Incentive Compensation Clause Example with 6 Variations from Business Contracts
This page contains Incentive Compensation clauses in business contracts and legal agreements. An example clause is provided at the top of the page, followed by clauses with minor variations. You can view the text differences by selecting the "Show Differences" option.
Incentive Compensation. The Company agrees to pay to the Executive $100,000 when the Company receives all FDA approvals needed for the commencement of sales of Re-TainTM in the United States, provided, however, that any such payment shall be due and payable only if the Executive is employed by the Company at the time of such FDA approvals. The applicable payment shall be made within thirty days (30) days of receipt of such FDA approvals, and shall be subject to all required tax withholdings. This supersedes paragraph 2... of the letter from the Company to the Executive dated March 2, 2016. In addition, if the Company undergoes a Change of Control or sells or licenses all or substantially all of the rights to manufacture and sell Re-TainTM, and at the time of such Change of Control, sale or license the Executive is an employee of the Company, the Company will make the payment to the Executive described in the first paragraph of this Section 1. For purposes hereof, "Change of Control" means (a) the sale of all or substantially all of the Company's assets, or (b) the sale or issuance of capital stock of the Company, in a single transaction or series of related transactions, or a merger, consolidation or similar transaction to which the Company is party, the result of which is one or more persons or entities acting together directly or indirectly acquiring a majority of the outstanding capital stock of the Company or of the surviving or resulting entity in such transaction. For purposes hereof, a license of all or substantially all of the rights to manufacture and sell Re-TainTM shall not include a transaction in which the Company continues to perform manufacturing services to or for the benefit of the licensee.View More
Variations of a "Incentive Compensation" Clause from Business Contracts
Incentive Compensation. (a) The Company agrees to pay to the Executive $100,000 when (i) $50,000 upon the sale by the Company receives of any doses of Re-TainTM within twelve (12) months after receipt by the Company of all FDA necessary regulatory approvals needed for the commencement of sales of to sell Re-TainTM in the United States, and (ii) an additional $50,000 (if the amount contemplated by clause (i) has been paid to the Executive) on the date that is twenty-four (24) months after receipt by the Company of all n...ecessary regulatory approvals to sell Re-TainTM in the United States; provided, however, that any such payment payments shall be due and payable only if the Executive is employed by the Company at the time of such FDA approvals. The applicable payment shall be made within thirty days (30) days of receipt of such FDA approvals, and date. Such payments shall be subject to all required tax withholdings. This supersedes paragraph 2 of the letter from the Company to the Executive dated March 2, 2016. In addition, if the Company undergoes a Change of Control or sells or licenses all or substantially all of the rights to manufacture and sell Re-TainTM, and at the time of such Change of Control, sale or license the Executive is an employee of the Company, the Company will make the payment payments to the Executive described in the first paragraph of this Section 1. 1(a). For purposes hereof, "Change of Control" means (a) the sale of all or substantially all of the Company's assets, or (b) the sale or issuance of capital stock of the Company, in a single transaction or series of related transactions, or a merger, consolidation or similar transaction to which the Company is party, the result of which is one or more persons or entities acting together directly or indirectly acquiring a majority of the outstanding capital stock of the Company or of the surviving or resulting entity in such transaction. For purposes hereof, a license of all or substantially all of the rights to manufacture and sell Re-TainTM shall not include a transaction in which the Company continues to perform manufacturing services to or for the benefit of the licensee. (b) In addition to the incentive compensation potentially payable to the Executive pursuant to Section 1(a) hereof, the Company will pay and, if applicable, issue to the Executive, not later than February 28, 2021, the amount of cash (up to $22,750), and if applicable, incentive stock options (up to 20,000 shares) earned if certain sales growth and selling expense control objectives are achieved pursuant to the bonus payout schedule set forth in Exhibit A; provided, however, that such payments and issuances shall be due and payable or issuable only if the Executive is employed by the Company at the applicable payment and issuance date. Such payments shall be subject to all required tax withholdings and, in the case of incentive stock options, to execution of standard Company documentation in accordance with the Company's incentive stock option plan. View More
