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. The Sponsor shall pay the Investment Advisor an advisory fee (the "Advisory Fee"), accrued daily and paid monthly in arrears, at an annualized rate equal to [_]% of the Trust's daily NAV (as defined in the Registration Statement). The Advisory Fee for any month will be paid within fifteen (15) days after the end of such month.
Compensation. The Sponsor shall pay the Investment Advisor Adviser an advisory fee (the "Advisory Fee"), accrued daily and paid monthly in arrears, at an annualized rate equal to [_]% 0.30% of the Trust's daily NAV Sponsor's fee, subject to deduction of the Sponsor Paid Expenses (as defined in the Registration Statement). The Advisory Fee for any month will be paid within fifteen (15) days after the end of such month. The Advisory Fee will be reviewed and adjusted annually.
Compensation. a.Base Compensation While Igal is employed by the Company hereunder and as otherwise provided in this Agreement, the Company shall pay Igal a monthly fee in the amount of $12,000+expenses related to his science work payable in advance, with the first payment being due and payable on January 1st , 2023, and each succeeding payment being due and payable on the first day of each succeeding calendar quarter during the term of this Agreement. The parties agreed that until December 2022 (include) Igal...'s Service Fee will remain $9,000 +expenses per month. b.Benefits: *The company will grant Igal 999,000 Warrants at an execution price of $0.01 per Warrant. Igal will be able to execute his warrants within two years from the signing date of this agreement. *In addition to the CTO capacity as the Company's R&D consultant for medical Cannabis at the Rambam medical Center, the company appoints Igal to be the company's COVID-19 project manager. The parties agreed that the Project manager will be paid in addition to the above considerations, 15% of the net Royalties income that the company will get for its Medical Cannabis CBD Oil indications sold worldwide for the treatment of COVID-19 patients, and 15% of the net Royalties income that the company will get for its medical cannabis indication molecules based, for treating Rheumatoid Arthritis (RA) 2 It should be noted that IGAL will be granted additional 350,000 warrants at $0.01 cost in case the company will apply for any clinical trial of cannabis based treatment, or will begin any other new cannabis related research. It should be noted that the compensation will be changed in the future according to the Board of Directors of the company decisions, in such a way as it can increase the amount of fee and/or grant Igal other benefits. *The company will take care to insure the board of Directors in a suitable Policy, 45 days after it will start to be a traded company.View More
Compensation. a.Base Compensation While Igal is employed by the Company hereunder and as otherwise provided in this Agreement, the Company shall pay Igal a monthly fee in the amount of $12,000+expenses $9,000+expenses related to his science work payable in advance, with the first last payment being due and payable on January 1st , 2023, and each succeeding payment being due and payable on the first day of each succeeding calendar quarter during the term of this Agreement. The parties agreed that until Decembe...r 31 December, 2022. (include) Igal's Service Fee will remain $9,000 +expenses per month. b.Benefits: Benefits: *The company will grant Igal 999,000 Warrants at an execution price of $0.01 per Warrant. Igal will be able to execute his warrants within two years from the signing date of this agreement. *In addition to the CTO capacity as the Company's R&D consultant for medical Cannabis at the Rambam medical Center, the company appoints Igal to be the company's COVID-19 project manager. The parties agreed that the Project manager will be paid in addition to the above considerations, 15% of the net Royalties income that the company will get for its Medical Cannabis CBD Oil indications sold worldwide for the treatment of COVID-19 patients, and 15% of the net Royalties income that the company will get for its medical cannabis indication molecules based, for treating Rheumatoid Arthritis (RA) 2 and other diseases. It should be noted that IGAL will be granted additional 350,000 warrants at $0.01 cost in case the company will apply for any clinical trial of cannabis based treatment, or will begin any other new cannabis related research. 2 It should be noted that the compensation will be changed in the future according to the Board of Directors of the company decisions, in such a way as it can increase the amount of fee and/or grant Igal other benefits. *The company will take care to insure the board of Directors in a suitable Policy, 45 days after it will start to be a traded company. View More
