15th of the following year. (d) During the Term, the Executive shall be entitled to accrue vacation under the Company's policy at a rate of not less than four (4) weeks per year. View More
Compensation. (a) During the Term, the Executive shall be paid an annual base salary of $1,025,000, $625,000, which may be subject to any increase (but not decrease) from time to time by recommendation of the CEOs CEO to, and approval by, the Board of Directors of Holdings (the "Board") or any committee thereof (such amount, as increased, the "Base Salary"). All amounts paid to the Executive under this Agreement shall be in U.S. dollars. The Base Salary shall be paid at least monthly and, at the option of the... Company, may be paid more frequently. (b) On November 22, 2019 May 5, 2021 (the "Grant Date"), the Company shall cause Holdings to grant to the Executive the following: (i) an option to purchase shares of Holdings' common stock, par value $.001 per share (the "Common Stock"), at an exercise price equal to the closing price of the Common Stock on the Nasdaq Global Select Market on the Grant Date, with the number of shares of Common Stock subject to such option being that necessary to cause the Black-Scholes-Merton value of such option on the Grant Date to be equal to $2,000,000, $750,000, determined by using inputs consistent with those Holdings uses for its financial reporting purposes. Such option shall be subject to the terms and conditions set forth in the Option Agreement attached to this Agreement as Exhibit A; (ii) a number of restricted stock units ("RSUs") equal to $2,000,000, $750,000, divided by the average closing price of the Common Stock on the Nasdaq Global Select Market on for the twenty (20)-trading day period preceding, but not including, the Grant Date. Such RSUs shall be subject to the terms and conditions set forth in the Restricted Stock Unit Agreement attached to this Agreement as Exhibit B; and (iii) a number of performance-based restricted stock units ("PRSUs") equal to $4,000,000, $1,500,000, divided by the average closing price of the Common Stock on the Nasdaq Global Select Market on for the twenty (20)-trading day period preceding, but not including, the Grant Date. Such Fifty percent (50%) of such PRSUs shall be subject to the terms and conditions set forth in the Performance–Based Restricted Stock Unit Agreement (Free Cash Flow) attached to this Agreement as Exhibit C. C-1 and fifty percent (50%) of such PRSUs shall be subject to the terms and conditions set forth in the Performance–Based Restricted Stock Unit Agreement (Relative TSR) attached to this Agreement as Exhibit C-2. (c) All compensation paid to the Executive hereunder shall be subject to any payroll and withholding deductions required by applicable law, including, as and where 2 applicable, federal, New York State and New York City income tax withholding, federal unemployment tax and social security (FICA). View More
Compensation. (a) During the Term, the Executive shall be paid an annual base salary of $1,025,000, $1,100,000, which shall be reviewed no less frequently than annually and may be subject to any increase (but not decrease) from time to time by recommendation of the CEOs CEO to, and approval by, the Board of Directors of Holdings (the "Board") or any committee thereof (such amount, as increased, the "Base Salary"). All amounts paid to the Executive under this Agreement shall be in U.S. dollars. The Base Salary... shall be paid at least monthly and, at the option of the Company, may be paid more frequently. (b) (a) On November 22, 2019 (the the first business day following the Effective Date on which Holdings and the Executive are not subject to a blackout restriction, which date is expected to be the first business day following the filing by Holdings of its Quarterly Report on Form 10-Q for the quarter ended September 30, 2020 (such date, as applicable, the "Grant Date"), the Company shall cause Holdings to grant to the Executive the following: (i) an option to purchase shares of Holdings' common stock, par value $.001 per share (the "Common Stock"), at an exercise price equal to the closing price of the Common Stock on the Nasdaq Global Select Market on the Grant Date, with the number of shares of Common Stock subject to such option being that necessary to cause the Black-Scholes-Merton value of such option on the Grant Date to be equal to $2,000,000, $2,250,000, determined by using inputs consistent with those Holdings uses for its financial reporting purposes. Such option shall be subject to the terms and conditions set forth in the Option Agreement attached to this Agreement as Exhibit A; (ii) a number of restricted stock units ("RSUs") equal to $2,000,000, $2,250,000, divided by the closing price of the Common Stock on the Nasdaq Global Select Market on the Grant Date. Such RSUs shall be subject to the terms and conditions set forth in the Restricted Stock Unit Agreement attached to this Agreement as Exhibit B; (iii) a number of performance-based restricted