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. Executive shall be compensated by the Company for his services as follows: (a) Base Salary. During the Term, Executive shall be paid a base salary (“Base Salary”) of $37,500 per month (or $450,000 on an annualized basis), subject to applicable withholdings, in accordance with the Company’s normal payroll procedures. Executive’s Base Salary shall be reviewed on an annual basis by the Board for possible increase (but not decrease) based on the Company’s operating results and financial conditio...n, salaries paid to other Company executives, and general marketplace and other applicable considerations. Such increased Base Salary, if any, shall then constitute Executive’s “Base Salary” for purposes of this Agreement. (b) Benefits. During the Term, Executive shall have the right, on the same basis as other members of senior management of the Company, to participate in and to receive benefits under any of the Company’s employee benefit plans, insurance programs and/or indemnification agreements, as may be in effect from time to time, subject to any applicable waiting periods and other restrictions, and to the benefits afforded to other members of the senior executive team under the Company’s vacation, holiday and business expense reimbursement policies (all such benefits, the “Benefits”). Executive shall receive four weeks of vacation per year pursuant to the Company’s vacation policies or, if greater, the amount afforded to other members of senior management. In addition, Executive shall be reimbursed $1,000 per month for automobile expenses. (c) Bonuses. In addition to the Base Salary, Executive shall be eligible to receive an annual performance bonus at a target of not less than seventy-five percent (75%) of his Base Salary (the “Performance Bonus”). The Performance Bonus shall be a discretionary bonus, determined in the sole discretion of the Board or the Compensation Committee thereof, based upon Executive’s performance of his duties and the Company’s financial performance, as well as certain performance targets that are approved by the Board or the Compensation Committee. The Company will pay Executive’s Performance Bonus for each year at the same time as annual performance bonus payments for such year (if any) are made to other participants with respect to such fiscal year, and in any event, within the two and one half (21⁄2) months following the end of the year in which the Performance Bonus is earned. The Performance Bonus is intended to qualify for the short-term deferral exception to Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”). (d) Long-Term Incentive Awards. During the Term, Executive shall be eligible to receive, on substantially the same basis as the long-term incentive awards granted to other senior executives of the Company, annual long-term incentive awards under and pursuant to the InnerWorkings, Inc. 2020 Omnibus Incentive Plan, or any successor plan thereto (the “Stock Incentive Plan”), with a targeted grant date value of one hundred percent (110%) of his Base Salary, subject to adjustment by the Compensation Committee of the Board in its sole discretion. (e) Incentive Compensation Recoupment. Any incentive compensation payable pursuant to this Agreement shall be subject to any compensation recovery and/or recoupment policy adopted by the Company to comply with applicable law, including, without limitation, the Sarbanes-Oxley Act of 2002, the Dodd-Frank Wall Street Reform and Consumer Protection Act, or to comport with good corporate governance practices, as such policies may be adopted and/or amended from time to time.View More
Variations of a "Compensation" Clause from Business Contracts
Compensation. Executive shall be compensated by the Company for his her services as follows: (a) Base Salary. During the Term, Executive shall be paid a base salary (“Base Salary”) of $37,500 $27,083.33 per month (or $450,000 $325,000 on an annualized basis), subject to applicable withholdings, withholding, in accordance with the Company’s normal payroll procedures. Executive’s Base Salary shall be reviewed on an annual basis by the Board for possible increase (but not decrease) based on the Company’s operati...ng results and financial condition, salaries paid to other Company executives, and general marketplace and other applicable considerations. Such increased Base Salary, if any, shall then constitute Executive’s “Base Salary” for purposes of this Agreement. (b) Benefits. During the Term, Executive shall have the right, on the same basis as other members of senior management of the Company, to participate in and to receive benefits under any of the Company’s employee benefit plans, insurance programs and/or indemnification agreements, as may be in effect from time to time, subject to any applicable waiting periods and other restrictions, and restrictions. In addition, Executive shall be entitled to the benefits afforded to other members of the senior executive team under the Company’s vacation, holiday