Compensation Clause Example with 7 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. As full compensation for all services to be rendered by Executive during the term of this Agreement, the Company will compensate the Executive as follows. 4.1 Base Salary. The Company shall pay the Executive a base salary (the "Base Salary") at the annualized rate of $400,000, which shall be subject to customary withholdings and authorized deductions and shall be payable in equal installments in accordance with the Company's customary payroll practices in place from time to time. The Executive's... Base Salary shall be subject to review on at least an annual basis. The foregoing annualized rate will be effective for fiscal year 2020 and may be reevaluated by the Company's Board of Directors for fiscal year 2021. 4.2 Annual Bonus. (a) The Executive will be eligible to participate in an annual executive bonus plan pursuant to which he may earn a bonus ("Bonus") equal to up to 40% of his Base Salary (such maximum bonus may be referred to as the "Target Bonus"). (b) Prior to the commencement of each calendar year the Company's Board of Directors (the "Board") will establish and approve the Target Bonus for such calendar year. Achievement of the Target Bonus will be based on the Executive meeting individual objectives and the Company meeting Company-wide objectives (collectively, the "Performance Criteria"). (c) The Board may, in its discretion, grant the Executive a Bonus in excess of the Target Bonus if the Performance Criteria are exceeded. (d) Following the close of each calendar year but in no event later than January 30th, the Board will meet and determine the extent to which the Performance Criteria have been achieved for such year and the amount of the Bonus. Based on that determination, payment of the Bonus (if any) shall be made by March 15th. (e) Notwithstanding the foregoing to the contrary (including all Performance Criteria being met), payment of the Bonus shall be at the sole and absolute discretion of the Board, based on, among other things, the financial condition of the Company. 4.3 Stock Option Grants. During the Term (as defined below), subject to the terms of the Corbus Pharmaceuticals Holdings, Inc. 2014 Equity Compensation Plan (the "2014 Plan") or any successor equity compensation plan as may be in place from time to time and separate award agreements, the Executive also shall be eligible to receive from time to time additional stock options or other awards in amounts, if any, to be approved by the Board or the Compensation Committee in its discretion. 4.4 Benefits. During his employment and subject to any contribution therefore generally required of employees of the Company, the Executive shall be entitled to participate in any and all employee benefit plans from time to time in effect for executive employees of the Company generally. Such participation shall be subject to (i) the terms of the applicable plan documents, (ii) generally applicable policies of the Company and (iii) the discretion of the Board or any administrative or other committee provided for in or contemplated by such plan. The Company may alter, modify, add to or delete its employee benefit plans at any time as it, in its sole judgment, deems appropriate. 4.5 Vacations, Sick Time, Holidays, and Other Leave. During the term of his employment, the Executive shall be entitled to paid time off, including vacation time, sick time, holidays, and other leave time, in accordance with the Company's policies in force in its Employee Handbook as of the Effective Date of this Agreement or as such policies may be modified from time to time by the Company. 4.6 Changes to Compensation. The Company may, at its sole discretion, change the terms and conditions of Executive's employment, including without limitation, the terms of the Executive's compensation (other than the terms and conditions of outstanding options or other awards under the 2014 Plan which shall continue to be governed by the applicable award agreements and the 2014 Plan). After completion of the Term (as defined below), the Company shall give the Executive at least 14 days' prior written notice of any changes to Executive's compensation.View More
Variations of a "Compensation" Clause from Business Contracts
