Grouped Into 338 Collections of Similar Clauses From Business Contracts
This page contains Compensation clauses in business contracts and legal agreements. We have organized these clauses into groups of similarly worded clauses.
Compensation. 2.1 Base Salary. Executive shall receive a base salary at the annual rate of $400,000, less standard payroll deductions and withholdings and payable in accordance with the Company's regular payroll schedule. 2.2 Incentive Compensation. Subject to Board approval, the Company intends to establish an annual incentive compensation plan as soon as practicable following the execution of this Agreement. Once established, the details of the annual incentive compensation plan, including the applicable te...rms and conditions of such plan and Executive's eligibility to participate in such plan, will be provided to Executive. 1 3.Standard Company Benefits. Executive shall, in accordance with Company policy and the terms and conditions of the applicable Company benefit plan documents, be eligible to participate in the benefit and fringe benefit programs provided by the Company to its executive officers and other employees from time to time. Any such benefits shall be subject to the terms and conditions of the governing benefit plans and policies and may be changed by the Company in its discretion.View More
Compensation. 2.1 Base Salary. Executive shall receive a base salary at the annual rate of $400,000, $120,000, less standard payroll deductions and withholdings and payable in accordance with the Company's regular payroll schedule. 2.2 Incentive Compensation. Subject to Board approval, the Company intends to establish an annual incentive compensation plan as soon as practicable following the execution of this Agreement. Once established, the details of the annual incentive compensation plan, including the app...licable terms and conditions of such plan and Executive's eligibility to participate in such plan, will be provided to Executive. 1 3.Standard Company Benefits. Executive shall, in accordance with Company policy and the terms and conditions of the applicable Company benefit plan documents, be eligible to participate in the benefit and fringe benefit programs provided by the Company to its executive officers and other employees from time to time. Any such benefits shall be subject to the terms and conditions of the governing benefit plans and policies and may be changed by the Company in its discretion.View More
Compensation. 2.1 Base Salary. During the Transition Period, Executive shall receive an initial base salary at the annual rate of $195,000 (the "Base Salary") reflecting a 50% part-time commitment. Following the Transition Period, once Executive becomes employed on a full-time basis with the Company, then Executive's Base Salary shall be increased to an annual rate of $390,000. Executive's Base Salary shall be subject to standard payroll deductions and withholdings and payable in accordance with the Company's... regular payroll schedule. 2.2 Annual Bonus. During Executive's employment, Executive will be 1. eligible for an annual discretionary bonus, subject to applicable payroll deductions and withholdings, and prorated for the number of days Executive remains continuously employed in a calendar year (the "Annual Bonus"). Whether Executive receives an Annual Bonus for any given year, and the amount of any such Annual Bonus, will be determined by the Company's Board of Directors (the "Board") and/or the Compensation Committee thereof in its discretion based upon the achievement of Company corporate and/or individual objectives and milestones that are determined in the sole discretion of the Board. Executive must continue to be employed through the date the Annual Bonus is paid in order to earn such bonus. 2.3 Equity Grant; Change in Control. Subject to approval by the Board, and pursuant to the Company's 2018 Equity Incentive Plan (the "Plan"), the Company shall grant Executive an option to purchase 700,000 shares of the Company's common stock at the fair market value as determined by the Board as of the date of grant (the "Option"). The Option will be subject to the terms and conditions of the Plan and Executive's grant agreement. Executive's grant agreement will include a four year vesting schedule, under which 25 percent of Executive's shares will vest after twelve months of employment, with the remaining shares vesting monthly thereafter, until either the Option is fully vested or Executive's employment ends, whichever occurs first. In the event of a Change in Control during Executive's Continuous Service (as such terms are defined in the Plan), then 100% of the shares underlying the Option will automatically accelerate and become exercisable.View More
