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Compensation Contract Clauses (7,502)
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. The Bank shall cause the Executive to be paid an annual base salary as determined by the ANC Board of Directors or its Compensation Committee ("Compensation Committee") which total base salary, however, shall not be less than Three Hundred Twenty Thousand Dollars ($320,000.00) per year, subject to all applicable withholdings. The base salary shall be paid in approximately equal installments to the Executive in accordance with established payroll practices of the Bank (but no les...s frequently than monthly). (b) Annual Incentive. As additional compensation, the Executive shall be eligible to receive an annual bonus of up to twenty-five percent (25%) of his salary, less applicable withholdings, in cash or other form of compensation as mutually agreed. The bonus shall be paid annually by March 15 of the year following the fiscal year for which performance is being evaluated and upon the final close out of the Fiscal Year End Audit for the applicable fiscal year of the Bank ("Fiscal Year") for which performance is being evaluated. In no event later than March 15 of the year following the Fiscal Year, the bonus shall be set, in its discretion, by the Compensation Committee, which takes into account a performance evaluation and an assessment of the discharge of his duties and responsibilities, as outlined in the Executive's Job Description, as set by the CEO of the Bank. (c) Stock Options. As additional compensation, the Executive shall be eligible to receive stock options of ANC annually in an amount up to 3,500 shares issued at market that shall have an exercise price at least equal to the fair market value of a share of ANC stock on the date of grant and shall vest and be exercisable in accordance with the terms of the Stock Option Plan adopted by the ANC Board of Directors and shareholders, as amended from time to time. The Executive shall have the right to receive stock options in any year in which he earns an annual bonus as described above. The number of shares granted to the Executive shall be determined by the Board of Directors in its discretion. In the event ANC discontinues or makes other material changes in the reduction or increase in the general use of stock options as a means of compensation for directors, executives and officers of the Bank, then this benefit shall be adjusted accordingly. At the time of any stock split or dividend, any previously issued awards shall be adjusted accordingly. (d) Clawback. The Executive agrees that any incentive compensation (including both equity and cash incentive compensation) that Executive receives from ANC or the Bank is subject to repayment (i.e., clawback) to the Bank or a related entity as determined by the Compensation Committee in the event (i) a restatement of the Bank's financial results (other than a restatement caused by a change in applicable accounting rules or interpretations) the result of which is that the financial statements were materially inaccurate and any incentive compensation paid would have been a materially lower amount had it been calculated based on such restated results or (ii) the repayment is otherwise required by applicable federal or state law or regulation stock exchange requirement, or as set forth in a separate "clawback" policy, as may be adopted from time to time by the ANC Board of Directors. Except where offset of, or 2 recoupment from, incentive compensation covered by Code Section 409A (as defined in Section 20) is prohibited by Code Section 409A, to the extent allowed by law and as determined by the Compensation Committee, the Executive agrees that such repayment may, in the discretion of the Compensation Committee, be accomplished by withholding of future compensation to be paid to the Executive by the Bank. Any recovery of incentive compensation covered by Code Section 409A shall be implemented in a manner which complies with Code Section 409A.
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ACCESS NATIONAL CORP contract
Compensation. (a) Base Salary. The Bank shall cause the Executive to be paid an annual base salary as determined by the ANC Board of Directors or its Compensation Committee ("Compensation Committee") Committee, which total base salary, however, shall not be less than Three Four Hundred Twenty Thousand Dollars ($320,000.00) ($400,000.00) per year, subject to all applicable withholdings. The base salary shall be paid in approximately equal installments to the Executive in accordance with established payroll pra...ctices of the Bank (but no less frequently than monthly). (b) Annual Incentive. As additional compensation, the Executive shall be eligible to receive an annual bonus of up to twenty-five percent (25%) of his salary, $80,000.00, less applicable withholdings, in cash or other form of compensation as mutually agreed. The bonus shall be paid annually by March 15 of the year following the fiscal year for which performance is being evaluated and upon the final close out of the Fiscal Year End Audit for the applicable fiscal year of the Bank ("Fiscal Year") for which performance is being evaluated. In no event later than March 15 of the year following the Fiscal Year, the bonus shall be set, in its discretion, by the Compensation Committee, Committee established by the ANC Board of Directors or its designee, which takes into account a performance evaluation and an assessment the following: (i) Discharge of the discharge of his duties and responsibilities, responsibilities as outlined in the Executive's Job Description, as set by the CEO of the Bank. Bank; (ii) Retention efforts and results covering the top 100 depositors of Middleburg Bank; (iii) Execution of plans designed to meet client maintenance and growth objectives of Middleburg Bank; (iv) Performance against Divisional budget objectives under the budget established annually by the Board of Directors; and (v) Financial performance and governance of Middleburg Investment Group / Middleburg Trust. 2 (c) Stock Options. As additional compensation, the Executive shall be eligible to receive stock options of ANC annually in an amount up to 3,500 shares issued at market that shall have an exercise price at least equal to the fair market value of a share of ANC stock on the date of grant and shall vest and be exercisable in accordance with the terms of the Stock Option Plan adopted by the ANC Board of Directors and shareholders, as amended from time to time. The Executive shall have the right to receive stock options in any year in which he earns an annual bonus as described above. The number of shares granted to the Executive shall be determined by the Board of Directors in its discretion. In the event ANC discontinues or makes other material changes in the reduction or increase in the general use of stock options as a means of compensation for directors, executives and officers of the Bank, ANB, then this benefit shall be adjusted accordingly. At the time of any stock split or dividend, any previously issued awards shall be adjusted accordingly. (d) Clawback. The Executive agrees that any incentive compensation (including both equity and cash incentive compensation) that Executive receives from ANC or the Bank is subject to repayment (i.e., clawback) to the Bank or a related entity as determined by the Compensation Committee in the event (i) a restatement of the Bank's financial results (other than a restatement caused by a change in applicable accounting rules or interpretations) the result of which is that the financial statements were materially inaccurate and any incentive compensation paid would have been a materially lower amount had it been calculated based on such restated results or (ii) the repayment is otherwise required by applicable federal or state law or regulation or stock exchange requirement, or as set forth in on a separate "clawback" policy, as may be adopted from time to time by the ANC Board of Directors. Except where offset of, or 2 recoupment from, incentive compensation covered by Code Section 409A (as defined in Section 20) is prohibited by Code Section 409A, to the extent allowed by law and as determined by the Compensation Committee, the Executive agrees that such repayment may, in the discretion of the Compensation Committee, be accomplished by withholding of future compensation to be paid to the Executive by the Bank. Any recovery of incentive compensation covered by Code Section 409A shall be implemented in a manner which complies with Code Section 409A.