Compensation. As full compensation for all services to be rendered by Executive during the term of this Agreement, the Company will compensate the Executive as follows. 4.1 Base Salary. The Company shall pay the Executive a base salary (the "Base Salary") at the annualized rate of $400,000, which $345,000 (the "Base Salary") beginning on the Effective Date. Payment of Salary shall be subject to customary withholdings and authorized deductions and shall be payable in equal installments in accordance with the C...ompany's customary payroll practices in place from time to time. The Executive's Base Salary shall be subject to review for an upward adjustment on at least an annual basis. The foregoing annualized Executive's Base Salary may not be adjusted downward without the Executive's prior written consent. The Base Salary shall be paid in NIS based on the last known $/NIS exchange rate will be effective for fiscal year 2020 and may be reevaluated at the time of each payment as published by the Company's Board Bank of Directors Israel. For avoidance of doubt, no additional compensation shall be paid by the Company for fiscal year 2021. 4.2 any services provided to Indaptus or any of its subsidiaries within the scope of this Agreement. Annual Bonus. (a) The Executive will be eligible to participate in an annual executive bonus plan pursuant to which he Executive may earn a bonus ("Bonus") equal to up to 40% of his Base Salary (such maximum bonus may be referred to as the "Target Bonus"). (b) Bonus") beginning in the 2022 calendar year. Prior to the commencement of each calendar year year, the Company's Board of Directors (the "Board") will establish and approve the Target Bonus for such calendar year. year, provided that such Target Bonus shall not be less than 40% of the Executive's Base Salary. Achievement of the Target Bonus will be based on the Executive meeting individual objectives and the Company Indaptus meeting Company-wide company-wide objectives (collectively, the "Performance Criteria"). (c) 2 The Board may, in its discretion, grant the Executive a Bonus in excess of the Target Bonus if the Performance Criteria are exceeded. (d) exceeded or for such additional contributions that the Board may choose to recognize. Following the close of each calendar year but in no event after the later than of January 30th, 30th of the year following the year for which the Bonus is payable or ten business days after completion of Indaptus's audited financial statements, the Board will meet and determine in its reasonable discretion the extent to which the Performance Criteria have been achieved for such year and the amount of the Bonus. Based on that determination, payment of the Bonus (if any) shall be made by March 15th. (e) Notwithstanding at the foregoing same time annual Bonuses are generally paid to other senior executives of Indaptus (generally the contrary (including all Performance Criteria being met), payment first regular payroll date following the Board's certification of the achievement of applicable Performance Criteria) (the "Bonus Payment Date"). If the Executive is eligible to receive a Bonus, such Bonus will not be deemed to be fully earned unless Executive is employed by the Company and in good standing on the last day of the fiscal year to which the Bonus relates. The Bonus shall be at paid to the sole and absolute discretion Executive no later than March 15th of the Board, based on, among other things, year following the financial condition of year for which the Company. 4.3 bonus is payable. Stock Option Grants. During the Term (as defined below), Term, subject to the terms of the Corbus Pharmaceuticals Holdings, Indaptus Therapeutics, Inc. 2014 Equity Compensation 2021 Stock Incentive Plan (the "2014 "Stock Incentive Plan") or any successor equity compensation plan as may be in place from time to time and separate award agreements, the Executive also shall be eligible to receive from time to time additional stock options or other equity awards in amounts, if any, to be approved by the Board or the Compensation Committee of Indaptus in its discretion. 4.4 Benefits. During his employment and The Executive agrees that any equity grants awarded to him as compensation for services as Chief Financial Officer shall be subject to any contribution therefore generally required of employees of the Company, the Executive shall be entitled to participate in any and all employee benefit plans clawback policy that Indaptus established from time to time in effect for that is applicable to Indaptus' executive employees of the Company generally. Such participation shall be subject to (i) the terms of the applicable plan documents, (ii) generally applicable policies of the Company and (iii) the discretion of the Board or any administrative or other committee provided for in or contemplated by such plan. The Company may alter, modify, add to or delete its employee benefit plans at any time as it, in its sole judgment, deems appropriate. 4.5 Vacations, Sick Time, Holidays, and Other Leave. During the term of his employment, the Executive shall be entitled to paid time off, including vacation time, sick time, holidays, and other leave time, in accordance with the Company's policies in force in its Employee Handbook as of the Effective Date of this Agreement or as such policies may be modified from time to time by the Company. 4.6 Changes to Compensation. The Company may, at its sole discretion, change the terms and conditions of Executive's employment, including without limitation, the terms of the Executive's compensation (other than the terms and conditions of outstanding options or other awards under the 2014 Plan which shall continue to be governed by the applicable award agreements and the 2014 Plan). After completion of the Term (as defined below), the Company shall give the Executive at least 14 days' prior written notice of any changes to Executive's compensation. officers. View More
