Compensation Clause Example from Business Contracts

Compensation. The Company will pay the Executive as follows during the Employment Term: (a) Base Salary. The Company shall pay the Executive a base salary at the annual rate of Two Hundred Ninety Five Thousand Dollars ($295,000), which shall be paid in accordance with the normal payroll practices of the Company and shall be subject to applicable withholdings and deductions. Thereafter, the Executive's base salary shall be subject to review and adjustment upward by the compensation committee (the "Compensation... Committee") of the board of directors of Addus HomeCare Corporation ("Addus HomeCare") (the "Board of Directors") on or about each anniversary of the Effective Date for each year during the Employment Term (as adjusted from time-to-time, the "Base Salary"). (b) Bonus. The Executive, at the discretion of the Compensation Committee, shall be eligible (but not entitled) to receive an annual bonus as set forth on Exhibit A hereto. The Compensation Committee, at its sole discretion, may determine the amount of the annual bonus, if any, to which the Executive may become entitled based on the quantitative and qualitative factors described on Exhibit A or any other factors the Compensation Committee may deem appropriate from time to time. All amounts payable pursuant to this Section 3(b), if any, shall be paid within no more than thirty (30) days after completion of Addus HomeCare's audited financial statements for the most recently completed fiscal year, but in all events, in the fiscal year following the fiscal year in which the performance occurred, and shall be subject to applicable withholdings and deductions. Bonus is not salary and is earned on the day it is paid. To be eligible to receive the bonus, the Executive must be actively employed and must not have given notice of termination on or prior to such date, except as expressly provided for in this Agreement. (c) Equity Awards. The Executive shall be eligible to receive equity awards and, as of the Effective Date, Executive would be issued options to acquire 25,000 unrestricted shares of Addus common stock and granted 2,500 restricted shares of Addus common stock (the "Initial Grants"). The Initial Grants vest annually over a four-year period, subject to the terms and conditions set forth in the Company's stock incentive plan and the respective stock agreements. View More