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Found in
ACCESS NATIONAL CORP contract
Compensation. Escrow Agent shall be entitled, for the duties to be performed by it hereunder, to a fee of $4,000.00, which fee shall be paid by the Company upon the signing of this Agreement. In addition, the Company shall be obligated to reimburse Escrow Agent for all fees, costs and expenses incurred or that become due in connection with this Agreement or the Escrow Account, including reasonable attorney's fees. Neither the modification, cancellation, termination or rescission of this Agreement nor the resi...gnation or termination of the Escrow Agent shall affect the right of Escrow Agent to retain the amount of any fee which has been paid, or to be reimbursed or paid any amount which has been incurred or becomes due, prior to the effective date of any such modification, cancellation, termination, resignation or rescission. To the extent the Escrow Agent has incurred any such expenses, or any such fee becomes due, prior to any closing, the Escrow Agent shall advise the Company and the Company shall direct all such amounts to be paid directly at any such closing.
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SHINECO, INC. contract
Compensation. Escrow Agent shall be entitled, for the duties to be performed by it hereunder, to a fee of $4,000.00, $[__], which fee shall be paid by the Company upon the signing of this Agreement. In addition, the Company shall be obligated to reimburse Escrow Agent for all fees, costs and expenses incurred or that become due in connection with this Agreement or the Escrow Account, including reasonable attorney's fees. Neither the modification, cancellation, termination or rescission of this Agreement nor t...he resignation or termination of the Escrow Agent shall affect the right of Escrow Agent to retain the amount of any fee which has been paid, or to be reimbursed or paid any amount which has been incurred or becomes due, prior to the effective date of any such modification, cancellation, termination, resignation or rescission. To the extent the Escrow Agent has incurred any such expenses, or any such fee becomes due, prior to any closing, the Escrow Agent shall advise the Company and the Company shall direct all such amounts to be paid directly at any such closing. The Escrow Agent shall be entitled to a fee of $[__] in the event this Agreement is amended for any reason in accordance with Section 10(d).
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xG TECHNOLOGY, INC. contract
Compensation. The Escrow Agent shall be entitled, for the duties to be performed by it hereunder, to a fee of $4,000.00, as set forth in Exhibit B which fee shall be paid by the Company upon the signing of this Agreement. In addition, the Company shall be obligated to reimburse Escrow Agent for all fees, 5 Escrow Agreement additional fees for services performed that are not contemplated by this agreement, and costs and expenses incurred or that become due in connection with this Agreement or the Escrow Accoun...t, including reasonable attorney's fees. Neither the modification, cancellation, termination or rescission of this Agreement nor the resignation or termination of the Escrow Agent shall affect the right of Escrow Agent to retain the amount of any fee which has been paid, or to be reimbursed or paid any amount which has been incurred or becomes due, prior to the effective date of any such modification, cancellation, termination, resignation or rescission. To the extent the Escrow Agent has incurred any such expenses, or any such fee becomes due, prior to any closing, therelease of the Escrow Funds in accordance with Section 2(b), the Escrow Agent shall advise the Company and the Company shall direct all such amounts to be paid directly at any such closing. to the Escrow Agent.
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Found in
FOTV Media Networks Inc. contract
Compensation. 3.1 Consulting Fees. 3.2 Expenses. 3.3 Benefits.
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Found in
Novus Therapeutics, Inc. contract
Compensation. 3.1 Consulting Fees. 3.2 Expenses. 3.3 Benefits.
Found in
Edge Therapeutics, Inc. contract
Compensation. 3.1 Consulting Fees. Fee. 3.2 Expenses. 3.3 Benefits.
Found in
Blueprint Medicines Corp contract
Compensation. 4.1 Base Salary. Employer shall pay to Executive a base salary for all services to be rendered by Executive under this Agreement at the rate of $400,000 per year (the "Base Salary"), which Base Salary shall be paid in accordance with Employer's normal payroll schedule, procedures and policies (which schedule, procedures and policies may be modified from time to time) and subject to applicable deductions as required by law. Employer shall review Executive's salary on an annual basis and may, in i...ts discretion, consider and declare from time to time increases in the Base Salary that it pays Executive. Any and all increases in Executive's salary pursuant to this section shall cause the level of Base Salary to be increased by the amount of each such increase for purposes of this Agreement. The increased level of Base Salary as provided in this section shall become the level of Base Salary for the remainder of the term of this Agreement unless there is a further increase in Base Salary as provided herein. Notwithstanding the foregoing, the Base Salary of Executive may be decreased provided it is done so in proportion to decreases in Base Salary of the entire executive team of the Company. 4.2 Annual Bonus. The Executive will be eligible to participate in the Employer's annual cash incentive compensation plan on substantially the same terms as other executive officers. Company-wide and individual performance objectives ("MBOs") will be established by the Compensation Committee. Target incentives do not constitute a promise of payment and the Executive's actual bonus, if any, will depend in part on the Employer's performance and the Compensation Committee's discretion in assessing the Executive's individual performance in relation to his or her MBOs and the overall performance and status of the Company. To qualify for the incentive bonus, the Executive must remain employed with the Company through the date that the incentive bonus is paid in accordance with the Employer's normal practice. 4.3 Participation in Benefit Plans. Executive shall be entitled to participate in all employee benefit plans or programs offered to other senior executives from time to time (to the extent that Executive meets the requirements for each such plan or program), including participation in any health insurance plan, disability insurance plan, dental plan, eye care plan, 401(k) plan, life insurance plan, or other similar plans (all such benefits, the "Benefit Plans"). Some or all of the benefits may be provided by our leasing agent TriNet (or its successor(s) or assign(s). 2 4.4 Expenses. Employer shall reimburse Executive for all ordinary and necessary business expenses reasonably incurred by him in the performance of Executive's duties under this Agreement, subject to the presentment and approval of appropriate itemized expense statements, receipts, vouchers or other supporting documentation in accordance with Employer's normal policies for expense verification in effect from time to time. 4.5 Paid Time Off. Executive shall be entitled to no less paid time off than the other senior executives, pursuant to Employer's standard paid time off policies. Unused paid time off may be carried over from year to year, but in no case may more than 45 days (360 hours) of unused paid time off be accrued. 4.6 Total Compensation. Executive shall not receive any other compensation or benefits other than as provided in Sections 4.1 through 4.5 hereof.