Compensation. As compensation for the performance of the Administrator's obligations under this Administration Agreement (including the compensation of Persons serving as Managers (other than the independent Manager(s)) and officers of the Issuer, but, for the avoidance of doubt, excluding the performance by KGS of its obligations in its capacity as Servicer), the Administrator shall be entitled to $100,000.00 annually (the "Administration Fee"), with no escalation, payable by the Issuer in arrears proportion...ately on each Payment Date, in semi-annual increments of $50,000.00, which amount will be pro-rated for the first Payment Date. In addition, the Administrator shall be entitled to be reimbursed by the Issuer for all costs and expenses of services performed by unaffiliated third parties and actually incurred by the Administrator in connection with the performance of its obligations under this Administration Agreement in accordance with Section 3 (but, for the avoidance of doubt, excluding any such costs and expenses incurred by KGS in its capacity as Servicer), to the extent that such costs and expenses are supported by invoices or other customary documentation and are reasonably allocated to the Issuer ("Reimbursable Expenses").View More
Compensation. As compensation for the performance of the Administrator's obligations under this Administration Agreement (including the compensation of Persons serving as Managers (other Manager(s), other than the independent Manager(s)) Independent Manager(s), and officers of the Issuer, but, for the avoidance of doubt, excluding the performance by KGS AEP Texas of its obligations in its capacity as Servicer), the Administrator shall be entitled to $100,000.00 $100,000 annually (the "Administration Fee"), wi...th no escalation, payable by the Issuer in arrears proportionately installments of $50,000 on each Payment Date, in semi-annual increments of $50,000.00, which amount will be pro-rated for the first Payment Date. In addition, the Administrator shall be entitled to be reimbursed by the Issuer for all costs and expenses of services performed by unaffiliated third parties and actually incurred by the Administrator in connection with the performance of its obligations under this Administration Agreement in accordance with Section 3 (but, for the avoidance of doubt, excluding any such costs and expenses incurred by KGS AEP Texas in its capacity as Servicer), to the extent that such costs and expenses are supported by invoices or other customary documentation and are reasonably allocated to the Issuer ("Reimbursable Expenses"). 3 3. Third Party Services. Any services required for or contemplated by the performance of the above-referenced services by the Administrator to be provided by unaffiliated third parties (including independent auditors' fees and counsel fees) may, if provided for or otherwise contemplated by the Financing Order and if the Issuer deems it necessary or desirable, be arranged by the Issuer or by the Administrator at the direction (which may be general or specific) of the Issuer. Costs and expenses associated with the contracting for such third-party professional services may be paid directly by the Issuer or paid by the Administrator and reimbursed by the Issuer in accordance with Section 2, or otherwise as the Administrator and the Issuer may mutually arrange. 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 your Start Date, you shall be paid a base annual salary at the rate of $455,000 (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. Your 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 (the "Parent Board"), ShouTi Inc., a Cayman Islands exempted company (the "Cayman Parent"). 2.2 Annual Bonus. You will be eligible for an annual target bonus (the "Annual Bonus") each calendar year equal to thirty-five percent (35%) of your then current Base Salary at a "meeting expectations" level of achievement (the "Target Bonus Amount"), which shall be prorated based on the number of days you are actually employed during the calendar year. Whether you receive 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 your achievement of objectives and milestones. The Company's and your objectives and milestones will be established on an annual basis by the Parent Board (or Compensation Committee thereof) in consultation with you, which objectives and milestones may provide for payments above and below target based on the level of performance achievement. Promptly following your Start Date, the CEO will review with you the specific objectives and milestones against which you will be evaluated in the current calendar year. The Company will pay you the Annual Bonus, if any, by no later than March 15 of each calendar year. 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, you 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. 2 2.3 Signing Bonus. You will receive a one-time signing bonus in the amount of $66,000 (the "Signing Bonus"), subject to applicable payroll deductions and withholdings. The Signing Bonus will be paid to you as an advance in a single lump sum on the first regularly-scheduled payroll date after your Start Date, and is provided to you prior to your earning such Signing Bonus. You will not earn the Signing Bonus unless you remain continuously employed with the Company through the one-year anniversary of your Start Date. If your employment terminates under any circumstances before such one-year anniversary date, you agree to repay the Signing Bonus to the Company in full.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 your Start Date, you shall be paid a base annual salary at the rate of $455,000 $375,000 (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. Your 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 (the "Parent Board"), ShouTi Inc., a Cayman Islands exempted company (the "Cayman Parent"). 