Remuneration Clause Example from Business Contracts

Remuneration. 2.1. Base Salary. Your annual base salary shall be at the rate of US $485,000 per year ("Annual Base Salary"), paid on a bi-weekly basis, prorated for any partial periods based on the actual number of days in the applicable period. Your performance will be evaluated at least annually, and any increase to the level of your Annual Base Salary will be determined as part of the regular annual review process. 2.2. Bonus. You will continue to be eligible to participate in the Company's annual bonus pl...an and may earn a bonus based upon the achievement of specified performance goals. The amount of your target bonus is 75% of your Annual Base Salary. The bonus year is the Company's fiscal year. Currently the maximum potential payout permitted under the bonus plan is two (2) times the applicable target bonus for achievement of performance goals significantly in excess of the target goals, as established by the Human Resources and Compensation Committee of the Company's Board of Directors (the "HRCC"). Please note that the bonus plan is entirely discretionary, and the Company reserves in its absolute discretion the right to terminate or amend it or any other bonus plan that may be established. 2.3. LTI Participation. You will be entitled to receive a one-time long-term incentive ("LTI") award equivalent to US $700,000 comprised of performance-based restricted share units (60%) and time-based restricted share units (40%), granted to you on your Employment Date. The time-based restricted share units will vest ratably in three equal annual installments from the grant date, and the performance-based restricted units will vest based upon the achievement of average annual ROIC and aggregate revenues over a three-year period beginning on the first day of Primo's 2023 fiscal year and ending on the last day of Primo's 2025 fiscal year (with the metrics weighted 75% and 25%, respectively). The LTI award will otherwise be governed by the terms of the Company equity incentive plan under which the award is made (the "Equity Plan") and your award agreement. The Company's current Equity Plans are the Amended and Restated Primo Water Corporation Equity Incentive Plan, as amended, and the Primo Water Corporation 2018 Equity Incentive Plan, as amended. You will be eligible for future LTI awards that will be based on your performance, at the discretion of the HRCC. Annual grants are issued following approval by the HRCC at its regularly scheduled meetings in December. View More