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Compensation. 4.1 4.01. Base Salary. Employer shall pay to Executive a an annual base salary for all services to be rendered by Executive under this Agreement at the rate of $400,000 per year $430,000 (the "Base Salary"), which Base Salary shall be paid in accordance with Employer's normal payroll schedule, procedures and policies (which schedule, procedures and policies may be modified from time to time) and subject to applicable deductions as required by law. Employer shall review Executive's salary on an a...nnual basis and may, in its discretion, consider and declare from time to time increases in the Base Salary that it pays Executive. Any and all increases in Executive's salary pursuant to this section shall cause the level of Base Salary to be increased by the amount of each such increase for purposes of this Agreement. The increased level of Base Salary as provided in this section shall become the level of Base Salary for the remainder of the term of this Agreement unless there is a further increase in Base Salary as provided herein. Notwithstanding the foregoing, the Base Salary of Executive may be decreased provided it is done so in proportion to decreases in Base Salary of the entire executive team of the Company. 4.2 4.02. Annual Bonus. The Executive will shall also be eligible to participate receive, in addition to the Employer's Base Salary, an annual cash incentive compensation plan on substantially bonus having a target amount equal to 40% of Executive's Base Salary ("Target Bonus"), with the same terms as other executive officers. Company-wide and individual performance objectives ("MBOs") will be established actual amount being determined by the Compensation Committee. Committee of the Board in its discretion taking into account the Company's performance and Executive's individual performance. In order to receive a Target incentives do not constitute a promise of payment and the Executive's actual bonus, if any, will depend in part Bonus, Executive must be employed by Employer on the Employer's performance and date the Compensation Committee's discretion in assessing the Executive's individual performance in relation to his or her MBOs and the overall performance and status of the Company. To qualify for the incentive bonus, the Executive must remain employed with the Company through the date that the incentive bonus is paid in accordance with the Employer's normal practice. 4.3 paid. 4.03. Participation in Benefit Plans. Executive shall be entitled to participate in all employee benefit plans or programs offered to other senior executives from time to time (to the extent that Executive meets the requirements for each such plan or program), including participation in any health insurance plan, disability insurance plan, dental plan, eye care plan, 401(k) plan, life insurance plan, or other similar plans (all such benefits, the "Benefit Plans"). Some or all of the benefits may be provided by our leasing agent TriNet (or its successor(s) or assign(s). 2 4.4 4.04. Expenses. Employer shall reimburse Executive for all ordinary and necessary business expenses reasonably incurred by him Executive in the performance of Executive's duties under this Agreement, subject to the presentment and approval of appropriate itemized expense statements, receipts, vouchers or other supporting documentation in accordance with Employer's normal policies for expense verification in effect from time to time. 4.5 Paid Time Off. 4.05. Vacation. Executive shall be entitled to no less paid twenty (20) vacation days per calendar year, accruing in accordance with the Company's vacation policy. Executive may carry over up to a maximum of 200 hours of annual leave (including sick pay) at any time, and any unused vacation time off beyond that will be forfeited. 4.06. Total Compensation. Other than the other senior executives, pursuant to Employer's standard paid time off policies. Unused paid time off as may be carried over from year to year, but in no case may more than 45 days (360 hours) of unused paid time off be accrued. 4.6 Total Compensation. approved by the Board, Executive shall not receive any other compensation or benefits from the Company other than as provided in Sections 4.1 4.01 through 4.5 4.06 hereof.
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MACROGENICS INC contract
Compensation. Executive will be compensated during the Employment as follows: (a) Salary. Executive's annual salary ("Salary") will be $740,000.00, prorated for any partial year, subject to required payroll deductions and payable in weekly, bi-weekly or semi-monthly installments pursuant to the Corporation's normal payroll practices. Such Salary shall be subject to review annually commencing in 2017 and will be subject to adjustment pursuant to the Corporation's normal procedures. (b) Bonus. Executive will pa...rticipate in any bonus programs for senior executives of the Corporation or the Bank, at a level commensurate with Executive's principal position. (c) Equity Plans. Executive will participate in any stock option or other equity based compensation programs ("Equity Plans") offered by the Corporation, at a level commensurate with Executive's principal position. (d) Fringe Benefits. Executive will participate in health and dental, life insurance, short and long term disability insurance, retirement and other employee fringe benefit programs covering the Corporation's salaried employees as a group, and in any programs applicable to senior executives of the Corporation or the Bank. The terms of applicable insurance policies and benefit plans in effect from time to time will govern with regard to specific issues of coverage and benefit eligibility. All benefit programs are subject to change from time to time in the Corporation's discretion, except that Executive will at all times receive the following specific benefits: -2- i. Thirty (30) days of paid time off per year, to be taken in the year earned, and which may not be accumulated or carried forward except as permitted by Corporation policy. Such paid time off shall be subject to review annually commencing in 2017 and Executive's days of paid time off per year shall be subject to adjustment pursuant to the Corporation's normal procedures. ii. Executive will be reimbursed for all other expenses related to the automobile, such as fuel expenses, maintenance and repair costs. Such automobile expense reimbursement shall be subject to review annually commencing in 2017 and subject to adjustment pursuant to the Corporation's normal procedures. iii. Reimbursement of up to $7,200 per year for country club membership dues. Reimbursement is to be paid according to the Corporation's standard reimbursement policies and procedures, but not later than March 15 of the year following the year in which the expense was incurred. (e) Business Expenses. The Corporation will reimburse Executive for reasonable ordinary and necessary business expenses incurred in the course of the Employment, for fees and expenses of Executive's attendance in the course of the Employment at banking related conventions and similar events, for reasonable professional association and seminar expenses, and for any additional expenses authorized by the Corporation, subject to Executive's submission of proper documentation for tax and accounting purposes. Reimbursement under this section and Sections 3(d)(ii)-(iv) will be paid within thirty (30) days after Executive submits documentation as provided by this Section, provided that payments may not be made after March 15 of the calendar year following the calendar year in which the expenses were incurred.
