Term Clause Example with 8 Variations from Business Contracts

Term. Executive shall be employed for a term commencing on January 1, 2015 2016 and ending on December 31, 2015 2016 (the “Term”), unless his employment is terminated prior thereto pursuant to the provisions hereof. This Agreement shall automatically expire on December 31, 2015 2016 and shall not be extended or renewed except in a writing signed by an authorized officer of the Corporation. Executive hereby acknowledges and agrees that his employment by the Corporation, if any, beyond the expiration da...te of this Agreement shall be terminable by either party at will and shall not, under any circumstances, be deemed to expressly or impliedly renew the terms of this Agreement. -1- 4. Compensation/Benefits. 4.1 The Corporation will pay to Executive as compensation for his services hereunder a salary (the “Base Salary”) of $150,000 per annum, or such greater amount as the Board of Directors of the Corporation may from time to time determine and confirm in writing. Any increase shall become effective for future salary payments and shall not be retroactive. Such salary shall be payable in equal installments in accordance with the Corporation’s normal payroll policy. 4.2 For each fiscal year ending while this Agreement is in effect, Executive shall participate in an annual bonus plan of the Corporation pursuant to which Executive’s target bonus opportunity shall be fifty percent (50%) of Executive’s Base Salary (the “Target Bonus”). The actual bonus paid may be higher or lower than the Target Bonus for over-or under-achievement of Corporation and individual objectives as determined by the Board of Directors or Compensation Committee of the Board. The Target Bonus will be subject to annual adjustment by the Board or the Compensation Committee of the Board, in its sole discretion; provided, however, that the percentage of Executive’s Target Bonus may not be decreased without Executive’s consent. Any bonus earned by Executive for any fiscal year shall be paid to him as soon as reasonably practicable after the end of the year for which it is earned, but in no event later than 90 days following the end of the fiscal year for which it is earned. 4.3 Executive shall be entitled to participate, to the extent he is eligible under the terms and conditions thereof, in any pension, retirement, disability, insurance, medical service, or other employee benefit plan which is generally available to all employees of the Corporation and which may be in effect from time to time during the period of his employment hereunder. The Corporation shall be under no obligation to institute or continue the existence of any such employee benefit plan. View More

Term. Executive shall be employed for a term commencing on January 1, 2015 and ending on December 31, 2015 (the “Term”), unless his employment is terminated prior thereto pursuant to the provisions hereof. This Agreement shall automatically expire on December 31, 2015 and shall not be extended or renewed except in a writing signed by an authorized officer of the Corporation. Executive hereby acknowledges and agrees that his employment by the Corporation, if any, beyond the expiration date of this Agre...ement shall be terminable by either party at will and shall not, under any circumstances, be deemed to expressly or impliedly renew the terms of this Agreement. -1- 4. Compensation/Benefits. Compensation/Bonus/Benefits. 4.1 The Corporation will pay to Executive as compensation for his services hereunder a salary (the “Base Salary”) of $150,000 $170,000 per annum, or such greater amount as the Board of Directors of the Corporation may from time to time determine and confirm in writing. Any increase shall become effective for future salary payments and shall not be retroactive. Such salary shall is to be payable in equal installments in accordance with the Corporation’s normal payroll policy. 4.2 For each fiscal year ending while this Agreement is in effect, Executive shall participate in an annual bonus plan of the Corporation pursuant to which Executive’s target bonus opportunity shall be fifty forty percent (50%) (40%) of Executive’s Base Salary (the “Target Bonus”). The actual bonus paid may be higher or lower than the Target Bonus for over-or under-achievement of Corporation and individual objectives as determined by the Board of Directors or Compensation Committee of the Board. The Target Bonus will be subject to annual adjustment by the Board or the Compensation Committee of the Board, in its sole discretion; provided, however, that the percentage of Executive’s Target Bonus may not be decreased without Executive’s consent. Any bonus earned by Executive for any fiscal year shall be paid to him as soon as reasonably practicable after the end of the year for which it is earned, but in no event later than 90 days following the end of the fiscal year for which it is earned. 4.3 Executive shall be entitled to participate, to the extent he is eligible under the terms and conditions thereof, in any pension, retirement, disability, insurance, medical service, or other employee benefit plan which is generally available to all employees of the Corporation and which may be in effect from time to time during the period of his employment hereunder. The Corporation shall be under no obligation to institute or continue the existence of any such employee benefit plan. View More

