Compensation Clause Example with 19 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. 2.1 Salary. Executive shall receive for Executive's services to be rendered hereunder an initial annualized base salary of $388,125, subject to annual review, and adjusted from time to time by the Company in its sole discretion, payable semi-monthly subject to standard federal and state payroll withholding requirements in accordance with Company's standard payroll practices ("Base Salary"). 2.2 Bonus. Executive shall be eligible to earn a discretionary annual cash bonus, with the initial target ...amount of such bonus equal to 40 percent of the Executive's then-current Base Salary, subject to review and adjustment from time to time by the Company in its sole discretion, payable subject to standard federal and state payroll withholding requirements. Whether or not Executive earns any bonus will be dependent upon (a) the actual achievement by Executive and the Company of the applicable individual and corporate performance goals, as determined by the Board (b) the Company's actual financial performance during the applicable year; and (c) Executive's continuous performance of services to the Company through the date any bonus is paid. The annual period over which performance is measured for purposes of this bonus is January 1 through December 31. In all events, any bonus earned pursuant to this Section 2.2 will be paid on or before March 15 of the calendar year following the calendar year for which it is earned. 2.3 Expense Reimbursement. The Company will reimburse Executive for reasonable business expenses in accordance with the Company's standard expense reimbursement policy. For the avoidance of doubt, to the extent that any reimbursements payable to Executive are subject to the provisions of Section 409A of the Internal Revenue Code of 1986, as amended (the "Code"): (a) any such reimbursements will be paid no later than December 31 of the year following the year in which the expense was incurred, (b) the amount of expenses reimbursed in one year will not affect the amount eligible for reimbursement in any subsequent year, and (c) the right to reimbursement under this Agreement will not be subject to liquidation or exchange for another benefit. 2.4 Equity Grants. Executive shall be eligible for grants of additional equity in the Company, from time to time and at the Board's discretion, subject to the terms of the Company's 2014 Equity Incentive Plan and any amendments thereto, and any applicable stock option agreements.View More
Variations of a "Compensation" Clause from Business Contracts
Compensation. 2.1 Base Salary. Executive shall receive for Executive's services to be rendered hereunder an initial annualized base salary of $388,125, $345,500.00, subject to annual review, review and adjusted adjustment from time to time by the Company in its sole discretion, discretion and payable semi-monthly subject to standard federal and state payroll withholding requirements in accordance with Company's standard payroll practices ("Base Salary"). 2.2 Bonus. Beginning in 2014, Executive shall be eligib...le to earn a discretionary an annual cash bonus, bonus pursuant to the Company's annual performance bonus plan, with the initial target amount of such bonus equal to 40 thirty-five percent (35%) of Executive's Base Salary during the Executive's then-current Base Salary, then current bonus year ("Target Bonus"), subject to review and adjustment from time to time by the Company in its sole discretion, payable subject to standard federal and state payroll withholding requirements. Whether or not Executive earns any bonus Target Bonus will be dependent upon (a) the actual achievement by Executive and the Company of the applicable individual and corporate performance goals, as determined by the Board Board, and (b) the Company's actual financial performance during the applicable year; and (c) Executive's continuous performance of services to the Company through the date any bonus Target Bonus is paid. The annual period over which performance is measured for purposes of this bonus is January 1 through December 31. In all events, any Any bonus earned pursuant to this Section 2.2 will be paid on or before March 15 of the calendar year following the calendar year for which it is earned. 2 2.3 Expense Reimbursement. The Company will reimburse Executive for reasonable business expenses in accordance with the Company's standard expense reimbursement policy. For the avoidance of doubt, to the extent that any reimbursements payable to Executive are subject to the provisions of Section 409A of the Internal Revenue Code of 1986, as amended (the "Code"): (a) any such reimbursements will be paid no later than December 31 of the year following the year in which the expense was incurred, (b) the amount of expenses reimbursed in one year will not affect the amount eligible for reimbursement in any subsequent year, and (c) the right to reimbursement under this Agreement will not be subject to liquidation or exchange for another benefit. 2.4 Equity Grants. Executive shall be eligible for grants of additional equity in the Company, from time to time and at the Board's discretion, subject to the terms of the Company's 2014 Equity Incentive Plan and any amendments thereto, and any applicable stock option agreements.View More