and business expense reimbursement policies policies, including up to twenty-five days of paid time off (all such benefits, the “Benefits”). Executive shall receive four weeks of vacation per year pursuant to the Company’s vacation policies or, if greater, the amount afforded to other members of senior management. In addition, Executive shall be reimbursed $1,000 per month for automobile expenses. receive a $900/month auto allowance. (c) Bonuses. In addition to the Base Salary, Executive shall be eligible to receive an annual performance a bonus at a target of not less than seventy-five sixty percent (75%) (60%) of his her Base Salary (the “Performance Bonus”). The Performance Bonus shall be a discretionary bonus, determined in the sole discretion of the Board or the Compensation Committee thereof, based upon Executive’s performance of his her duties and the Company’s financial performance, as well as certain performance targets that are approved by the Board or the Compensation Committee. The Company will pay Executive’s Performance Bonus for each year at the same time as annual performance bonus payments for such year (if any) are made to other participants with respect to such fiscal year, and in any event, all events, within the two and one half (21⁄2) months following the end of the year in which the Performance Bonus becomes vested. Executive must be employed by the Company on the date the Performance Bonus is earned. to be paid in order to earn the Performance Bonus. The Performance Bonus is intended to qualify for the short-term deferral exception to Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”). (d) Long-Term Incentive Awards. Equity. During the Term, term, Executive shall be eligible to receive, on substantially the same basis as the long-term incentive awards granted to other senior executives of the Company, annual long-term incentive awards under and pursuant to the InnerWorkings, Inc. 2020 Omnibus Incentive Plan, or any successor plan thereto (the “Stock Incentive Plan”), with a targeted grant date value of one hundred seventy percent (110%) (70%) of his Executive’s Base Salary, subject to adjustment by the Compensation Committee of the Board in its sole discretion. (e) Incentive Compensation Recoupment. Any incentive compensation payable pursuant to this Agreement shall be subject to any compensation recovery and/or recoupment policy adopted by the Company to comply with applicable law, including, without limitation, the Sarbanes-Oxley Act of 2002, the Dodd-Frank Wall Street Reform and Consumer Protection Act, or to comport with good corporate governance practices, as such policies may be adopted and/or amended from time to time.View More
Compensation. Executive shall be compensated by the Company for his services as follows: (a) Base Salary. During the Term, Executive shall be paid a base salary (“Base Salary”) of $37,500 $36,250 per month (or $450,000 $435,000 on an annualized basis), subject to applicable withholdings, in accordance with the Company’s normal payroll procedures. Executive’s Base Salary shall be reviewed on an annual basis by the Board for possible increase (but not decrease) based on the Company’s operating results and finan...cial condition, salaries paid to other Company executives, and general marketplace and other applicable considerations. Such increased Base Salary, if any, shall then constitute Executive’s “Base Salary” for purposes of this Agreement. (b) Benefits. During the Term, Executive shall have the right, on the same basis as other members of senior management of the Company, to participate in and to receive benefits under any of the Company’s employee benefit plans, insurance programs and/or indemnification agreements, as may be in effect from time to time, subject to any applicable waiting periods and other restrictions, and restrictions. In addition, Executive shall be entitled to the benefits afforded to other members of the senior executive team under the Company’s insurance, vacation, holiday and business expense reimbursement policies policies. In addition, Executive shall receive a $1,000/month auto allowance (all such benefits, the “Benefits”). Executive shall receive four weeks of vacation per year pursuant to the Company’s vacation policies or, if greater, the amount afforded to other members of senior management. In addition, Executive shall be reimbursed $1,000 per month for automobile expenses. (c) Bonuses. In addition to the Base Salary, Executive shall be eligible to receive an annual performance cash bonus at a target of not less than seventy-five seventy percent (75%) (70%) of his Base Salary (the “Performance Bonus”). The Company will set Executive’s performance goals and bonus criteria with respect to the Performance Bonus shall be a discretionary bonus, determined in at the sole discretion beginning of the Board or the Compensation Committee thereof, based upon Executive’s performance of his duties and the Company’s financial performance, as well as certain performance targets that are approved