Term. Executive shall be employed for a term commencing on January 1, 2015 and ending on December 31, 2015 (the “Term”), unless his employment is terminated prior thereto pursuant to the provisions hereof. This Agreement shall automatically expire on December 31, 2015 and shall not be extended or renewed except in a writing signed by an authorized officer of the Corporation. Executive hereby acknowledges and agrees that his employment by the Corporation, if any, beyond the expiration date of this Agre...ement shall be terminable by either party at will and shall not, under any circumstances, be deemed to expressly or impliedly renew the terms of this Agreement. -1- 4. Compensation/Benefits. Compensation/Bonus/Benefits. 4.1 The Corporation will pay to Executive as compensation for his services hereunder a salary (the “Base Salary”) of $150,000 $240,000 per annum, or such greater amount as the Board of Directors of the Corporation may from time to time determine and confirm in writing. Any increase shall become effective for future salary payments and shall not Executive’s Base Salary may be retroactive. increased during the Term at the discretion of the Board of Directors. Such salary shall be payable in equal installments in accordance with the Corporation’s normal payroll policy. 4.2 For each fiscal year ending while this Agreement is in effect, Executive shall participate in an annual bonus plan of the Corporation pursuant to which Executive’s target bonus opportunity shall be fifty percent (50%) of Executive’s Base Salary (the “Target Bonus”). The actual bonus paid may be higher or lower than the Target Bonus for over-or under-achievement of Corporation and individual objectives as determined by the Board of Directors or Compensation Committee of the Board. The Target Bonus will be subject to annual adjustment by the Board or the Compensation Committee of the Board, in its sole discretion; provided, however, that the percentage of Executive’s Target Bonus may not be decreased without Executive’s consent. Any bonus earned by Executive for any fiscal year shall be paid to him as soon as reasonably practicable after the end of the year for which it is earned, but in no event later than 90 days following the end of the fiscal year for which it is earned. 4.3 Executive shall be entitled to participate, to the extent he is eligible under the terms and conditions thereof, in any pension, retirement, disability, insurance, medical service, or other employee benefit plan which is generally available to all employees of the Corporation and which may be in effect from time to time during the period of his employment hereunder. The Corporation shall be under no obligation to institute or continue the existence of any such employee benefit plan. View More

Term. Executive shall be employed for a term commencing on January 1, 2015 and 2016 ending on December 31, 2015 2016 (the “Term”), unless his employment is terminated prior thereto pursuant to the provisions hereof. This Agreement shall automatically expire on December 31, 2015 2016 and shall not be extended or renewed except in a writing signed by an authorized officer of the Corporation. Executive hereby acknowledges and agrees that his employment by the Corporation, if any, beyond the expiration da...te of this Agreement shall be terminable by either party at will and shall not, under any circumstances, be deemed to expressly or impliedly renew the terms of this Agreement. -1- 4. Compensation/Benefits. Compensation/Bonus/Benefits. 4.1 The Corporation will pay to Executive as compensation for his services hereunder a salary (the “Base Salary”) of $150,000 $170,000 per annum, or such greater amount as the Board of Directors of the Corporation may from time to time determine and confirm in writing. Any increase shall become effective for future salary payments and shall not be retroactive. Such salary shall is to be payable in equal installments in accordance with the Corporation’s normal payroll policy. 4.2 For each fiscal year ending while this Agreement is in effect, Executive shall participate in an annual bonus plan of the Corporation pursuant to which Executive’s target bonus opportunity shall be fifty forty percent (50%) (40%) of Executive’s Base Salary (the “Target Bonus”). The actual bonus paid may be higher or lower than the Target Bonus for over-or under-achievement of Corporation and individual objectives as determined by the Board of Directors or Compensation Committee of the Board. The Target Bonus will be subject to annual adjustment by the Board or the Compensation Committee of the Board, in its sole discretion; provided, however, that the percentage of Executive’s Target Bonus may not be decreased without Executive’s consent. Any bonus earned by Executive for any fiscal year shall be paid to him as soon as reasonably practicable after the end of the year for which it is earned, but in no event later than 90 days following the end of the fiscal year for which it is earned. 