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CHEMICAL FINANCIAL CORP contract
Compensation. Executive will be compensated during the Employment as follows: (a) Salary. Executive's annual salary ("Salary") will be $740,000.00, $360,000.00 for 2019 and 2020, prorated for any partial year, subject to required payroll deductions and payable in weekly, bi-weekly or semi-monthly installments pursuant to the Corporation's normal payroll practices. Such Salary shall be subject to review annually commencing in 2017 2021 and will be subject to adjustment pursuant to the Corporation's normal proc...edures. (b) Bonus. Executive will participate in any bonus programs for senior executives of the Corporation or the Bank, Banks, at a level commensurate with Executive's principal position. position, subject to the terms and conditions of the applicable bonus program. Such bonus amount shall be subject to review annually and will be subject to adjustment pursuant to the Corporation's normal procedures. (c) Equity Plans. Executive will participate in any stock option or other equity based compensation programs ("Equity Plans") offered by the Corporation, at a level commensurate with Executive's principal position. position, subject to the terms and conditions of the Equity Plans. Awards under the Equity Plans shall be determined periodically pursuant to the Corporation's normal procedures. (d) Fringe Benefits. Executive will participate in health and dental, life insurance, short and long term disability insurance, retirement retirement, and other employee fringe benefit programs covering the Corporation's salaried employees as a group, and in any programs applicable to senior executives of the Corporation or the Bank. Banks. The terms of -2- applicable insurance policies and benefit plans in effect from time to time will govern with regard to specific issues of coverage and benefit eligibility. All benefit programs are subject to change from time to time in the Corporation's discretion, except that Executive will at all times receive an annual car allowance of $15,000, prorated for any partial year, paid in weekly, bi-weekly or semi-monthly installments pursuant to the following specific benefits: -2- i. Thirty (30) Corporation's normal payroll practices, or Executive can receive standard IRS mileage reimbursement for business travel. (e) Paid Time Off. Executive will be entitled to the greater of (i) the number of days of paid time off applicable to senior executives of the Corporation per calendar year, or (ii) 30 days of paid time off per year, to be taken in the year earned, and which may not be accumulated or carried forward except as permitted by Corporation policy. Such paid time off shall be subject to review annually commencing in 2017 and Executive's days of paid time off per year shall be subject to adjustment pursuant to the Corporation's normal procedures. ii. Executive will be reimbursed for all other expenses related to the automobile, such as fuel expenses, maintenance and repair costs. Such automobile expense reimbursement shall be subject to review annually commencing in 2017 and subject to adjustment pursuant to the Corporation's normal procedures. iii. Reimbursement of up to $7,200 per year for country club membership dues. Reimbursement is to be paid according to the Corporation's standard reimbursement policies and procedures, but not later than March 15 of the year following the year in which the expense was incurred. (e) calendar year. (f) Business Expenses. The Corporation will reimburse Executive for reasonable ordinary and necessary business expenses incurred in the course of the Employment, for fees and expenses of Executive's attendance in the course of the Employment at banking related conventions and similar events, for reasonable professional association and seminar expenses, and for any additional expenses authorized by the Corporation, subject to Executive's submission of proper documentation for tax and accounting purposes. Reimbursement under this section and Sections 3(d)(ii)-(iv) will be paid within thirty (30) days after Executive submits documentation as provided by this Section, section, provided that payments may not be made after March 15 of the calendar year following the calendar year in which the expenses were incurred.
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Compensation. Executive will be compensated during the Employment as follows: (a) Salary. Executive's annual salary ("Salary") will be $740,000.00, $400,000.00, prorated for any partial year, subject to required payroll deductions and payable in weekly, bi-weekly or semi-monthly installments pursuant to the Corporation's normal payroll practices. Such Salary shall be subject to review annually commencing in 2017 and will be subject to adjustment pursuant to the Corporation's normal procedures. (b) Bonus. Exec...utive will participate in any bonus programs for senior executives of the Corporation or the Bank, at a level commensurate with Executive's principal position. For 2017, Executive's target bonus will be 60% of Salary based on 20% Corporation performance goals and 80% individual performance goals. Executive's actual bonus for 2017 may exceed or fall below 60% of Salary based on actual performance as compared to target. Such bonus amount and performance goals shall be subject to review annually commencing in 2018 and will be subject to adjustment pursuant to the Corporation's normal procedures. (c) Equity Plans. Executive will participate in any stock option or other equity based compensation programs ("Equity Plans") offered by the Corporation, at a level commensurate with Executive's principal position. On or as soon as administratively feasible after the Effective Time, the Corporation will issue Executive restricted stock units under the Corporation's Stock Incentive Plan of 2015 that are equal in value to $1,050,000.00, 100% of which will be Time Restricted Share Units ("TRSUs") that will vest 100% on December 31, 2018. -2- (d) Fringe Benefits. Executive will participate in health and dental, life insurance, short and long term disability insurance, retirement and other employee fringe benefit programs covering the Corporation's salaried employees as a group, and in any programs applicable to senior executives of the Corporation or the Bank. The terms of applicable insurance policies and benefit plans in effect from time to time will govern with regard to specific issues of coverage and benefit eligibility. All benefit programs are subject to change from time to time in the Corporation's discretion, except that Executive will at all times receive the following specific benefits: -2- i. Thirty (30) days of paid time off per year, to be taken in the year earned, and which may not be accumulated or carried forward except as permitted by Corporation policy. Such paid time off shall be subject to review annually commencing in 2017 and Executive's days of paid time off per year shall be subject to adjustment pursuant to the Corporation's normal procedures. ii. Executive will be reimbursed for all other expenses related to the automobile, such as fuel expenses, maintenance and repair costs. Such automobile expense reimbursement shall be subject to review annually commencing in 2017 and subject to adjustment pursuant to the Corporation's normal procedures. iii. Reimbursement of up to $7,200 per year for country club membership dues. Reimbursement is to be paid according to the Corporation's standard reimbursement policies and procedures, but not later than March 15 of the year following the year in which the expense was incurred. (e) Business Expenses. The Corporation will reimburse Executive for reasonable ordinary and necessary business expenses incurred in the course of the Employment, for fees and expenses of Executive's attendance in the course of the Employment at banking related conventions and similar events, for reasonable professional association and seminar expenses, and for any additional expenses authorized by the Corporation, subject to Executive's submission of proper documentation for tax and accounting purposes. Reimbursement under this section and Sections 3(d)(ii)-(iv) will be paid within thirty (30) days after Executive submits documentation as provided by this Section, provided that payments may not be made after March 15 of the calendar year following the calendar year in which the expenses were incurred.
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Found in
CHEMICAL FINANCIAL CORP contract
Compensation. (a) Initial Base Salary. During the Employment Term the Company will pay Executive an annual base salary as compensation for his services (the "Base Salary"), initially at the rate of $150,000. The Base Salary will be paid periodically in accordance with the Company's normal payroll practices. The Base Salary will be subject to review and adjustments will be made based upon the Company's standard practices. (b) Annual Incentive Bonus. During the Employment Term, Executive will be eligible, at th...e discretion of the Board (or a committee thereof), to earn an annual incentive bonus (an "Annual Bonus"). The Board (or a committee thereof), in its sole discretion, will determine Executive's target bonus opportunity and the criteria for earning such bonus, as well as Executive's achievement of such criteria, and the amount of the Annual Bonus earned and payable to Executive for such year. Any Annual Bonus that is earned and becomes payable pursuant to this Section 3(b) will be paid no later than March 15 of the calendar year immediately following the calendar year to which the Annual Bonus relates, but the Executive must remain continuously employed by the Company through the payment date in order to earn the Annual Bonus. The determinations of the Board (or a committee thereof) with respect to the Annual Bonus will be final and binding. (c) Equity. Executive will be eligible to receive awards of stock options pursuant to any plans or arrangements the Company may have in effect from time to time. The Board (or a committee of the Board, if applicable) will determine in its discretion whether Executive will be granted any such equity 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.
