Salary and Additional Compensation Clause Example with 16 Variations from Business Contracts
This page contains Salary and Additional 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.
Salary and Additional Compensation. (a) Base Salary. During the Term, the Company shall pay to Executive an annual base salary ("Base Salary"), which shall initially be $275,000. The Board of Directors (the "Board") shall review the Executive's Base Salary no less than annually (at the end of the Company's compensation year, which shall be its fiscal year) and may increase (but not decrease) such Base Salary during the term of this Agreement. The Base Salary shall increase to 300,000 on January 1, 2023. (b) Annual Bonus. For each ...compensation year during the Term, Executive will be entitled to receive an annual bonus (the "Annual Bonus"), within ninety (90) days of the completion of such year. The final determination of the amount, if any, of the Annual Bonus will be made by, and in the sole discretion of, the Compensation Committee of the Board (or the Board, if such committee has been dissolved), based on goals and objectives previously approved by the Compensation Committee of the Board (or the Board, if such committee has been dissolved). The target Annual Bonus is 40% of Base Salary (pro rated for partial years). The Annual Bonus shall be payable in a combination of cash and options to purchase Company common stock, as determined in the sole discretion of the Compensation Committee of the Board (or the Board, if such committee has been dissolved). Any options issued hereunder shall in all respects be subject to the terms and conditions of the Company's 2021 Equity Plan (the "Plan"), and the value attributable to any options shall be determined in the sole discretion of the Compensation Committee of the Board (or the Board, if such committee has been dissolved). -1- (c) Option Grant. On the Effective Date, Executive will be granted a stock option to purchase 65,000 shares of Company common stock at an exercise price equal to the Company's closing price on the NASDAQ on the date of the grant (the "Option Grant"). The Option Grant shall have a term of ten years and shall vest as follows: 5,000 shares will be fully-vested on the date of grant and 60,000 shares will vest in three equal annual installments on the anniversary dates of the grant; provided Executive remains continuously employed by Company on and does not resign prior to each such vesting date. The Option Grant shall in all respects be subject to the terms and conditions of the Plan.View More
Variations of a "Salary and Additional Compensation" Clause from Business Contracts
Salary and Additional Compensation. (a) Base Salary. During the Term, the The Company shall pay to Executive an annual base salary ("Base Salary"), which shall initially be $275,000. Salary") of $200,000, less applicable withholdings and deductions, in accordance with the Company's normal payroll procedures. The Board of Directors (the "Board") Compensation Committee shall review the Executive's Base Salary no less than annually (at the end of the Company's compensation year, which shall be its fiscal year) and may increase (but n...ot decrease) such Base Salary during the term of this Agreement. The Base Salary shall increase to 300,000 on January 1, 2023. (b) Annual Bonus. For each compensation Commencing with the year during the Term, ended December 31, 2014, Executive will may be entitled to receive an annual cash bonus (the "Annual Bonus"), within ninety (90) days payable with respect to each year of the completion Term subsequent to the issuance of the Company's final audited financial statements for such year, but in no event later than 120 days after the end of the Company's most recently completed fiscal year. The final determination of on the amount, if any, of the Annual Bonus will be made by, and in the sole discretion of, of the Compensation Committee of the Board of Directors of the Company (the "Board") (or the Board, if such committee has been dissolved), based on goals and objectives previously approved criteria established by the Compensation Committee of the Board (or the Board, if such committee has been dissolved). The target Annual Bonus is 40% of Base Salary (pro rated for partial years). The Annual Bonus shall be payable in a combination of cash and options to purchase Company common stock, as determined in the sole discretion dissolved) within ninety (90) days of the beginning of such fiscal year. The Compensation Committee of the Board (or the Board, if such committee has been dissolved) may also consider other more subjective factors in making its determination. The targeted amount of the Annual Bonus shall be 100% of the Executive's Base Salary and the maximum amount of the Annual Bonus shall be 200% of the Executive's Base Salary. The actual Annual Bonus, if any, for any given period may be lower than 100%. For any fiscal year in which Executive is employed for less than the full year, Executive may receive a bonus which is prorated based on the number of full months in the year which are worked. (c) Annual Equity Grant. Commencing with the 2015 equity grants, which may be granted in the fourth quarter of 2014, Executive may be entitled to receive an annual equity grant (the "Annual Equity Grant"), issuable with respect to each year of the Term. The final determination on the amount, if any, and the form of the Annual Equity Grant will be made by, and in the sole discretion of the Compensation Committee of the Board of Directors of the Company (the "Board") (or the Board, if such committee has been dissolved). Any options issued hereunder The targeted amount of the Annual Equity Grant shall be 150% of the Executive's Base Salary. The Annual Equity Grant shall be made pursuant to the ECM Energy Services, Inc. 2013 Stock Plan, and shall in all respects be subject to the terms and conditions of the Company's 2021 Equity