Incentive Compensation. (a) The Company agrees to pay to the Executive $100,000 when (i) $50,000 upon the sale by the Company receives of any doses of Re-Tain® within twelve (12) months after receipt by the Company of all FDA necessary regulatory approvals needed for the commencement of sales of Re-TainTM to sell Re-Tain® in the United States, and (ii) an additional $50,000 (if the amount contemplated by clause (i) has been paid to the Executive) on the date that is twenty-four (24) months after receipt by the Company ...of all necessary regulatory approvals to sell Re-Tain® in the United States; provided, however, that any such payment payments shall be due and payable only if the Executive is employed by the Company at the time of such FDA approvals. The applicable payment shall be made within thirty days (30) days of receipt of such FDA approvals, and date. Such payments shall be subject to all required tax withholdings. This supersedes paragraph 2 of the letter from the Company to the Executive dated March 2, 2016. In addition, if the Company undergoes a Change of Control or sells or licenses all or substantially all of the rights to manufacture and sell Re-TainTM, Re-Tain® and at the time of such Change of Control, sale or license the Executive is an employee of the Company, the Company will make the payment payments to the Executive described in the first paragraph of this Section 1. 1(a). For purposes hereof, "Change of Control" means (a) the sale of all or substantially all of the Company's assets, or (b) the sale or issuance of capital stock of the Company, in a single transaction or series of related transactions, or a merger, consolidation or similar transaction to which the Company is party, the result of which is one or more persons or entities acting together directly or indirectly acquiring a majority of the outstanding capital stock of the Company or of the surviving or resulting entity in such transaction. For purposes hereof, a license of all or substantially all of the rights to manufacture and sell Re-TainTM Re-Tain® shall not include a transaction in which the Company continues to perform manufacturing services to or for the benefit of the licensee. (b) In addition to the incentive compensation potentially payable to the Executive pursuant to Section 1(a) hereof, the Company will pay and, if applicable, issue to the Executive, not later than March 31, 2024, the amount of cash (up to $80,000) earned if certain sales, growth and selling expense control objectives are achieved in 2023 pursuant to the bonus payout schedule set forth in Exhibit A; provided, however, that such payment shall be due and payable or issuable only if the Executive is employed by the Company at the applicable payment date. Such payments shall be subject to all required tax withholdings. View More
Incentive Compensation. (a) The Company agrees to pay to the Executive $100,000 when (i) $50,000 upon the sale by the Company receives of any doses of Re-Tain® within twelve (12) months after receipt by the Company of all FDA necessary regulatory approvals needed for the commencement of sales of Re-TainTM to sell Re-Tain® in the United States, and (ii) an additional $50,000 (if the amount contemplated by clause (i) has been paid to the Executive) on the date that is twenty-four (24) months after receipt by the Company ...of all necessary regulatory approvals to sell Re-Tain® in the United States; provided, however, that any such payment payments shall be due and payable only if the Executive is employed by the Company at the time of such FDA approvals. The applicable payment shall be made within thirty days (30) days of receipt of such FDA approvals, and date. Such payments shall be subject to all required tax withholdings. This supersedes paragraph 2 of the letter from the Company to the Executive dated March 2, 2016. In addition, if the Company undergoes a Change of Control or sells or licenses all or substantially all of the rights to manufacture and sell Re-TainTM, Re-Tain® and at the time of such Change of Control, sale or license the Executive is an employee of the Company, the Company will make the payment payments to the Executive described in the first paragraph of this Section 1. 1(a). For purposes hereof, "Change of Control" means (a) the sale of all or substantially all of the Company's assets, or (b) the sale or issuance of capital stock of the Company, in a single transaction or series of related transactions, or a merger, consolidation or similar transaction to which the Company is party, the result of which is one or more persons or entities acting together directly or indirectly acquiring a majority of the outstanding capital stock of the Company or of the surviving or resulting entity in such transaction. For purposes hereof, a license of all or substantially all of the rights to manufacture and sell Re-TainTM Re-Tain® shall not include a transaction in which the Company continues to perform manufacturing services to or for the benefit of the licensee. (b) In addition to the incentive compensation potentially payable to the Executive pursuant to Section 1(a) hereof, the Company will pay and, if applicable, issue to the Executive, not later than March 31, 2023, the amount of cash (up to $80,000) earned if certain sales, growth and selling expense control objectives are achieved pursuant to the bonus payout schedule set forth in Exhibit A; provided, however, that such payments shall be due and payable or issuable only if the Executive is employed by the Company at the applicable payment date. Such payments shall be subject to all required tax withholdings. View More
Incentive Compensation. (a) The Company agrees to pay to the Executive $100,000 when (i) $50,000 upon the sale by the Company receives of any doses of Re-TainTM within twelve (12) months after receipt by the Company of all FDA necessary regulatory approvals needed for the commencement of sales of to sell Re-TainTM in the United States, and (ii) an additional $50,000 (if the amount contemplated by clause (i) has been paid to the Executive) on the date that is twenty-four (24) months after receipt by the Company of all n...ecessary regulatory approvals to sell Re-TainTM in the United States; provided, however, that any such payment payments shall be due and payable only if the Executive is employed by the Company at the time of such FDA approvals. The applicable payment shall be made within thirty days (30) days of receipt of such FDA approvals, and date. Such payments shall be subject to all required tax withholdings. This supersedes paragraph 2 of the letter from the Company to the Executive dated March 2, 2016. In addition, if the Company undergoes a Change of Control or sells or licenses all or substantially all of the rights to manufacture and sell Re-TainTM, and at the time of such Change of Control, sale or license the Executive is an employee of the Company, the Company will make the payment payments to the Executive described in the first paragraph of this Section 1. 