Compensation. 2.1 Salary. 2.2 Bonus. During the period Executive is employed with the Company, Executive shall receive be eligible to earn for Executive's services to be rendered hereunder an initial annualized base salary of $388,125, subject to annual review, and adjusted from time to time by the Company in its sole discretion, payable semi-monthly subject to standard federal and state payroll withholding requirements in accordance with Company's standard payroll practices ("Base Salary"). 2.2 Bonus. Execut...ive shall be eligible to earn under this Agreement a discretionary annual cash bonus, with the initial target amount bonus of such bonus equal up to 40 percent 35% of the Executive's then-current Base Salary, Salary ("Target Amount"), subject to review and adjustment from time to time by the Company in its sole discretion, payable subject to standard federal and state payroll withholding requirements. Whether or not Executive earns any bonus will be dependent upon (a) the actual achievement by Executive and the Company of the applicable individual and corporate performance goals, as determined by the Board (b) the Company's actual financial performance during the applicable year; and (c) Executive's continuous performance of services to the Company through the date any bonus is paid. paid; and (b) the actual achievement by Executive and the Company of the applicable performance targets and goals set by the CEO. The annual period over which performance is measured for purposes of this bonus is January 1 through December 31. In all events, The Board will determine in its sole discretion the extent to which Executive and the Company have achieved the performance goals upon which the bonus is based and the amount of the bonus, which could be above or below the Target Amount (and may be zero). Any bonus shall be subject to the terms of any bonus earned pursuant to this Section 2.2 applicable incentive compensation plan adopted by the Company. Any bonus, if earned, will be paid on or before March 15 of to Executive within the calendar year following time period set forth in the calendar year for which it is earned. incentive compensation plan. 2.3 Expense Reimbursement. The Company will reimburse Executive for reasonable business expenses in accordance with the Company's standard expense reimbursement policy. policy, as the same may be modified by the Company from time to time. The Company shall reimburse Executive for all customary and appropriate business-related expenses actually incurred and documented in accordance with Company policy, as in effect from time to time. For the avoidance of doubt, to the extent that any reimbursements payable to Executive are subject to the provisions of Section 409A of the Internal Revenue Code of 1986, as amended (the "Code"): Code: (a) any such reimbursements will be paid bepaid no later than December 31 of the year following the year in which the expense was incurred, (b) the amount of expenses reimbursed in one year will not affect the amount eligible for reimbursement in any subsequent year, and (c) the right to reimbursement under this Agreement thisAgreement will not be subject to liquidation or exchange for another benefit. 2.4 Equity Grants. Executive shall be eligible for grants of additional equity in the Company, from time to time and at the Board's discretion, subject to the terms of the Company's 2014 Equity Incentive Plan and any amendments thereto, and any applicable stock option agreements.View More
Compensation. 2.1 (a) Base Salary. During Executive's employment with the Company, the Company shall pay Executive shall receive for Executive's services to be rendered hereunder an initial annualized a base salary at the annual rate of $388,125, two hundred eighty thousand dollars ($280,000), less payroll deductions and withholdings, which shall be payable in accordance with the standard payroll practices of the Company. Executive's base salary shall be subject to annual review, periodic review and adjusted...adjustment by the Board from time to time by in the Company in its sole discretion, payable semi-monthly subject to standard federal and state payroll withholding requirements in accordance with Company's standard payroll practices ("Base Salary"). 