Compensation. 2.1 Base Salary. During the Transition Period, Executive shall receive an initial a base salary at the annual rate of $195,000 (the "Base Salary") reflecting a 50% part-time commitment. Following the Transition Period, once Executive becomes employed on a full-time basis with the Company, then Executive's Base Salary shall be increased to an annual rate of $390,000. Executive's Base Salary shall be subject to $410,000, less standard payroll deductions and withholdings and payable in accordance w...ith the Company's regular payroll schedule. 2.2 Annual Bonus. During Executive's employment, Executive will be 1. eligible for an annual discretionary bonus, subject to applicable payroll deductions and withholdings, and prorated for the number of days Executive remains continuously employed in a calendar year (the "Annual Bonus"). Whether Executive receives an Annual Bonus for any given year, and the amount of any such Annual Bonus, will be determined by the Company's Board of Directors (the "Board") and/or the Compensation Committee thereof in its discretion 1. based upon the achievement of Company corporate and/or individual objectives and milestones that are determined in the sole discretion of the Board. Executive must continue to be employed through the date the Annual Bonus is paid in order to earn such bonus. 2.3 Equity Grant; Change in Control. Subject to approval by the Board, and pursuant to the Company's 2018 Equity Incentive Plan (the "Plan"), the Company shall grant Executive an option to purchase 700,000 520,000 shares of the Company's common stock at the fair market value as determined by the Board as of the date of grant (the "Option"). The Option will be subject to the terms and conditions of the Plan and Executive's grant agreement. Executive's grant agreement will include a four year vesting schedule, under which 25 percent of Executive's shares will vest after twelve months of employment, with the remaining shares vesting monthly thereafter, until either the Option is fully vested or Executive's employment ends, whichever occurs first. In the event of a Change in Control during Executive's Continuous Service (as such terms are defined in the Plan), then 100% of the shares underlying the Option will automatically accelerate and become exercisable.View More
Compensation. 2.1. Salary. The Company shall pay, and Executive shall be entitled to receive from the Company, for the duties referred to in Section 1 above, an initial annual salary of $155,000.00, less all taxes and withholdings required by law. Such salary shall be paid in accordance with the standard payroll practices of the Company, which at its sole discretion may be amended from time to time (hereinafter "Annual Base Salary"). No salary shall be earned after Executive's employment with the Company is t...erminated for whatever reason, except as otherwise set forth in Section 4. 2.2. Discretionary Bonus. Executive shall be eligible for a discretionary annual bonus equal to up to fifty percent (50%) of Executive's Annual Base Salary (the "Eligible Bonus"), as determined by the Company's Board of Directors based upon the performance of Executive and the achievement of the Company, the specific terms and conditions of which will be determined by the Board on an annual basis. Notwithstanding the foregoing, and by way of illustration, if Executive achieves 100% of Executive's performance goals, as established by the Board on an annual basis, Executive shall be eligible for a $77,500.00 discretionary bonus. 2.3. Benefits and Expenses. Business expenses may be submitted by Executive to the Company for reimbursement. The Company retains the right to determine whether any expense incurred by Executive was in the ordinary and necessary course of performing Executive's duties under this Agreement. Executive shall be eligible for benefits offered to other similarly situated full time employees of the Company, subject to the Company's policies and the terms, restrictions, limitations and requirements of any summary plan description and/or plan documents. Nothing herein shall alter, modify or change any such policy, summary plan description or plan document. 2.4. Equity Grant. Executive shall receive, during the course of Executive's employment with the Company, Class B Units (as defined in the LLC Agreement) of Holdings set forth in a Restricted Unit Grant Agreement in the form attached as Exhibit A (the "Grant Agreement"). Any grant or right to purchase any interest in Holdings shall be conditioned on Executive's execution and delivery of that certain Amended and Restated Limited Liability Company Agreement of Holdings (the "LLC Agreement").View More
