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. (a) Base Salary. You shall receive an annual base salary equal to Four Hundred Thousand ($400,000), which shall be payable in accordance with Kite's payroll practices. 2225 Colorado Avenue ● Santa Monica, CA 90404 ● Phone 310.824.9999 ● Fax 310.824.9944 ● www.kitepharma.com (b) Performance Bonus. You shall be eligible to receive an annual performance bonus payable in cash at a target amount equal to 50% of your Base Salary, subject to the successful achievement of agreed upon individual and corp...orate performance goals. Any (i) Performance Bonus, or (ii) equity awards paid or granted to you for the calendar year 2016 shall be pro-rated based upon the time actually employed by Kite during 2016. (c) Additional Payments. (i) Relocation Payment. Within 30 days of your Start Date, the Company shall make a cash payment to you, which, following deduction of all applicable federal, state and local taxes and social security and such other amounts as may be required by law, shall equal Sixty-Five Thousand Dollars ($65,000). (ii) Temporary Housing Accommodations. In connection with your relocation to the greater Los Angeles area, the Company shall reimburse you for reasonable costs associated with up to four (4) weeks of temporary housing accommodations. (iii) Notwithstanding the foregoing, if your employment with Kite is terminated within one (1) year from the Start Date (A) by you for any reason, or (B) by Kite for Cause (as defined below), then you shall be required to repay the Relocation Payment to Kite. For purposes of this Agreement, "Cause" shall mean any of the following: (1) Your willful failure to adequately perform the material duties or obligations hereunder, or your willful misconduct in respect of such duties or obligations, including, without limitation, your willful failure, disregard or refusal to abide by specific objective and lawful directions received in writing from an officer of the Company; (2) any willful, intentional or grossly negligent act by you having the reasonably foreseeable effect of actually and substantially injuring, whether financial or otherwise, the business reputation of Kite; (3) Your indictment of any felony; (4) Your being convicted of a misdemeanor involving moral turpitude that causes, or could reasonably be expected to cause, substantial harm to Kite or its reputation; (5) the determination by Kite, after a reasonable and good-faith investigation following a written allegation by another employee of Kite, that you engaged in some form of harassment prohibited by law (including, without 2225 Colorado Avenue ● Santa Monica, CA 90404 ● Phone 310.824.9999 ● Fax 310.824.9944 ● www.kitepharma.com limitation, age, sex or race discrimination); provided, however, that Cause shall not exist unless Kite gives you written notice where such notice describes with particularity the alleged act(s) at issue and has given you an opportunity to be heard at a meeting with Kite's senior management with or without counsel, and Kite provides you with a summary of its findings; (6) any misappropriation or embezzlement of the property of Kite or its affiliates (whether or not a misdemeanor or felony) by you; or (7) a material breach by you of Section 8 of this letter agreement or the Proprietary Information and Invention Assignment Agreement, a copy of which is attached hereto as Exhibit A. (d) Withholding. Except as expressly stated otherwise, Kite shall withhold all applicable federal, state and local taxes and social security and such other amounts as may be required by law from all amounts payable under this Section 3.View More
Compensation. (a) Base Salary. You shall receive an annual base salary equal to Four Hundred Fifty Thousand ($400,000), ($450,000), which shall be payable in accordance with Kite's payroll practices. 2225 Colorado Avenue ● Santa Monica, CA 90404 ● Phone 310.824.9999 ● Fax 310.824.9944 ● www.kitepharma.com (b) Performance Bonus. You shall be eligible to receive an annual performance bonus payable in cash at a target amount equal to 50% of your Base Salary, subject to the successful achievement of agreed upon i...ndividual and corporate performance goals. Any (i) Performance (i)Performance Bonus, or (ii) equity awards paid or granted to you for the calendar year 2016 shall be pro-rated calculated based upon the time actually employed by Kite during 2016. on your full Base Salary and shall not be pro-rated. (c) Additional Payments. (i) Relocation Payment. Within 30 days two weeks of your Start Date, the Company shall make a cash payment to you in the amount of $100,000 (the "Commencement Bonus"). (ii) The Company shall make two cash payments to you, which, following deduction of all applicable federal, state and local taxes and social security and such other amounts as may be required by law, shall equal Sixty-Five Thousand Dollars ($65,000). (ii) Temporary Housing Accommodations. In connection with $50,000. The first payment will be made after the date that is thirty (30) days following your relocation to Start Date, and the greater Los Angeles area, second