2.2 Annual Bonus. You will be eligible for an annual target bonus (the "Annual Bonus") each calendar year equal to thirty-five percent (35%) of your then current Base Salary at a "meeting expectations" level of achievement (the "Target Bonus Amount"), which shall be prorated based on the number of days you are actually employed during the calendar year. Whether you receive 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 your achievement of objectives and milestones. The Company's and your objectives and milestones will be established on an annual basis by the Parent Board (or Compensation Committee thereof) in consultation with you, which objectives and milestones may provide for payments above and below target based on the level of performance achievement. Promptly following your Start Date, the CEO will review with you the specific objectives and milestones against which you will be evaluated in the current calendar year. The Company will pay you the Annual Bonus, if any, by no later than March 15 of each calendar year. 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, you 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. 2 2.3 Signing Bonus. You will also receive a one-time signing bonus in the amount of $66,000 $75,000 (the "Signing Bonus"), subject to applicable payroll deductions and withholdings. The Signing Bonus will be paid to you as an advance in a single lump sum on the first regularly-scheduled payroll date after your Start Date, and is provided to you prior to your earning of such Signing Bonus. You will not earn the Signing Bonus unless you remain actively and continuously employed with the Company through the one-year anniversary of your Start Date. If your employment terminates under any circumstances before such one-year anniversary date, you agree to repay the Signing Bonus to the Company in full. 2 3. Standard Company Benefits. You will, 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, you will 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. You will 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. (a) Base Salary. As of the Effective Date, the Company will initially pay Executive an annualized base salary of $225,000 as compensation for his services (such annual salary, as is then effective, to be referred to herein as "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. (b) Bonus. Executive may be entitled to bonuses from time to time as determined by the Board of Directors o...f the Company or its Compensation Committee in their sole discretion (the "Bonus"). Bonuses, if any, will be paid as soon as practicable after they have been determined, but not later than thirty (30) days after they are determined, provided that Executive is still employed by the Company at the time of payment. 1 (c) Equity Awards. Executive shall be eligible for equity awards under the Company's 2011 Stock Incentive Plan (the "Plan") or outside the Plan and the agreement(s) by and between Executive and the Company thereunder (collectively, the "Equity Documents"). Any such awards shall be at the discretion of the Company's Board of Directors and/or Compensation Committee. Initially, Executive will eligible for a grant of 500,000 shares of restricted common stock, with an agreed fair market value of $0.25 per share, vesting over a period of four years beginning on the Effective Date.View More
Compensation. (a) Base Salary. As of the Effective Date, the Company will initially pay Executive an annualized base salary of $225,000 $180,000 as compensation for his services (such annual salary, as is then effective, to be referred to herein as "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. (b) Bonus. Executive may be entitled to bonuses from time to time as determined by the Board of Di...rectors of the Company or its Compensation Committee in their sole discretion (the "Bonus"). Bonuses, if any, will be paid as soon as practicable after they have been determined, but not later than thirty (30) days after they are determined, provided that Executive is still employed by the Company at the time of payment. 1 (c) Equity Awards. Executive shall be eligible for equity awards under the Company's 2011 Stock Incentive Plan (the "Plan") or outside the Plan and the agreement(s) by and between Executive and the Company thereunder (collectively, the "Equity Documents"). Any such awards shall be at the discretion of the Company's Board of Directors and/or Compensation Committee. Initially, Executive will eligible for a grant of 500,000 shares of restricted common stock, with an agreed fair market value of $0.25 per share, vesting over a period of four years beginning on the Effective Date.View More
