Additional Employee Compensation Sample Clauses
The Additional Employee Compensation clause establishes the terms under which employees may receive compensation beyond their standard salary or wages. This can include bonuses, commissions, overtime pay, or other incentive-based payments, and typically outlines eligibility criteria, calculation methods, and payment schedules. By clearly defining these extra forms of compensation, the clause helps prevent misunderstandings and ensures both employer and employee are aware of the conditions and expectations regarding additional pay.
Additional Employee Compensation. Buyer shall increase the annual pre-bonus, base compensation for the fiscal year ending December 31, 2004 for each employee of Seller who becomes an employee of Buyer within thirty days after the Closing Date and for whom Seller and Buyer mutually determine shall receive an increase, by an amount for each employee (the “Targeted Amount”) mutually determined by Buyer and Seller prior to the Closing Date; provided that (a) the aggregate Targeted Amount for all employees of Seller shall be $2,500,000 and (b) if any employee of Seller does not become an employee of Buyer within thirty days after the Closing Date, neither the Targeted Amount for such employee nor any portion thereof shall be allocated or paid to any other employee of Seller who so becomes an employee of Buyer. At or prior to the first to occur of the next meeting of the board of directors of Buyer following the Closing and February 29, 2004, Buyer shall grant to employees of Seller with the title of Principal (not including Shareholders) who become employees of Buyer on or within thirty days after the Closing Date, shares of restricted common stock of Buyer pursuant to Buyer’s long-term incentive plans, such shares to be granted in amounts for each such employee as Seller and Buyer mutually determine prior to or promptly after the Closing Date (provided that the aggregate number of shares so granted to all such employees shall not exceed a number equal to the product of the number of such employees (not to exceed thirty-one (31)) multiplied by $50,000, divided by the closing sale price for a share of common stock of Buyer on the New York Stock Exchange on the Closing Date), such shares to be subject to the provisions of such plans, including vesting of one-quarter of such shares on each of the first four anniversaries of the date of grant.
Additional Employee Compensation