will be made after the Company shall reimburse you for reasonable costs associated with up to four (4) weeks of temporary housing accommodations. date that is ninety (90) days following your Start Date. 2225 Colorado Avenue ● Santa Monica, CA 90404 ● Phone 310.824.9999 ● Fax 310.824.9944 ● www.kitepharma.com (iii) Notwithstanding the foregoing, if your employment with Kite is terminated within one (1) year from the Start Date (A) by you for any reason, or (B) by Kite for Cause (as defined below), then you shall be required to repay the Commencement Bonus and Relocation Payment to Kite. For purposes of this Agreement, "Cause" shall mean any of the following: (1) Your willful failure to adequately perform the material duties or obligations hereunder, or your willful misconduct in respect of such duties or obligations, including, without limitation, your willful failure, disregard or refusal to abide by specific objective and lawful directions received in writing from an officer of the Company; (2) any willful, intentional or grossly negligent act by you having the reasonably foreseeable effect of actually and substantially injuring, whether financial or otherwise, the business reputation of Kite; (3) Your indictment of any felony; (4) Your being convicted of a misdemeanor involving moral turpitude that causes, or could reasonably be expected to cause, substantial harm to Kite or its reputation; (5) the determination by Kite, after a reasonable and good-faith investigation following a written allegation by another employee of Kite, that you engaged in some form of harassment prohibited by law (including, without 2225 Colorado Avenue ● Santa Monica, CA 90404 ● Phone 310.824.9999 ● Fax 310.824.9944 ● www.kitepharma.com limitation, age, sex or race discrimination); provided, however, that Cause shall not exist unless Kite gives you written notice where such notice describes with particularity the alleged act(s) at issue and has given you an opportunity to be heard at a meeting with Kite's senior management with or without counsel, and Kite provides you with a summary of its findings; (6) any misappropriation or embezzlement of the property of Kite or its affiliates (whether or not a misdemeanor or felony) by you; or (7) a material breach by you of Section 8 of this letter agreement or the Proprietary Information and Invention Assignment Agreement, a copy of which is attached hereto as Exhibit A. (d) Withholding. Except as expressly stated otherwise, Kite shall withhold all applicable federal, state and local taxes and social security and such other amounts as may be required by law from all amounts payable under this Section 3. View More
Compensation. (a) Base Salary. The Company will pay Executive an annual salary of $185,538 as compensation for Executive's services. The annual base salary will be paid periodically in accordance with the Company's normal payroll practices and be subject to the usual, required withholdings. Executive's annual base salary will be subject to periodic review by the Company's board of directors or its compensation committee (either, the "Committee") and adjustments may be made by the Committee. (b) Target Bonus. ...Executive will be eligible to receive an annual target bonus of 20% of Executive's annual base salary (the "Target Bonus") upon achievement of performance objectives to be determined by the Committee. Executive's Target Bonus will be subject to periodic review by the Committee and adjustments may be made by the Committee. The amount of any Target Bonus to be paid to Executive, if any, and the timing of such payment will be: (i) determined in the sole discretion of the Committee pursuant to the terms of the Company's bonus plan governing such opportunity and (ii) subject to Executive's continued employment with the Company through the payment date. (c) Equity. Executive will be eligible to receive Company equity awards pursuant to any plans or arrangements the Company may have in effect from time to time. The Committee will determine in its discretion whether Executive will be granted any Company equity awards and the terms of any Company equity award in accordance with the terms of any applicable plan or arrangement that may be in effect from time to time.View More
Compensation. (a) Base Salary. The Company will pay Executive an annual salary of $185,538 $250,000 as compensation for Executive's services. The annual base salary will be paid periodically in accordance with the Company's normal payroll practices and be subject to the usual, required withholdings. Executive's annual base salary will be subject to periodic review by the Company's board of directors or its compensation committee (either, the "Committee") and adjustments may be made by the Committee. (b) Targe...t Bonus. Executive will be eligible to receive an annual target bonus of 20% 50% of Executive's annual base salary (the "Target Bonus") upon achievement of performance objectives to be determined by the Committee. Executive's Target Bonus will be subject to periodic review by the Committee and adjustments may be made by the Committee. The amount of any