Compensation. As compensation for the services, the Director will receive 1,000,000 shares of the Company's restricted $0.0001 par value per share common stock (the "Shares"), with 25% of such Shares vesting at the end of each calendar year, first vesting period ending on December 31st, 2019, as long as the Director is a member of the Board of Directors and continues to fulfill his duties and provide the services set forth above during the corresponding vesting period. Notwithstanding the foregoing, if this A...greement is early terminated, at any time after the first vesting period, Director will continue to earn the Shares in the agreed upon quantity; however, the vesting period of the remaining Shares will move to the end of the fourth calendar year (December 31st, 2022). The Board, at its discretion, may at any time accelerate the vesting period specified in this Paragraph 3. The Shares are intended to be exempt from the registration requirements of the Securities Act of 1933, as amended (the "Securities Act,") pursuant to Section 4(a)(2) thereof and shall bear a "restrictive legend." In connection with the acquisition of the Shares, the Director represents and warrants to the Company that (i) he will not sell or otherwise transfer the Shares without registration under the Securities Act or an exemption therefrom; (ii) he has such knowledge and experience in financial and business matters that he is capable of evaluating the merits and risks of his investment in the Shares and is able to bear such risks; and (iii) he is acquiring the Shares for the his own account, for investment purposes only and not with a view to distribute or resell such securities in whole or in part. The Company shall not pay the Director any extra fee for each regularly scheduled meeting of the Board of Directors that the Director attends in person, nor for attending meetings telephonically. If the Director is designated to participate in a committee of the Board of Directors as either a chairperson or non-chairperson member, the Director will be entitled to receive compensation in addition to the compensation previously agreed, in amounts to be later approved by the Board at the moment of appointment.View More
Compensation. As compensation for the services, the Director will receive 1,000,000 shares of the Company's restricted $0.0001 $0.005 par value per share common stock (the "Shares"), with 25% of such Shares vesting at the end of each calendar year, first vesting period ending on December 31st, 2019, as long as the Director is a member of the Board of Directors and continues to fulfill his duties and provide the services set forth above during the corresponding vesting period. Notwithstanding the foregoing, if... this Agreement is early terminated, at any time after the first vesting period, Director will continue to earn the Shares in the agreed upon quantity; however, the vesting period of the remaining Shares will move to the end of the fourth calendar year (December 31st, 2022). The Board, at its discretion, may at any time accelerate the vesting period specified in this Paragraph 3. The Shares are intended to be exempt from the registration requirements of the Securities Act of 1933, as amended (the "Securities Act,") pursuant to Section 4(a)(2) thereof and shall bear a "restrictive legend." In connection with the acquisition of the Shares, the Director represents and warrants to the Company that (i) he will not sell or otherwise transfer the Shares without registration under the Securities Act or an exemption therefrom; (ii) he has such knowledge and experience in financial and business matters that he is capable of evaluating the merits and risks of his investment in the Shares and is able to bear such risks; and (iii) he is acquiring the Shares for the his own account, for investment purposes only and not with a view to distribute or resell such securities in whole or in part. The Company shall not pay the Director any extra fee for each regularly scheduled meeting of the Board of Directors that the Director attends in person, nor for attending meetings telephonically. If (b) Taxes. It is intended that the fees paid hereunder shall constitute revenues to Director. To the extent consistent with applicable law, the Company will not withhold any amounts therefrom as federal income tax withholding from wages or as employee contributions under the Federal Insurance Contributions Act or any other state or federal laws. Director shall be solely responsible for the withholding and/or payment of any federal, state or local income or payroll taxes and shall hold the Company, its officers, directors, and employees harmless from any liability arising from the failure to withhold such amounts. Notwithstanding the foregoing, if the Director is designated a resident of a foreign country the fee received for the services provided under this Agreement, is subject to participate US tax because services are considered rendered in the US; thus, the Company will act as a committee withholding agent liable for the tax. Such liability is independent of the Board of Directors as either a chairperson or non-chairperson member, the Director will be entitled to receive compensation in addition to the compensation previously agreed, in amounts to be later approved by the Board at the moment of appointment. Director's US tax liability. View More
Compensation. The fees and expense reimbursements payable by Global Eagle and the payment terms of such fees and expense reimbursements shall be as set 1 forth on the Work Statement. All fees and pre-approved expense reimbursements provided for in the Work Statements are Consultant's sole compensation for rendering the Services to Global Eagle. For the avoidance of doubt, Consultant is responsible for procuring its own administrative support (at its own cost) in support of rendering the Services hereunder.
