Additional Benefits and Compensation. During the Term, Executive shall be entitled to:
a. life insurance, group health insurance, including major medical and hospitalization, comparable to such benefits offered to other key executives of the Company;
b. reimbursement for all reasonable expenses incurred by Executive in connection with the performance of his duties and in accordance with any applicable policy of the Company (including 100% of reasonable travel and entertainment expenses), subject to submission of appropriate documentation therefor; and
Additional Benefits and Compensation. The Board shall provide the Superintendent the following benefits:
A. As long as the Superintendent remains insurable, the Board shall pay the premium for a term life insurance policy in the amount of $300,000.00 on the life of the Superintendent, payable to the beneficiary designated by the Superintendent. The Board will have no other obligation for the policy upon the termination of this Contract.
B. The Board shall pay the state allocation amount for the Superintendent’s group health care insurance for hospitalization and major medical coverage, on the same basis as is paid by the Board for its administrative employees. The Superintendent will be responsible to pay the individual or family coverage premium required by the State for PEEHIP coverage. In addition, if the Superintendent wishes to have family dental or other additional coverage provided by PEEHIP, it will be necessary for the Superintendent to pay the premiums for such coverage.
C. In addition to legal holidays, the Superintendent shall be entitled to receive annually twenty (20) vacation days and twelve (12) days of sick leave which may, with Board approval, be carried over to succeeding years to the extent allowed by law.
D. In lieu of furnishing the Superintendent an automobile, the Board shall pay a car allowance to the Superintendent in the amount of $900.00 per month. The Superintendent shall be responsible for furnishing his automobile and paying for the operational expenses and insurance. In the event the Superintendent is required to drive the automobile outside the City of Huntsville in the performance of his duties under this Contract or for ancillary duties, the Superintendent shall be entitled to receive reimbursement for mileage at the same rate as is provided other Board employees.
E. The Board shall provide the Superintendent the technology necessary for the performance of his duties.
F. The Superintendent shall be entitled to receive any retirement benefits under the Alabama retirement system that are available to employees of the District. In addition, the Superintendent may elect that a portion of his annual salary set forth in paragraph 5.A. of this Contract into the District's qualified tax shelter plan or plans approved by the Board.
Additional Benefits and Compensation. (a) Employee will be eligible for such fringe benefits, if any, by way of insurance, hospitalization and vacations normally provided to employees of the Company generally and such additional benefits as may be from time to time agreed upon in writing between Employee and the Company.
(b) Commencing with the fiscal year ending September 30, 2008 and continuing for each fiscal year thereafter during the term of this Agreement, the Company will pay Employee a performance bonus based on factors, goals or other subjective and objective criteria to be determined by the Company. The availability and amount of such bonus will be determined in the sole discretion of the Company. If Employee achieves the desired performance criteria, the amount of this bonus would be up to $200,000, but could be increased above such amount if approved under the objective criteria established by the Company. If earned, this performance bonus would be paid within 90 days after the end of the relevant fiscal year. Notwithstanding the foregoing, in order to receive a bonus pursuant to this Section 5(b), Employee must have been continuously employed by the Company from the date set forth in Section 1 until the end of the relevant fiscal year.
(c) Upon satisfaction of the Performance Award #1 Goals set forth on Exhibit A attached hereto, Employee shall be awarded common units of Inergy Holdings, L.P. (“NRGP”), common units of Inergy, L.P. (“NRGY”), or cash (“Performance Award #1”) equal in value to the fair market value of 20,000 NRGP common units on the date the Performance Award #1 Goals are met (the “NRGP Unit Value Equivalent”). The fair market value shall be determined by multiplying 20,000 by the average closing price of an NRPG common unit on NASDAQ for the seven (7) days immediately prior to the date all the Performance Award #1 Goals are satisfied. The allocation among NRGY or NRGP units, or cash granted to Employee shall be at the Company’s discretion. In order to receive the awards pursuant to this Section 5(c), Employee must have been continuously employed by the Company from the date set forth in Section 1 until the Performance Award #1 Goals are satisfied.
(d) Upon satisfaction of the Performance Award #2 Goals set forth on Exhibit A attached hereto, Employee shall be awarded common units of Inergy Holdings, L.P. (“NRGP”), common units of Inergy, L.P. (“NRGY”), or cash (“Performance Award #2”) equal in value to the fair market value of 30,000 NRGP common units on the date th...
Additional Benefits and Compensation. (a) Employee will be eligible for such fringe benefits, if any, by way of insurance, hospitalization and vacations normally provided to employees of the Company generally and such additional benefits as may be from time to time agreed upon in writing between Employee and the Company.
(b) For the fiscal year ending September 30, 2011, and for each subsequent fiscal year during the term of this Agreement, the Company agrees to pay Employee a performance bonus based on the achievement of certain annual financial and/or non-financial objectives and performance goals established by the Company in its sole discretion for such fiscal year. For each fiscal year as to which Employee is eligible to receive a bonus under this Section 5(b), the Company will establish the annual targets for the Employee (which criteria and targets to be determined by the Company in its sole discretion). Although the amount of the bonus under this Section 5(b) will be determined by the Company from time to time in its sole discretion, the target bonus is expected to be $300,000 per year (the “Target Bonus”). Notwithstanding the foregoing, in order to receive a bonus pursuant to this Section 5(b), Employee must have been continuously employed by the Company from the date set forth in Section 1 until the end of the relevant fiscal year. Any bonus earned hereunder shall be payable within 30 days after the audited financial statements of the Company are completed for the relevant fiscal year.