Target Bonus to be paid to Executive, if any, and the timing of such payment will be: (i) determined in the sole discretion of the Committee pursuant to the terms of the Company's bonus plan governing such opportunity and (ii) subject to Executive's continued employment with the Company through the payment date. (c) Signing Bonus. Executive will be eligible to receive a $135,000 signing bonus (the "Signing Bonus") paid in two installments. $60,000 of the Signing Bonus was paid to Executive prior to the Effective Date. $75,000 of the Signing Bonus will be paid to Executive on the first payroll date after June 4, 2019 if Executive remains employed with the Company full time at all times through June 4, 2019. If Executive leaves the Company or Executive is terminated by the Company for Cause (as defined below), in either case, prior to June 4, 2019, then Executive will repay to the Company, within 30 days of Executive's employment termination, the entire amount of the Signing Bonus that has been paid to Executive. (d) Relocation Expenses. The Company will cover Executive's relocation expenses up to $35,000, subject to the terms of the Company's reimbursement policy. (e) Equity. Executive will be eligible to receive Company equity awards pursuant to any plans or arrangements the Company may have in effect from time to time. The Committee will determine in its discretion whether Executive will be granted any Company equity awards and the terms of any Company equity award in accordance with the terms of any applicable plan or arrangement that may be in effect from time to time. View More
Compensation. 2.1 Base Salary. Commencing on November 4, 2016 the Executive shall receive a base salary at the annual rate of not less than $110,000 for during the period of her employment payable in installments consistent with the Company's normal payroll schedule, subject to applicable withholding and other taxes. 2.2 Bonuses. The Executive shall be entitled to receive such bonuses as may from time to time be granted to the Executive by the Board in the exercise of the Board's sole discretion. 2.3 Stock Op...tion. The Executive will be granted options to acquire 350,000 shares of the Company's common stock. The Executive's options will include the following terms: (a) Vesting and Term. The options shall vest as follows: (i) one-third on the date of grant; (ii) one-third 12 months after the date of grant; (iii) one-third twenty-four months after the date of grant. The options shall vest in their entirety upon the occurrence of change of control or termination without a cause. The options may be exercised by the Executive within seven years of the granting of the entirety of the options granted in this agreement. (b) Other Terms. The options shall be eligible for cashless exercise at the election of the Executive. The options shall have piggyback registration rights. 2.4. Expense Reimbursement and Other Benefits. (a) Expense Reimbursement. During the term of Executive's employment hereunder, the Company, upon the submission of reasonable supporting documentation by the Executive, shall reimburse the Executive for all reasonable expenses actually paid or incurred by the Executive in the course of and pursuant to the business of the Company. (b) Vacation. During the Initial Term, the Executive shall be entitled to paid vacation in accordance with the most favorable plans, policies, programs and practices of the Company and its subsidiaries as in effect at any time hereafter with respect to other key executives of the Company and its subsidiaries; provided, however, that in no event shall Executive be entitled to fewer than four weeks paid vacation per year. (c) Benefit Plans The Executive shall participate in all employee benefit plans and fringe benefits provided by the Company. The Company reserves the right to amend, modify or terminate any of these plans and benefits. The Executive will be entitled to whatever benefits may be provided to you in accordance with the terms of these plans and benefits, as amended from time to time.View More
Compensation. 2.1 Base Salary. Commencing on November 4, 2016 the effective date of this Agreement, the Executive shall receive a base salary at the annual rate of not less than $110,000 $120,000 for during the period of her his employment payable in installments consistent with the Company's normal payroll schedule, subject to applicable withholding and other taxes. 2.2 Bonuses. The Executive shall be entitled to receive such bonuses as may from time to time be granted a bonus equivalent to the Executive val...ue of 125,000 shares of Growblox common stock each quarter, the first payment commencing on June 30, 2016. The bonus may be paid by the Board Company in the exercise of the Board's either cash or S-8 shares, at its sole discretion. election. 