Salary and Bonus Clause Example with 5 Variations from Business Contracts
This page contains Salary and Bonus 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 Bonus. (a) Salary. As compensation for the services to be performed by the Employee hereunder during the Employment Term, the Company shall pay the Employee a base salary at the annual rate of not less than Four Hundred Thousand and No/100s Dollars ($400,000) (said amount, together with any increases thereto as may be determined from time to time by the Compensation Committee of the Board of Directors of the Company (the "Committee") in its sole discretion, being hereinafter referred to as "Salary"). A...ny Salary payable hereunder shall be paid in regular intervals in accordance with the Company's established and regular payroll practices from time to time in effect, but in no event less than monthly. (b) Bonus. Employee shall be eligible to receive bonus compensation from Company for each fiscal year (or portion thereof) occurring during the Employment Term in amounts, if any, as may be determined by the Committee in its sole discretion, which may include performance-based criteria or annual incentive plans to be established from time to time by such Committee in its sole discretion, provided that any such Bonus so awarded shall be paid in the calendar year following the year in which the services for which such Bonus is awarded were performed. - 3 (c) Long-Term Incentive Awards. Employee will be eligible to receive long-term incentive awards for each fiscal year occurring during the Employment Term, in amounts and subject to the terms and conditions, which may include performance-based criteria, as determined by the Committee in its sole discretion. (d) Withholding and Taxes. The payment of any Salary, Bonus, long-term incentive awards and the payment of any separation pay pursuant to this Agreement, shall be subject to applicable withholding and payroll taxes, and such other deductions as may be required under the Company's employee benefit plans.View More
Variations of a "Salary and Bonus" Clause from Business Contracts
Salary and Bonus. (a) Salary. As compensation for the services to be performed by the Employee hereunder during the Employment Term, the Company shall pay the Employee a base salary at the annual rate of not less than Four Two Hundred Ten Thousand and No/100s Dollars ($400,000) ($210,000) (said amount, together with any increases thereto as may be determined from time to time by the Compensation Committee of the Board of Directors of the Company (the "Committee") in its sole discretion, being hereinafter referred... to as "Salary"). Any Salary payable hereunder shall be paid in regular intervals in accordance with the Company's established and regular payroll practices from time to time in effect, but in no event less than monthly. (b) Bonus. Employee shall be eligible to receive bonus compensation from Company for each fiscal year (or portion thereof) occurring during the Employment Term in amounts, if any, as may be determined by the Committee in its sole discretion, which may include performance-based criteria or annual incentive plans to be established from time to time by such Committee in its sole discretion, provided that any such Bonus so awarded shall be paid in the calendar year following the year in which the services for which such Bonus is awarded were performed. - 3 (c) Long-Term Incentive Awards. Employee will be eligible to receive long-term incentive awards for each fiscal year occurring during the Employment Term, in amounts and subject to the terms and conditions, which may include performance-based criteria, as determined by the Committee in its sole discretion. (d) Withholding and Taxes. The payment of any Salary, Bonus, long-term incentive awards and the payment of any separation pay pursuant to this Agreement, shall be subject to applicable withholding and payroll taxes, and such other deductions as may be required under the Company's employee benefit plans. 3 7. Other Benefits. During the Employment Term, Employee shall: (a) be eligible to participate in all employee fringe benefits and pension, retirement or profit sharing plans that may be provided by the Company for its other senior executive officers in accordance with the provision of any such plans, as the same may be in effect from time to time; (b) be eligible to participate in all medical and health plans or other employee welfare benefit plans that may be provided by the company for its other senior executive officers in accordance with the provisions of any such plans, as the same be in effect from time to time; (c) be entitled to at least 23 vacation/personal days in each calendar year; Employee shall also be entitled to all paid holidays given by the Company to its other senior executive officers; (d) be entitled to sick pay and disability benefits in accordance with any Company policy that may be applicable to other senior executive officers from time to time; (e) be entitled to a car allowance consistent with established Company practices as of the date hereof and which may be in effect from time to time; (f) be entitled to accrue earned and unused vacation time and carry such unused time forward from year to year during the Employment Term, provided the amount of accrued and unused time shall not exceed 200 hours at any time during the term hereof; and (g) be entitled to reimbursement for all reasonable and authorized out-of-pocket business expenses incurred by Employee in the performance of Employee's duties hereunder in accordance with Company policies and practices that may be applicable to senior executive officers from time to time, provided that such business expenses shall be reimbursed, if at all, not later than the year following that in which such expenses are incurred, and that the amount of expenses eligible for reimbursement during one taxable year may not affect the amount of expenses eligible for reimbursement in another taxable year. View More