Compensation. As full compensation for all services to be rendered by Executive during the term of this Agreement, the Company will compensate the Executive as follows. 4.1 Base Salary. The Company shall pay the Executive a base salary (the "Base Salary") at the annualized rate of $400,000, $405,000, which shall be subject to customary withholdings and authorized deductions and shall be payable in equal installments in accordance with the Company's customary payroll practices in place from time to time. The E...xecutive's Base Salary shall be subject to review for an upward adjustment on at least an annual basis. The Executive's Base Salary may not be adjusted downward without the Executive's prior written consent. The foregoing annualized rate will be effective for fiscal year 2020 2021 and may be reevaluated by the Company's Board of Directors for fiscal year 2021. 4.2 2022. Annual Bonus. (a) The Executive will be eligible to participate in an annual executive bonus plan pursuant to which he may earn a bonus ("Bonus") equal to up to 40% 50% of his Base Salary (such maximum bonus may be referred to as the "Target Bonus"). (b) Prior to the commencement of each calendar year year, the Company's Board of Directors (the "Board") will establish and approve the Target Bonus for such calendar year. year, provided that such Target Bonus shall not be less than 50% of the Executive's Base Salary. Achievement of the Target Bonus will be based on the Executive meeting individual objectives and the Company meeting Company-wide company-wide objectives (collectively, the "Performance Criteria"). (c) The Board may, in its discretion, grant the Executive a Bonus in excess of the Target Bonus if the Performance Criteria are exceeded. (d) exceeded or for such additional contributions that the Board may choose to recognize. Following the close of each calendar year but in no event after the later than of January 30th, 30th of the year following the year for which the Bonus is payable or ten business days after completion of the Company's audited financial statements, the Board will meet and determine in its reasonable discretion the extent to which the Performance Criteria have been achieved for such year and the amount of the Bonus. Based on that determination, payment of the Bonus (if any) shall be made by March 15th. (e) Notwithstanding at the foregoing same time annual Bonuses are generally paid to the contrary (including all Performance Criteria being met), payment other senior executives of the Company (generally the first regular payroll date following the Board's certification of the achievement of applicable Performance Criteria) (the "Bonus Payment Date"). If the Executive is eligible to receive a Bonus, such Bonus will not be deemed to be fully earned unless Executive is employed by the Company and in good standing on the last day of the fiscal year to which the Bonus relates. The Bonus shall be at paid to the sole and absolute discretion Executive no later than March 15th of the Board, based on, among other things, year following the financial condition of year for which the Company. 4.3 bonus is payable. Stock Option Grants. During the Term (as defined below), Term, subject to the terms of the Corbus Pharmaceuticals Holdings, Inc. 2014 Equity Compensation Company's 2021 Stock Incentive Plan (the "2014 Plan") or any successor equity compensation plan as may be in place from time to time and separate award agreements, the Executive also shall be eligible to receive from time to time additional stock options or other equity awards in amounts, if any, to be approved by the Board or the Compensation Committee in its discretion. 4.4 Benefits. During his employment and Executive agrees that any equity grants awarded to him as compensation for services as Chief Business Officer shall be subject to any contribution therefore generally required of employees of clawback policy that the Company, the Executive shall be entitled to participate in any and all employee benefit plans Company established from time to time in effect for executive employees of the Company generally. Such participation shall be subject that is applicable to (i) the terms of the applicable plan documents, (ii) generally applicable policies of the Company and (iii) the discretion of the Board or any administrative or other committee provided for in or contemplated by such plan. The Company may alter, modify, add to or delete its employee benefit plans at any time as it, in its sole judgment, deems appropriate. 4.5 Vacations, Sick Time, Holidays, and Other Leave. During the term of his employment, the Executive shall be entitled to paid time off, including vacation time, sick time, holidays, and other leave time, in accordance with the Company's policies in force in its Employee Handbook as of the Effective Date of this Agreement or as such policies may be modified from time to time by the Company. 4.6 Changes to Compensation. The Company may, at its sole discretion, change the terms and conditions of Executive's employment, including without limitation, the terms of the Executive's compensation (other than the terms and conditions of outstanding options or other awards under the 2014 Plan which shall continue to be governed by the applicable award agreements and the 2014 Plan). After completion of the Term (as defined below), the Company shall give the Executive at least 14 days' prior written notice of any changes to Executive's compensation. executive officers. View More