Compensation. 2.1. Signing Bonus. On the first payroll date after the effective date of this Agreement, the Company shall pay Executive a one-time signing bonus in the amount of $7,500, less all taxes and withholdings required by law and in accordance with the standard payroll practices of the Company. 2.2. Salary. The Company shall pay, and Executive shall be entitled to receive from the Company, for the duties referred to in Section 1 above, an initial annual salary of $155,000.00, $225,000 ("Annual Base Sa...lary"), less all taxes and withholdings required by law. Such salary shall be paid in accordance with the standard payroll practices of the Company, which at its sole discretion may be amended from time to time (hereinafter "Annual Base Salary"). time. No salary shall be earned after Executive's employment with the Company is terminated for whatever reason, except as otherwise set forth in Section 4. 2.2. 2.3. Discretionary Bonus. Bonus Compensation. Executive shall be eligible for a discretionary annual bonus equal to of up to fifty percent (50%) of Executive's Annual Base Salary (the "Eligible "Discretionary Bonus"), as determined by the Company's Board of Directors RW Management based upon the performance of Executive and the achievement of the Company, the specific terms and conditions of which will be determined reviewed and amended by the Board RW Management on an annual basis. Notwithstanding the foregoing, and by By way of illustration, if Executive achieves 100% of Executive's performance goals, as established by the Board RW Management on an annual basis, Executive shall be eligible for a $77,500.00 discretionary bonus. 2.3. $112,500.00 Discretionary Bonus. 2.4. Benefits and Expenses. Business expenses may be submitted by Executive to the Company for reimbursement. The Company retains the right to determine whether any expense incurred by Executive was in the ordinary and necessary course of performing Executive's duties under this Agreement. Executive shall be eligible for benefits offered to other similarly situated full time employees full-time Executives of the Company, subject to the Company's policies and the terms, restrictions, limitations and requirements of any summary plan description and/or plan documents. Nothing herein shall alter, modify or change any such policy, summary plan description or plan document. 2.4. Vehicle mileage and gas will not be reimbursed. 2.5. Equity Grant. Executive shall receive, during the course of Executive's employment with the Company, Class B Units (as defined in the LLC Agreement) of Holdings set forth in a Restricted Unit Grant Agreement in the form attached as Exhibit A (the "Grant Agreement"). Any grant or right to purchase any interest in Holdings shall be conditioned on Executive's execution and delivery of that certain Second Amended and Restated Limited Liability Company Agreement of Holdings (the "LLC Agreement"). View More
Compensation. (a) Base Compensation. In consideration of Executive's duties under this Agreement, during Executive's employment, Executive will be paid a base salary at the rate of $375,000 per annum (the "Base Compensation"), payable in accordance with the Company's regular payroll procedures, but not less frequently than semi-monthly. (b) Bonus. With respect to each fiscal year during the Employment Term, Executive shall be eligible to receive a bonus (the "Bonus") under the Company's annual incentive compe...nsation plan, program and/or arrangements applicable to senior-level executives as established and modified from time to time by the Board or the Compensation Committee of the Board in its sole discretion (the "Bonus Plan") or, if no Bonus Plan is established, in an amount as determined by the Board or the Compensation Committee of the Board provided, however, that in no event shall the target Bonus in any fiscal year be less than the 50th percentile of annual bonuses, determined based on the Benchmarking Methodology. The "Benchmarking Methodology" means the results of a benchmarking study of executives of similar title and role to Executive at comparable public companies, based on a peer group of executives and companies, with such benchmarking study prepared by an independent third-party consulting firm that is selected by the Compensation Committee after consultation with Executive and engaged at the Company's expense. The peer group of executives and companies shall be determined by the independent third-party consulting firm, after due consideration of any group of executives and companies that may be proposed for inclusion by Executive and/or the Company. The determination of whether performance criteria have been satisfied shall be made by the Compensation Committee of the Board in the reasonable exercise of its discretion. Any Bonus earned for any fiscal year of the Company shall be paid in the immediately following fiscal year of the Company at such time when bonuses are generally paid to eligible employees of Company Entities, which, as of the Effective Date, is intended to be in February of such year or as soon as practicable thereafter. (c) Annual Reviews. The Base Compensation will be subject to annual review for increase, but not decrease (other than as a result of an across the board reduction among the management team of the Company Entities), by the Board or the Compensation Committee of the Board. 2 (d) Equity Incentive Plan. During the Employment Term, Executive shall be eligible to participate in any equity or equity-based compensation plan adopted and maintained by the Company from time to time (if any) for the benefit of select employees of the Company Entities (the "Equity Incentive Plan"). Any awards to be granted to Executive under the Equity Incentive Plan, and the terms and conditions thereof, shall be determined by the Board or the Compensation Committee of the Board, in its sole discretion.View More