2.2 discretion of the Board. (b) Annual Performance Bonus. Executive shall be eligible to earn for a discretionary annual cash bonus, with the initial target amount of such bonus equal to 40 percent up to 35% of the Executive's then-current Base Salary, base salary (the "Target Amount"), subject to review and adjustment from time to time by the Company in its sole discretion, payable subject to standard federal and state payroll withholding requirements. requirements, if applicable. Whether or not Executive earns is awarded any bonus will be dependent upon (a) the actual achievement by Executive and the Company of the applicable individual and corporate performance goals, as determined by the Board (b) the Company's actual financial performance during the applicable year; and (c) Executive's continuous performance of services to the Company through the date any bonus is paid. paid; and (b) the actual achievement by Executive and the Company of the applicable performance targets and goals set by the Board in its sole discretion. The annual period over which performance is measured for purposes of this bonus is January 1 through December 31. In all events, The Board will determine in its sole discretion the extent to which Executive and the Company have achieved the performance goals upon which the bonus is based and the amount of any such bonus, which could be above or below the Target Amount (and may be zero). Any bonus earned pursuant shall be subject to this Section 2.2 the terms of any applicable incentive compensation plan adopted by the Company. Any bonus, if awarded, will be paid on or before March 15 to Executive within the time period set forth in any applicable incentive compensation plan, but, in any event, within two and one-half months following the end of the calendar year following annual performance period during which the calendar year for which it bonus is earned. 2.3 Expense Reimbursement. The (c) Reimbursement of Expenses. Company will promptly reimburse Executive for reasonable expenses he reasonably incurs in connection with the performance of his duties (including business travel and entertainment expenses), in accordance with Company's standard expense reimbursement policy, as the same may be modified by Company from time to time; provided, however, that Executive has provided Company with documentation of such expenses in accordance with the Company's standard expense reimbursement policy. policies and applicable tax requirements. For the avoidance of doubt, to the extent that any reimbursements payable to Executive are subject to the provisions of Section 409A of the Internal Revenue Code of 1986, as amended (the "Code"): (a) any such reimbursements will be paid no later than December 31 of the year following the year in which the expense was incurred, (b) the amount of expenses reimbursed in one year will not affect the amount eligible for reimbursement in any subsequent year, and (c) the right to reimbursement under this Agreement will not be subject to liquidation or exchange for another benefit. 2.4 Equity Grants. Executive shall be eligible for grants of additional equity in the Company, from time to time and at the Board's discretion, subject to the terms of the Company's 2014 Equity Incentive Plan and any amendments thereto, and any applicable stock option agreements.View More
Compensation. 2.1 (a) Base Salary. During Executive's employment with the Company, the Company shall pay Executive shall receive for Executive's services to be rendered hereunder an initial annualized a base salary at the annual rate of $388,125, four hundred thousand dollars ($400,000), less payroll deductions and withholdings, which shall be payable in accordance with the standard payroll practices of the Company. Executive's base salary shall be subject to annual review, periodic review and adjusted adjust...ment by the Board from time to time by in the Company in its sole discretion, payable semi-monthly subject to standard federal and state payroll withholding requirements in accordance with Company's standard payroll practices ("Base Salary"). 2.2 discretion of the Board. (b) Annual Performance Bonus. Executive shall be eligible to earn for a discretionary annual cash bonus, with the initial target amount of such bonus equal to 40 percent up to 50% of the Executive's then-current Base Salary, base salary (the "Target Amount"), subject to review and adjustment from time to time by the Company in its sole discretion, payable subject to standard federal and state payroll withholding requirements. requirements, if applicable. Whether or not Executive earns is awarded any bonus will be dependent upon (a) the actual achievement by Executive and the Company of the applicable individual and corporate performance goals, as determined by the Board (b) the Company's actual financial performance during the applicable year; and (c) Executive's continuous performance of services to the Company through the date any bonus is paid. paid; and (b) the actual achievement by Executive and the Company of the applicable performance targets and goals set by the Board in its sole discretion. The annual period over which performance is measured for purposes of this bonus is January 1 through December 31. In all events, The Board will determine in its sole discretion the extent to which Executive and the Company have achieved the performance goals upon which the bonus is based and the amount of any such bonus, which could be above or below the Target Amount (and may be zero). Any bonus earned pursuant shall be subject to this Section 2.2 the terms of any applicable incentive compensation plan adopted by the Company. Any bonus, if awarded, will be paid on or before March 15 to Executive within the time period set forth in any applicable incentive compensation plan, but, in any event, within two and one-half months following the end of the calendar year following annual performance period during which the calendar year for which it bonus is earned. 