Plan (the "Plan"), such plan. The Compensation Committee may in its sole and the value attributable absolute discretion grant from time to any time Executive additional options shall be determined in the sole discretion of such amounts and under such terms and conditions, as the Compensation Committee of the Board (or the Board, if such committee has been dissolved). -1- (c) Option Grant. On the Effective Date, Executive will be granted a stock option to purchase 65,000 shares of Company common stock at an exercise price equal to the Company's closing price on the NASDAQ on the date of the grant (the "Option Grant"). The Option Grant shall have a term of ten years may determine in its sole and shall vest as follows: 5,000 shares will be fully-vested on the date of grant and 60,000 shares will vest in three equal annual installments on the anniversary dates of the grant; provided Executive remains continuously employed by Company on and does not resign prior to each such vesting date. The Option Grant shall in all respects be subject to the terms and conditions of the Plan. absolute discretion. View More
Salary and Additional Compensation. (a) Base Salary. During the Term, the The Company shall pay to Executive an annual base salary ("Base Salary"), which shall initially be $275,000. Salary") of $180,000, less applicable withholdings and deductions, in accordance with the Company's normal payroll procedures. The Board of Directors (the "Board") Compensation Committee shall review the Executive's Base Salary no less than annually (at the end of the Company's compensation year, which shall be its fiscal year) and may increase (but n...ot decrease) such Base Salary during the term of this Agreement. The Base Salary shall increase to 300,000 on January 1, 2023. (b) Annual Bonus. For each compensation Commencing with the year during the Term, ended December 31, 2014, Executive will may be entitled to receive an annual cash bonus (the "Annual Bonus"), within ninety (90) days payable with respect to each year of the completion Term subsequent to the issuance of the Company's final audited financial statements for such year, but in no event later than 120 days after the end of the Company's most recently completed fiscal year. The final determination of on the amount, if any, of the Annual Bonus will be made by, and in the sole discretion of, of the Compensation Committee of the Board of Directors of the Company (the "Board") (or the Board, if such committee has been dissolved), based on goals and objectives previously approved criteria established by the Compensation Committee of the Board (or the Board, if such committee has been dissolved). The target Annual Bonus is 40% of Base Salary (pro rated for partial years). The Annual Bonus shall be payable in a combination of cash and options to purchase Company common stock, as determined in the sole discretion dissolved) within ninety (90) days of the beginning of such fiscal year. The Compensation Committee of the Board (or the Board, if such committee has been dissolved) may also consider other more subjective factors in making its determination. The targeted amount of the Annual Bonus shall be 75% of the Executive's Base Salary and the maximum amount of the Annual Bonus shall be 150% of the Executive's Base Salary. The actual Annual Bonus, if any, for any given period may be lower than 75%. For any fiscal year in which Executive is employed for less than the full year, Executive may receive a bonus which is prorated based on the number of full months in the year which are worked. (c) Annual Equity Grant. Commencing with the 2015 equity grants, which may be granted in the fourth quarter of 2014, Executive may be entitled to receive an annual equity grant (the "Annual Equity Grant"), issuable with respect to each year of the Term. The final determination on the amount, if any, and the form of the Annual Equity Grant will be made by, and in the sole discretion of the Compensation Committee of the Board of Directors of the Company (the "Board") (or the Board, if such committee has been dissolved). Any options issued hereunder The targeted amount of the Annual Equity Grant shall be 50% of the Executive's Base Salary. The Annual Equity Grant shall be made pursuant to the ECM Energy Services, Inc. 2013 Stock Plan, and shall in all respects be subject to the terms and conditions of the Company's 2021 Equity Plan (the "Plan"), such plan. The Compensation Committee may in its sole and the value attributable absolute discretion grant from time to any time Executive additional options shall be determined in the sole discretion of such amounts and under such terms and conditions, as the Compensation Committee may determine in its sole and absolute discretion. (d) Location Bonus. Executive shall also be entitled to a one-time bonus of $20,000 payable if, and only if, any new rental locations opened by the Board (or Company and designated by the Board, if such committee has been dissolved). -1- (c) Option Grant. On the Effective Date, Company in writing as a location for which Executive will be granted responsible achieves cumulative earnings before interest, taxes, depreciation and amortization ("EBITDA") of $1,000,000 within 18 months of the opening of such new rental location. The above bonus shall be payable within 30 days of the Company's filing of it Form 10-Q or Form 10-K (with respect to the fourth quarter of any fiscal year) for the quarter in which such bonus is earned. (e) Option Grant. Contemporaneous with the Executive's execution of this Agreement, Executive will receive a grant (the "Stock Option Grant") of stock option options (the "Stock Options") to purchase 65,000 80,000 shares of Company the Company's common stock at an exercise price equal to the Company's closing price on the NASDAQ on the date per share of the grant (the "Option Grant"). $6.00. The Option Grant Stock Options shall have a term of ten five years and