Compensation. (a) Base Compensation. In consideration of Executive's duties under this Agreement, during Executive's employment, Executive will be paid a base salary at the rate of $375,000 $600,000 per annum (the "Base Compensation"), payable in accordance with the Company's regular payroll procedures, but not less frequently than semi-monthly. (b) Bonus. With respect to each fiscal year during the Employment Term, Executive shall be eligible to receive a bonus (the "Bonus") under the Company's or Parent's a...nnual incentive compensation plan, program and/or arrangements applicable to senior-level executives as established and modified from time to time by the Board or the Compensation Committee of the Board in its sole discretion (the "Bonus Plan") or, if no Bonus Plan is established, in an amount as determined by the Board or the Compensation Committee of the Board Board, provided, however, that in no event shall the target Bonus in any fiscal year (including any partial year in which this Agreement is executed) be less than the 50th percentile of annual bonuses, determined based on the Benchmarking Methodology. The "Benchmarking Methodology" means the results of a benchmarking study of executives of similar title and role to Executive at comparable public companies, based on a peer group of executives and companies, companies to be agreed upon in advance in writing by the Parent and Executive, with such benchmarking study prepared by the an independent third-party consulting firm that is selected by the Compensation Committee of the Board after consultation with the Executive and engaged at the Company's expense. The peer group of executives and companies shall be determined by the independent third-party consulting firm, after due consideration of any group of executives and companies that may be proposed for inclusion by Executive and/or the Company. The determination of whether performance criteria have been satisfied shall be made by the Compensation Committee of the Board in the reasonable exercise of its discretion. Any Bonus earned for any fiscal year of the Company shall be paid in the immediately following fiscal year of the Company Company, at such time when bonuses are generally paid to eligible employees of Company Entities, which, as of the Effective Date, is intended to be in February of such year or as soon as practicable thereafter. 2 (c) Annual Reviews. The Base Compensation will be subject to annual review for increase, but not decrease (other than as a result of an across the board reduction among the management team of the Company Entities), decrease, by the Board or Board; provided, however, that such review may be delegated to the Compensation Committee of the Board. 2 (d) Equity Incentive Plan. During the Employment Term, Executive shall be eligible entitled to participate an equity grant with respect to each fiscal year (including any partial year in any which this Agreement becomes effective) (each, an "Equity Award") under the Company's or Parent's equity or and/or equity-based compensation plan plan(s) adopted and maintained by the Company or Parent from time to time (if any) for the benefit of select employees of the Company Entities (the "Equity "Executive Incentive Plan"). Any awards to be Equity Awards granted to Executive under the Equity Executive Incentive Plan, and the terms and conditions thereof, shall be determined by the Board or the Compensation Committee of the Board, provided, however, that in its sole discretion. no event shall the terms and conditions thereof be any less favorable to Executive than any other senior executive participating in an Executive Incentive Plan, and further provided that the value and vesting term for each Equity Award shall not be less than the 50th percentile of incentive equity grants, determined based on the Benchmarking Methodology. View More
Compensation. 2.1 Base Salary. For services to be rendered hereunder, for the years ending on each of the first and second anniversaries of Employee's Start Date, Employee shall be paid a base annual salary at the rate of $400,000 (the "Base Salary"), less all required and applicable standard payroll deductions and withholdings for federal and state taxes and for any authorized voluntary deductions and payable in accordance with the Company's regular payroll schedule. Employee's Base Salary shall be reviewed ...at least annually by the Compensation Committee of the Board (the "Compensation Committee"). 2.2 Sign-On Bonus. Employee shall receive a one-time bonus (the "Sign-On Bonus") in the amount of $83,000, less standard payroll deductions and withholdings, which will be paid in a lump sum by the Company on the first regular payroll date following the date this Agreement is fully executed. 