by the Board or the Compensation Committee. each year. The Company will pay Executive’s Performance Bonus for each year at the same time as annual performance bonus payments for such year (if any) are made to other participants with respect to such fiscal year, and in any event, within the two and one half (21⁄2) months following the end of the applicable fiscal year in which the Performance Bonus is earned. The Performance Bonus is intended to qualify for the short-term deferral exception to Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”). (d) Long-Term Incentive Awards. During the Term, Executive shall be eligible to receive, on substantially the same basis as the long-term incentive awards granted to other senior executives of the Company, annual long-term incentive awards under and pursuant to the InnerWorkings, Inc. 2020 Omnibus Incentive Plan, or any successor plan thereto (the “Stock Incentive Plan”), with a targeted grant date value of one hundred one-hundred and twenty-five percent (110%) (125%) of his Base Salary, subject to adjustment by the Compensation Committee of the Board in its sole discretion. (e) Incentive Compensation Recoupment. Any incentive compensation payable pursuant to this Agreement shall be subject to any compensation recovery and/or recoupment policy adopted by the Company to comply with applicable law, including, without limitation, the Sarbanes-Oxley Act of 2002, the Dodd-Frank Wall Street Reform and Consumer Protection Act, or to comport with good corporate governance practices, as such policies may be adopted and/or amended from time to time. View More
Compensation. Executive shall be compensated by the Company for his services as follows: (a) Base Salary. During the Term, Executive shall be paid a base salary (“Base Salary”) of $37,500 $29,166.67 per month (or $450,000 $350,000 on an annualized basis), subject to applicable withholdings, in accordance with the Company’s normal payroll procedures. Executive’s Base Salary shall be reviewed on an annual basis by the Board for possible increase (but not decrease) based on the Company’s operating results and fi...nancial condition, salaries paid to other Company executives, and general marketplace and other applicable considerations. Such increased Base Salary, if any, shall then constitute Executive’s “Base Salary” for purposes of this Agreement. (b) Benefits. During the Term, Executive shall have the right, on the same basis as other members of senior management of the Company, to participate in and to receive benefits under any of the Company’s employee benefit plans, insurance programs and/or indemnification agreements, as may be in effect from time to time, subject to any applicable waiting periods and other restrictions, and restrictions. In addition, Executive shall be entitled to the benefits afforded to other members of the senior executive team under the Company’s vacation, holiday and business expense reimbursement policies (all such benefits, the “Benefits”). Executive shall receive four weeks of vacation per year pursuant to the Company’s vacation policies or, if greater, the amount afforded to other members of senior management. In addition, Executive shall be reimbursed $1,000 per month for automobile expenses. (c) Bonuses. In addition to the Base Salary, Executive shall be eligible to receive an annual performance cash bonus at a target of not less than seventy-five sixty percent (75%) (60%) of his Base Salary (the “Performance Bonus”). The Performance Bonus shall be a discretionary bonus, determined in the sole discretion of the Board or the Compensation Committee thereof, based upon Executive’s performance of his duties and the Company’s financial performance, as well as certain performance targets that are approved by the Board or the Compensation Committee. The Company will pay Executive’s Performance Bonus for each year at the same time as annual performance bonus payments for such year (if any) are made to other participants with respect to such fiscal year, and in any event, within the two and one half (21⁄2) months following the end of the year in which the Performance Bonus is earned. The Performance Bonus is intended to qualify for the short-term deferral exception to Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”). (d) Long-Term Incentive Awards. During the Term, Executive shall be eligible to receive, on substantially the same basis as the long-term incentive awards granted to other senior executives of the Company, annual long-term incentive awards under and pursuant to the InnerWorkings, Inc. 2020 Omnibus Incentive Plan, or any successor plan thereto (the “Stock Incentive Plan”), with a targeted grant date value of one hundred eighty percent (110%) (80%) of his Base Salary, subject to adjustment by the Compensation Committee of the Board in its sole discretion. (e) Incentive Compensation Recoupment. Any incentive compensation payable pursuant to this Agreement shall be subject to any compensation recovery and/or recoupment policy adopted by the Company to comply with applicable law, including, without limitation, the Sarbanes-Oxley Act of 2002, the Dodd-Frank Wall Street Reform and Consumer Protection Act, or to comport with good corporate governance practices, as such policies may be adopted and/or amended from time to time. View More