shall vest as follows: 5,000 in three (3) equal installments (or 26,667 shares will be fully-vested each installment with 26,666 shares on the date final installment) on each of grant and 60,000 shares will vest in the succeeding three equal annual installments on the anniversary dates of the grant; Executive's execution of this Agreement (i.e. the first such installment shall vest on the first anniversary of the Effective Date of this Agreement), provided Executive remains continuously employed by Company is Senior Vice President of Operations on and does not resign prior to each such vesting date. The Stock Option Grant shall be made pursuant to the ECM Energy Services, Inc. 2013 Stock Plan, and shall in all respects be subject to the terms and conditions of such plan. Notwithstanding anything contained to the Plan. contrary therein, upon a termination of employment for reasons other than Cause or Voluntary Resignation, all unvested shares pursuant to the Stock Option Grant shall become immediately vested and eligible for exercise thereunder for a period of the lesser of 90 days or the remaining contractual term of the Stock Option Grant. View More
Salary and Additional Compensation. (a) Base Salary. During the Term, the The Company shall pay to Executive an annual base salary ("Base Salary"), which shall initially be $275,000. Salary") of $250,000 in accordance with the Company's normal payroll procedures. The Board of Directors (the "Board") Compensation Committee shall review the Executive's Base Salary no less than annually (at the end of the Company's compensation year, which shall be its fiscal year) and may increase (but not decrease) such Base Salary during the term ...of this Agreement. The Base Salary shall increase to 300,000 on January 1, 2023. (b) Annual Bonus. For each compensation Commencing with the year during the Term, ending December 31, 2016, Executive will be entitled to receive an annual cash bonus (the "Annual Bonus"), within ninety (90) days payable with respect to each year of the completion Term subsequent to the issuance of the Company's final audited financial statements for such year. The final determination of on the amount, if any, of the Annual Bonus will be made by, and in the sole discretion of, of the Compensation Committee of the Board of Directors of the Company (the "Board") (or the Board, if such committee has been dissolved), based on goals and objectives previously approved criteria established by the Compensation Committee of the Board (or the Board, if such committee has been dissolved). The target For the fiscal year in which Executive commences employment with the Company, Executive will be entitled to receive an Annual Bonus which is 40% prorated based on the number of Base Salary (pro rated for partial years). days from the Effective Date until the end of the fiscal year divided by 365. (c) Option Grant. Contemporaneous with the Executive's execution of this Agreement, Executive will receive a grant (the "Stock Option Grant") of stock options (the "Stock Options") to purchase 400,000 shares of the Company's common stock at an exercise price per share equal to the closing price on the NASDAQ on the Effective Date. The Annual Bonus Stock Options shall have a term of ten years and shall vest in four (4) equal installments (or 100,000 shares each installment) on each of the succeeding four anniversary dates of the Executive's execution of this Agreement (i.e. the first such installment shall vest on the first anniversary of the Effective Date of this Agreement), provided Executive is CFO on such vesting date. The Stock Option Grant shall be payable made pursuant to the Moleculin Biotech, Inc. 2015 Stock Plan, and shall in all respects be subject to the terms and conditions of such plan. In the event of a combination Change of cash and options Control (as defined in Section 7(b) below) prior to purchase Company common stock, as determined the final vesting of all of the Stock Options under the Stock Option Grant, all of the unvested Stock Options shall immediately vest; provided, however, in the sole discretion event the acquiring party desires to replace the unvested Stock Options with a substitute of equal or greater value (the "Substitute Grant"), such proposed substitution shall be submitted to the Compensation Committee of the Board (or the Board, if such committee has been dissolved). Any options issued hereunder shall in all respects be subject dissolved prior to the terms Change of Control), and conditions of the Company's 2021 Equity Plan (the "Plan"), and the value attributable to any options shall be determined in the sole discretion of the Compensation Committee of the Board (or the Board, Board if such committee has been dissolved). -1- (c) Option Grant. On dissolved) shall decide whether to allow the Effective Date, Executive will be granted a stock option unvested Stock Options to purchase 65,000 shares of Company common stock at an exercise price equal vest or whether to cancel the Company's closing price on unvested Stock Options and replace them with the NASDAQ on Substitute Grant proposed by the date of the grant (the "Option Grant"). The Option Grant shall have a term of ten years and shall vest as follows: 5,000 shares will be fully-vested on the date of grant and 60,000 shares will vest in three equal annual installments on the anniversary dates of the grant; provided Executive remains continuously employed by Company on and does not resign prior to each such vesting date. The Option Grant shall in all respects be subject to the terms and conditions of the Plan. acquiring party. View More