2.3 Stock Option. The Executive will be granted options to acquire 350,000 1.4 million shares of the Company's common stock. The Executive's options will include the following terms: (a) Vesting and Term. The options shall vest as follows: (i) one-third on the date of grant; (ii) one-third 12 months after the date of grant; (iii) one-third twenty-four months after the date of grant. The options shall vest in their entirety upon the occurrence of (i) the appointment of a new Chief Executive; (ii) the death or disability of the Executive, (iii) change of control or control; or, (iv) termination of the Executive without a cause. The options may be exercised by the Executive within seven years of the granting of the entirety of the options granted in this agreement. (b) Other Terms. The options shall be eligible for cashless exercise at the election of the Executive. The options shall have piggyback registration rights. (c) Death of Executive. In the event of the death of the Executive, the options, in full, shall cede to the benefit of the Executive's spouse, Melinda Koester Poss. 2.4. Expense Reimbursement and Other Benefits. (a) Expense Reimbursement. During the term of Executive's employment hereunder, the Company, upon the submission of reasonable supporting documentation by the Executive, shall reimburse the Executive for all reasonable expenses actually paid or incurred by the Executive in the course of and pursuant to the business of the Company. Company, including expenses for travel to and from Las Vegas and entertainment. (b) Vacation. During the Initial Term, the Executive shall be entitled to paid vacation in accordance with the most favorable plans, policies, programs and practices of the Company and its subsidiaries as in effect at any time hereafter with respect to other key executives of the Company and its subsidiaries; provided, however, that in no event shall Executive be entitled to fewer than four weeks paid vacation per year. (c) Benefit Plans The Executive shall participate in all employee benefit plans and fringe benefits provided by the Company. The Company reserves the right to amend, modify or terminate any of these plans and benefits. The Executive will be entitled to whatever benefits may be provided to you in accordance with the terms of these plans and benefits, as amended from time to time. View More
Compensation. a. Base Salary. During the Employment Term, the Company shall pay Executive a base salary (the "Salary") at the gross rate of $70,000 per month, payable in accordance with the Company's payroll practices as in effect for senior executives and prorated for any partial month in the Employment Term. b. Annual Bonus. During the Employment Term, Executive will be eligible to participate in a bonus program. Executive's target bonus will be 50% of his Salary with the amount of the bonus actually paid t...o Executive determined by the Compensation Committee based on performance objectives established by the Compensation Committee. Executive recognizes and acknowledges that the award of bonus compensation is not guaranteed or promised in any way; provided, however, that in the event of a Change In Control as defined in Appendix A, Executive's right to payments under the bonus program will vest for the duration of the Employment Term and such payments will be made for the duration of the Employment Term at the greater of target or at the amount calculated by the Compensation Committee. c. Board Compensation and Stock Ownership Requirements. During the Employment Term, Executive (i) shall continue to receive the annual equity compensation award granted to non-employee members of the Board, (ii) shall not receive the annual cash retainer or other cash fees paid to non-employee members of the Board, and (iii) shall continue to vest in his outstanding equity awards as if he remained a non-employee member of the Board during the Employment Term. During the Employment Term, Executive shall remain subject to the stock ownership requirements, if any, applicable to non-employee members of the Board, but not to the stock ownership requirements, if any, applicable to executives of the Company. d. Benefits. Executive shall be entitled to take time off for vacation or illness in accordance with the Company's policy for senior executives. Executive shall be eligible to participate in all employee benefit plans and programs maintained by the Company for its full-time employees; provided, however, that Executive shall not be entitled to participate in any severance plan or otherwise receive any severance benefits. Nothing herein shall affect the Company's right to alter, suspend, amend or discontinue any and all of its benefit plans, fringe benefits or policies, in whole or in part, at any time with or without notice in accordance with applicable law. e. Legal Fees. The Company shall reimburse Executive for all reasonable legal fees and expenses incurred by Executive in connection with the negotiation and review of this Agreement and any documents ancillary thereto. f. Expense Reimbursement. During the Employment Term, the Company shall reimburse Executive, in accordance with the Company's policies and procedures, for all expenses incurred by Executive in the performance of Executive's duties hereunder. For the avoidance of doubt, expenses reimbursable by the Company hereunder shall include reasonable commuting expenses incurred by Executive for travel from his residence in Dallas, Texas to the Company's headquarters in Oklahoma City, Oklahoma, including up to $2,500 monthly for the cost of housing in or near Oklahoma City, Oklahoma.View More