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Compensation. (a) Initial Base Salary. During the Employment Term Term, the Company will pay Executive an annual base salary as compensation for his services (the "Base Salary"), initially Salary") at the initial rate of $150,000. $250,000. The Base Salary will be paid periodically in accordance with the Company's normal payroll practices. The Base Salary will be subject to review and adjustments will be made based upon the Company's standard practices. (b) Annual Incentive Bonus. During the Employment Term, ...Executive will be eligible, at the discretion of the Board (or a committee thereof), eligible to earn an annual incentive bonus (an "Annual Bonus"). The Bonus") under the same or substantially same bonus arrangement, plan or program as in effect for other executive-level employees of the Company from time to time and based upon the same general objective standards as are applied to the other executive-level employees of Company, provided that Executive's personal performance objectives shall be unique to his role as Chief Operating Officer. Consistent therewith, the Board (or a committee thereof), in its sole discretion, of the Board, if applicable) will determine Executive's target bonus opportunity and the criteria for earning such bonus, as well as Executive's achievement of such criteria, and the amount of the Annual Bonus earned and payable to Executive for such year. Any Annual Bonus that is earned and becomes payable pursuant to this Section 3(b) will be paid no later than March 15 of the calendar year immediately following the calendar year to which the Annual Bonus relates, but the relates. Executive's Annual Bonus for calendar year 2019 shall be prorated on a weekly basis for his period of employment in such year. Executive must remain continuously employed by the Company through December 31 of the payment date in order applicable calendar year to be eligible to earn an Annual Bonus for such year; provided, however, that if the Employment Term ends prior to December 31 by reason of either termination by Executive for Good Reason or by the Company's At-Will Termination, the Annual Bonus. Bonus for such partial calendar year shall be prorated on a weekly basis for his period of employment in such year. The determinations of the Board (or a committee thereof) with respect to the Annual Bonus will be final and binding. binding unless there is direct evidence that the determination was in violation of the terms and provision of this Section 3(b) or the applicable program, plan or arrangement. 2 (c) Equity. During the Employment Term, Executive will be eligible to receive awards of stock options pursuant to any plans the same or arrangements substantially same stock option arrangement, plan or program as in effect for other executive-level employees of the Company may have in effect from time to time. The time and based upon the same objective standards as are applied to the other executive-level employees of Company. Consistent therewith, the Board (or a committee of the Board, if applicable) will determine in its discretion whether Executive will be granted any such equity awards and the terms of any such award in accordance with the terms of any the applicable program, plan or arrangement that may be in effect from time to time.
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Compensation. 3.1 Base Salary. During the Term, as compensation for Executive's services hereunder, Executive shall receive a salary at the annualized rate of three hundred and fifty thousand dollars ($350,000) per year ("Base Salary" as may be adjusted from time to time), which shall be paid in accordance with the Company's normal payroll practices and procedures, less such deductions or offsets required by applicable law or otherwise authorized by Executive. 3.2 Annual Performance Bonus. The Executive shall... participate each fiscal year during the Term in the Company's annual bonus plan as adopted and approved by the Company's Board of Directors (the "Board") or the Compensation Committee of the Board (the "Compensation Committee") from time to time. For the fiscal year ongoing as of the Effective Date ("FY 16"), Executive's annual bonus opportunity pursuant to such plan shall equal seventy-five percent (75%) (the "Annual Target Bonus") of the Base Salary and for each subsequent year, equal to the bonus opportunity of other Executive Vice Presidents. Payment of any bonus earned shall be made in accordance with the terms of the Company's annual bonus plan as in effect for the year for which the bonus is earned. 3.3 Equity Awards. Executive will be eligible to participate during the Term in the Company's Long Term Incentive Plan ("LTIP"). Executive's long term incentive factor will be based upon one hundred fifty percent (150%) of Executive's Base Salary. Therefore, on each regular grant date occurring during the Term, Executive will be granted awards under the Company's 2014 Omnibus Equity Plan or any successor plan thereto (the "Equity Plan"), a copy of which Equity Plan has been filed as Exhibit 10.1 to the Company's current report on Form 8-K filed with the Securities and Exchange Commission on June 23, 2014, pursuant to the LTIP valued at one hundred fifty percent (150%) of Base Salary calculated in a manner consistent with and containing the same terms and conditions as other senior executives.
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Found in
RITE AID CORP contract
Compensation. 3.1 Base Salary. During the Term, as compensation for Executive's services hereunder, Executive shall receive a salary at no less than the annualized rate of three seven hundred and fifty thousand dollars ($350,000) ($750,000.00) per year ("Base Salary" Salary") as may be adjusted increased from time to time), which shall be paid in accordance with the Company's normal payroll practices and procedures, less such deductions or offsets required by applicable law or otherwise authorized by Executiv...e. 3.2 Annual Performance Bonus. The Executive shall participate each fiscal year during the Term in the Company's annual bonus plan as adopted and approved by the Company's Rite Aid Corporation's Board of Directors (the "Board") or the Compensation Committee of the Board (the "Compensation Committee") from time to time. For the fiscal year ongoing as of the Effective Date ("FY 16"), 19"), Executive's annual bonus opportunity pursuant to such plan shall equal seventy-five one hundred percent (75%) (100%) (the "Annual Target Bonus") of the Base Salary Salary, with a maximum bonus opportunity of no less than two (2) times the Annual Target Bonus, and for each subsequent year, equal to the bonus opportunity of other Executive Vice Presidents. Payment of any bonus earned shall be made in accordance with as established by the terms Compensation Committee of the Company's annual Board but no less than one hundred percent (100%) of the Base Salary with a maximum bonus plan as in effect for opportunity of no less than two (2) times the year for which base bonus opportunity. Annual Performance Bonus will be paid no later than 3 months following the bonus is earned. measurement period. 3.3 Equity Awards. Executive will be eligible to participate during the Term in the Company's Long Term Incentive Plan ("LTIP"). Executive's target long term incentive factor will opportunity shall be based upon one two hundred fifty percent (150%) (200%) of Executive's Base Salary. Therefore, In the discretion of the Board, on each regular grant date occurring during the Term, Executive will be granted long-term incentive awards under the Company's Rite Aid Corporation's 2014 Omnibus Equity Plan or any successor plan thereto (the "Equity Plan"), a copy of which Equity Plan has been filed as Exhibit 10.1 to the Company's Rite Aid Corporation's current report on Form 8-K filed with the Securities and Exchange Commission on June 23, 2014, 2 pursuant to the LTIP valued at one two hundred fifty percent (150%) (200%) of Base Salary calculated in a manner consistent with and containing the same terms and conditions (including the form of the award) as other senior executives. executives participating in the Equity Plan. 3.4 Inducement Awards. Executive shall receive inducements awards as follows (i) an award of five hundred thousand (500,000) Restricted Stock Units to be granted on the Effective Date that shall vest 1/3 annually on the anniversary date of the grant over a period of three years and shall be otherwise subject to the terms and conditions of the Rite Aid Corporation 2014 Omnibus Equity Plan; and (ii) seven hundred fifty thousand dollars ($750,000.00) payable net of tax withholding within the ten (10) days of the Effective Date subject to repayment to the Company by Executive in full, during the twelve (12) month period of time beginning with the Effective Date of this Agreement, should Executive be terminated by the Company for Cause or should Executive resign without Good Reason. Any repayment required hereunder shall be paid in full within sixty days after Executive's termination of employment by the Company for Cause or by Executive without Good Reason (the "Repayment Deadline"). If Executive does not make the required repayment in full by the Repayment Deadline, then the Company may, in its sole discretion, either (a) offset any other amounts payable to Executive by the Company or any of its Affiliates in satisfaction of the repayment or (b) cause Executive to forfeit (or otherwise recoup) any equity interests that the Executive holds in respect of the Company or any of its Affiliates, in each case subject to applicable law.