2.3 Annual Bonus. Beginning in with the twelve-month period ending May 15, 2021, then for the period beginning May 16, 2021 and ending December 31, 2021, and then for the period beginning January 1, 2022 and ending December 31, 2022 and for each twelve-month period ending December 31 thereafter, Employee will be eligible for an annual target bonus (the "Annual Bonus") equal to thirty-three percent (33%) of Employee's then current Base Salary at a "meeting expectations" level of achievement (the "Target Bonus Amount"). The actual Annual Bonus may be as high as fifty-five percent (55%) of Employee's then current Base Salary at an "exceeding expectations" level of achievement. The Annual Bonus for the period ending December 31, 2021 shall be prorated to match the portion of the year to which it applies. Whether Employee receives an Annual Bonus for any given year, and the amount of any such Annual Bonus, will be determined in the good faith reasonable discretion of the Board, which determination will be based upon the Company's and Employee's achievement of objectives and milestones. The Company's and Employee's objectives and milestones will be established on an annual basis by the Board (or Compensation Committee thereof) in consultation with the Employee, which objectives and milestones may provide for payments above and below target based on the level of performance achievement. No Annual Bonus is guaranteed and, in addition to the other conditions for earning such compensation, and except as provided for in Section 8 below, Employee must remain an employee in good standing of the Company on the date the Annual Bonus is paid in order to be eligible for and earn any Annual Bonus. For the twelve month period ending May 15, 2020, Employee will not be eligible for an Annual Bonus, but will receive the Sign-On Bonus instead. 2 3. Standard Company Benefits. Employee shall, in accordance with Company policy and the terms and conditions of the applicable Company benefit plan documents, be eligible to participate in the benefit and fringe benefit programs provided by the Company to its executive officers and other employees from time to time. Except as provided below in this Section 3, Employee shall also be entitled to paid sick leave, paid time off, and holidays as outlined in the Company's employment policies, and as otherwise required by applicable law. Employee shall also be entitled to all other holiday and paid time off generally available to other executives of the Company. Any such benefits shall be subject to the terms and conditions of the governing benefit plans and policies, as well as the Company's policies and may be changed by the Company in its discretion.View More
Compensation. 2.1 Base Salary. For services to be rendered hereunder, for the years ending on each of the first and second anniversaries of Employee's Start Date, Employee shall be paid a base annual salary at the rate of $400,000 $295,000 (the "Base Salary"), less all required and applicable standard payroll deductions and withholdings for federal and state taxes and for any authorized voluntary deductions and payable in accordance with the Company's regular payroll schedule. Employee's Base Salary shall be ...reviewed at least annually by the Compensation Committee (the "Compensation Committee") of the Board of Directors of the Company's parent, ShouTi Inc., a Cayman Islands exempted company (the "Compensation Committee"). "Cayman Parent"). 2.2 Sign-On Bonus. Employee shall receive a one-time bonus (the "Sign-On Bonus") in the amount of $83,000, less standard payroll deductions and withholdings, which will be paid in a lump sum by the Company on the first regular payroll date following the date this Agreement is fully executed. 2.3 Annual Bonus. Beginning in with the twelve-month period ending May 15, 2021, then for the period beginning May 16, 2021 and ending December 31, 2021, and then for the period beginning January 1, 2022 and ending December 31, 2022 2021 and for each twelve-month period ending December 31 thereafter, Employee will be eligible for an annual target bonus (the "Annual Bonus") equal to thirty-three twenty-five percent (33%) (25%) of Employee's then current Base Salary at a "meeting expectations" level of achievement (the "Target Bonus Amount"). The actual Annual Bonus may be as high as fifty-five thirty-five percent (55%) (35%) of Employee's then current Base Salary at an "exceeding expectations" level of achievement. The Annual Bonus for the period ending December 31, 2021 shall be prorated to match the portion of the year to which it applies. Whether Employee receives an Annual Bonus for any given year, and the amount of any such Annual Bonus, will be determined in the good faith reasonable discretion of the Board, which determination will be based upon the Company's and Employee's achievement of objectives and milestones. The Company's and Employee's objectives and milestones will be established on an annual basis by the Board (or Compensation Committee thereof) in consultation with the Employee, which objectives and milestones may provide for payments above and below target based on the level of performance achievement. No Annual Bonus is guaranteed and, in addition to the other conditions for earning such compensation, and except as provided for in Section 8 below, Employee must remain an employee in good standing of the Company on the date the Annual Bonus is paid in order to be eligible for and earn any Annual Bonus. For the twelve month period ending May 15, 2020, Employee will not be eligible for an Annual Bonus, but will receive the Sign-On Bonus instead. 