4.3 Executive shall be entitled to participate, to the extent he is eligible under the terms and conditions thereof, in any pension, retirement, disability, insurance, medical service, or other employee benefit plan which is generally available to all employees of the Corporation and which may be in effect from time to time during the period of his employment hereunder. The Corporation shall be under no obligation to institute or continue the existence of any such employee benefit plan. 4.4 In the event that a Change in Control occurs during the Term, Executive shall receive a Change in Control Payment within 30 calendar days after the consummation of the Change of Control. View More

Term. Executive shall be employed for a term commencing on January 1, 2015 and ending on December 31, 2015 2016 (the “Term”), unless his employment is terminated prior thereto pursuant to the provisions hereof. This Agreement shall automatically expire on December 31, 2015 2016 and shall not be extended or renewed except in a writing signed by an authorized officer of the Corporation. Executive hereby acknowledges and agrees that his employment by the Corporation, if any, beyond the expiration date of... this Agreement shall be terminable by either party at will and shall not, under any circumstances, be deemed to expressly or impliedly renew the terms of this Agreement. Initial JW -1- 4. Compensation/Benefits. Compensation/Bonus/Options/Benefits. 4.1 The Corporation will pay to Executive as compensation for his services hereunder a salary (the “Base Salary”) of $150,000 $250,000 per annum, or such greater amount as the Board of Directors of the Corporation may shall from time to time determine and confirm in writing. Any increase shall become effective for future salary payments and shall not be retroactive. Such salary shall is to be payable in equal installments in accordance with the Corporation’s normal payroll policy. 4.2 For each fiscal year ending while this Agreement is in effect, Executive shall participate in an annual bonus plan of the Corporation pursuant to which Executive’s target bonus opportunity shall be fifty percent (50%) of Executive’s Base Salary (the “Target Bonus”). The actual bonus paid may be higher or lower than the Target Bonus for over-or under-achievement of Corporation and individual objectives as determined by the Board of Directors or Compensation Committee of the Board. The Target Bonus will be subject to annual adjustment by the Board or the Compensation Committee of the Board, in its sole discretion; provided, however, that the percentage of Executive’s Target Bonus may not be decreased without Executive’s consent. Any bonus earned by Executive for any fiscal year shall be paid to him as soon as reasonably practicable after the end of the year for which it is earned, but in no event later than 90 days following the end of the fiscal year for which it is earned. 4.3 Executive shall be entitled to participate, to the extent he is eligible under the terms and conditions thereof, in any pension, retirement, disability, insurance, medical service, or other employee benefit plan which is generally available to all employees of the Corporation and which may be in effect from time to time during the period of his employment hereunder. The Corporation shall be under no obligation to institute or continue the existence of any such employee benefit plan. In addition to the employee benefits otherwise available to the Corporation’s employees, during the Term, Executive shall continue to be entitled to the life insurance policy and disability insurance policy, if any, that the Corporation maintained for Executive prior to the execution of this Agreement. 4.4 In the event that a Change in Control occurs during the Term, Executive shall receive a Change in Control Payment within 30 calendar days after the consummation of the Change of Control. View More

Term. Executive shall be employed for a term commencing on January 1, 2015 and ending on December 31, 2015 2014 (the “Term”), unless his employment is terminated prior thereto pursuant to the provisions hereof. This Agreement shall automatically expire on December 31, 2015 2014 and shall not be extended or renewed except in a writing signed by an authorized officer of the Corporation. Executive hereby acknowledges and agrees that his employment by the Corporation, if any, beyond the expiration date of... this Agreement shall be terminable by either party at will and shall not, under any circumstances, be deemed to expressly or impliedly renew the terms of this Agreement. -1- 4. Compensation/Benefits. Compensation/Bonus/Benefits. 