Compensation. The fees and expense reimbursements payable by Global Eagle GEE and the payment terms of such fees and expense reimbursements shall be as set 1 forth on the Work Statement. All fees and pre-approved expense reimbursements provided for in the Work Statements are Consultant's sole compensation for rendering the Services to Global Eagle. GEE. For the avoidance of doubt, Consultant is responsible for procuring its own administrative support (at its own cost) in support of rendering the Services here...under. View More
Compensation. (a) Base Salary. Your current annual base salary is $450,000 payable on the Company's regular payroll dates and subject to the usual, required withholdings and deductions. Your base salary is subject to review, and adjustments will be made to it based upon, the Company's normal performance review practices. (b) Bonus. Your current annual bonus target is equal to 100% of your annual base salary and you may be able to earn up to two-times such targeted amount. To the extent the Company determines ...that you earned an annual bonus for a fiscal year, such bonus shall be subject to the usual, required withholdings and deductions. Your annual bonus target will be subject to review and adjustments will be made to it based upon the Company's normal performance review practices. Any bonus for a fiscal year will be paid within 2 1⁄2 months after the end of that fiscal year, but only if you were employed by the Company on the last day of the fiscal year to which the bonus relates. (c) Benefits. During your Employment, you will be eligible to participate in the employee benefit plans maintained by the Company and generally available to similarly situated employees of the Company, subject in each case to the generally applicable terms and conditions of the plan in question and to the determinations of any person or committee administering such plan. (d) Equity Grants. Your existing equity grants will continue under the terms of the existing grant agreements and the applicable stock plan. In addition, if you become entitled to accelerated vesting pursuant to your Severance Agreement (as defined below), such accelerated vesting will apply to your existing equity grants. You will also continue to be eligible to receive additional equity grants in the future, subject to the discretion and approval of the Company's Board of Directors or its Compensation Committee. You will also be able to "early exercise" awarded Stock Options as to some or all of the Option shares immediately following grant, meaning that you may purchase unvested shares, with the Company having the right to repurchase shares that remain unvested when your employment terminated at your cost for the shares being repurchased, which the right of repurchase shall lapse on the vesting schedule that would otherwise apply to the shares subject to the Option.View More
Compensation. (a) Base Salary. Your current annual base salary is $450,000 $325,000.00, payable on the Company's regular payroll dates and subject to the usual, required withholdings and deductions. Your base salary is subject to review, and adjustments will be made to it based upon, the Company's normal performance review practices. (b) Bonus. Your current annual bonus target is equal to 100% 55% of your annual base salary and you may be able to earn up to two-times such targeted amount. To the extent the Co...mpany determines that you earned an annual bonus for a fiscal year, such bonus shall be subject to the usual, required withholdings and deductions. Your annual bonus target will be subject to review and adjustments will be made to it based upon the Company's normal performance review practices. Any bonus for a fiscal year will be paid within 2 1⁄2 months after the end of that fiscal year, but only if you were employed by the Company on the last day of the fiscal year to which the bonus relates. (c) Performance Bonus. In addition, you will be eligible for a performance bonus for fiscal year 2019 of the Company ("Performance Bonus"). The Performance Bonus will be awarded based on your achievement of specific objectives, metrics and other criteria directly related to the duties and responsibilities of your position as established and evaluated by the Company's Chief Executive Officer. The target amount of your Performance Bonus shall be equal to $100,000. Any Performance Bonus for the fiscal year will be paid within 45 days after the close of that fiscal year, but only if you are still employed by the Company at the time of payment. (d) Retention Bonus. The Company has paid you a non-recurring cash retention bonus of $100,000 (the "Retention Bonus"). While you will not actually earn the full amount of the Retention Bonus unless you remain a full-time employee through (or are subject to an Involuntary Termination, as defined, prior to) the second anniversary of your Start Date, the Retention Bonus has been paid to you. Accordingly, (A) if your employment ends for any reason (other than an Involuntary Termination) on or prior to the first anniversary of your Start Date you shall be required to repay 100% of the Retention Bonus within 30 days of such termination; and (B) if