Compensation. As full compensation for all services to be rendered by Executive during the term of this Agreement, the Company will compensate the Executive as follows. 4.1 Base Salary. The Company shall pay the Executive a base salary (the "Base Salary") at the annualized rate of $400,000, $540,000, which shall be subject to customary withholdings and authorized deductions and shall be payable in equal installments in accordance with the Company's customary payroll practices in place from time to time. The E...xecutive's Base Salary shall be subject to review for an upward adjustment on at least an annual basis. The Executive's Base Salary may not be adjusted downward without the Executive's prior written consent. The foregoing annualized rate will be effective for fiscal year 2020 2021 and may be reevaluated by the Company's Board of Directors for fiscal year 2021. 4.2 2022. Annual Bonus. (a) The Executive will be eligible to participate in an annual executive bonus plan pursuant to which he may earn a bonus ("Bonus") equal to up to 40% 50% of his Base Salary (such maximum bonus may be referred to as the "Target Bonus"). (b) Prior to the commencement of each calendar year year, the Company's Board of Directors (the "Board") will establish and approve the Target Bonus for such calendar year. year, provided that such Target Bonus shall not be less than 50% of the Executive's Base Salary. Achievement of the Target Bonus will be based on the Executive meeting individual objectives and the Company meeting Company-wide company-wide objectives (collectively, the "Performance Criteria"). (c) The Board may, in its discretion, grant the Executive a Bonus in excess of the Target Bonus if the Performance Criteria are exceeded. (d) exceeded or for such additional contributions that the Board may choose to recognize. Following the close of each calendar year but in no event after the later than of January 30th, 30th of the year following the year for which the Bonus is payable or ten business days after completion of the Company's audited financial statements, the Board will meet and determine in its reasonable discretion the extent to which the Performance Criteria have been achieved for such year and the amount of the Bonus. Based on that determination, payment of the Bonus (if any) shall be made by March 15th. (e) Notwithstanding at the foregoing same time annual Bonuses are generally paid to the contrary (including all Performance Criteria being met), payment other senior executives of the Company (generally the first regular payroll date following the Board's certification of the achievement of applicable Performance Criteria) (the "Bonus Payment Date"). If the Executive is eligible to receive a Bonus, such Bonus will not be deemed to be fully earned unless Executive is employed by the Company and in good standing on the last day of the fiscal year to which the Bonus relates. The Bonus shall be at paid to the sole and absolute discretion Executive no later than March 15th of the Board, based on, among other things, year following the financial condition of year for which the Company. 4.3 bonus is payable. Stock Option Grants. During the Term (as defined below), Term, subject to the terms of the Corbus Pharmaceuticals Holdings, Inc. 2014 Equity Compensation Company's 2021 Stock Incentive Plan (the "2014 Plan") or any successor equity compensation plan as may be in place from time to time and separate award agreements, the Executive also shall be eligible to receive from time to time additional stock options or other equity awards in amounts, if any, to be approved by the Board or the Compensation Committee in its discretion. 4.4 Benefits. During his employment and Executive agrees that any equity grants awarded to him as compensation for services as Chief Executive Officer shall be subject to any contribution therefore generally required of employees of clawback policy that the Company, the Executive shall be entitled to participate in any and all employee benefit plans Company established from time to time in effect for executive employees of the Company generally. Such participation shall be subject that is applicable to (i) the terms of the applicable plan documents, (ii) generally applicable policies of the Company and (iii) the discretion of the Board or any administrative or other committee provided for in or contemplated by such plan. The Company may alter, modify, add to or delete its employee benefit plans at any time as it, in its sole judgment, deems appropriate. 