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. During the Period of Employment, the Company shall pay Executive, and Executive agrees to accept from the Company, in payment for his services, a base salary of five hundred thousand dollars ($500,000) per year ("Base Salary"), payable in accordance with the Company's general payroll practices in effect from time to time (but in no event less frequently than in monthly installments). The determination of whether Executive's Base Salary will be upwardly adjusted is within the sole and absolute di...scretion of the Chief Executive Officer in consultation with the Board (or a committee of the Board). (b)ANNUAL INCENTIVE COMPENSATION. During the Period of Employment, Executive shall be entitled to participate in any annual incentive or bonus plan or plans maintained by the Company for the executive officers of the Company generally, in accordance with the terms, conditions, and provisions of each such plan as the same may be changed, amended, or terminated, from time to time in the discretion of the Board, or its designated committee. (c)EQUITY COMPENSATION. During the Period of Employment, Executive shall be eligible to receive grants of stock options, restricted stock, stock appreciation rights, or other equity compensation on such terms and conditions as determined from time to time in the discretion of the Board, or a designated committee thereof. Upon (or as may be necessary to give effect to such acceleration, immediately prior to) the occurrence of an event described in Section 7.2 of the Company's 2004 or 2014 Performance Incentive Plan, as applicable, all of Executive's then-outstanding and otherwise unvested outstanding equity awards granted by the Company shall be deemed immediately vested, notwithstanding any other provision of the applicable plans or award documentation to the contrary.View More
Variations of a "Compensation" Clause from Business Contracts
Compensation. During the Period of Employment, the Company shall pay Executive, and Executive agrees to accept from the Company, in payment for his her services, a base salary of five four hundred sixty-two thousand dollars ($500,000) ($462,000) per year ("Base Salary"), payable in accordance with the Company's general payroll practices in effect from time to time (but in no event less frequently than in monthly installments). The determination of whether Executive's Base Salary will be upwardly adjusted is w...ithin the sole and absolute discretion of the Chief Executive Officer in consultation with or the Board (or a committee of the Board). (b)ANNUAL Board), as applicable. (b) ANNUAL INCENTIVE COMPENSATION. During the Period of Employment, Executive shall be entitled to participate in any annual incentive or bonus plan or plans maintained by the Company for the executive officers of the Company generally, in accordance with the terms, conditions, and provisions of each such plan as the same may be changed, amended, or terminated, from time to time in the discretion of the Board, or its designated committee. (c)EQUITY (c) EQUITY COMPENSATION. During the Period of Employment, Executive shall be eligible to receive grants of stock options, restricted stock, restricted stock appreciation rights, units, or other equity compensation on such terms and conditions as determined from time to time in the discretion of the Board, or a designated committee thereof. Upon (or as may be necessary to give effect to such acceleration, immediately prior to) the occurrence of an event described in Section 7.2 of the Company's 2004 2004, 2014 or 2014 2020 Performance Incentive Plan, as applicable, all of Executive's then-outstanding and otherwise unvested outstanding equity awards granted by the Company shall be deemed immediately vested, notwithstanding any other provision of the applicable plans or award documentation to the contrary. contrary; provided, however, that as to any awards that vest based on performance conditions, the terms of the applicable award agreement shall govern the accelerated vesting of such award. 2 5. BENEFITS (a) HEALTH AND WELFARE. During the Period of Employment, Executive shall be entitled to participate in all health and welfare benefit plans and programs and all retirement, deferred compensation and similar plans and programs generally made available by the Company to all other executive officers of the Company as in effect from time to time, subject to any restrictions specified in such plans and programs. (b) FRINGE BENEFITS. During the Period of Employment, Executive shall be entitled to participate in all fringe benefit plans and programs generally made available by the Company to all other executive officers of the Company as in effect from time to time, subject to any restrictions specified in such plans and programs. (c) PERSONAL TIME OFF AND OTHER LEAVE. Executive shall be entitled to such amounts of paid personal time off and other leave, as from time to time may be allowed by the Company to the Company's executive officers generally or as approved by the Board specifically, or as required by law. Any personal time off is to be scheduled and taken in accordance with the Company's standard policies applicable to such personnel. (d) BUSINESS EXPENSES. During the Period of Employment, reasonable business