Compensation. Executive shall be compensated by the Company for his services as follows: (a) Base Salary. During the Term, first four months of Executive’s employment with the Company, Executive shall be paid a base salary (“Base Salary”) of $37,500 $20,833 per month (or $450,000 $250,000 on an annualized basis), subject to applicable withholdings, withholding, in accordance with the Company’s normal payroll procedures. Effective January 1, 2013, Executive’s Base Salary will be increased to $25,000 per month ...(or $300,000 on an annualized basis). Thereafter, starting in 2014, during the Company’s annual review process (to take place in the first quarter of the applicable calendar year), Executive’s Base Salary shall be reviewed on an annual basis by the Board for possible increase (but not decrease) based on the Company’s operating results and financial condition, salaries paid to other Company executives, and general marketplace and other applicable considerations. Such increased Base Salary, if any, shall then constitute Executive’s “Base Salary” for purposes of this Agreement. (b) Benefits. During the Term, term of this Agreement, Executive shall have the right, on the same basis as other members of senior management of the Company, to participate in and to receive benefits under any of the Company’s employee benefit plans, insurance programs and/or indemnification agreements, as may be in effect from time to time, subject to any applicable waiting periods and other restrictions, and restrictions. In addition, Executive shall be entitled to the benefits afforded to other members of the senior executive team under the Company’s vacation, holiday and business expense reimbursement policies (all such benefits, the “Benefits”). policies. Executive shall receive four 4 weeks of vacation per year pursuant to the Company’s vacation policies or, if greater, the amount afforded to other members of senior management. policies. In addition, Company shall reimburse Executive shall be reimbursed $1,000 per month for automobile expenses. the full amount of his insurance costs should he elect to participate in the Company’s health insurance programs. (c) Bonuses. In Starting for the 2012 fiscal year, in addition to the Base Salary, Executive shall be eligible to receive an annual performance bonus at a target of not less than seventy-five fifty percent (75%) (50%) of his Base Salary (the “Performance Bonus”). The Performance Bonus shall be a discretionary bonus, determined in the sole discretion of the Board or the Compensation Committee thereof, based upon Executive’s performance of his duties and the Company’s financial performance, as well as certain performance targets that are approved by the Board or the Compensation Committee. Salary. The Company will pay set Executive’s Performance Bonus for each year performance goals and bonus criteria at the same time as annual performance bonus payments for such year (if any) are made to other participants with respect to such fiscal beginning of each year, and in any event, the Performance Bonuses shall have a target payment date within the two and one half (21⁄2) 2-1/2 months following the end of the applicable fiscal year of the Company, but in no event shall the Performance Bonus be paid later than 4 months from the end of the fiscal year on which the Performance Bonus is earned. based. The Performance Bonus is intended to qualify for the short-term deferral exception to Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”). (d) Long-Term Incentive Awards. During the Term, Equity Grant. On or about Executive’s first day of Employment, Executive shall be eligible to receive, on substantially the same basis as the long-term incentive awards granted to other senior executives of the Company, annual long-term incentive awards will receive stock based compensation under and pursuant to the InnerWorkings, Inc. 2020 Omnibus Company Stock Incentive Plan, or any successor plan thereto (the “Stock Incentive Plan”), with Plan (50% stock options/50% restricted shares) equivalent to $750,000 in value, vesting ratably over a targeted five year period on the anniversary date of the grant date value of one hundred percent (110%) (i.e. $150,000 per year in value). (e) Expenses. In addition to reimbursement for business expenses incurred by Executive in the normal and ordinary course of his Base Salary, subject to adjustment by the Compensation Committee of the Board in its sole discretion. (e) Incentive Compensation Recoupment. Any incentive compensation payable pursuant to this Agreement shall be subject to any compensation recovery and/or recoupment policy adopted employment by the Company pursuant to comply with applicable law, including, without limitation, the Sarbanes-Oxley Act Company’s standard business expense reimbursement policies and procedures, the Company shall reimburse Executive for the full amount of 2002, his insurance costs should he elect to participate in the Dodd-Frank Wall Street Reform and Consumer Protection Act, or to comport with good corporate governance practices, as such policies may be adopted and/or amended from time to time. Company’s health insurance program(s). View More