4.5 Vacations, Sick Time, Holidays, and Other Leave. During the term of his employment, the Executive shall be entitled to paid time off, including vacation time, sick time, holidays, and other leave time, in accordance with the Company's policies in force in its Employee Handbook as of the Effective Date of this Agreement or as such policies may be modified from time to time by the Company. 4.6 Changes to Compensation. The Company may, at its sole discretion, change the terms and conditions of Executive's employment, including without limitation, the terms of the Executive's compensation (other than the terms and conditions of outstanding options or other awards under the 2014 Plan which shall continue to be governed by the applicable award agreements and the 2014 Plan). After completion of the Term (as defined below), the Company shall give the Executive at least 14 days' prior written notice of any changes to Executive's compensation. executive officers. View More
Compensation. As full compensation for all services to be rendered by Executive during the term of this Agreement, the Company will compensate the Executive as follows. 4.1 Base Salary. The Effective as of January 1, 2016, the Company shall pay the Executive a the base salary (the "Base Salary") at the annualized rate of $400,000, $345,000, which shall be subject to customary withholdings and authorized deductions and shall be payable in equal installments in accordance with the Company's customary payroll pr...actices in place from time to time. The Executive's Base Salary shall be subject to review on at least an annual basis. The foregoing annualized rate will be effective for fiscal year 2020 2016 and may be reevaluated by the Company's Board of Directors for fiscal year 2021. 2017. 4.2 Annual Bonus. (a) The Effective as of January 1, 2016, the Executive will be eligible to participate in an annual executive bonus plan pursuant to which he she may earn a bonus ("Bonus") equal to up to 40% of his her Base Salary (such maximum bonus may be referred to as the "Target Bonus"). (b) Prior to the commencement of each calendar year the Company's Board of Directors (the "Board") will establish and approve the Target Bonus for such calendar year. Achievement of the Target Bonus will be based on the Executive meeting individual objectives and the Company meeting Company-wide company-wide objectives (collectively, the "Performance Criteria"). (c) The Board may, in its discretion, grant the Executive a Bonus in excess of the Target Bonus if the Performance Criteria are exceeded. (d) Following the close of each calendar year but in no event later than January 30th, the Board will meet and determine the extent to which the Performance Criteria have been achieved for such year and the amount of the Bonus. Based on that determination, payment of the Bonus (if any) shall be made by March 15th. (e) Notwithstanding the foregoing to the contrary (including all Performance Criteria being met), payment of the Bonus shall be at the sole and absolute discretion of the Board, Board based on, among other things, on the financial condition of the Company. 4.3 Stock Option Grants. During the Term (as defined below), subject to the terms of the Corbus Pharmaceuticals Holdings, Inc. 2014 Equity Compensation Plan (the "2014 Plan") or any successor equity compensation plan as may be in place from time to time and separate award agreements, the Executive also shall be eligible to receive from time to time additional stock options or other awards in amounts, if any, to be approved by the Board or the Compensation Committee in its discretion. 4.4 Benefits. During his her employment and subject to any contribution therefore generally required of employees of the Company, the Executive shall be entitled to participate in any and all employee benefit plans from time to time in effect for executive employees of the Company generally. Such participation shall be subject to (i) the terms of the applicable plan documents, (ii) generally applicable policies of the Company and (iii) the discretion of the Board or any administrative or other committee provided for in or contemplated by such plan. The Company may alter, modify, add to or delete its employee benefit plans at any time as it, in its sole judgment, deems appropriate. 4.5 Vacations, Sick Time, Holidays, -2- 4.4 Vacations and Other Leave. Holidays. During the term of his her employment, the Executive shall be entitled to 15 paid time off, including vacation time, sick time, holidays, and other leave time, days off (none of which may be carried over from one year to the next) as well as those paid public holidays provided for in accordance with the Company's policies in force in its Employee Handbook standard policies, as of the Effective Date of this Agreement or as such policies they may be modified amended from time to time by the Company. 