2.3 Expense Reimbursement. The (c) Reimbursement of Expenses. Company will promptly reimburse Executive for reasonable expenses he reasonably incurs in connection with the performance of his duties (including business travel and entertainment expenses), in accordance with Company's standard expense reimbursement policy, as the same may be modified by Company from time to time; provided, however, that Executive has provided Company with documentation of such expenses in accordance with the Company's standard expense reimbursement policy. policies and applicable tax requirements. For the avoidance of doubt, to the extent that any reimbursements payable to Executive are subject to the provisions of Section 409A of the Internal Revenue Code of 1986, as amended (the "Code"): (a) any such reimbursements will be paid no later than December 31 of the year following the year in which the expense was incurred, (b) the amount of expenses reimbursed in one year will not affect the amount eligible for reimbursement in any subsequent year, and (c) the right to reimbursement under this Agreement will not be subject to liquidation or exchange for another benefit. 2.4 Equity Grants. Executive shall be eligible for grants of additional equity in the Company, from time to time and at the Board's discretion, subject to the terms of the Company's 2014 Equity Incentive Plan and any amendments thereto, and any applicable stock option agreements.View More
Compensation. 2.1 (a) Base Salary. During Executive's employment with the Company, the Company shall pay Executive shall receive for Executive's services to be rendered hereunder an initial annualized a base salary at the annual rate of $388,125, three hundred ninety-five thousand dollars ($395,000), less payroll deductions and withholdings, which shall be payable in accordance with the standard payroll practices of the Company. Executive's base salary shall be subject to annual review, periodic review and ad...justed adjustment by the Board from time to time by in the Company in its sole discretion, payable semi-monthly subject to standard federal and state payroll withholding requirements in accordance with Company's standard payroll practices ("Base Salary"). 2.2 discretion of the Board. (b) Annual Performance Bonus. Executive shall be eligible to earn for a discretionary annual cash bonus, with the initial target amount of such bonus equal to 40 percent up to 40% of the Executive's then-current Base Salary, base salary (the "Target Amount"), subject to review and adjustment from time to time by the Company in its sole discretion, payable subject to standard federal and state payroll withholding requirements. requirements, if applicable. Whether or not Executive earns is awarded any bonus will be dependent upon (a) the actual achievement by Executive and the Company of the applicable individual and corporate performance goals, as determined by the Board (b) the Company's actual financial performance during the applicable year; and (c) Executive's continuous performance of services to the Company through the date any bonus is paid. paid; and (b) the actual achievement by Executive and the Company of the applicable performance targets and goals set by the Board in its sole discretion. The annual period over which performance is measured for purposes of this bonus is January 1 through December 31. In all events, The Board will determine in its sole discretion the extent to which Executive and the Company have achieved the performance goals upon which the bonus is based and the amount of any such bonus, which could be above or below the Target Amount (and may be zero). Any bonus earned pursuant shall be subject to this Section 2.2 the terms of any applicable incentive compensation plan adopted by the Company. Any bonus, if awarded, will be paid on or before March 15 to Executive within the time period set forth in any applicable incentive compensation plan, but, in any event, within two and one-half months following the end of the calendar year following annual performance period during which the calendar year for which it bonus is earned. 2.3 Expense Reimbursement. The (c) Reimbursement of Expenses. Company will promptly reimburse Executive for reasonable expenses he reasonably incurs in connection with the performance of his duties (including business travel and entertainment expenses), in accordance with Company's standard expense reimbursement policy, as the same may be modified by Company from time to time; provided, however, that Executive has provided Company with documentation of such expenses in accordance with the Company's standard expense reimbursement policy. policies and applicable tax requirements. For the avoidance of doubt, to the extent that any reimbursements payable to Executive are subject to the provisions of Section 409A of the Internal Revenue Code of 1986, as amended (the "Code"): (a) any such reimbursements will be paid no later than December 31 of the year following the year in which the expense was incurred, (b) the amount of expenses reimbursed in one year will not affect the amount eligible for reimbursement in any subsequent year, and (c) the right to reimbursement under this Agreement will not be subject to liquidation or exchange for another benefit. 2.4 Equity Grants. Executive shall be eligible for grants of additional equity in the Company, from time to time and at the Board's discretion, subject to the terms of the Company's 2014 Equity Incentive Plan and any amendments thereto, and any applicable stock option agreements.View More