stock units ("PRSUs") equal to $4,500,000, divided by the closing price of the Common Stock on the Nasdaq Global Select Market on the Grant Date, which grant shall be made subject to the establishment of performance metric(s) that are the same as the performance metric(s) established for any 2021 performance-based restricted stock units granted generally to other executive officers of the Company after the date hereof. Such performance metric(s) shall be reasonable in light of the Company's business plan and budget for the applicable year and other factors then affecting the Company's business, taken as a whole. Such PRSUs shall be subject to the terms and conditions set forth in the Performance–Based Restricted Stock Unit Agreement attached to this Agreement as Exhibit C; (iv) a number of RSUs equal to $1,000,000, divided by the closing price of the Common Stock on the Nasdaq Global Select Market on the Grant Date. Such RSUs shall be subject to the terms and conditions set forth in the Restricted Stock Unit Agreement attached to this Agreement as Exhibit B; and (iii) (v) a number of performance-based restricted stock units ("PRSUs") RSUs equal to $4,000,000, $3,000,000, divided by the closing price of the Common Stock on the Nasdaq Global Select Market on the Grant Date. Such PRSUs 2 RSUs shall be subject to the terms and conditions set forth in the Performance–Based Restricted Stock Unit Agreement attached to this Agreement as Exhibit C. (c) B. (b) All compensation paid to the Executive hereunder shall be subject to any payroll and withholding deductions required by applicable law, including, as and where applicable, federal, New York State and New York City income tax withholding, federal unemployment tax and social security (FICA). View More
Compensation. (a) During the Term, the Executive shall be paid an annual base salary of $1,025,000, which $1,025,000. Such annual base salary, as in effect from time to time, may be subject to any increase (but not decrease) from time to time by recommendation of the CEOs CEO to, and approval by, the Board of Directors of Holdings (the "Board") or any committee thereof (such amount, as increased, the "Base Salary"). All amounts paid to the Executive under this Agreement shall be in U.S. dollars. The Base Sala...ry shall be paid at least monthly and, at the option of the Company, may be paid more frequently. (b) On November 22, 2019 the Effective Date (the "Grant Date"), the Company shall cause Holdings to grant to the Executive the following: (i) an option to purchase shares of Holdings' common stock, par value $.001 $0.001 per share (the "Common Stock"), at an exercise price equal to the closing price of the Common Stock on the Nasdaq Global Select Market on the Grant Date, with the number of shares of Common Stock subject to such option being that necessary to cause the Black-Scholes-Merton value of such option on the Grant Date to be equal to $2,000,000, $2,340,000, determined by using inputs consistent with those Holdings uses for its financial reporting purposes. Such option shall be subject to the terms and conditions set forth in the Option Agreement attached to this Agreement as Exhibit A; (ii) a number of restricted stock units ("RSUs") equal to $2,000,000, $1,200,000, divided by the average closing price of the Common Stock on the Nasdaq Global Select Market on for the twenty (20)-trading day period preceding, but not including, the Grant Date. Such RSUs shall be subject to the terms and conditions set forth in the Restricted Stock Unit Agreement attached to this Agreement as Exhibit B; and (iii) a number of performance-based restricted stock units ("PRSUs") equal to $4,000,000, $2,460,000, divided by the average closing price of the Common Stock on the Nasdaq Global Select Market on for the twenty (20)-trading day period preceding, but not including, the Grant Date. Such Fifty percent (50%) of such PRSUs shall be subject to the terms and conditions set forth in the Performance–Based Restricted Stock Unit Agreement (Free Cash Flow) attached to this Agreement as Exhibit C. C-1 and fifty percent (50%) of such PRSUs shall be subject to the terms and conditions set forth in the Performance–Based Restricted Stock Unit Agreement (Relative TSR) attached to this Agreement as Exhibit C-2. (c) All compensation paid to the Executive hereunder shall be subject to any payroll and withholding deductions required by applicable law, including, as and where applicable, federal, New York State and New York City income tax withholding, federal unemployment tax and social security (FICA). View More