4.6 time. 4.5 Changes to Compensation. The After the Initial Term (as defined below), the Company may, at its sole discretion, change the terms and conditions of Executive's employment, including without limitation, the terms of the Executive's compensation (other than the terms and conditions of outstanding options or other awards under the Corbus Pharmaceuticals Holdings, Inc. 2014 Equity Compensation Plan (the "2014 Plan") which shall continue to be governed by the applicable award agreements and the 2014 Plan). After completion of the Term (as defined below), the The Company shall give the Executive at least 14 days' prior written notice of any changes to Executive's compensation. such changes. View More
Compensation. As full compensation for all services to be rendered by Executive during the term of this Agreement, the Company will compensate the Executive as follows. 4.1 Base Salary. The Company shall pay the Executive a base salary (the "Base Salary") at the annualized rate of $400,000, $410,000, which shall be subject to customary withholdings and authorized deductions and shall be payable in equal installments in accordance with the Company's customary payroll practices in place from time to time. The E...xecutive's Base Salary shall be subject to review on at least an annual basis. The foregoing annualized rate will be effective for fiscal year 2020 and may be reevaluated by the Company's Board of Directors for fiscal year 2021. 4.2 Annual Bonus. (a) The Executive will be eligible to participate in an annual executive bonus plan pursuant to which he she may earn a bonus ("Bonus") equal to up to 40% of his her Base Salary (such maximum bonus may be referred to as the "Target Bonus"). (b) Prior to the commencement of each calendar year the Company's Board of Directors (the "Board") will establish and approve the Target Bonus for such calendar year. Achievement of the Target Bonus will be based on the Executive meeting individual objectives and the Company meeting Company-wide objectives (collectively, the "Performance Criteria"). For the period between the Effective Date and March 31, 2022, the Company will pay the Executive a performance bonus of $100,000 provided she is actively employed in good standing as of that date. (c) The Board may, in its discretion, grant the Executive a Bonus in excess of the Target Bonus in any given year if the Performance Criteria are exceeded. (d) Following the close of each calendar year but in no event later than January 30th, the Board will meet and determine the extent to which the Performance Criteria have been achieved for such year and the amount of the Bonus. Based on that determination, payment of the Bonus (if any) shall be made by March 15th. (e) Notwithstanding the foregoing to the contrary (including all Performance Criteria being met), payment of the Bonus shall be at the sole and absolute discretion of the Board, Board based on, among other things, on the financial condition of the Company. 4.3 Stock Option Grants. During the Term (as defined below), subject Subject to the terms approval of the Board, the Company will recommend a grant to the Executive of an option to purchase up to 500,000 shares of the Company's common stock (the "Option") pursuant to the Corbus Pharmaceuticals Holdings, Inc. 2014 Equity Compensation Plan (the "2014 Plan") "Plan"). The exercise price per share of the Option will be determined by the Board of Directors or the Compensation Committee when the Option is granted and will be no less than the fair market value per share on the date of grant. The Option will be subject to the terms and conditions of the Plan and the applicable stock option grant agreement. The Executive will vest in the Option as described in the applicable stock option grant agreement. During the Term, subject to the terms and conditions established within the Plan or any successor equity compensation plan as may be in place from time to time and separate award agreements, the Executive also shall be eligible to receive from time to time additional stock options or other awards (as permitted by the Plan), in amounts, if any, to be approved by the Board or the Compensation Committee in its discretion. 4.4 Benefits. During his her employment and subject to any contribution therefore generally required of employees of the Company, the Executive shall be entitled to -2- participate in any and all employee benefit plans from time to time in effect for executive employees of the Company generally. Such participation shall be subject to (i) the terms of the applicable plan documents, (ii) generally applicable policies of the Company and (iii) the discretion of the Board or any administrative or other committee provided for in or contemplated by such plan. The Company may alter, modify, add to or delete its employee benefit plans at any time as it, in its sole judgment, deems appropriate. 