1(a). For purposes hereof, "Change of Control" means (a) the sale of all or substantially all of the Company's assets, or (b) the sale or issuance of capital stock of the Company, in a single transaction or series of related transactions, or a merger, consolidation or similar transaction to which the Company is party, the result of which is one or more persons or entities acting together directly or indirectly acquiring a majority of the outstanding capital stock of the Company or of the surviving or resulting entity in such transaction. For purposes hereof, a license of all or substantially all of the rights to manufacture and sell Re-TainTM shall not include a transaction in which the Company continues to perform manufacturing services to or for the benefit of the licensee. (b) In addition to the incentive compensation potentially payable to the Executive pursuant to Section 1(a) hereof, the Company will pay and, if applicable, issue to the Executive, not later than March 31, 2022, the amount of cash (up to $22,500), and if applicable, incentive stock options (up to 20,000 shares) earned if certain sales, growth and selling expense control objectives are achieved pursuant to the bonus payout schedule set forth in Exhibit A; provided, however, that such payments and issuances shall be due and payable or issuable only if the Executive is employed by the Company at the applicable payment and issuance date. Such payments shall be subject to all required tax withholdings and, in the case of incentive stock options, to execution of standard Company documentation in accordance with the Company's incentive stock option plan. View More
Incentive Compensation. The Company agrees to pay to the Executive $100,000 (a) $25,000 if the Company submits to FDA its third submission of the CMC Technical Section related to Re-Tain® in 2023, (b) $125,000 when the Company receives all FDA approvals needed for the commencement of sales of Re-TainTM Re-Tain® in the United States, and (c) $100,000 when the Company receives all FDA approvals of the Company's license application for in-house Drug Product manufacture with respect to Re-Tain®, provided, however, that any... such payment shall be due and payable only if the Executive is employed by the Company at the time of such the FDA approvals. submission (with respect to (a) above) or receipt of the applicable FDA approval(s) (with respect to (b) and (c) above). The applicable payment under (b) and (c) above shall be made within thirty days (30) days of receipt of such FDA approvals, the applicable payment under (a) above shall be made (if earned at that time) not later than the first full bi-weekly payroll of the Company in February 2024, and each such payment shall be subject to all required tax withholdings. This supersedes paragraph 2 of the letter from the Company to the Executive dated March 2, 2016. In addition, if the Company undergoes a Change of Control or sells or licenses all or substantially all of the rights to manufacture and sell Re-TainTM, Re-Tain®, and at the time of such Change of Control, sale or license the Executive is an employee of the Company, the Company will make the payment payments to the Executive described in the first paragraph of this Section 1 to the extent not previously paid. For purposes hereof, "Change of Control" means (a) the sale of all or substantially all of the Company's assets, or (b) the sale or issuance of capital stock of the Company, in a single transaction or series of related transactions, or a merger, consolidation or similar transaction to which the Company is party, the result of which is one or more persons or entities acting together directly or indirectly acquiring a majority of the outstanding capital stock of the Company or of the surviving or resulting entity in such transaction. For purposes hereof, a license of all or substantially all of the rights to manufacture and sell Re-TainTM Re-Tain® shall not include a transaction in which the Company continues to perform manufacturing services to or for the benefit of the licensee. View More
Incentive Compensation. The Company agrees to pay to the Executive (a) $100,000 when the Company receives all FDA approvals needed for the commencement of sales of Re-TainTM Re-Tain® in the United States, and (b) $100,000 when the Company receives all FDA approvals of the Company's license application for in-house Drug Product manufacture with respect to Re-Tain®, provided, however, that any such payment shall be due and payable only if the Executive is employed by the Company at the time of such receipt of the applica...ble FDA approvals. approval(s). The applicable payment shall be made within thirty days (30) days of receipt of such FDA approvals, and shall be subject to all required tax withholdings. This supersedes paragraph 2 of the letter from the Company to the Executive dated March 2, 2016. In addition, if the Company undergoes a Change of Control or sells or licenses all or substantially all of the rights to manufacture and sell Re-TainTM, Re-Tain®, and at the time of such Change of Control, sale or license the Executive is an employee of the Company, the Company will make the payment payments to the Executive described in the first paragraph of this Section 1. For purposes hereof, "Change of Control" means (a) the sale of all or substantially all of the Company's assets, or (b) the sale or issuance of capital stock of the Company, in a single transaction or series of related transactions, or a merger, consolidation or similar transaction to which the Company is party, the result of which is one or more persons or entities acting together directly or indirectly acquiring a majority of the outstanding capital stock of the Company or of the surviving or resulting entity in such transaction. For purposes hereof, a license of all or substantially all of the rights to manufacture and sell Re-TainTM Re-Tain® shall not include a transaction in which the Company continues to perform manufacturing services to or for the benefit of the licensee. View More