2 3. Standard Company Benefits. Employee shall, in accordance with Company policy and the terms and conditions of the applicable Company benefit plan documents, be eligible to participate in the benefit and fringe benefit programs provided by the Company to its executive officers and other employees from time to time. Except as provided below in this Section 3, Employee shall also be entitled to paid sick leave, paid time off, and holidays as outlined in the Company's employment policies, and as otherwise required by applicable law. Employee shall also be entitled to all other holiday and paid time off generally available to other executives of the Company. Any such benefits shall be subject to the terms and conditions of the governing benefit plans and policies, as well as the Company's policies and may be changed by the Company in its discretion.View More
Compensation. For all services to be rendered by Executive during the Term, the Company shall pay Executive a base salary of two hundred and fifty thousand dollars ($250,000) per year (the "Base Salary"), less applicable withholdings, payable in substantially equal monthly or more frequent installments as is customary under the Company's normal payroll practices from time to time for its senior management employees. The Company shall review Executive's Base Salary no less frequently than annually, and may adj...ust Executive's Base Salary from time to time during the Term, in his or her sole discretion, after taking into account such factors as he or she deem relevant including, without limitation, changes in the cost of living, Executive's performance and the performance of the Company.View More
Compensation. For all services to be rendered by Executive during the Term, the Company shall pay Executive a base salary at the rate of two hundred Seven Hundred Thousand and fifty thousand dollars ($250,000) No/100 Dollars ($700,000.00) per year (the "Base Salary"), less applicable withholdings, payable in substantially equal monthly or more frequent installments as is customary under the Company's normal payroll practices from time to time for its senior management employees. The Company Compensation Commi...ttee of the Board shall review Executive's Base Salary no less frequently than annually, and may adjust Executive's Base Salary from time to time during the Term, Term. A Base Salary adjustment, if any, may be an increase or a decrease as determined by the Compensation Committee, in his or her its sole discretion, after taking into account such factors as he or she deem it deems relevant including, without limitation, changes in the cost of living, Executive's performance and the performance of the Company. View More
Compensation. As compensation for the services to be rendered by Executive hereunder, the Company agrees to pay or cause to be paid to Executive, and Executive agrees to accept, an annual salary of Three Hundred Thousand Dollars ($300,000) payable in bi-weekly installments on the 15th and last day of each month, commencing on February 15, 2023. Subject to Board approval, the Executive shall also be entitled to receive, and the Company shall issue to Executive, a restricted stock grant of ("RSUs") under the Co...mpany's Stock Incentive Plan (the "Plan") as and when adopted, for six hundred fifty thousand shares (650,000) shares of the Company's common stock, vesting fifty percent (50%) upon issuance, with the balance vesting quarterly on a pro-rata basis over the next eighteen (18) months of continuous service.View More
Compensation. As compensation for the services to be rendered by Executive hereunder, the Company agrees to pay or cause to be paid to Executive, and Executive agrees to accept, an annual salary of Three Two Hundred Fifty Thousand Dollars ($300,000) ($250,000) payable in bi-weekly installments on the 15th and last day of each month, commencing on February May 15, 2023. Subject to Board approval, the Executive shall also be entitled to receive, and the Company shall issue to Executive, a restricted stock when ...so approved by the Board and available for grant of ("RSUs") under the Company's Stock Incentive Plan (the "Plan") as and when adopted, "Plan"), a restricted stock grant ("RSUs") under the Plan for six hundred fifty sixty thousand shares (650,000) (60,000) shares of the Company's common stock, vesting fifty percent (50%) upon issuance, with the balance vesting quarterly on a pro-rata basis over the next eighteen (18) months of continuous service. View More