4.5 Vacations, Sick Time, Holidays, and Other Leave. During the term of his her employment, the Executive shall be entitled to paid time off, including vacation time, sick time, holidays, and other leave time, in accordance with the Company's policies in force in its Employee Handbook as of the Effective Date of this Agreement or as such policies may be modified from time to time by the Company. 4.6 Changes to Compensation. The Company may, at its sole discretion, change the terms and conditions of Executive's employment, including without limitation, the terms of the Executive's compensation (other than the terms and conditions of outstanding options or other awards under the 2014 Plan which shall continue to be governed by the applicable award agreements and the 2014 Plan). After completion of the Term (as defined below), the Company shall give the Executive at least 14 days' prior written notice of any changes to Executive's compensation.View More
Compensation. As full compensation for all services to be rendered by Executive during the term of this Agreement, the Company will compensate the Executive as follows. 4.1 Base Salary. The Company shall pay the Executive a base salary (the "Base Salary") at the annualized rate of $400,000, $424,000, which shall be subject to customary withholdings and authorized deductions and shall be payable in equal installments in accordance with the Company's customary payroll practices in place from time to time. The E...xecutive's Base Salary shall be subject to review on at least an annual basis. The foregoing annualized rate will be effective for fiscal year 2020 2018 and may be reevaluated by the Company's Board of Directors for fiscal year 2021. 2019. 4.2 Annual Bonus. (a) The Executive will be eligible to participate in an annual executive bonus plan pursuant to which he she may earn a bonus ("Bonus") equal to up to 40% of his her Base Salary (such maximum bonus may be referred to as the "Target Bonus"). (b) Prior to the commencement of each calendar year the Company's Board of Directors (the "Board") will establish and approve the Target Bonus for such calendar year. Achievement of the Target Bonus will be based on the Executive meeting individual objectives and the Company meeting Company-wide company-wide objectives (collectively, the "Performance Criteria"). (c) The Board may, in its discretion, grant the Executive a Bonus in excess of the Target Bonus if the Performance Criteria are exceeded. (d) Following the close of each calendar year but in no event later than January 30th, the Board will meet and determine the extent to which the Performance Criteria have been achieved for such year and the amount of the Bonus. Based on that determination, payment of the Bonus (if any) shall be made by March 15th. (e) Notwithstanding the foregoing to the contrary (including all Performance Criteria being met), payment of the Bonus shall be at the sole and absolute discretion of the Board, Board based on, among other things, on the financial condition of the Company. 4.3 Stock Option Grants. During the Term (as defined below), subject to the terms of the Corbus Pharmaceuticals Holdings, Inc. 2014 Equity Compensation Plan (the "2014 Plan") or any successor equity compensation plan as may be in place from time to time and separate award agreements, the Executive also shall be eligible to receive from time to time additional stock options or other awards in amounts, if any, to be approved by the Board or the Compensation Committee in its discretion. 4.4 Benefits. During his her employment and subject to any contribution therefore generally required of employees of the Company, the Executive shall be entitled to participate in any and all employee benefit plans from time to time in effect for executive employees of the Company generally. Such participation shall be subject to (i) the terms of the applicable plan documents, (ii) generally applicable policies of the Company and (iii) the discretion of the Board or any administrative or other committee provided for in or contemplated by such plan. The Company may alter, modify, add to or delete its employee benefit plans at any time as it, in its sole judgment, deems appropriate. 4.5 Vacations, Sick Time, Holidays, -2- 4.4 Vacations and Other Leave. Holidays. During the term of his her employment, the Executive shall be entitled to 15 paid time off, including vacation time, sick time, holidays, and other leave time, days off (none of which may be carried over from one year to the next) as well as those paid public holidays provided for in accordance with the Company's policies in force in its Employee Handbook standard policies, as of the Effective Date of this Agreement or as such policies they may be modified amended from time to time by the Company. 4.6 time. 4.5 Changes to Compensation. The After the Term (as defined below), the Company may, at its sole discretion, change the terms and conditions of Executive's employment, including without limitation, the terms of the Executive's compensation (other than the terms and conditions of outstanding options or other awards under the Corbus Pharmaceuticals Holdings, Inc. 2014 Equity Compensation Plan (the "2014 Plan") which shall continue to be governed by the applicable award agreements and the 2014 Plan). After completion of the Term (as defined below), the The Company shall give the Executive at least 14 days' prior written notice of any changes to Executive's compensation. such changes. View More