your employment ends for any reason (other than an Involuntary Termination) between the first anniversary and second anniversary of your Start Date you shall be required to repay 4.16% of the Retention Bonus for each full or partial month remaining in the period from such termination to the second anniversary of your Start Date, which repayment to be made within 30 days of such termination. In the event your employment ends on account of your Involuntary Termination, you will not be required to repay the Retention Bonus. (e) Benefits. During your Employment, you will be eligible to participate in the employee benefit plans maintained by the Company and generally available to similarly situated employees of the Company, subject in each case to the generally applicable terms and conditions of the plan in question and to the determinations of any person or committee administering such plan. (d) (f) Equity Grants. Your existing equity grants will continue under the terms of the existing grant agreements and the applicable stock plan. In addition, if you become entitled to accelerated vesting pursuant to your Severance Agreement (as defined below), such accelerated vesting will apply to your existing equity grants. You will also continue to be eligible to receive additional equity grants in the future, subject to the discretion and approval of the Company's Board of Directors or its Compensation Committee. You will also be able to "early exercise" awarded Stock Options as to some or all of the Option shares immediately following grant, meaning that you may purchase unvested shares, with the Company having the right to repurchase shares that remain unvested when your employment terminated at your cost for the shares being repurchased, which the right of repurchase shall lapse on the vesting schedule that would otherwise apply to the shares subject to the Option.View More
Compensation. Base Salary. During the Term, the Executive shall be entitled to receive a base salary ("Base Salary") at a rate of one hundred fifty thousand dollars ($150,000.00) per annum, which Base Salary shall be payable in arrears in equal installments not less frequently than on a bi-weekly basis in accordance with the payroll practices of the Company, with such increases as may be determined by the Board from time to time. 2.2. Incentive Bonus. The Executive shall be eligible to receive, for each fisca...l year during the Term (or a prorated portion thereof for any partial fiscal year during the Term), a target annual incentive bonus of 50% of Base Salary for such fiscal year (the "Incentive Bonus") if the Company achieves goals and objectives established by the Board of Directors for such fiscal year. Any Incentive Bonus shall be paid in full in a single lump sum cash payment during the calendar year next following the fiscal year for which it is earned and vested ("Payment Calendar Year"), and no later than the earlier of (i) December 31 of the Payment Calendar Year or (ii) fifteen (15) calendar days following the date on which the Company publicly announces its results of operations for such Employment Year. 2.3. Additional Compensation. In addition to the Base Salary and the Incentive Bonus, if any, the Executive shall be entitled to receive such other cash bonuses and such other compensation in the form of stock, stock options or other property or rights as may from time to time be awarded him by the Board during or in respect of his employment hereunder.View More
Compensation. Base Salary. During the Term, the Executive shall be entitled to receive a base salary ("Base Salary") at a rate of one four hundred fifty five thousand dollars ($150,000.00) ($455,000.00) per annum, which Base Salary shall be payable in arrears in equal installments not less frequently than on a bi-weekly basis in accordance with the payroll practices of the Company, with such increases as may be determined by the Board from time to time. 2.2. Incentive Bonus. The Executive shall be eligible to... receive, for each fiscal year Employment Year during the Term (or a prorated portion thereof for any partial fiscal year Employment Year during the Term), a target annual incentive bonus of 50% 55% of Base Salary for such fiscal year Employment Year (the "Incentive Bonus") if the Company achieves goals and objectives established by the Board of Directors for such fiscal year. Employment Year. Any Incentive Bonus shall be paid in full in a single lump sum cash payment during the calendar year next following the fiscal year Employment Year for which it is earned and vested ("Payment Calendar Year"), and no later than the earlier of (i) (1) December 31 of the Payment Calendar Year or (ii) (2) fifteen (15) calendar days following the date on which the Company publicly announces its results of operations for such Employment Year. 2.3. Additional Compensation. In addition to the Base Salary and the Incentive Bonus, if any, the Executive shall be entitled to receive such other cash bonuses and such other compensation in the form of stock, stock options or other property or rights as may from time to time be awarded him by the Board during or in respect of his employment hereunder. View More
