Compensation Clause Example from Business Contracts

Compensation. (a) For services rendered under this Employment Agreement, the Company shall pay the Executive a salary determined annually by the Board of Directors (the "Base Salary"), payable (after deduction of applicable payroll taxes) in the same manner and on the same payroll schedule in which Company employees receive payment. The Executive's Base Salary as of the Effective Date shall be $250,000. The Executive shall also be eligible for and participate in such fringe benefits as shall be generally prov...ided to executives of the Company, including those under the CareCloud, Inc. Amended and Restated Equity Incentive Plan, which may be adopted, amended and modified from time to time during the term hereof by the Company. (b) The Compensation Committee of the Board of Directors shall review the Executive's compensation from time to time and effect such increases in the Base Salary as the Board of Directors, in its sole discretion, determines are merited, based upon the Executive's performance and consistent with the Company's compensation policies. At the conclusion of each fiscal year, the Executive shall be eligible for, and the Board of Directors in its sole discretion may award, an executive bonus based on the achievement of objectives established by the CEO and the Board of Directors in line with the rules of the Company's bonus plan. Executive's current target bonus is equal to 100% of the Annual Base Salary, provided that, depending on results, the Executive's actual bonus may be higher or lower than the target bonus, as determined by the Board of Directors. View More