Compensation. (a) Base Salary. During the Employment Term, the Company will pay Executive an annual salary of $437,000 as compensation for services (the "Base Salary"). The Base Salary will be paid periodically in accordance with the Company's normal payroll practices and be subject to the usual, required withholdings. This salary may be adjusted pursuant to Section 3(c) of this Agreement. -1- (b) Bonus. Executive will be eligible to receive an annual performance-based bonus of up to 40% of Executive's Base S...alary upon achievement of performance objectives to be determined by the CEO, the Board of Directors of the Company (the "Board"), or the Compensation Committee of the Board (the "Compensation Committee") or the Board's or Compensation Committee's delegate, in its sole discretion (the "Target Bonus"). The amount of the Target Bonus paid to Executive will be determined at the sole discretion of the CEO, the Board or the Compensation Committee and will be paid in accordance with the Company's normal payroll practices, subject to Executive's continued employment with the Company through the payment date. (c) Review and Adjustments. Executive's Base Salary, Target Bonus, and other compensatory arrangements will be reviewed from time to time by the Board or the Compensation Committee with respect to performance or market-based adjustments. (d) Equity Awards. Executive will be eligible to receive annual equity compensation grants under the Company's 2015 Omnibus Incentive Plan and may receive additional equity grants from time to time, in the sole discretion of the CEO, the Board, or the Compensation Committee or the Board's or Compensation Committee's delegate.View More
Compensation. (a) Base Salary. During the Employment Term, the Company will pay Executive an annual salary of $437,000 $540,750 as compensation for services (the "Base Salary"). The Base Salary will be paid periodically in accordance with the Company's normal payroll practices and be subject to the usual, required withholdings. This salary may be adjusted pursuant to Section 3(c) of this Agreement. -1- (b) Target Bonus. Executive will be eligible to receive an annual performance-based bonus of up to 40% forty... percent (40%) of Executive's Base Salary upon achievement of performance objectives to be determined by the CEO, the Board of Directors of the Company (the "Board"), "Board") or the Compensation Committee of the Board (the "Compensation Committee") or the Board's or Compensation Committee's delegate, Committee"), in its sole discretion (the "Target Bonus"). The amount of the Target Bonus paid to Executive will be determined at the sole discretion of the CEO, the CEO and Board or the Compensation Committee and will be Committee, paid in accordance with the Company's normal payroll practices, practices and payment will be subject to Executive's continued employment with the Company through the payment date. (c) Review and Adjustments. Executive's Base Salary, Target Bonus, and other compensatory arrangements will be reviewed from time to time by the CEO and Board or the Compensation Committee with respect to performance or market-based adjustments. (d) Equity Awards. Executive will be eligible to receive annual equity compensation grants under the Company's 2015 Omnibus Incentive Plan and may receive additional equity grants from time to time, in the sole discretion of the CEO, the Board, or the Compensation Committee or the Board's or Compensation Committee's delegate.View More
Compensation. The Employee will be paid an annual salary of Three Hundred and twenty Thousand Dollars ($320,000). Salary shall be paid on a bi-weekly basis as adjusted from time to time. During employment, the Company will pay Employee the annual base salary in accordance with the terms of the Employee Manual less state and federal withholding and authorized deductions. 4.2 Bonuses. Employee shall be eligible to receive annual performance-based short-term incentive (STIP) bonuses of up to 50% of his then curr...ent salary based upon achievement of specific milestones established by the Compensation Committee ("Committee") of the Board in advance and at its discretion. The bonus shall be paid, at the Company's option, in cash or restricted stock units ("RSUs") under the Company's 2019 Stock Incentive Plan, as it may be amended from time to time, or any successor equity incentive plan ("Plan"). Employee shall be eligible to receive annual performance-based long-term incentive (LTIP) bonuses of up to 100% of his then current salary based upon achievement of specific milestones established by the Committee in advance and at its discretion. The LTIP bonus shall be paid in RSUs under the Plan. 4.3 Benefits. Employee shall be entitled to the insurance and employee benefits set forth in the Employee Manual and such other benefits that are made available generally to senior management of the Company ("Benefits"). The Company does not warrant that it will continue to offer the same or similar medical insurance benefits or other related Benefits in the future and reserves the right to modify, reduce or eliminate benefits at its sole discretion. 