Compensation. a. (a) Base Salary. During the Employment Term, the The Company shall pay Executive a base salary (the "Salary") at the gross rate of $70,000 $75,000 per month, month or such greater amount as the Board shall determine from time to time in its discretion (the "Salary"). Such Salary shall be payable in accordance with the Company's standard payroll practices as in effect for senior executives and prorated for any partial month in the Employment Term. b. Annual Bonus. During the Employment Term, E...xecutive will be eligible to participate in a bonus program. Executive's target bonus will be 50% of his Salary with the amount of the bonus actually paid to Executive determined by the Compensation Committee based on performance objectives established by the Compensation Committee. Executive recognizes and acknowledges that the award of bonus compensation is not guaranteed or promised in any way; provided, however, that in the event of a Change In Control as defined in Appendix A, Executive's right to payments under the bonus program will vest for the duration of the Employment Term and such payments will be made for the duration of the Employment Term at the greater of target or at the amount calculated by the Compensation Committee. c. executives. (b) Board Compensation and Stock Ownership Requirements. During the Employment Term, (i) Executive (i) shall continue to receive the annual equity compensation award awards equivalent to those granted to non-employee members of the Board, (ii) shall not receive the annual cash retainer or other cash fees paid to non-employee members of the Board, and (iii) Executive shall continue to vest in his outstanding equity awards as if he remained a non-employee member of the Board during the Employment Term. Term and (iii) the payment of the annual cash retainer to Executive for his Board service shall be prorated to reflect only Executive's service as a non-employee member of the Board for the year for which such retainer is paid. During the Employment Term, Executive shall remain subject to the such stock ownership requirements, if any, requirements applicable to non-employee members of the Board, but not to the stock ownership requirements, if any, requirements applicable to executives of the Company. d. (c) Benefits. During the Employment Term, Executive shall be eligible to participate in the employee benefit plans generally available to senior executives of the Company, to the extent Executive meets the eligibility requirements of any such plans, and, in any event, subject to the terms of the applicable plans; provided, however, that (i) except as provided in this Agreement, Executive shall not be entitled to receive any severance benefits or participate in the Company's equity compensation program generally available to senior executives of the Company and (ii) in lieu of Executive's participation in the Company's group medical plan during all or any portion of the Employment Term, Executive may elect that the Company reimburse Executive for the premiums paid by Executive for the medical coverage of Executive and his dependents under the plan or policy in effect for their benefit as of the Effective Date. Executive shall be entitled to take time off for vacation or illness in accordance with the Company's policy for senior executives. Executive shall be eligible executives and to participate in receive all employee benefit plans and programs maintained by other fringe benefits as are from time to time made generally available to senior executives of the Company for its full-time employees; provided, however, that Executive shall not be entitled to participate in any severance plan or otherwise receive any severance benefits. Company. Nothing herein shall affect the Company's right to alter, suspend, amend or discontinue any and all of its benefit plans, fringe benefits or policies, in whole or in part, at any time with or without notice in accordance with applicable law. e. (d) Legal Fees. The Company shall reimburse Executive for all reasonable legal fees and expenses incurred by Executive up to $10,000 in connection with the negotiation and review of this Agreement and any documents ancillary thereto. f. (e) Expense Reimbursement. During the Employment Term, the Company shall reimburse Executive, in accordance with the Company's policies and procedures, for all expenses incurred by Executive in the performance of Executive's duties hereunder. For the avoidance of doubt, expenses reimbursable by the Company hereunder shall include reasonable commuting expenses incurred by Executive for travel from his residence in Dallas, Texas to the Company's headquarters in Oklahoma City, Oklahoma, including up to $2,500 monthly for the cost of housing in or near Oklahoma City, Oklahoma.View More