Additional Benefits and Compensation. Effective as of January 3, 1997, Employee shall no longer participate in the Parent's Short-Term or Long-Term Officer Incentive Plans but instead shall participate in the Company's incentive program set forth on Exhibit A hereto. This modification shall in no way affect or reduce the "Fringe Benefits" itemized on Exhibit B which shall continue in full force and effect for the term of this Agreement. Additionally, notwithstanding Employee's prior capacity as an officer of the Parent, Employee is entitled to a carried interest in the Coors Project at the percentage set forth in Paragraph 3 of Exhibit A; provided, however, Employee acknowledges and agrees that any entitlement to a carried interest with respect to the Coors Project for the years 1995 and 1996 has been satisfied through annual bonus payments for such years.
Additional Benefits and Compensation. In addition to the compensation set forth above, the Employee shall receive the benefits set forth in the offer letter dated November 8, 1994 to the Employee from Charles E. Bayless, attached hereto as Exxxxxx X, xx xxxx xx x benefit plan to be quantified at a later date, based upon specific performance objectives. Said benefit plan will be consistent with programs in the independent power production industry generally which consider, for example, development fees, carried interest, and equity participation. Until such benefit plan is finalized and implemented, the Employee shall participate in the annual incentive program referenced in item (1) of Exhibit A (the "Incentive Program"). At such time as the benefit plan is finalized and implemented, Employee's participation in the Incentive Program shall cease, provided, however, that Employee shall be entitled to a pro-rata portion of the award otherwise payable to him under the Incentive Program for the year in which his participation terminates, based upon that portion of the year in which he participated in the Incentive Program.
Additional Benefits and Compensation. The Board shall provide the Superintendent the following benefits:
A. As long as the Superintendent remains insurable, the Board shall pay the premium for a term life insurance policy in the amount of $300,000.00 on the life of the Superintendent, payable to the beneficiary designated by the Superintendent. The Board will have no other obligation for the policy upon the termination of this Contract.
B. The Board shall pay the state allocation amount for the Superintendent’s group health care insurance for hospitalization and major medical coverage, on the same basis as is paid by the Board for its administrative employees. The Superintendent will be responsible to pay the individual or family coverage premium required by the State for PEEHIP coverage. In addition, if the Superintendent wishes to have family dental or other additional coverage provided by PEEHIP, it will be necessary for the Superintendent to pay the premiums for such coverage.
C. In addition to legal holidays, the Superintendent shall be entitled to receive annually twenty (20) vacation days plus two (2) additional vacation days in each subsequent contract year (e.g., a total of 22 in the second contract year, 24 in the third contract year, 26 in the fourth contract year if extended, etc.) and twelve (12) days of sick leave which may be carried over to succeeding years to the extent allowed by law.
D. The Board will review Superintendent’s salary every 12 months in light of the Board’s current financial situation.
E. The Board shall provide the Superintendent the technology necessary for the performance of her duties.
F. The Superintendent shall be entitled to receive any retirement benefits under the Alabama retirement system that are available to employees of the District. In addition, the Superintendent may elect that a portion of her annual salary set forth in paragraph 5.A. of this Contract into the District's qualified tax shelter plan or plans approved by the Board.
Additional Benefits and Compensation. (a) Employee shall be eligible for such fringe benefits, if any, by way of insurance, hospitalization and vacations normally provided to employees of the Company generally and such additional benefits as may be from time to time agreed upon in writing between Employee and the Company.
(b) Employee will receive cash bonuses as determined by the Company in its sole discretion, payable in such amounts and at such times as the Company may determine.
Additional Benefits and Compensation. During the Term, Executive shall be entitled to:
(a) life insurance, group health insurance, including major medical and hospitalization, comparable to such benefits offered to other key executives of the Company;
(b) reimbursement for all reasonable expenses incurred by Executive in connection with the performance of his duties and in accordance with any applicable policy of the Company (including one-hundred percent (100%) of reasonable travel and entertainment expenses), subject to submission of appropriate documentation therefor;
(c) automobile allowance in the amount of five-hundred dollars ($500.00) per month, plus reimbursement of all reasonable automobile expenses (excluding lease or loan payments) incurred regarding the principal automobile driven by Executive; and
(d) all benefits and perquisites that Executive enjoyed by way of his employment with the Company prior to the execution of this Agreement.
Additional Benefits and Compensation. During the Term, Employee shall be entitled to:
a. life insurance, group health insurance, including major medical and hospitalization, comparable to such benefits offered to other key employees of the Company; and
b. reimbursement for all reasonable expenses incurred by Employee in connection with the performance of his duties and in accordance with any applicable policy of the Company, subject to submission of appropriate documentation therefore.