4.4 Severance on Termination in the Event of a Change of Control. The parties acknowledge having entered into that certain Change-of-Control Severance Agreement ("Severance Agreement") of even date herewith and Employee's rights to severance in accordance therwith. The Employee's rights under the Severance Agreement are in addition to his rights under this Agreement and shall survive any modification or termnaition of this Agreement. 4.5 Sign on Equity Grant. Employee shall be entitled to receive a one time sign on Restricted Stock Units ("RSUs") grant using the stock price on the date of hire, at the C-Suite level, which is $100,000. All new-hire RSUs will be priced on the date of hire and will vest in 1/3rd annual installments over 3 years. 5. CONFIDENTIAL INFORMATION, NON DISCLOSURE, AND TRADE SECRETS AGREEMENT 5.1 Employee acknowlegdes having entered into that certain Confidential Information, Non-Disclosure, and Trade Secrets Agreement ("Confidentiality Agreement") dated May XX, 2022 and attached hereto as Exhibit A to this Agreement. Employee acknowledges and agrees to strictly comply with the terms of Confidentilaity Agreement during the term of this Agreement and following the termination of his employement with the Company, as provided for in the Confidentiality Agreement. 5.2 Employee shall not during his employment directly or indirectly render any services of a business, commercial or professional nature to any other person or organization, whether for compensation or otherwise, which would be in competition with the Company, or which would prevent Employee from rendering the agreed services to Company during the tenure of his employment.View More
Compensation. The Employee will be paid an annual salary of Three Two Hundred and twenty Fifty Thousand Dollars ($320,000). ($250,000). Salary shall be paid on a bi-weekly basis as adjusted from time to time. During employment, the Company will pay Employee the annual base salary in accordance with the terms of the Employee Manual less state and federal withholding and authorized deductions. 4.2 Bonuses. Employee shall be eligible to receive annual performance-based short-term incentive (STIP) bonuses of up t...o 50% of his then current salary based upon achievement of specific milestones established by the Compensation Committee ("Committee") of the Board in advance and at its discretion. The bonus shall be paid, at the Company's option, in cash or restricted stock units ("RSUs") under the Company's 2019 Stock Incentive Plan, as it may be amended from time to time, or any successor equity incentive plan ("Plan"). Employee shall be eligible to receive annual performance-based long-term incentive (LTIP) bonuses of up to 100% of 100%of his then current salary based upon achievement of specific milestones established by the Committee in advance and at its discretion. The LTIP bonus shall be paid in RSUs under the Plan. 4.3 Benefits. Employee shall be entitled to the insurance and employee benefits set forth in the Employee Manual and such other benefits that are made available generally to senior management of the Company ("Benefits"). The Company does not warrant that it will continue to offer the same or similar medical insurance benefits or other related Benefits in the future and reserves the right to modify, reduce or eliminate benefits at its sole discretion. 4.4 Severance on Termination in the Event of a Change of Control. The parties acknowledge having entered into that certain Change-of-Control Severance Agreement ("Severance Agreement") of even date herewith and Employee's rights to severance in accordance therwith. The Employee's rights under the Severance Agreement are in addition to his rights under this Agreement and shall survive any modification or termnaition of this Agreement. 4.5 Sign on Equity Grant. Employee shall be entitled to receive a one time sign on Restricted Stock Units ("RSUs") grant using the stock price on the date of hire, at the C-Suite level, which is $100,000. All new-hire RSUs will be priced on the date of hire and will vest in 1/3rd annual installments over 3 years. 5. CONFIDENTIAL INFORMATION, NON DISCLOSURE, AND TRADE SECRETS AGREEMENT 5.1 Employee acknowlegdes having entered into that certain Confidential Information, Non-Disclosure, and Trade Secrets Agreement ("Confidentiality Agreement") dated May XX, 2022 and attached hereto as Exhibit A to this Agreement. Employee acknowledges and agrees to strictly comply with the terms of Confidentilaity Agreement during the term of this Agreement and following the termination of his employement with the Company, as provided for in the Confidentiality Agreement. 5.2 Employee shall not during his employment directly or indirectly render any services of a business, commercial or professional nature to any other person or organization, whether for compensation or otherwise, which would be in competition with the Company, or which would prevent Employee from rendering the agreed services to Company during the tenure of his employment. View More