4.1 The Corporation will pay to Executive as compensation for his services hereunder a salary (the “Base Salary”) of $150,000 $141,564 per annum, or such greater amount as the Board of Directors of the Corporation may shall from time to time determine and confirm in writing. Executive’s Base Salary may be increased to $148,642 during the Term if, in the opinion of the Board of Directors, the Corporation’s profitability and operating results justify an increase. Any increase shall become effective for future salary payments and shall not be retroactive. Such salary shall is to be payable in equal installments in accordance with the Corporation’s normal payroll policy. 4.2 4.3 Effective as of the date of this Agreement, the Corporation shall grant Executive a ten-year incentive stock option to purchase 100,000 shares of the Corporation’s common stock at an exercise price equal to the closing price of such stock on the date hereof. The option shall vest as follows: (i) as to 10,000 shares effective on the date hereof, and (ii) as to 10,000 shares on each of the next nine annual anniversaries of the date of this Agreement, provided that Executive still is employed at the Corporation on each such anniversary. 4.4 For each fiscal year ending while this Agreement is in effect, Executive shall be entitled to participate in an annual bonus plan of the Corporation pursuant Corporation. The amount of the bonus, if any, payable to which Executive’s target bonus opportunity Executive shall be fifty percent (50%) of Executive’s Base Salary (the “Target Bonus”). The actual bonus paid may be higher or lower than the Target Bonus for over-or under-achievement of Corporation and individual objectives as determined by the Board of Directors or Compensation Committee of the Board. The Target Bonus will be subject to annual adjustment by the Board or the Compensation Committee of the Board, in its sole discretion; provided, however, that discretion, based on such criteria as the percentage of Executive’s Target Bonus may not be decreased without Executive’s consent. Board or the Compensation Committee deem appropriate. Any bonus earned by Executive for any fiscal year shall be paid to him as soon as reasonably practicable after the end of the year for which it is earned, but in no event later than 90 days following the end of the fiscal year for which it is earned. 4.3 granted. 4.5 Executive shall be entitled to participate, to the extent he is eligible under the terms and conditions thereof, in any pension, retirement, disability, insurance, medical service, or other employee benefit plan which is generally available to all employees of the Corporation and which may be in effect from time to time during the period of his employment hereunder. The Corporation shall be under no obligation to institute or continue the existence of any such employee benefit plan. In addition to the employee benefits otherwise available to the Corporation’s employees, during the Term, Executive shall continue to be entitled to the life insurance policy and disability insurance policy, if any, that the Corporation maintained for Executive prior to the execution of this Agreement. View More

Term. Executive shall be employed for a term commencing on January 1, 2015 and ending on December 31, 2015 2014 (the “Term”), unless his employment is terminated prior thereto pursuant to the provisions hereof. This Agreement shall automatically expire on December 31, 2015 2014 and shall not be extended or renewed except in a writing signed by an authorized officer of the Corporation. Executive hereby acknowledges and agrees that his employment by the Corporation, if any, beyond the expiration date of... this Agreement shall be terminable by either party at will and shall not, under any circumstances, be deemed to expressly or impliedly renew the terms of this Agreement. -1- 4. Compensation/Benefits. 4.1 The Corporation will pay to Executive as compensation for his services hereunder a salary (the “Base Salary”) of $150,000 per annum, or such greater amount as the Board of Directors of the Corporation may shall from time to time determine and confirm in writing. Executive’s Base Salary may be increased to $157,500 during the Term if, in the opinion of the Board of Directors, the Corporation’s profitability and operating results justify an increase. Any increase shall become effective for future salary payments and shall not be retroactive. Such salary shall is to be payable in equal installments in accordance with the Corporation’s normal payroll policy. 4.2 Effective as of the date of this Agreement, the Corporation shall grant Executive a five-year incentive stock option to purchase 2,000 shares of the Corporation’s common stock at an exercise price equal to the closing price of such stock on the date hereof. The option shall vest over three years in accordance with the Corporation’s normal vesting policies. 