expenses incurred by Executive in the performance of Executive's duties hereunder shall be reimbursed by the Company in accordance with the Company's business expense reimbursement policies as in effect from time to time. At the latest, reimbursement shall be made on or before the last day of Executive's taxable year following the taxable year in which the expense was incurred. Executive agrees to provide prompt documentation of such expenses in order to facilitate the timely reimbursement of same. The amount of expenses eligible for reimbursement during any taxable year of Executive shall not affect the expenses eligible for reimbursement in any other taxable year of Executive. (e) AUTOMOBILE. To the extent generally provided by the Company to its other executive officers, during the Period of Employment, Executive shall be entitled to receive an automobile allowance of fifteen thousand dollars ($15,000) annually for expenses associated with the operation and maintenance of such automobile. View More
Compensation. During the Period of Employment, the Company shall pay Executive, and Executive agrees to accept from the Company, in payment for his services, a base salary of five three hundred seventy-five thousand dollars ($500,000) ($375,000) per year ("Base Salary"), payable in accordance with the Company's general payroll practices in effect from time to time (but in no event less frequently than in monthly installments). The determination of whether Executive's Base Salary will be upwardly adjusted is w...ithin the sole and absolute discretion of the Chief Executive Officer in consultation with the Board (or Board. The Chief Executive Officer at any time or times may, but shall have no obligation to, supplement Executive's salary by such bonuses and/or other special payments and benefits as the Company in its sole and absolute discretion may determine. To assist in covering the differential in real estate costs in California, the Company shall also provide to Executive a committee one-time sign on bonus of $75,000, which shall be subject to pro rata repayment if Executive leaves the Board). (b)ANNUAL employ of Company within the first twelve (12) months without Good Reason. (b) ANNUAL INCENTIVE COMPENSATION. During the Period of Employment, Executive shall be entitled to participate in any annual incentive or bonus plan or plans maintained by the Company for the executive officers of the Company generally, in accordance with the terms, conditions, and provisions of each such plan as the same may be changed, amended, or terminated, from time to time in the discretion of the Board, or its designated committee. (c)EQUITY -2- (c) EQUITY COMPENSATION. During the Period of Employment, Executive shall be eligible to receive grants of stock options, restricted stock, stock appreciation rights, or other equity compensation on such terms and conditions as determined from time to time in the discretion of the Board, or a designated committee thereof. Board. As part of Executive's hire into the position of Executive Vice President, Chief Financial Officer, the Company agrees to grant during its next award cycle the following equity: 10,000 restricted stock units and 15,000 stock options pursuant to the terms and conditions of the Company's 2014 Performance Incentive Plan and applicable award agreements. Upon (or as may be necessary to give effect to such acceleration, immediately prior to) the occurrence a Change of an event described Control event, as such term is defined in Section 7.2 of the Company's 2004 or 2014 Performance Incentive Plan, as applicable, all of Executive's then-outstanding and otherwise unvested outstanding equity awards granted by the Company shall be deemed immediately vested, notwithstanding any other provision of the applicable plans or award documentation to the contrary. View More
Compensation. During the Period of Employment, the Company shall pay Executive, and Executive agrees to accept from the Company, in payment for his her services, a base salary of five seven hundred thousand dollars ($500,000) ($700,000) per year ("Base Salary"), payable in accordance with the Company's general payroll practices in effect from time to time (but in no event less frequently than in monthly installments). The Board shall consider not less frequently than annually upward adjustment to Executive's ...Base Salary. The determination of whether Executive's Base Salary will be upwardly adjusted is within the sole and absolute discretion of the Chief Executive Officer in consultation with the Board (or a committee of the Board). (b)ANNUAL Directors. (b) ANNUAL INCENTIVE COMPENSATION. During the Period of Employment, Executive shall be entitled to participate in any annual incentive or bonus plan or plans maintained by the Company for the its executive officers of the Company generally, in accordance with the terms, conditions, and provisions of each such plan as the same may be changed, amended, or terminated, from time to time in the discretion of the Board, or its designated committee. (c)EQUITY Board. (c) EQUITY COMPENSATION. During the Period of Employment, Executive shall be eligible to receive grants of stock options, restricted stock, stock appreciation rights, or other equity compensation on such terms and conditions as determined from time to time in the discretion of the Board, or a designated committee thereof. Board. 2 Upon (or as may be necessary to give effect to such acceleration, immediately prior to) the occurrence a Change of an event described Control event, as such term is defined in Section 7.2 7.3 of the Company's 2004 or 2014 Performance Incentive Plan, as applicable, all of Executive's then-outstanding and otherwise unvested outstanding equity awards granted by the Company shall be deemed immediately vested, notwithstanding any other provision of the applicable plans or award documentation to the contrary. View More