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RITE AID CORP contract
Compensation. (a) Base Salary. During the Term of Employment, the Executive shall be entitled to receive an annualized base salary (the "Base Salary") of not less than $700,000. The Compensation Committee of the Board of Directors (the "Compensation Committee") shall review the Executive's Base Salary annually to determine whether increases are appropriate. (b) Performance Bonus. (i) During the Term of Employment, the Executive shall be eligible to receive an annual bonus for the 12-month performance periods ...beginning December 1, 2013, December 1, 2014 and December 1, 2015, respectively according to the terms set forth on the attached Exhibit A. The Compensation Committee shall make all determinations with respect to the annual bonus in good faith and consistent with the attached Exhibit A. (ii) The annual bonus shall be paid in a combination of cash and restricted stock as set forth on Exhibit A. The annual bonus that is payable for any performance period will be paid on or about January 15 following the end of the performance period, and in no event later than March 15 following the end of the performance period. (c) Equity Compensation. Within ten (10) business days following the execution of this Agreement, and to the extent that the Executive is still employed by MFA on the applicable grant date, in each of January 2015 and January 2016, the Company shall grant to the Executive a time-based RSU award and a performance-based RSU award, each of which shall be granted according to the terms set forth on the attached Exhibit B and the terms of the MFA Financial, Inc. 2010 Equity Compensation Plan or any successor plan (the "Equity Compensation Plan"). (d) Stock Ownership Requirements. All shares of MFA stock distributed to the Executive by the Company under this Agreement or otherwise shall be subject to the stock ownership guidelines in effect for executives from time to time, as determined by the Board of Directors. Unless the stock ownership guidelines provide otherwise, vested shares of equity grants cannot be transferred or sold during the Executive's employment by the Company until the value of the Executive's stock holdings in MFA (including shares of restricted stock) exceeds four times the Executive's Base Salary; and following the termination of Executive's employment with the Company, vested shares of equity grants may not be sold or transferred to the extent the 2 value of the Executive's stock holdings does not exceed four times the Executive's Base Salary as of the date of the Executive's termination of employment (provided, however, that this sentence shall no longer apply following the six-month anniversary of the Executive's termination of employment). Notwithstanding the foregoing, the restrictions of this subsection (d) shall not prevent Executive from selling shares of MFA stock to satisfy income tax and employment tax obligations relating to the vesting and settlement of the equity grants to which the shares relate.
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MFA FINANCIAL, INC. contract
Compensation. (a) Base Salary. During the Term of Employment, the Executive shall be entitled to receive an annualized base salary (the "Base Salary") of not less than $700,000. $800,000. The Compensation Committee of the Board of Directors (the "Compensation Committee") shall review the Executive's Base Salary annually to determine whether increases are appropriate. (b) Performance Bonus. (i) During the Term of Employment, the Executive shall be eligible to receive an annual bonus for the 12-month performanc...e periods beginning December 1, 2013, December 1, 2014 and December 1, 2015, respectively according to the terms set forth on the attached Exhibit A. The Compensation Committee shall make all determinations with respect to the annual bonus in good faith and consistent with the attached Exhibit A. (ii) The annual bonus shall be paid in a combination of cash and restricted stock as set forth on Exhibit A. The annual bonus that is payable for any performance period will be paid on or about January 15 following the end of the performance period, and in no event later than March 15 following the end of the performance period. (c) Equity Compensation. (i) The Company shall grant the Executive restricted stock units ("RSUs") with a fair market value of $500,000. The number of RSUs (70,621) shall be determined by dividing $500,000 by the closing price per share of MFA common stock on January 2, 2014, and such grant shall be made no later than 30 days following the Effective Date. The RSUs shall be fully vested as of the date of grant. The RSUs shall be settled in shares of MFA common stock (one share of MFA common stock for each RSU) within 30 days following the first to occur of (i) the third anniversary of the date of grant or (ii) a Change in Control. In the event that dividends are paid with respect to the common stock of MFA during the period in which the RSUs are outstanding, the Executive shall receive a cash payment equal to the amount of dividends that the Executive would have received if he had owned a number of shares of common stock of MFA equal to the number of RSUs outstanding as of the date on which the dividend is declared. Any such payment shall be made within 15 days after the date on which the dividend is paid to MFA shareholders. The RSUs shall be subject to the terms of the applicable award agreement and the MFA Financial, Inc. 2010 Equity Compensation Plan or any successor plan (the "Equity Compensation Plan"). 2 (ii) Within ten (10) business days following the execution of this Agreement, and to the extent that the Executive is still employed by MFA on the applicable grant date, in each of January 2015 and January 2016, the Company shall grant to the Executive a time-based RSU award and a performance-based RSU award, each of which shall be granted according to the terms set forth on the attached Exhibit B and the terms of the MFA Financial, Inc. 2010 Equity Compensation Plan or any successor plan (the "Equity Compensation Plan"). Plan. (d) Stock Ownership Requirements. All shares of MFA stock distributed to the Executive by the Company under this Agreement or otherwise shall be subject to the stock ownership guidelines in effect for executives from time to time, as determined by the Board of Directors. Unless the stock ownership guidelines provide otherwise, vested shares of equity grants cannot be transferred or sold during the Executive's employment by the Company until the value of the Executive's stock holdings in MFA (including shares of restricted stock) exceeds four five times the Executive's Base Salary; and following the termination of Executive's employment with the Company, vested shares of equity grants may not be sold or transferred to the extent the 2 value of the Executive's stock holdings does not exceed four five times the Executive's Base Salary as of the date of the Executive's termination of employment (provided, however, that this sentence shall no longer apply following the six-month anniversary of the Executive's termination of employment). Notwithstanding the foregoing, the restrictions of this subsection (d) shall not prevent Executive from selling shares of MFA stock to satisfy income tax and employment tax obligations relating to the vesting and settlement of the equity grants to which the shares relate.