Compensation. As full compensation for all services to be rendered by Executive during the term of this Agreement, the Company will compensate the Executive as follows. 4.1 Base Salary. The Company shall pay the Executive a base salary (the "Base Salary") at the annualized rate of $400,000, $439,000, which shall be subject to customary withholdings and authorized deductions and shall be payable in equal installments in accordance with the Company's customary payroll practices in place from time to time. The E...xecutive's Base Salary shall be subject to review on at least an annual basis. The foregoing annualized rate will be effective for fiscal year 2020 and may be reevaluated by the Company's Board of Directors for fiscal year 2021. 4.2 Annual Bonus. (a) The Executive will be eligible to participate in an annual executive bonus plan pursuant to which he she may earn a bonus ("Bonus") equal to up to 40% of his her Base Salary (such maximum bonus may be referred to as the "Target Bonus"). (b) Prior to the commencement of each calendar year the Company's Board of Directors (the "Board") will establish and approve the Target Bonus for such calendar year. Achievement of the Target Bonus will be based on the Executive meeting individual objectives and the Company meeting Company-wide objectives (collectively, the "Performance Criteria"). (c) The Board may, in its discretion, grant the Executive a Bonus in excess of the Target Bonus if the Performance Criteria are exceeded. (d) Following the close of each calendar year but in no event later than January 30th, the Board will meet and determine the extent to which the Performance Criteria have been achieved for such year and the amount of the Bonus. Based on that determination, payment of the Bonus (if any) shall be made by March 15th. (e) Notwithstanding the foregoing to the contrary (including all Performance Criteria being met), payment of the Bonus shall be at the sole and absolute discretion of the Board, Board based on, among other things, on the financial condition of the Company. 4.3 Stock Option Grants. During the Term (as defined below), subject to the terms of the Corbus Pharmaceuticals Holdings, Inc. 2014 Equity Compensation Plan (the "2014 Plan") or any successor equity compensation plan as may be in place from time to time and separate award agreements, the Executive also shall be eligible to receive from time to time additional stock options or other awards in amounts, if any, to be approved by the Board or the Compensation Committee in its discretion. 4.4 Benefits. During his her employment and subject to any contribution therefore generally required of employees of the Company, the Executive shall be entitled to participate in any and all employee benefit plans from time to time in effect for executive employees of the Company generally. Such participation shall be subject to (i) the terms of the applicable plan documents, (ii) generally applicable policies of the Company and (iii) the discretion of the Board or any administrative or other committee provided for in or contemplated by such plan. The Company may alter, modify, add to or delete its employee benefit plans at any time as it, in its sole judgment, deems appropriate. 4.5 Vacations, Sick Time, Holidays, -2- 4.4 Vacations and Other Leave. Holidays. During the term of his her employment, the Executive shall be entitled to 15 paid time off, including vacation time, sick time, holidays, and other leave time, days off per calendar year (none of which may be carried over from one year to the next, except as otherwise required by applicable law) as well as those paid public holidays provided for in accordance with the Company's policies in force in its Employee Handbook standard policies, as of the Effective Date of this Agreement or as such policies they may be modified amended from time to time by the Company. 4.6 time. 4.5 Changes to Compensation. The After the Term (as defined below), the Company may, at its sole discretion, change the terms and conditions of Executive's employment, including without limitation, the terms of the Executive's compensation (other than the terms and conditions of outstanding options or other awards under the Corbus Pharmaceuticals Holdings, Inc. 2014 Equity Compensation Plan (the "2014 Plan") which shall continue to be governed by the applicable award agreements and the 2014 Plan). After completion of the Term (as defined below), the The Company shall give the Executive at least 14 days' prior written notice of any changes to Executive's compensation. such changes. View More