Salary and Bonus. (a) Salary. As compensation for the services to be performed by the Employee hereunder during the Employment Term, the Company shall pay the Employee a base salary at the annual rate of not less than Four Hundred Fifty Thousand and No/100s Dollars ($400,000) ($450,000) (said amount, together with any increases thereto as may be determined from time to time by the Compensation Committee of the Board of Directors of the Company (the "Committee") in its sole discretion, being hereinafter referred t...o as "Salary"). Any Salary payable hereunder shall be paid in regular intervals in accordance with the Company's established and regular payroll practices from time to time in effect, but in no event less than monthly. (b) Bonus. Employee shall be eligible to receive bonus compensation from Company for each fiscal year (or portion thereof) occurring during the Employment Term in amounts, if any, as may be determined by the Committee in its sole discretion, which may include performance-based criteria or annual incentive plans to be established from time to time by such Committee in its sole discretion, provided that any such Bonus so awarded shall be paid in the calendar year following the year in which the services for which such Bonus is awarded were performed. - 3 (c) Long-Term Incentive Awards. Employee will be eligible to receive long-term incentive awards for each fiscal year occurring during the Employment Term, in amounts and subject to the terms and conditions, which may include performance-based criteria, as determined by the Committee in its sole discretion. (d) Withholding and Taxes. The payment of any Salary, Bonus, long-term incentive awards and the payment of any separation pay pursuant to this Agreement, shall be subject to applicable withholding and payroll taxes, and such other deductions as may be required under the Company's employee benefit plans. - 3 - 7. Other Benefits. During the Employment Term, Employee shall: (a) be eligible to participate in all employee fringe benefits and pension, retirement or profit sharing plans that may be provided by the Company for its other senior executive officers in accordance with the provision of any such plans, as the same may be in effect from time to time; (b) be eligible to participate in all medical and health plans or other employee welfare benefit plans that may be provided by the company for its other senior executive officers in accordance with the provisions of any such plans, as the same be in effect from time to time; (c) be entitled to at least 25 vacation/personal days in each calendar year; Employee shall also be entitled to all paid holidays given by the Company to its other senior executive officers; (d) be entitled to sick pay and disability benefits in accordance with any Company policy that may be applicable to other senior executive officers from time to time; (e) be entitled to a car allowance consistent with established Company practices as of the date hereof and which may be in effect from time to time; (f) be entitled to accrue earned and unused vacation time and carry such unused time forward from year to year during the Employment Term, provided the amount of accrued and unused time shall not exceed 300 hours at any time during the term hereof; and (g) be entitled to reimbursement for all reasonable and authorized out-of-pocket business expenses incurred by Employee in the performance of Employee's duties hereunder in accordance with Company policies and practices that may be applicable to senior executive officers from time to time, provided that such business expenses shall be reimbursed, if at all, not later than the year following that in which such expenses are incurred, and that the amount of expenses eligible for reimbursement during one taxable year may not affect the amount of expenses eligible for reimbursement in another taxable year. View More