Compensation. Executive shall be compensated by the Company for his services as follows: (a) Base Salary. During the Term, first four months of Executive’s employment with the Company, Executive shall be paid a base salary (“Base Salary”) of $37,500 $20,833 per month (or $450,000 $250,000 on an annualized basis), subject to applicable withholdings, withholding, in accordance with the Company’s normal payroll procedures. Effective January 1, 2013, Executive’s Base Salary will be increased to $25,000 per month ...(or $300,000 on an annualized basis). Thereafter, starting in 2014, during the Company’s annual review process (to take place in the first quarter of the applicable calendar year), Executive’s Base Salary shall be reviewed on an annual basis by the Board for possible increase (but not decrease) based on the Company’s operating results and financial condition, salaries paid to other Company executives, and general marketplace and other applicable considerations. Such increased Base Salary, if any, shall then constitute Executive’s “Base Salary” for purposes of this Agreement. (b) Benefits. During the Term, term of this Agreement, Executive shall have the right, on the same basis as other members of senior management of the Company, to participate in and to receive benefits under any of the Company’s employee benefit plans, insurance programs and/or indemnification agreements, as may be in effect from time to time, subject to any applicable waiting periods and other restrictions, and restrictions. In addition, Executive shall be entitled to the benefits afforded to other members of the senior executive team under the Company’s vacation, holiday and business expense reimbursement policies (all such benefits, the “Benefits”). policies. Executive shall receive four 4 weeks of vacation per year pursuant to the Company’s vacation policies or, if greater, the amount afforded to other members of senior management. policies. In addition, Company shall reimburse Executive shall be reimbursed $1,000 per month for automobile expenses. the full amount of his insurance costs should he elect to participate in the Company’s health insurance programs. (c) Bonuses. In Starting for the 2012 fiscal year, in addition to the Base Salary, Executive shall be eligible to receive an annual performance bonus at a target of not less than seventy-five fifty percent (75%) (50%) of his Base Salary (the “Performance Bonus”). The Performance Bonus shall be a discretionary bonus, determined in the sole discretion of the Board or the Compensation Committee thereof, based upon Executive’s performance of his duties and the Company’s financial performance, as well as certain performance targets that are approved by the Board or the Compensation Committee. Salary. The Company will pay set Executive’s Performance Bonus for each year performance goals and bonus criteria at the same time as annual performance bonus payments for such year (if any) are made to other participants with respect to such fiscal beginning of each year, and in any event, the Performance Bonuses shall have a target payment date within the two and one half (21⁄2) 2-1/2 months following the end of the applicable fiscal year of the Company, but in no event shall the Performance Bonus be paid later than 4 months from the end of the fiscal year on which the Performance Bonus is earned. based. The Performance Bonus is intended to qualify for the short-term deferral exception to Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”). (d) Long-Term Incentive Awards. During the Term, Equity Grant. On or about Executive’s first day of Employment, Executive shall be eligible to receive, on substantially the same basis as the long-term incentive awards granted to other senior executives of the Company, annual long-term incentive awards will receive stock based compensation under and pursuant to the InnerWorkings, Inc. 2020 Omnibus Company Stock Incentive Plan, or any successor plan thereto (the “Stock Incentive Plan”), with Plan (50% stock options/50% restricted shares) equivalent to $750,000 in value, vesting ratably over a targeted five year period on the anniversary date of the grant date value of one hundred percent (110%) (i.e. $150,000 per year in value). (e) Expenses. In addition to reimbursement for business expenses incurred by Executive in the normal and ordinary course of his Base Salary, subject to adjustment by the Compensation Committee of the Board in its sole discretion. (e) Incentive Compensation Recoupment. Any incentive compensation payable pursuant to this Agreement shall be subject to any compensation recovery and/or recoupment policy adopted employment by the Company pursuant to comply with applicable law, including, without limitation, the Sarbanes-Oxley Act Company’s standard business expense reimbursement policies and procedures, the Company shall reimburse Executive for the full amount of 2002, his insurance costs should he elect to participate in the Dodd-Frank Wall Street Reform and Consumer Protection Act, or to comport with good corporate governance practices, as such policies may be adopted and/or amended from time to time. Company’s health insurance program(s). View More