Compensation. During the Period of Employment, the Company shall pay Executive, and Executive agrees to accept from the Company, in payment for his her services, a base salary of five hundred and eighty-three thousand dollars ($500,000) ($583,000) per year ("Base Salary"), payable in accordance with the Company's general payroll practices in effect from time to time (but in no event less frequently than in monthly installments). The Board shall consider not less frequently than annually upward adjustment to E...xecutive's Base Salary. The determination of whether Executive's Base Salary will be upwardly adjusted is within the sole and absolute discretion of the Chief Executive Officer in consultation with the Board (or a committee of the Board). (b)ANNUAL Directors. (b) ANNUAL INCENTIVE COMPENSATION. During the Period of Employment, Executive shall be entitled to participate in any annual incentive or bonus plan or plans maintained by the Company for the its executive officers of the Company generally, in accordance with the terms, conditions, and provisions of each such plan as the same may be changed, amended, or terminated, from time to time in the discretion of the Board, or its designated committee. (c)EQUITY Board. (c) EQUITY COMPENSATION. During the Period of Employment, Executive shall be eligible to receive grants of stock options, restricted stock, stock appreciation rights, or other equity compensation on such terms and conditions as determined from time to time in the discretion of the Board, or a designated committee thereof. Board. 2 Upon (or as may be necessary to give effect to such acceleration, immediately prior to) the occurrence a Change of an event described Control event, as such term is defined in Section 7.2 7.3 of the Company's 2004 or 2014 Performance Incentive Plan, as applicable, all of Executive's then-outstanding and otherwise unvested outstanding equity awards granted by the Company shall be deemed immediately vested, notwithstanding any other provision of the applicable plans or award documentation to the contrary. View More
Compensation. During the Period of Employment, the Company shall pay Executive, and Executive agrees to accept from the Company, in payment for his her services, a base salary of five three hundred seventy-five thousand dollars ($500,000) ($375,000) per year gross ("Base Salary"), payable in accordance with the Company's general payroll practices in effect from time to time (but in no event less frequently than in monthly installments). The determination of whether Executive's Base Salary will be upwardly adj...usted is within the sole and absolute discretion of the Chief Executive Officer in consultation with the Board (or a committee of the Board). (b)ANNUAL (b) ANNUAL INCENTIVE COMPENSATION. During the Period of Employment, Executive shall be entitled to participate in any annual incentive or bonus plan or plans maintained by the Company for the executive officers of the Company generally, in accordance with the terms, conditions, and provisions of each such plan as the same may be changed, amended, or terminated, from time to time in the discretion of the Board, or its designated committee. (c)EQUITY For Fiscal Year 2020, Executive will be eligible for a target bonus of 75% of the Base Salary, subject to the achievement of specific quantitative and qualitative goals to be outlined in a separate document under the Executive Incentive Plan, and pro-rated for time served in the Executive Vice President, Chief Financial Officer role. (c) EQUITY COMPENSATION. During the Period of Employment, Executive shall be eligible to receive grants of stock options, restricted stock, stock appreciation rights, or other equity compensation on such terms and conditions as determined from time to time in the discretion of the Board, or a designated committee thereof. As part of Executive's hire into the position of Executive Vice President, Chief Financial Officer, the Company agrees to award on the next business day following the execution of this agreement the following: 10,000 restricted stock shares and 15,000 stock options pursuant to the terms and conditions of the Company's 2014 Performance Incentive Plan and applicable award agreements. Upon (or as may be necessary to give effect to such acceleration, immediately prior to) the occurrence of an event described in Section 7.2 of the Company's 2004 or 2014 Performance Incentive Plan, as applicable, all of Executive's then-outstanding and otherwise unvested outstanding equity awards granted by the Company shall be deemed immediately vested, notwithstanding any other provision of the applicable plans or award documentation to the contrary. View More