Compensation. (a) During the Term, the Executive shall be paid an annual base salary of $1,025,000, $1,750,000, which may shall be reviewed no less frequently than annually and shall be subject to any increase (but not decrease) from time to time with approval by recommendation of the CEOs to, and approval by, the Board of Directors of Holdings (the "Board") or any committee thereof thereof; provided that such increase shall be no less than 3% for each of the second and third calendar years during the Term (s...uch amount, as increased, the "Base Salary"). All amounts paid to the Executive under this Agreement shall be in U.S. dollars. The Base Salary shall be paid at least monthly and, at the option of the Company, may be paid more frequently. (b) On November 22, 2019 (the the first business day following the Effective Date on which Holdings and the Executive are not subject to a blackout restriction, which date is expected to be the first business day following the filing by Holdings of its Annual Report on Form 10-K for the year ended December 31, 2020 (such date, as applicable, the "Grant Date"), the Company shall cause Holdings to grant to the Executive the following: (i) an option to purchase shares of Holdings' common stock, par value $.001 per share (the "Common Stock"), at an exercise price equal to the closing price of the Common Stock on the Nasdaq Global Select Market on the Grant Date, with the number of shares of Common Stock subject to such option being that necessary to cause the Black-Scholes-Merton value of such option on the Grant Date to be equal to $2,000,000, $9,500,000, determined by using inputs consistent with those Holdings uses for its financial reporting purposes. Such option shall be subject to the terms and conditions set forth in the Option Agreement attached to this Agreement as Exhibit A; (ii) a number of restricted stock units ("RSUs") equal to $2,000,000, $5,000,000, divided by the closing price of the Common Stock on the Nasdaq Global Select Market on the Grant Date. Such RSUs shall be subject to the terms and conditions set forth in the Restricted Stock Unit Agreement attached to this Agreement as Exhibit B; and (iii) a number of performance-based restricted stock units ("PRSUs") equal to $4,000,000, $10,000,000, divided by the closing price of the Common Stock on the Nasdaq Global Select Market on the Grant Date. Such PRSUs shall be subject to the terms and conditions set forth in the Performance–Based Restricted Stock Unit Agreement attached to this Agreement as Exhibit C. (c) All compensation paid to the Executive hereunder shall be subject to any payroll and withholding deductions required by applicable law, including, as and where 2 applicable, federal, New York State and New York City income tax withholding, federal unemployment tax and social security (FICA). View More
Compensation. (a) During the Term, the Executive shall be paid an annual base salary of $1,025,000, $1,600,000, which annual base salary shall be increased by three percent (3%) on each of May 24, 2021, May 24, 2022 and May 24, 2023. Such annual base salary may also be subject to any increase from time to time by recommendation of the CEOs CEO to, and approval by, the Board of Directors of Holdings (the "Board") or any committee thereof (such amount, as increased, the "Base Salary"). All amounts paid to the E...xecutive under this Agreement shall be in U.S. dollars. The Base Salary shall be paid at least monthly and, at the option of the Company, may be paid more frequently. (b) On November 22, 2019 (the the first business day following the Effective Date on which Holdings and the Executive are not subject to a blackout restriction (such date, as applicable, the "Grant Date"), the Company shall cause Holdings to grant to the Executive the following: (i) an option to purchase shares of Holdings' common stock, par value $.001 per share (the "Common Stock"), at an exercise price equal to the closing price of the Common Stock on the Nasdaq Global Select Market on the Grant Date, with the number of shares of Common Stock subject to such option being that necessary to cause the Black-Scholes-Merton value of such option on the Grant Date to be equal to $2,000,000, $4,290,000, determined by using inputs consistent with those Holdings uses for its financial reporting purposes. Such option shall be subject to the terms and conditions set forth in the Option Agreement attached to this Agreement as Exhibit A; (ii) a number of restricted stock units ("RSUs") equal to $2,000,000, $2,200,000, divided by the closing price of the Common Stock on the Nasdaq Global Select Market on the Grant Date. Such RSUs shall be subject to the terms and conditions set forth in the Restricted Stock Unit Agreement attached to this Agreement as Exhibit B; and (iii) a number of performance-based restricted stock units ("PRSUs") equal to $4,000,000, $4,510,000, divided by the closing price of the Common Stock on the Nasdaq Global Select Market on the Grant Date. Such PRSUs shall be subject to the terms and conditions set forth in the Performance–Based Restricted Stock Unit Agreement attached to this Agreement as Exhibit C. (c) All compensation paid to the Executive hereunder shall be subject to any payroll and withholding deductions required by applicable law, including, as and where applicable, federal, New York State and New York City income tax withholding, federal unemployment tax and social security (FICA). View More