Compensation. Executive shall be compensated by the Company for his services as follows: (a) Base Salary. During the Term, Executive shall be paid a base salary (“Base Salary”) of $37,500 $66,666.67 per month (or $450,000 $800,000 on an annualized basis), subject to applicable withholdings, withholding, in accordance with the Company’s normal payroll procedures. Executive’s Base Salary shall be reviewed on an annual basis by the Board for possible increase (but not decrease) based on the Company’s operating r...esults and financial condition, salaries paid to other Company executives, and general marketplace and other applicable considerations. Such increased Base Salary, if any, shall then constitute Executive’s “Base Salary” for purposes of this Agreement. (b) Benefits. During the Term, Executive shall have the right, on the same basis as other members of senior management of the Company, to participate in and to receive benefits under any of the Company’s executive and employee benefit plans, long-term or equity incentive plans, insurance programs and/or indemnification agreements, as may be in effect from time to time, subject to any applicable waiting periods and other restrictions, and to the benefits afforded to other members of the senior executive team management under the Company’s vacation, holiday and business expense reimbursement policies (all such benefits, the “Benefits”). Executive shall receive four weeks of vacation per year pursuant to the Company’s vacation policies or, if greater, the amount afforded to other members of senior management. In addition, Executive shall be reimbursed $1,000 per month for automobile expenses. (c) Bonuses. In addition to the Base Salary, Executive shall be eligible to receive an annual performance bonus at a target of not less than seventy-five one hundred ten percent (75%) (110%) of his then annual Base Salary Salary, with an opportunity to earn a maximum performance bonus of two hundred percent (200%) of his performance bonus target (the “Performance Bonus”). The Performance Bonus shall be a discretionary bonus, determined in the sole discretion of the Board or the Compensation Committee thereof, based upon Executive’s performance of his duties and the Company’s financial performance, as well as certain performance targets that are approved by the Board or the Compensation such Committee. The Company will pay Executive’s Performance Bonus for each year at the same time as annual performance bonus payments for such year (if any) are made to other participants with respect to such fiscal year, and in any event, all events within the two and one half (21⁄2) months following the end of the year in which the Performance Bonus is earned. The Performance Bonus is intended to qualify for the short-term deferral exception to Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”). (d) Expenses. In addition to reimbursement for business expenses incurred by Executive in the normal and ordinary course of his employment by the Company pursuant to the Company’s standard business expense reimbursement policies and procedures, the Company shall reimburse Executive at the same level as the Company reimburses other senior executives for his insurance costs should he elect to participate in the Company’s insurance program(s). In addition, Executive shall be reimbursed $1,000/month for automobile expenses. (e) Long-Term Incentive Awards. During the Term, Executive shall be eligible to receive, on substantially the same basis as the long-term incentive awards granted to other senior executives of the Company, annual long-term incentive awards under and pursuant to the InnerWorkings, Inc. Inc., 2020 Omnibus Incentive Plan, or any successor plan thereto (the “Stock Incentive Plan”), with a targeted grant date value of one hundred percent (110%) of his Base Salary, $2,000,000, subject to adjustment by the Compensation Committee of the Board in its sole discretion. (e) Incentive Compensation Recoupment. Any incentive compensation payable pursuant to this Agreement shall be subject to any compensation recovery and/or recoupment policy adopted by the Company to comply with applicable law, including, without limitation, the Sarbanes-Oxley Act of 2002, the Dodd-Frank Wall Street Reform and Consumer Protection Act, or to comport with good corporate governance practices, as such policies may be adopted and/or amended from time to time.View More