Compensation. 2.1 (a) Base Salary. During Executive's employment with the Company, the Company shall pay Executive shall receive for Executive's services to be rendered hereunder an initial annualized a base salary at the annual rate of $388,125, three hundred thousand dollars ($300,000), less payroll deductions and withholdings, which shall be payable in accordance with the standard payroll practices of the Company. Executive's base salary shall be subject to annual review, periodic review and adjusted adjus...tment by the Board from time to time by in the Company in its sole discretion, payable semi-monthly subject to standard federal and state payroll withholding requirements in accordance with Company's standard payroll practices ("Base Salary"). 2.2 discretion of the Board. (b) Annual Performance Bonus. Executive shall be eligible to earn for a discretionary annual cash bonus, with the initial target amount of such bonus equal to 40 percent up to 40% of the Executive's then-current Base Salary, base salary (the "Target Amount"), subject to review and adjustment from time to time by the Company in its sole discretion, payable subject to standard federal and state payroll withholding requirements. requirements, if applicable. Whether or not Executive earns is awarded any bonus will be dependent upon (a) the actual achievement by Executive and the Company of the applicable individual and corporate performance goals, as determined by the Board (b) the Company's actual financial performance during the applicable year; and (c) Executive's continuous performance of services to the Company through the date any bonus is paid. paid; and (b) the actual achievement by Executive and the Company of the applicable performance targets and goals set by the Board in its sole discretion. The annual period over which performance is measured for purposes of this bonus is January 1 through December 31. In all events, The Board will determine in its sole discretion the extent to which Executive and the Company have achieved the performance goals upon which the bonus is based and the amount of any such bonus, which could be above or below the Target Amount (and may be zero). Any bonus earned pursuant shall be subject to this Section 2.2 the terms of any applicable incentive compensation plan adopted by the Company. Any bonus, if awarded, will be paid on or before March 15 to Executive within the time period set forth in any applicable incentive compensation plan, but, in any event, within two and one-half months following the end of the calendar year following annual performance period during which the calendar year for which it bonus is earned. 2.3 Expense Reimbursement. The (c) Reimbursement of Expenses. Company will promptly reimburse Executive for reasonable expenses he reasonably incurs in connection with the performance of his duties (including business travel and entertainment expenses), in accordance with Company's standard expense reimbursement policy, as the same may be modified by Company from time to time; provided, however, that Executive has provided Company with documentation of such expenses in accordance with the Company's standard expense reimbursement policy. policies and applicable tax requirements. For the avoidance of doubt, to the extent that any reimbursements payable to Executive are subject to the provisions of Section 409A of the Internal Revenue Code of 1986, as amended (the "Code"): (a) any such reimbursements will be paid no later than December 31 of the year following the year in which the expense was incurred, (b) the amount of expenses reimbursed in one year will not affect the amount eligible for reimbursement in any subsequent year, and (c) the right to reimbursement under this Agreement will not be subject to liquidation or exchange for another benefit. 2.4 Equity Grants. Executive shall be eligible for grants of additional equity in the Company, from time to time and at the Board's discretion, subject to the terms of the Company's 2014 Equity Incentive Plan and any amendments thereto, and any applicable stock option agreements.View More