Salary and Additional Compensation. (a) Base Salary. During the Term, the The Company shall pay to Executive an annual base salary ("Base Salary"), which shall initially be $275,000. Salary") of $200,000 in accordance with the Company's normal payroll procedures. The Compensation Committee of the Board of Directors of the Company (the "Board") shall review the Executive's Base Salary no less than annually (at the end of the Company's compensation year, which shall be its fiscal year) and may increase (but not decrease) such Base S...alary during the term of this Agreement. The Base Salary shall increase to 300,000 on January 1, 2023. Term. (b) Annual Bonus. For each compensation year during the Term, Term and commencing with the 2019 compensation year, Executive will be entitled to receive an annual cash bonus (the "Annual Bonus"), payable with respect to each compensation year completed during the Term, within ninety (90) days of the completion of such compensation year. The final determination of on the amount, if any, of the Annual Bonus will be made by, and in the sole discretion of, of the Compensation Committee of the Board (or the Board, if such committee has been dissolved), based on goals and objectives previously approved by the Compensation Committee of the Board (or the Board, if such committee has been dissolved). The target Annual Bonus is 40% for the 2019 compensation year will be 50% of Base Salary (pro rated for partial years). Salary. The term "compensation year" shall mean the Company's fiscal year. (c) Annual Bonus shall Option Grant. For each compensation year during the Term and commencing with the 2018/2019 compensation year, Executive will be entitled to receive an annual option grant (the "Annual Grant"), payable in a combination with respect to each compensation year of cash the Term, within ninety (90) days of the completion of such compensation year, provided Executive is employed by the Company on such date. The final determination on the amount, if any, of the Annual Grant will be made by, and options to purchase Company common stock, as determined in the sole discretion of the Compensation Committee (or the Board, if such committee has been dissolved), based on goals and objectives approved by the Compensation Committee of the Board (or the Board, if such committee has been dissolved). Any options issued hereunder The target Annual Grant for the 2018/2019 compensation year will be $750,000. The Annual Grant shall have a term of ten years and shall vest in four (4) equal installments on each of the succeeding four anniversary dates of the date of grant, provided Executive remains continuously employed by Company through each such vesting date. The Annual Grant shall be made pursuant to the Soliton, Inc. 2018 Stock Plan, and shall in all respects be subject to the terms and conditions of such plan. 2 Expenses. In accordance with Company policy, the Company shall reimburse Executive for all reasonable association fees, professional related expenses (certifications, licenses and continuing professional education) and business expenses properly and necessarily incurred and paid by Executive in the performance of his duties under this Agreement, upon presentment of detailed receipts in the form required by the Company's 2021 Equity Plan (the "Plan"), and policy. Notwithstanding the value attributable to foregoing, all expenses must be promptly submitted for reimbursement by the Executive. In no event shall any options shall reimbursement be determined in paid by the sole discretion Company after the end of the Compensation Committee of calendar year following the Board (or calendar year in which the Board, if such committee has been dissolved). -1- (c) Option Grant. On expense is incurred by the Effective Date, Executive will be granted a stock option to purchase 65,000 shares of Company common stock at an exercise price equal to the Company's closing price on the NASDAQ on the date of the grant (the "Option Grant"). The Option Grant shall have a term of ten years and shall vest as follows: 5,000 shares will be fully-vested on the date of grant and 60,000 shares will vest in three equal annual installments on the anniversary dates of the grant; provided Executive remains continuously employed by Company on and does not resign prior to each such vesting date. The Option Grant shall in all respects be subject to the terms and conditions of the Plan. Executive. View More
Salary and Additional Compensation. (a) Base Salary. During the Term, the The Company shall pay to Executive an annual base salary ("Base Salary"), which shall initially be $275,000. Salary") of $225,000, less applicable withholdings and deductions, in accordance with the Company's normal payroll procedures. The Board of Directors (the "Board") Compensation Committee shall review the Executive's Base Salary no less than annually (at the end of the Company's compensation year, which shall be its fiscal year) and may increase (but n...ot decrease) such Base Salary during the term of this Agreement. The Base Salary (b) Signing Bonus. Upon completion of the Company's initial public offering of its securities pursuant to the Securities Act of 1933, as amended, the Company shall increase to 300,000 on January 1, 2023. (b) pay Executive a one-time payment of $75,000, less applicable withholdings and deductions. (c) Annual Bonus. For each compensation Commencing with the year during the Term, ended December 31, 2014, Executive will may be entitled to receive an annual cash bonus (the "Annual Bonus"), within ninety (90) days payable with respect to each year of the completion Term subsequent to the issuance of the Company's final audited financial statements for such year, but in no event later than 120 days after the end of the Company's most recently completed fiscal year. The final determination of on the amount, if any, of the Annual Bonus will be made by, and in the sole discretion of, of the Compensation Committee of the Board of Directors of the Company (the "Board") (or the Board, if such committee has been dissolved), based on goals and objectives previously approved criteria established by the Compensation Committee of the Board (or the Board, if such committee has been dissolved). The target