Compensation. (a) Base Salary. The Company will continue to pay Executive a monthly salary of $22,916.67, which is equivalent to an annual salary of $275,000, as compensation for his services (the "Base Salary"). The Base Salary will continue to be paid periodically in accordance with the Company's normal payroll practices, and will be subject to the usual, required withholdings. Executive's salary will continue to be subject to review, and upward adjustments may be made based upon the Company's normal perfor...mance review practices. (b) Performance Bonus. Executive will continue to be eligible to receive a performance bonus during each year of employment with the Company upon achievement of performance objectives to be determined by the Board or the Compensation Committee of the Board in its sole discretion, which such objectives will be established after consultation with Executive within sixty (60) days of the anniversary of June 1 (the "Performance Bonus"). The Company shall pay any performance bonus payable hereunder within sixty (60) days of the end of each bonus period. (c) Equity. Executive will continue to be eligible to receive awards of stock options, restricted stock or other equity awards pursuant to any plans or arrangements the Company may have in effect from time to time ("Awards"). The Board or the Compensation Committee of the Board will determine in its discretion whether Executive will be granted any such Awards and the terms of any such Award in accordance with the terms of any applicable plan or arrangement that may be in effect from time to time.View More
Compensation. (a) Base Salary. The During the Employment Term, the Company will continue to pay Executive a monthly salary of $22,916.67, equal to the monthly salary which is equivalent the Company had paid Executive immediately prior to an annual salary of $275,000, as compensation for his services the Effective Date (the "Base Salary"). The Base Salary will continue to be paid periodically in accordance with the Company's normal payroll practices, practices and will be subject to the usual, required withhol...dings. withholding. Executive's salary will continue to be subject to review, and upward adjustments may will be made based upon the Company's normal performance review practices. (b) Performance Bonus. In the event that the Board or Compensation Committee of the Board approves Executive's participation in an annual bonus compensation plan, Executive will continue shall receive additional annual bonus compensation according to be eligible to receive a the milestones and performance bonus during each year of employment with the Company upon achievement of performance objectives to be metrics as determined by the Board or the Compensation Committee of the Board in its sole discretion, which such objectives will be established after consultation with Executive within sixty (60) days of the anniversary of June 1 (the "Performance Bonus"). The Company Executive's Performance Bonus, including the underlying milestones and performance metrics, shall pay any performance bonus payable hereunder within sixty (60) days of be subject to review, and adjustments will be made based upon the end of each bonus period. Company's normal review practices. (c) Equity. Executive will continue to be eligible to receive awards of stock options, restricted stock or other equity awards pursuant to any plans or arrangements the Company may have in effect from time to time ("Awards"). The Board or the Compensation Committee of the Board will determine in its discretion whether Executive will be granted any such Awards and the terms of any such Award in accordance with the terms of any applicable plan or arrangement that may be in effect from time to time. View More
Compensation. (a) Base Salary. VNR shall pay Executive an annual base salary ("Base Salary") of $700,000. The Board shall review Executive's Base Salary at least annually and may at its discretion elect to increase Executive's Base Salary at any time if they deem an increase is warranted. Subject to Section 5(c)(ii) hereof, the Board may not decrease Executive's annual Base Salary without his prior written approval. Base Salary shall be payable in accordance with the ordinary payroll practices of VNR, but in ...no event shall the Base Salary be paid to Executive less frequently than monthly. The term "Base Salary" as used in this Agreement shall refer to the Base Salary as it may be so adjusted from time to time. (b) Annual Bonus. Executive shall be eligible to receive an annual cash bonus (the "Annual Bonus") in an amount to be determined by the Board or compensation committee of the Board ("Committee") based on performance goals established by the Board or Committee, as applicable, on an annual basis, with Executive being eligible to receive a target bonus equal to no less than one hundred percent (100%) of his Base Salary ("Target Bonus"). With respect to his employment in 2017, Executive will receive an Annual Bonus in an amount not less than $127,500, payable on or before March 15, 2018. (c) MIP Grants. Executive shall be eligible to participate in the Company's management incentive plan ("MIP") in accordance with the terms thereof and as determined by the Board; provided, however, that in 2018 Executive will receive an initial grant under the MIP with a grant date value of $3,000,000 (determined using a share price of $19.50).View More