4.3 For each fiscal year ending while this Agreement is in effect, Executive shall participate in an annual bonus plan of the Corporation pursuant to which Executive’s target bonus opportunity shall be fifty percent (50%) of Executive’s Base Salary (the “Target Bonus”). The actual bonus paid may be higher or lower than the Target Bonus for over-or under-achievement of Corporation and individual objectives as determined by the Board of Directors or Compensation Committee of the Board. The Target Bonus will be subject to annual adjustment by the Board or the Compensation Committee of the Board, in its sole discretion; provided, however, that the percentage of Executive’s Target Bonus may not be decreased without Executive’s consent. Any bonus earned by Executive for any fiscal year shall be paid to him as soon as reasonably practicable after the end of the year for which it is earned, but in no event later than 90 days following the end of the fiscal year for which it is earned. 4.3 4.4 Executive shall be entitled to participate, to the extent he is eligible under the terms and conditions thereof, in any pension, retirement, disability, insurance, medical service, or other employee benefit plan which is generally available to all employees of the Corporation and which may be in effect from time to time during the period of his employment hereunder. The Corporation shall be under no obligation to institute or continue the existence of any such employee benefit plan. In addition to the employee benefits otherwise available to the Corporation’s employees, during the Term, Executive shall continue to be entitled to the life insurance policy and disability insurance policy, if any, that the Corporation maintained for Executive prior to the execution of this Agreement. View More

Term. Executive shall be employed for a term commencing on January 1, 2015 and ending on December 31, 2015 2014 (the “Term”), unless his employment is terminated prior thereto pursuant to the provisions hereof. This Agreement shall automatically expire on December 31, 2015 2014 and shall not be extended or renewed except in a writing signed by an authorized officer of the Corporation. Executive hereby acknowledges and agrees that his employment by the Corporation, if any, beyond the expiration date of... this Agreement shall be terminable by either party at will and shall not, under any circumstances, be deemed to expressly or impliedly renew the terms of this Agreement. -1- 4. Compensation/Benefits. Compensation/Bonus/Benefits. 4.1 The Corporation will pay to Executive as compensation for his services hereunder a salary (the “Base Salary”) of $150,000 $240,000 per annum, or such greater amount as the Board of Directors of the Corporation may shall from time to time determine and confirm in writing. Executive’s Base Salary may be increased to $252,000 during the Term if, in the opinion of the Board of Directors, the Corporation’s profitability and operating results justify an increase. Any increase shall become effective for future salary payments and shall not be retroactive. Such salary shall is to be payable in equal installments in accordance with the Corporation’s normal payroll policy. 4.2 Within five days of the execution of this Agreement, the Corporation shall pay Executive a signing bonus equal to ten thousand dollars ($10,000), less tax withholding and other authorized deductions. 4.3 Effective as of the date of this Agreement, the Corporation shall grant Executive a five-year incentive stock option to purchase 4,000 shares of the Corporation’s common stock at an exercise price equal to the closing price of such stock on the date hereof. The option shall vest over three years in accordance with the Corporation’s normal vesting policies. 4.4 For each fiscal year ending while this Agreement is in effect, Executive shall participate in an annual bonus plan of the Corporation pursuant to which Executive’s target bonus opportunity shall be fifty percent (50%) of Executive’s Base Salary (the “Target Bonus”). The actual bonus paid may be higher or lower than the Target Bonus for over-or under-achievement of Corporation and individual objectives as determined by the Board of Directors or Compensation Committee of the Board. The Target Bonus will be subject to annual adjustment by the Board or the Compensation Committee of the Board, in its sole discretion; provided, however, that the percentage of Executive’s Target Bonus may not be decreased without Executive’s consent. Any bonus earned by Executive for any fiscal year shall be paid to him as soon as reasonably practicable after the end of the year for which it is earned, but in no event later than 90 days following the end of the fiscal year for which it is earned. 4.3 4.5 Executive shall be entitled to participate, to the extent he is eligible under the terms and conditions thereof, in any pension, retirement, disability, insurance, medical service, or other employee benefit plan which is generally available to all employees of the Corporation and which may be in effect from time to time during the period of his employment hereunder. The Corporation shall be under no obligation to institute or continue the existence of any such employee benefit plan. In addition to the employee benefits otherwise available to the Corporation’s employees, during the Term, Executive shall continue to be entitled to the life insurance policy and disability insurance policy, if any, that the Corporation maintained for Executive prior to the execution of this Agreement. View More