Annual Bonus is 40% of Base Salary (pro rated for partial years). The Annual Bonus shall be payable in a combination of cash and options to purchase Company common stock, as determined in the sole discretion dissolved) within ninety (90) days of the beginning of such fiscal year. The Compensation Committee of the Board (or the Board, if such committee has been dissolved) may also consider other more subjective factors in making its determination. The targeted amount of the Annual Bonus shall be 100% of the Executive's Base Salary and the maximum amount of the Annual Bonus shall be 200% of the Executive's Base Salary. The actual Annual Bonus, if any, for any given period may be lower than 100%. For any fiscal year in which Executive is employed for less than the full year, Executive may receive a bonus which is prorated based on the number of full months in the year which are worked. (d) Annual Equity Grant. Commencing with the 2015 equity grants, which may be granted in the fourth quarter of 2014, Executive may be entitled to receive an annual equity grant (the "Annual Equity Grant"), issuable with respect to each year of the Term. The final determination on the amount, if any, and the form of the Annual Equity Grant will be made by, and in the sole discretion of the Compensation Committee of the Board of Directors of the Company (the "Board") (or the Board, if such committee has been dissolved). Any options issued hereunder The targeted amount of the Annual Equity Grant shall be 150% of the Executive's Base Salary. The Annual Equity Grant shall be made pursuant to the ECM Energy Services, Inc. 2013 Stock Plan, and shall in all respects be subject to the terms and conditions of the Company's 2021 Equity Plan (the "Plan"), such plan. The Compensation Committee may in its sole and the value attributable absolute discretion grant from time to any time Executive additional options shall be determined in the sole discretion of such amounts and under such terms and conditions, as the Compensation Committee may determine in its sole and absolute discretion. (e) Option Grant. Contemporaneous with the Executive's execution of this Agreement, Executive will receive a grant (the "Stock Option Grant") of stock options (the "Stock Options") to purchase 250,000 shares of the Board (or the Board, if such committee has been dissolved). -1- (c) Option Grant. On the Effective Date, Executive will be granted a stock option to purchase 65,000 shares of Company Company's common stock at an exercise price equal to the Company's closing price on the NASDAQ on the date per share of the grant (the "Option Grant"). $6.00. The Option Grant Stock Options shall have a term of ten five years and shall vest as follows: 5,000 (i) 62,500 shares will be fully-vested on the date of grant hereof; and 60,000 (ii) 187,500 shares will vest in three (3) equal annual installments (or 62,500 shares each installment) on each of the succeeding three anniversary dates of the grant; Executive's execution of this Agreement (i.e. the first such installment shall vest on the first anniversary of the Effective Date of this Agreement), provided Executive remains continuously employed by Company is CFO on and does not resign prior to each such vesting date. The Stock Option Grant shall be made pursuant to the ECM Energy Services, Inc. 2013 Stock Plan, and shall in all respects be subject to the terms and conditions of such plan. Notwithstanding anything contained to the Plan. contrary therein, upon a termination of employment for reasons other than Cause or Voluntary Resignation, all unvested shares pursuant to the Stock Option Grant shall become immediately vested and eligible for exercise thereunder for a period of the lesser of 9 months or the remaining contractual term of the Stock Option Grant. View More
Salary and Additional Compensation. (a) Base Salary. During the Term, the The Company shall pay to Executive an annual base salary ("Base Salary"), which shall initially be $275,000. Salary") of $250,000, less applicable withholdings and deductions, in accordance with the Company's normal payroll procedures. The Board of Directors (the "Board") Compensation Committee shall review the Executive's Base Salary no less than annually (at the end of the Company's compensation year, which shall be its fiscal year) and may increase (but n...ot decrease) such Base Salary during the term of this Agreement. The Base Salary shall increase to 300,000 on January 1, 2023. (b) Annual Bonus. For each compensation Commencing with the year during the Term, ended December 31, 2014, Executive will may be entitled to receive an annual cash bonus (the "Annual Bonus"), within ninety (90) days payable with respect to each year of the completion Term subsequent to the issuance of the Company's final audited financial statements for such year, but in no event later than 120 days after the end of the Company's most recently completed fiscal year. The final determination of on the amount, if any, of the Annual Bonus will be made by, and in the sole discretion of, of the Compensation Committee of the Board of Directors of the Company (the "Board") (or the Board, if such committee has been dissolved), based on goals and objectives previously approved criteria established by the Compensation Committee of the Board (or the Board, if such committee has been dissolved). The target Annual Bonus is 40% of Base Salary (pro rated for partial years). The Annual Bonus shall be payable in a combination of cash and options to purchase Company common stock, as determined in the sole discretion dissolved) within ninety (90) days of the beginning of such fiscal year. The Compensation Committee of the Board (or the Board, if such committee has been dissolved) may also consider other more subjective factors in making its determination. The targeted amount of the Annual Bonus shall be 100% of the Executive's Base Salary and the maximum amount of the Annual Bonus