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MFA FINANCIAL, INC. contract
Compensation. 3.1 Base Salary. During the Period of Employment, the Company shall pay the Executive a base salary including an annual assigned commission package (the "Base Salary"), which shall be paid in accordance with the Company's regular payroll practices in effect from time to time but not less frequently than in monthly installments. The Executive's Base Salary shall be at an annualized rate of Two Hundred Twenty-Five Thousand Dollars ($225,000). The Board (or a committee thereof) may, in its sole dis...cretion, increase (but not decrease) the Executive's rate of Base Salary, except for salary reductions of no more than 15% that are applied generally to similarly situated executives of the Company. 3.2 Incentive Bonus. Commencing on January 1, 2014, the Executive shall be eligible to receive an incentive bonus for each fiscal year of the Company that occurs during the Period of Employment ("Incentive Bonus"). Notwithstanding the foregoing and except as otherwise expressly provided in this Agreement, the Executive must be employed by the Company at the time the Company pays incentive bonuses to employees generally with respect to a particular fiscal year in order to be eligible for an Incentive Bonus for that year (and, if the Executive is not so employed at such time, in no event shall he have been considered to have "earned" any Incentive Bonus with respect to the fiscal year). The Executive's target Incentive Bonus amount for a particular fiscal year of the Company shall equal 100% of the Executive's Base Salary paid by the Company to the Executive for that fiscal year; provided that the Executive's actual Incentive Bonus amount for a particular fiscal year shall be determined by the Board (or a committee thereof) in its sole discretion, based on performance objectives (which may include corporate, business unit or division, financial, strategic, individual or other objectives) established with respect to that particular fiscal year by the Board (or a committee thereof). 3 3.3 Stock Option Grant. Subject to approval by the Board (or a committee thereof), the Company will grant the Executive a stock option (the "Option") to purchase 350,000 shares of the Company's common stock at a price per share not less than the per-share fair market value of the common stock on the date of grant, as reasonably determined by the Board (or a committee thereof). [The Option will vest with respect to twenty-five percent (25%) of the shares subject to the Option on the first anniversary of the grant date of the Option. The remaining seventy-five percent (75%) of the shares subject to the Option will vest in 24 months substantially equal monthly installments thereafter. In each case, the vesting of the Option is subject to the Executive's continued employment by the Company through the respective vesting date. The maximum term of the Option will be ten (10) years, subject to earlier termination upon the termination of the Executive's employment with the Company, a change in control of the Company and similar events. The Option shall be intended as an "incentive stock option" under Section 422 of the Internal Revenue Code, as amended (the "Code"), subject to the terms and conditions of Section 422 of the Code (including, without limitation, the Code limitation on the number of options that may become exercisable in any given year and still qualify as such an incentive stock option). The Option shall be granted under the Company's 2012 Performance Incentive Plan and shall be subject to such further terms and conditions as set forth in the Company's standard form of award agreement for stock options granted under the plan.
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INTERCLOUD SYSTEMS, INC. contract
Compensation. 3.1 Base Salary. During the Period of Employment, the Company shall pay the Executive a base salary including an annual assigned commission package (the "Base Salary"), which shall be paid in accordance with the Company's regular payroll practices in effect from time to time but not less frequently than in monthly installments. The Executive's Base Salary shall be at an annualized rate of Two Three Hundred Twenty-Five and Ninety Thousand Dollars ($225,000). ($390,000). The Board (or a committee ...thereof) may, in its sole discretion, increase (but not decrease) the Executive's rate of Base Salary, except for salary reductions of no more than 15% that are applied generally to similarly situated executives of the Company. Salary. 3.2 Incentive Bonus. Commencing on January 1, 2014, with fiscal year 2022, the Executive shall be eligible to receive an incentive bonus for each fiscal year of the Company that occurs during the Period of Employment ("Incentive Bonus"). Notwithstanding the foregoing and except as otherwise expressly provided in this Agreement, the Executive must be employed by the Company at the time the Company pays incentive bonuses to employees executives generally with respect to a particular fiscal year in order to earn and be eligible for an Incentive Bonus for that year (and, if the Executive is not so employed at such time, in no event shall he the Executive have 2 been considered to have "earned" any Incentive Bonus with respect to the fiscal year). The Executive's minimum target Incentive Bonus amount for a particular fiscal year of the Company shall equal 100% Fifty Percent (50%) of the Executive's Base Salary paid by the Company to the Executive for that fiscal year; provided that the Executive's actual Incentive Bonus amount for a particular fiscal year shall be determined by the Board (or a committee thereof) in its sole discretion, thereof), based on performance objectives (which may include corporate, business unit or division, financial, strategic, individual or other objectives) established with respect to that particular fiscal year by the Board (or a committee thereof). 3 thereof) or such other factors it may consider relevant in the circumstances. 3.3 Equity Compensation. During the Period of Employment, the Executive shall be eligible for the grant of equity-based awards pursuant to the Company's 2022 Equity Incentive Plan. The Executive shall be granted an option to purchase up to 1,655,234 shares of Common Stock of the Company pursuant to a Performance Stock Option Grant. Subject agreement in the form attached hereto as Exhibit B, such option to approval by be granted on the Board (or a committee thereof), the Company will grant Effective Date (the "Initial Option Grant"). The amount, timing, and other terms of any additional awards to the Executive a stock option (the "Option") to purchase 350,000 shares of the Company's common stock at a price per share not less than the per-share fair market value of the common stock on the date of grant, as reasonably shall be determined by the Board (or a committee thereof). [The Option will vest with respect to twenty-five percent (25%) of the shares subject to the Option on the first anniversary of the grant date of the Option. The remaining seventy-five percent (75%) of the shares subject to the Option will vest thereof) in 24 months substantially equal monthly installments thereafter. In each case, the vesting of the Option is subject to the Executive's continued employment by the Company through the respective vesting date. The maximum term of the Option will be ten (10) years, subject to earlier termination upon the termination of the Executive's employment with the Company, a change in control of the Company and similar events. The Option shall be intended as an "incentive stock option" under Section 422 of the Internal Revenue Code, as amended (the "Code"), subject to the terms and conditions of Section 422 of the Code (including, without limitation, the Code limitation on the number of options that may become exercisable in any given year and still qualify as such an incentive stock option). The Option shall be granted under the Company's 2012 Performance Incentive Plan and shall be subject to such further terms and conditions as set forth in the Company's standard form of award agreement for stock options granted under the plan. its good faith discretion.