Compensation. (a) Base Salary. VNR shall pay Executive an annual base salary ("Base Salary") at the rate of $700,000. $300,000 for the period commencing on the Effective Date. The Board shall review Executive's Base Salary at least annually and may at its discretion elect to increase Executive's Base Salary at any time if they deem an increase is warranted. Subject to Section 5(c)(ii) hereof, the Board may not decrease Executive's annual Base Salary without his prior written approval. Base Salary shall be pay...able in accordance with the ordinary payroll practices of VNR, but in no event shall the Base Salary be paid to Executive less frequently than monthly. The term "Base Salary" as used in this Agreement shall refer to the Base Salary as it may be so adjusted from time to time. (b) Annual Bonus. Executive shall be eligible to receive an annual cash bonus (the "Annual Bonus") in an amount to be determined by the Board or compensation committee of the Board ("Committee") based on performance goals established by the Board or Committee, as applicable, on an applicable; provided, however, that the parties agree that Executive shall be subject to, and receive, bonus payments through the end of the 2017 calendar year in accordance with the Company's 2017 pre-emergence annual basis, with Executive being eligible cash bonus program. With respect to receive a calendar year 2018, Executive's target bonus Annual Bonus opportunity will be equal to no less than one hundred sixty percent (100%) (60%) of his Base Salary ("Target Bonus"). With respect to his employment in 2017, Executive will receive an Annual Bonus in an amount not less than $127,500, payable on or before March 15, 2018. (c) MIP Grants. Executive shall be eligible to participate in the Company's management incentive plan ("MIP") in accordance with the terms thereof and as determined by the Board; provided, however, that in 2018 provided that, for calendar year 2018, the Company intends to award Executive will receive an initial grant under the MIP with a grant date value of $3,000,000 $1,250,000 (determined using a share price of $19.50). View More
Compensation. (a) Base Annual Income. During the Term, the Company will pay the Employee an annual base salary as set forth on Annex 2, payable monthly pursuant to the Company's normal payroll practices. -1- (b) Discretionary Bonus. During the Term, the Company, in its sole discretion, may award to the Employee an annual bonus based on the Employee's performance and other factors deemed relevant by the Company's Board of Directors. (c) Stock Options and Other Equity Incentives. The Employee will be eligible t...o participate in any stock option, or other equity incentive programs available to officers or employees of the Company. (d) Reimbursement of Expenses. The Company will reimburse the Employee for reasonable expenses incurred by the Employee in the course of, and necessary in connection with, the performance by the Employee of her duties to the Company, provided that such expenses are substantiated in accordance with the Company's policies.View More
Compensation. (a) Base Annual Income. During the Term, the Company will pay the Employee an annual base salary as set forth on Annex 2, payable monthly pursuant to the Company's normal payroll practices. -1- (b) Discretionary Bonus. During the Term, the Company, in its sole discretion, may award to the Employee an annual bonus based on the Employee's performance and other factors deemed relevant by the Company's Board of Directors. (c) Stock Options and Other Equity Incentives. Share Incentive Awards. The Emp...loyee will be eligible to participate in any stock option, or other equity share incentive programs available to officers or employees of the Company. -1- (d) Reimbursement of Expenses. The Company will reimburse the Employee for reasonable expenses incurred by the Employee in the course of, and necessary in connection with, the performance by the Employee of his or her duties to the Company, provided that such expenses are substantiated in accordance with the Company's policies. View More
Compensation. The Executive shall receive the following compensation for his services during the Term of Employment hereunder: (a) Annual Base Salary. The Executive's annual base salary shall be One Hundred Seventy-Five Thousand dollars per calendar year. Executive's base salary shall be reviewed annually by the Compensation Committee. Such annual base salary shall be payable on a pro rata basis, in twenty-six (26) equal installments, in accordance with the Company's normal payroll procedures. (b) Performance... Bonus. The Executive shall be eligible to receive a performance bonus at the end of the Company's fiscal year. The amount of such performance bonus, if any, shall be determined by the Compensation Committee, in its sole and absolute discretion, based upon such factors as the Company's overall