shall be 200% of the Executive's Base Salary. The actual Annual Bonus, if any, for any given period may be lower than 100%. For any fiscal year in which Executive is employed for less than the full year, Executive may receive a bonus which is prorated based on the number of full months in the year which are worked. (c) Annual Equity Grant. Commencing with the 2015 equity grants, which may be granted in the fourth quarter of 2014, Executive may be entitled to receive an annual equity grant (the "Annual Equity Grant"), issuable with respect to each year of the Term. The final determination on the amount, if any, and the form of the Annual Equity Grant will be made by, and in the sole discretion of the Compensation Committee of the Board of Directors of the Company (the "Board") (or the Board, if such committee has been dissolved). Any options issued hereunder The targeted amount of the Annual Equity Grant shall be 150% of the Executive's Base Salary. The Annual Equity Grant shall be made pursuant to the ECM Energy Services, Inc. 2013 Stock Plan, and shall in all respects be subject to the terms and conditions of the Company's 2021 Equity Plan (the "Plan"), such plan. The Compensation Committee may in its sole and the value attributable absolute discretion grant from time to any time Executive additional options shall be determined in the sole discretion of such amounts and under such terms and conditions, as the Compensation Committee may determine in its sole and absolute discretion. (d) Option Grant. Contemporaneous with the Executive's execution of this Agreement, Executive will receive a grant (the "Stock Option Grant") of stock options (the "Stock Options") to purchase 500,000 shares of the Board (or the Board, if such committee has been dissolved). -1- (c) Option Grant. On the Effective Date, Executive will be granted a stock option to purchase 65,000 shares of Company Company's common stock at an exercise price equal to the Company's closing price on the NASDAQ on the date per share of the grant (the "Option Grant"). $6.00. The Option Grant Stock Options shall have a term of ten five years and shall vest as follows: 5,000 (i) 125,000 shares will be fully-vested on the date of grant hereof; and 60,000 (ii) 375,000 shares will vest in three (3) equal annual installments (or 125,000 shares each installment) on each of the succeeding three anniversary dates of the grant; Executive's execution of this Agreement (i.e. the first such installment shall vest on the first anniversary of the Effective Date of this Agreement), provided Executive remains continuously employed by Company is CEO on and does not resign prior to each such vesting date. The Stock Option Grant shall be made pursuant to the ECM Energy Services, Inc. 2013 Stock Plan, and shall in all respects be subject to the terms and conditions of such plan. Notwithstanding anything contained to the Plan. contrary therein, upon a termination of employment for reasons other than Cause or Voluntary Resignation, all unvested shares pursuant to the Stock Option Grant shall become immediately vested and eligible for exercise thereunder for a period of the lesser of 9 months or the remaining contractual term of the Stock Option Grant. View More
Salary and Additional Compensation. (a) Base Salary. During the Term, the The Company shall pay to Executive an annual base salary ("Base Salary"), which shall initially be $275,000. Salary") of $265,000 in accordance with the Company's normal payroll procedures. The Compensation Committee of the Board of Directors of the Company (the "Board") shall review the Executive's Base Salary no less than annually (at the end of the Company's compensation year, which shall be its fiscal year) and may increase (but not decrease) such Base S...alary during the term of this Agreement. The Base Salary shall increase to 300,000 on January 1, 2023. Term. (b) Annual Bonus. For each compensation year during the Term, Term and commencing with the 2019 compensation year, Executive will be entitled to receive an annual cash bonus (the "Annual Bonus"), payable with respect to each compensation year completed during the Term, within ninety (90) days of the completion of such compensation year. The final determination of on the amount, if any, of the Annual Bonus will be made by, and in the sole discretion of, of the Compensation Committee of the Board (or the Board, if such committee has been dissolved), based on goals and objectives previously approved by the Compensation Committee of the Board (or the Board, if such committee has been dissolved). The target Annual Bonus is 40% for the 2019 compensation year will be 38% of Base Salary (pro rated for partial years). Salary. The term "compensation year" shall mean the Company's fiscal year 2 (c) Annual Bonus shall Option Grant. For each compensation year during the Term and commencing with the 2018/2019 compensation year, Executive will be entitled to receive an annual option grant (the "Annual Grant"), payable in a combination with respect to each compensation year of cash the Term, within ninety (90) days of the completion of such compensation year, provided Executive is employed by the Company on such date. The final determination on the amount, if any, of the Annual Grant will be made by, and options to purchase Company common stock, as determined in the sole discretion of the Compensation Committee (or the Board, if such committee has been dissolved), based on goals and objectives approved by the Compensation Committee of the Board (or the Board, if such committee has been dissolved). Any options issued hereunder The target Annual Grant for the 2018/2019 compensation year will be $450,000. The Annual Grant shall have a term of ten years and shall vest in four (4) equal installments on each of the succeeding four anniversary dates of the date of grant, provided Executive remains continuously employed by Company through each such vesting date. The