Compensation. 2.1 Salary. Executive shall receive for Executive's services to be rendered hereunder under this Agreement an initial annualized base salary of $388,125, $255,000 on an annualized basis, subject to annual review, review and adjusted from time to time adjustment by the Company in its sole discretion, payable semi-monthly subject to standard federal and state payroll withholding requirements in accordance with the Company's standard payroll practices ("Base Salary"). 2.2 Annual Bonus. While this A...greement is in effect, Executive shall be eligible to earn for a discretionary annual cash bonus, with the initial bonus of a target amount of such bonus equal to 40 percent 40% of the Executive's then-current Base Salary, Salary ("Target Amount"), subject to review and adjustment from time to time by the Company in its sole discretion, payable subject to standard federal and state payroll withholding requirements. Whether or not Executive earns any bonus will be dependent upon (a) the actual achievement by Executive and the Company of the applicable individual and corporate performance goals, as determined by the Board (b) the Company's actual financial performance during the applicable year; and (c) Executive's continuous performance of services to the Company through the date any bonus is paid. paid; and (b) the actual achievement by Executive and the Company of the applicable performance targets and goals set by the Board of Directors of the Company (the "Board") or its Compensation Committee. The annual period over which performance is measured for purposes of this bonus is January 1 through December 31. In all events, any The Board or its Compensation Committee will determine in its sole discretion the extent to which Executive and the Company have achieved the performance goals upon which the bonus earned pursuant to this Section 2.2 is based and the amount of the bonus, which could be below the Target Amount (and may be zero). The bonus, if awarded, will be paid on or before no later than March 15 of the calendar year immediately following the calendar year for which it the bonus is earned. being measured. 2.3 Equity. Executive was previously granted 150,000 restricted stock units (the "RSUs"). The RSUs are governed by the relevant equity plan(s) and/or award agreement(s), unless specifically stated otherwise in this Agreement. 2.4 Expense Reimbursement. The Company will reimburse Executive for reasonable business expenses in accordance with the Company's standard expense reimbursement policy. policy, as the same may be modified by the Company from time to time. The Company shall reimburse Executive for all customary and appropriate business-related expenses actually incurred and documented in accordance with Company policy, as in effect from time to 2. time. For the avoidance of doubt, to the extent that any reimbursements payable to Executive are subject to the provisions of Section 409A of the Internal Revenue Code of 1986, as amended (the "Code"): Code: (a) any such reimbursements will be paid no later than December 31 of the year following the year in which the expense was incurred, (b) the amount of expenses reimbursed in one year will not affect the amount eligible for reimbursement in any subsequent year, and (c) the right to reimbursement under this Agreement will not be subject to liquidation or exchange for another benefit. 2.4 Equity Grants. Executive shall be eligible for grants of additional equity in the Company, from time to time and at the Board's discretion, subject to the terms of the Company's 2014 Equity Incentive Plan and any amendments thereto, and any applicable stock option agreements.View More
Compensation. 2.1 Salary. Executive shall receive for Executive's services to be rendered hereunder under this Agreement an initial annualized base salary of $388,125, $350,000 on an annualized basis, subject to annual review, review and adjusted from time to time adjustment by the Company in its sole discretion, payable semi-monthly subject to standard federal and state payroll withholding requirements in accordance with the Company's standard payroll practices ("Base Salary"). 2.2 Annual Bonus. While this A...greement is in effect, Executive shall be eligible to earn for a discretionary annual cash bonus, with the initial bonus of a target amount of such bonus equal to 40 percent 40% of the Executive's then-current Base Salary, Salary ("Target Amount"), subject to review and adjustment from time to time by the Company in its sole discretion, payable subject to standard federal and state payroll withholding requirements. Whether or not Executive earns any bonus will be dependent upon (a) the actual achievement by Executive and the Company of the applicable individual and corporate performance goals, as determined by the Board (b) the Company's actual financial performance during the applicable year; and (c) Executive's continuous performance of services to the Company through the date any bonus is paid. paid; and (b) the actual achievement by Executive and the Company of the applicable performance targets and goals set by the Board of Directors of the Company (the "Board") or its Compensation Committee. The annual period over which performance is measured for purposes of this bonus is January 1 through December 31. In all events, any The Board or its Compensation Committee will determine in its sole discretion the extent to which Executive and the Company have achieved the performance goals upon which the bonus earned pursuant to this Section 2.2 is based and the amount of the bonus, which could be below the Target Amount (and may be zero). The bonus, if awarded, will be paid on or before no later than March 15 of the calendar year immediately following the calendar year for which it the bonus is earned. being measured. 