Salary and Bonus. (a) Salary. As compensation for the services to be performed by the Employee hereunder during the Employment Term, the Company shall pay the Employee a base salary at the annual rate of not less than Four One Hundred Seventy Thousand and No/100s Dollars ($400,000) ($170,000.00) (said amount, together with any increases thereto as may be determined from time to time by the Compensation Committee of the Board of Directors of the Company (the "Committee") in its sole discretion, being hereinafter r...eferred to as "Salary"). Any Salary payable hereunder shall be paid in regular intervals in accordance with the Company's established and regular payroll practices from time to time in effect, but in no event less than monthly. (b) Bonus. Employee shall be eligible to receive bonus compensation from Company for each fiscal year (or portion thereof) occurring during the Employment Term in amounts, if any, as may be determined by the Compensation Committee of the Board of Directors of the Company in its sole discretion, which may include performance-based criteria or annual incentive plans to be established from time to time by such Committee in its sole discretion, provided that any such Bonus so awarded shall be paid in the calendar year following the year in which the services for which such Bonus is awarded were performed. - 3 (c) Long-Term Incentive Awards. Employee will be eligible to receive long-term incentive awards for each fiscal year occurring during the Employment Term, in amounts and subject to the terms and conditions, which may include performance-based criteria, as determined by the Committee in its sole discretion. (d) Withholding and Taxes. The payment of any Salary, Bonus, long-term incentive awards Salary and Bonus and the payment of any separation pay pursuant to this Agreement, shall be subject to applicable withholding and payroll taxes, and such other deductions as may be required under the Company's employee benefit plans. View More
Salary and Bonus. (a) Salary. As compensation for the services to be performed by the Employee hereunder during the Employment Term, the Company shall pay the Employee a base salary at the annual rate of not less than Four Two Hundred Fifty Thousand and No/100s Dollars ($400,000) ($250,000.00) (said amount, together with any increases thereto as may be determined from time to time by the Compensation Committee of the Board of Directors of the Company (the "Committee") in its sole discretion, being hereinafter ref...erred to as "Salary"). Any Salary payable hereunder shall be paid in regular intervals in accordance with the Company's established and regular payroll practices from time to time in effect, but in no event less than monthly. (b) Bonus. Employee shall be eligible to receive bonus compensation from Company for each fiscal year (or portion thereof) occurring during the Employment Term in amounts, if any, as may be determined by the Compensation Committee of the Board of Directors of the Company in its sole discretion, which may include performance-based criteria or annual incentive plans to be established from time to time by such Committee in its sole discretion, provided that any such Bonus so awarded shall be paid in the calendar year following the year in which the services for which such Bonus is awarded were performed. - 3 (c) Long-Term Incentive Awards. Employee will be eligible to receive long-term incentive awards for each fiscal year occurring during the Employment Term, in amounts and subject to the terms and conditions, which may include performance-based criteria, as determined by the Committee in its sole discretion. (d) Withholding and Taxes. The payment of any Salary, Bonus, long-term incentive awards Salary and Bonus and the payment of any separation pay pursuant to this Agreement, shall be subject to applicable withholding and payroll taxes, and such other deductions as may be required under the Company's employee benefit plans. View More
Salary and Bonus. (a) Salary. As compensation for the services to be performed by the Employee hereunder during the Employment Term, the Company shall pay the Employee a base salary at the annual rate of not less than Four Three Hundred Thousand and No/100s Dollars ($400,000) ($300,000.00) (said amount, together with any increases thereto as may be determined from time to time by the Compensation Committee of the Board of Directors of the Company (the "Committee") in its sole discretion, being hereinafter referre...d to as "Salary"). Any Salary payable hereunder shall be paid in regular intervals in accordance with the Company's established and regular payroll practices from time to time in effect, but in no event less than monthly. (b) Bonus. Employee shall be eligible to receive bonus compensation from Company for each fiscal year (or portion thereof) occurring during the Employment Term in amounts, if any, as may be determined by the Compensation Committee of the Board of Directors of the Company in its sole discretion, which may include performance-based criteria or annual incentive plans to be established from time to time by such Committee in its sole discretion, provided that any such Bonus so awarded shall be paid in the calendar year following the year in which the services for which such Bonus is awarded were performed. - 3 (c) Long-Term Incentive Awards. Employee will be eligible to receive long-term incentive awards for each fiscal year occurring during the Employment Term, in amounts and subject to the terms and conditions, which may include performance-based criteria, as determined by the Committee in its sole discretion. (d) Withholding and Taxes. The payment of any Salary, Bonus, long-term incentive awards Salary and Bonus and the payment of any separation pay pursuant to this Agreement, shall be subject to applicable withholding and payroll taxes, and such other deductions as may be required under the Company's employee benefit plans. View More