Annual Grant shall be made pursuant to the Soliton, Inc. 2018 Stock Plan, and shall in all respects be subject to the terms and conditions of the Company's 2021 Equity Plan (the "Plan"), and the value attributable to any options shall be determined in the sole discretion of the Compensation Committee of the Board (or the Board, if such committee has been dissolved). -1- (c) Option Grant. On the Effective Date, Executive will be granted a stock option to purchase 65,000 shares of Company common stock at an exercise price equal to the Company's closing price on the NASDAQ on the date of the grant (the "Option Grant"). The Option Grant shall have a term of ten years and shall vest as follows: 5,000 shares will be fully-vested on the date of grant and 60,000 shares will vest in three equal annual installments on the anniversary dates of the grant; provided Executive remains continuously employed by Company on and does not resign prior to each such vesting date. The Option Grant shall in all respects be subject to the terms and conditions of the Plan. plan6(a). View More
Salary and Additional Compensation. (a) Base Salary. During the Term, the Company shall pay to Executive an annual base salary ("Base Salary"), which shall initially be $275,000. $200,000. The Board of Directors (the "Board") shall review the Executive's Base Salary no less than annually (at the end of the Company's compensation year, which shall be its fiscal year) and may increase (but not decrease) such Base Salary during the term of this Agreement. The Base Salary shall increase to 300,000 on January 1, 2023. (b) Annual Bonus.... For each compensation year during the Term, Executive will be entitled to receive an annual bonus (the "Annual Bonus"), within ninety (90) days of the completion of such year. The final determination of the amount, if any, of the Annual Bonus will be made by, and in the sole discretion of, the Compensation Committee of the Board (or the Board, if such committee has been dissolved), based on goals and objectives previously approved by the Compensation Committee of the Board (or the Board, if such committee has been dissolved). The target Annual Bonus for the 2021 compensation year is 40% 30% of Base Salary (pro rated for partial years). The Annual Bonus shall be payable in a combination of cash and options to purchase Company common stock, as determined in the sole discretion of the Compensation Committee of the Board (or the Board, if such committee has been dissolved). Any options issued hereunder shall in all respects be subject to the terms and conditions of the Company's 2021 Equity Plan (the "Plan"), and the value attributable to any options shall be determined in the sole discretion of the Compensation Committee of the Board (or the Board, if such committee has been dissolved). -1- No Annual Bonus shall be payable to Executive until the completion of the Company's initial public offering ("IPO"). (c) Option Grant. On the Effective Date, Executive will be granted a stock option to purchase 65,000 75,000 shares of Company common stock at an exercise price equal to the Company's closing price on the NASDAQ on the date of the grant $3.50 per share (the "Option Grant"). The Option Grant shall have a term of ten years and shall vest as follows: 5,000 (i) 41,668 shares will be fully-vested on shall vest as of the date of grant Effective Date; and 60,000 (ii) 33,332 shares will shall vest in three four (4) equal annual installments on upon the anniversary dates achievement of the grant; provided following milestone (provided Executive remains continuously employed by Company on and does not resign prior to each such vesting date. date): (1) EUA of Symphony IL-6 (8,333 shares); (2) 510(k) of Symphony IL-6 for Sepsis (8,333 shares); (3) commencing clinical trial for both hsTnT and NT- pro BNP (8,333 shares); (4) 510(k) approval of hsTNT and NT-pro BNP (8,333 shares). The Option Grant shall in all respects be subject to the terms and conditions of the Plan. (d) Relocation Allowance. The Company will provide Executive with a relocation allowance of up to $30,000, payable within thirty (30) days of the date that evidence is provided that the Executive has relocated to the Acton Town area if such relocation is completed within eighteen (18) months of the Effective Date. View More
Salary and Additional Compensation. (a) Base Salary. During the Term, the The Company shall pay to Executive an annual base salary ("Base Salary"), which shall initially be $275,000. Salary") of $425,000 in accordance with the Company's normal payroll procedures. The Compensation Committee of the Board of Directors of the Company (the "Board") shall review the Executive's Base Salary no less than annually (at the end of the Company's compensation year, which shall be its fiscal year) and may increase (but not decrease) such Base S...alary during the term of this Agreement. The Base Salary shall increase to 300,000 on January 1, 2023. Term. (b) Annual Bonus. For each compensation year during the Term, Term and commencing with the 2019 compensation year, Executive will be entitled to receive an annual cash bonus (the "Annual Bonus"), payable with respect to each compensation year completed during the Term, within ninety (90) days of the completion of such compensation year. The final determination of on the amount, if any, of the Annual Bonus will be made by, and in the sole discretion of, of the Compensation Committee of the Board (or the Board, if such committee has been dissolved), based on goals and objectives previously approved by the Compensation Committee of the Board (or the Board, if such committee has been dissolved). The target Annual Bonus is 40% for the 2019 compensation year will be 35% of Base Salary (pro rated for partial years). Salary. The term "compensation year" shall mean the Company's fiscal year. 2 (c) Annual Bonus shall Option Grant. For each compensation year during the Term and