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Compensation. 3.1 Base Salary. During the Period of Employment, the Company shall pay the Executive a base salary including an annual assigned commission package (the "Base Salary"), which shall be paid in accordance with the Company's regular payroll practices in effect from time to time but not less frequently than in monthly installments. The Executive's Base Salary shall be at an annualized rate of Two Four Hundred Twenty-Five Thousand Dollars ($225,000). ($400,000). The Board (or a committee thereof) may..., in its sole discretion, increase (but not decrease) the Executive's rate of Base Salary, except for salary reductions of no more than 15% that are applied generally to similarly situated executives of the Company. Salary. 3.2 Incentive Bonus. Commencing on January 1, 2014, the Executive shall be eligible to receive an incentive bonus for each fiscal year of the Company that occurs during the Period of Employment ("Incentive Bonus"). Notwithstanding the foregoing and except as otherwise expressly provided in this Agreement, the Executive must be employed by the Company at the time the Company pays incentive bonuses to employees generally with respect to a particular fiscal year in order to be eligible for an Incentive Bonus for that year (and, if the Executive is not so employed at such time, in no event shall he have been considered to have "earned" any Incentive Bonus with respect to the fiscal year). The Executive's target Incentive Bonus amount for a particular fiscal year of the Company shall equal 100% of 75%of the Executive's Base Salary paid by the Company to the Executive for that fiscal year; provided that the Executive's actual Incentive Bonus amount for a particular fiscal year shall be determined by the Board (or a committee thereof) in its sole discretion, based on performance objectives (which may include corporate, business unit or division, financial, strategic, individual or other objectives) established with respect to that particular fiscal year by the Board (or a committee thereof). 3 3.3 Stock Option Grant. Subject to approval by the Board (or a committee thereof), the Company will grant the Executive a stock option (the "Option") to purchase 350,000 592,000 shares of the Company's common stock at a price per share not less than the per-share fair market value of the common stock on the date of grant, as reasonably determined by the Board (or a committee thereof). [The Option will vest with respect to twenty-five percent (25%) of the shares subject to the Option on the first anniversary of the grant date of the Option. The remaining seventy-five percent (75%) of the shares subject to the Option will vest in 24 months substantially equal monthly installments thereafter. In each case, the vesting of the Option is subject to the Executive's continued employment by the Company through the respective vesting date. The maximum term of the Option will be ten (10) years, subject to earlier termination upon the termination of the Executive's employment with the Company, a change in control of the Company and similar events. The Option shall be intended as an "incentive stock option" under Section 422 of the Internal Revenue Code, as amended (the "Code"), subject to the terms and conditions of Section 422 of the Code (including, without limitation, the Code limitation on the number of options that may become exercisable in any given year and still qualify as such an incentive stock option). The Option shall be granted under the Company's 2012 Performance Incentive Plan and shall be subject to such further terms and conditions as set forth in the Company's standard form of award agreement for stock options granted under the plan.
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INTERCLOUD SYSTEMS, INC. contract
Compensation. 2.1 Salary. Executive shall receive for all services rendered under this Agreement an annualized base salary of $270,000, subject to federal and state withholding requirements, payable in accordance with the Company's usual payroll practices. Such salary may be adjusted at the discretion of the Company. 2.2 Bonus. The Executive will be eligible to receive an annual bonus in respect of each calendar year during the term of this Agreement in the form of a cash payment of fifty (50%) of Executive's... base salary in the applicable calendar year (or such greater or lesser percentage as the Board may determine). Any bonus will be based on the extent to which Executive achieves performance goals to be established by the Board from time to time in consultation with the Executive. The Company will pay Executive's bonus, if any, no later than March 15 in the calendar year following the calendar year to which the bonus relates. No bonus shall be deemed to have been earned by Executive for any calendar year in which the Executive is not actively employed as of December 31 of the calendar year to which the bonus relates. 2.3 Benefits. (a) Executive shall be eligible to participate in all benefits plans and programs that the Company may offer to its employees generally from time to time, under the terms and conditions of such plans or programs. Executive shall be entitled to four weeks paid vacation, to be earned in accordance with the Company's policy or practice. (b) During the term of this Agreement, the Company will provide Executive with a laptop computer, which shall be returned promptly by the Executive to the Company upon termination of his employment.
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Inteliquent, Inc. contract
Compensation. 2.1 Salary. Executive shall receive is currently receiving for all services rendered under this Agreement an annualized base salary of $270,000, $160,709, subject to standard federal and state withholding requirements, payable in accordance with the Company's usual payroll practices. Such salary may shall be adjusted no less than annually at the discretion of the Company. Board beginning June 2007, but in no event will the base salary be reduced. 2.2 Bonus. The Executive will be eligible to rece...ive an annual bonus in respect of each calendar year during the term of this Agreement bonus, in the form of a cash payment and/or equity award, as determined by the Board in its discretion, of fifty (50%) up to thirty percent (30%) of Executive's base salary in the applicable for calendar year (or such greater or lesser percentage 2006, and, for subsequent years, as determined by the Board may determine). Board. Any bonus will shall be based on the extent to which Executive achieves performance goals to be established by the Board from time to time in consultation with the Executive. The parties agree to work in good faith to establish performance goals for 2007 as soon as practicable following the Effective Date. The Company will pay Executive's bonus, if any, no later than March 15 in the calendar year following the calendar year to which the bonus relates. No bonus shall be deemed to have been earned by Executive for any calendar year in which the Executive is not actively employed as of December 31 of the calendar year to which the bonus relates. 2.3 Benefits. (a) Executive shall be eligible to participate in all benefits plans and programs that the Company may offer to its employees generally from time to time, under the terms and conditions of such plans or programs. Executive shall be entitled to four (4) weeks paid vacation, to be earned in accordance with the Company's policy or practice. (b) During the term of this Agreement, the Company will provide Executive with a cell phone/PDA and laptop computer, which shall be returned promptly by the Executive to the Company upon termination of his employment. 2.4 Expense Reimbursement. The Company will reimburse Executive for reasonable and customary business expenses, including monthly cell phone/PDA charges, in accordance with the Company's standard reimbursement policies in effect from time to time.
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Inteliquent, Inc. contract