financial performance, anticipated working capital requirements, cash reserves, anticipated liabilities or threatened litigation, successful implementation of the Company's business plan, establishment of relationships with businesses, development of corporate projects and new products, and any other short- and long-term interest of the Company as it deems appropriate. -1- (c) Stock Warrants. The Executive shall be eligible to receive a bonus of a warrant for 10% of the then outstanding shares of the company with a strike price of $0.05 (market at December 31, 2015), if sales double from the fiscal 2015 year, or if profits triple from the fiscal year 2015 or if the market cap triples from December 31, 2015. The Executive shall have the irrevocable right to exercise the warrants issued to him for a period of five years. (d) Stock Options. The Executive shall be eligible to participate in the Company's 2000 Stock Option Plan, as amended from time to time (the "Plan"). Executive shall have an irrevocable right to exercise any and all options to purchase common stock of the Company issued to him under the Plan, assuming such options are fully vested, through the final date on which such options are exercisable by Executive; provided, Executive shall not be bound by the terms of Section 6(f) of the Plan. (e) Car Allowance. The Executive shall be entitled to a company car or a car allowance of $500 (this allowance does not include mileage and other auto expenses.) In addition, the Company shall pay for all expenses related to the company car. (f) Other Benefits. Executive shall be paid for (10) holidays annually as designated by the Company. Additionally, Flexible Time Off (FTO) will accrue at the rate of 4.31 hours upon the completion of each pay period in which you are employed as Chief Executive Officer. (g) Health, Dental/Orthodontic, Vision and Life Benefits. The Company shall provide health, dental, orthodontic and vision coverage for Executive and his dependents paying for all expenses associated with such. The Company shall pay or accrue life insurance premiums in amounts that shall not exceed $5,000 per year.View More
Compensation. The Executive shall receive the following compensation for his services during the Term of Employment hereunder: (a) Annual Base Salary. The Executive's annual base salary shall be One Hundred Seventy-Five Fifty Thousand dollars per calendar year. Executive's base salary shall be reviewed annually by the Compensation Committee. Such annual base salary shall be payable on a pro rata basis, in twenty-six (26) equal installments, in accordance with the Company's normal payroll procedures. -1- (b) P...erformance Bonus. The Executive shall be eligible to receive a performance bonus at the end of the Company's fiscal year. The amount of such performance bonus, if any, shall be determined by the Compensation Committee, in its sole and absolute discretion, based upon such factors as the Company's overall financial performance, anticipated working capital requirements, cash reserves, anticipated liabilities or threatened litigation, successful implementation of the Company's business plan, establishment of relationships with businesses, development of corporate projects and new products, and any other short- and long-term interest of the Company as it deems appropriate. -1- (c) Stock Warrants. The Executive shall be eligible to receive a bonus of a warrant for 10% of the then outstanding shares of the company with a strike price of $0.05 (market at December 31, 2015), if sales double from the fiscal 2015 year, or if profits triple from the fiscal year 2015 or if the market cap triples from December 31, 2015. The Executive shall have the irrevocable right to exercise the warrants issued to him for a period of five years. (d) Stock Options. The Executive shall be eligible to participate in the Company's 2000 Stock Option Plan, as amended from time to time (the "Plan"). Executive shall have an irrevocable right to exercise any and all options to purchase common stock of the Company issued to him under the Plan, assuming such options are fully vested, through the final date on which such options are exercisable by Executive; provided, Executive shall not be bound by the terms of Section 6(f) of the Plan. (e) (d) Car Allowance. The Executive shall be entitled to a company car or a car allowance of $500 (this allowance does not include mileage and other auto expenses.) In addition, the Company shall pay for all expenses related to the company car. (f) (e) Other Benefits. Executive shall be paid for (10) holidays annually as designated by the Company. Additionally, Flexible Time Off (FTO) will accrue at the rate of 4.31 hours upon the completion of each pay period in which you are employed as Chief Executive Officer. (g) (f) Health, Dental/Orthodontic, Vision and Life Benefits. The Company shall provide health, dental, orthodontic and vision coverage for Executive and his dependents paying for all expenses associated with such. The Company shall pay or accrue life insurance premiums in amounts that shall not exceed $5,000 per year. View More