commencing with the 2018/2019 compensation year, Executive will be entitled to receive an annual option grant (the "Annual Grant"), payable in a combination with respect to each compensation year of cash the Term, within ninety (90) days of the completion of such compensation year, provided Executive is employed by the Company on such date. The final determination on the amount, if any, of the Annual Grant will be made by, and options to purchase Company common stock, as determined in the sole discretion of the Compensation Committee (or the Board, if such committee has been dissolved), based on goals and objectives approved by the Compensation Committee of the Board (or the Board, if such committee has been dissolved). Any options issued hereunder The target Annual Grant for the 2018/2019 compensation year will be $750,000. The Annual Grant shall have a term of ten years and shall vest in four (4) equal installments on each of the succeeding four anniversary dates of the date of grant, provided Executive remains continuously employed by Company through each such vesting date. The Annual Grant shall be made pursuant to the Soliton, Inc. 2018 Stock Plan, and shall in all respects be subject to the terms and conditions of the Company's 2021 Equity Plan (the "Plan"), and the value attributable to any options shall be determined in the sole discretion of the Compensation Committee of the Board (or the Board, if such committee has been dissolved). -1- (c) Option Grant. On the Effective Date, Executive will be granted a stock option to purchase 65,000 shares of Company common stock at an exercise price equal to the Company's closing price on the NASDAQ on the date of the grant (the "Option Grant"). The Option Grant shall have a term of ten years and shall vest as follows: 5,000 shares will be fully-vested on the date of grant and 60,000 shares will vest in three equal annual installments on the anniversary dates of the grant; provided Executive remains continuously employed by Company on and does not resign prior to each such vesting date. The Option Grant shall in all respects be subject to the terms and conditions of the Plan. plan. View More
Salary and Additional Compensation. (a) Base Salary. During the Term, the The Company shall pay to Executive an annual base salary ("Base Salary"), which shall initially be $275,000. Salary") of $250,000 in accordance with the Company's normal payroll procedures. The Compensation Committee of the Board of Directors of the Company (the "Board") shall review the Executive's Base Salary no less than annually (at the end of the Company's compensation year, which shall be its fiscal year) and may increase (but not decrease) such Base S...alary during the term of this Agreement. The Base Salary shall increase to 300,000 on January 1, 2023. Term. (b) Annual Bonus. For each compensation year during the Term, Term and commencing with the 2019 compensation year, Executive will be entitled to receive an annual cash bonus (the "Annual Bonus"), payable with respect to each compensation year completed during the Term, within ninety (90) days of the completion of such compensation year. The final determination of on the amount, if any, of the Annual Bonus will be made by, and in the sole discretion of, of the Compensation Committee of the Board (or the Board, if such committee has been dissolved), based on goals and objectives previously approved by the Compensation Committee of the Board (or the Board, if such committee has been dissolved). The target Annual Bonus is 40% for the 2019 compensation year will be 36% of Base Salary (pro rated for partial years). Salary. The term "compensation year" shall mean the Company's fiscal year. 2 (c) Annual Bonus shall Option Grant. For each compensation year during the Term and commencing with the 2018/2019 compensation year, Executive will be entitled to receive an annual option grant (the "Annual Grant"), payable in a combination with respect to each compensation year of cash the Term, within ninety (90) days of the completion of such compensation year, provided Executive is employed by the Company on such date. The final determination on the amount, if any, of the Annual Grant will be made by, and options to purchase Company common stock, as determined in the sole discretion of the Compensation Committee (or the Board, if such committee has been dissolved), based on goals and objectives approved by the Compensation Committee of the Board (or the Board, if such committee has been dissolved). Any options issued hereunder The target Annual Grant for the 2018/2019 compensation year will be $350,000. The Annual Grant shall have a term of ten years and shall vest in four (4) equal installments on each of the succeeding four anniversary dates of the date of grant, provided Executive remains continuously employed by Company through each such vesting date. The Annual Grant shall be made pursuant to the Soliton, Inc. 2018 Stock Plan, and shall in all respects be subject to the terms and conditions of the Company's 2021 Equity Plan (the "Plan"), and the value attributable to any options shall be determined in the sole discretion of the Compensation Committee of the Board (or the Board, if such committee has been dissolved). -1- (c) Option Grant. On the Effective Date, Executive will be granted a stock option to purchase 65,000 shares of Company common stock at an exercise price equal to the Company's closing price on the NASDAQ on the date of the grant (the "Option Grant"). The Option Grant shall have a term of ten years and shall vest as follows: 5,000 shares will be fully-vested on the date of grant and 60,000 shares will vest in three equal annual installments on the anniversary dates of the grant; provided Executive remains continuously employed by Company on and does not resign prior to each such vesting date. The Option Grant shall in all respects be subject to the terms and conditions of the Plan. plan. View More
