Compensation Clause Example from Business Contracts

Compensation. 2.1 Base Salary. For services to be rendered hereunder, you shall receive a base salary at the rate of $320,000 per year (the "Base Salary"), subject to standard payroll deductions and withholdings and payable in accordance with the Company's regular payroll schedule. 2.2 Annual Bonus. You will be eligible for an annual discretionary bonus with a target amount of 40% of your then current annual Base Salary (the "Annual Bonus"). Whether you receive an Annual Bonus for any given year, and the amou...nt of any such Annual Bonus, will be determined by the Board of Directors of the Company and/or its Compensation Committee (the "Board") in its discretion based upon the achievement of corporate and/or individual objectives and milestones that are determined in the sole discretion of the Board and other criteria to be determined by the Board. You must continue to be employed through the date the Annual Bonus is paid in order to earn such bonus. If your employment terminates for any reason prior to the payment date, you will not have earned, and will not be paid, any pro-rated bonus. The Annual Bonus, if earned, shall be paid to you in a lump sum no later than March 15th of the calendar year that follows the performance year, subject to applicable payroll deductions and withholdings. 2.3 Equity. You have previously been granted various equity interests in the Company (the "Awards"). The Awards will continue to be governed by the terms and conditions of the applicable existing plan documents, award agreements and grant notices. You will be eligible for future equity awards as determined by the Board in its sole discretion. View More