2.3 Equity. Executive was previously granted 150,000 restricted stock units (the "RSUs"). The RSUs are governed by the relevant equity plan(s) and/or award agreement(s), unless specifically stated otherwise in this Agreement. 2.4 Expense Reimbursement. The Company will reimburse Executive for reasonable business expenses in accordance with the Company's standard expense reimbursement policy. policy, as the same may be modified by the Company from time to time. The Company shall reimburse Executive for all customary and appropriate business-related expenses actually incurred and documented in accordance with Company policy, as in effect from time to 2. time. For the avoidance of doubt, to the extent that any reimbursements payable to Executive are subject to the provisions of Section 409A of the Internal Revenue Code of 1986, as amended (the "Code"): Code: (a) any such reimbursements will be paid no later than December 31 of the year following the year in which the expense was incurred, (b) the amount of expenses reimbursed in one year will not affect the amount eligible for reimbursement in any subsequent year, and (c) the right to reimbursement under this Agreement will not be subject to liquidation or exchange for another benefit. 2.4 Equity Grants. Executive shall be eligible for grants of additional equity in the Company, from time to time and at the Board's discretion, subject to the terms of the Company's 2014 Equity Incentive Plan and any amendments thereto, and any applicable stock option agreements.View More
Compensation. 2.1 Salary. Executive shall receive for Executive's services to be rendered hereunder a salary based on an initial annualized annualized, full-time base salary of $388,125, salary, initially $405,000, subject to annual review, and adjusted from time to time by the Company in its sole discretion, discretion (the "Full-Time Base Salary") prorated based on the percentage of time that Executive is devoting to the business of the Company as agreed from time to time by the Executive and the Company in... writing (the "Pro-rated Base Salary") payable semi-monthly subject to standard federal and state payroll withholding requirements in accordance with Company's standard payroll practices ("Base Salary"). practices. Upon the Effective Date of this Agreement the Company and Executive agree that he will devote fifty percent (50%) of his business time and attention to the Company, and therefore his initial Pro-rated Base Salary will be fifty percent (50%) of the Full-Time Base Salary ($202,500). 2.2 Bonus. Executive shall be eligible to earn a discretionary annual cash bonus, with the initial target amount of such bonus equal to 40 percent of the Executive's then-current Base Salary, base salary Executive received from the Company for the relevant calendar year, subject to review and adjustment from time to time by the Company in its sole discretion, payable subject to standard federal and state payroll withholding requirements. Whether or not Executive earns any bonus will be dependent upon (a) the actual achievement by Executive and the Company of the applicable individual and corporate performance goals, as determined by the Board (b) the Company's actual financial performance during the applicable year; and (c) Executive's continuous performance of services to the Company through the date any bonus is paid. The annual period over which performance is measured for purposes of this bonus is January 1 through December 31. In all events, any bonus earned pursuant to this Section 2.2 will be paid on or before March 15 of the calendar year following the calendar year for which it is earned. 2 2.3 Expense Reimbursement. The Company will reimburse Executive for reasonable business expenses in accordance with the Company's standard expense reimbursement policy. For the avoidance of doubt, to the extent that any reimbursements payable to Executive are subject to the provisions of Section 409A of the Internal Revenue Code of 1986, as amended (the "Code"): (a) any such reimbursements will be paid no later than December 31 of the year following the year in which the expense was incurred, (b) the amount of expenses reimbursed in one year will not affect the amount eligible for reimbursement in any subsequent year, and (c) the right to reimbursement under this Agreement will not be subject to liquidation or exchange for another benefit. 2.4 Equity Grants. Executive shall be eligible for grants of additional equity in the Company, from time to time and at the Board's discretion, subject to the terms of the Company's 2014 Equity Incentive Plan and any amendments thereto, and any applicable stock option agreements. View More
