Annual Base Compensation. During the Employment Period the Company shall pay to the Employee a base salary at the annual rate (the "ANNUAL BASE COMPENSATION") of $250,000. The Annual Base Compensation shall be paid in regular installments in accordance with the Company's general payroll practices, and shall be subject to all required federal, state and local withholding taxes. The Employee's Annual Base Compensation shall be reviewed by the Board annually, and may, in the discretion of the Board be increased, provided that there shall be no obligation on the part of the Company to increase the Employee's Annual Base Compensation, further provided that in no event shall the Employee's Annual Base Compensation be less than the greater of (i) the amount indicated in the first sentence of this Section 3.1 or (ii) the highest amount such Annual Base Compensation may have been increased to by the Board subsequent to the date of this Agreement in its discretion.
Appears in 1 contract
Samples: Employment Agreement (Sovereign Specialty Chemicals Inc)
Annual Base Compensation. During the Employment Period the Company shall pay to the Employee a an annual base salary at the annual rate (the "ANNUAL BASE COMPENSATION") in the amount of $250,000240,000.00. The Annual Base Compensation shall be paid in regular installments in accordance with the Company's general payroll practices, and shall be subject to all required federal, state and local withholding taxes. The Employee's Annual Base Compensation shall be reviewed by the Board annually, and may, in the discretion of the Board be increased, provided that there shall be no obligation on the part of the Company to increase the Employee's Annual Base Compensation, further provided that in no event shall the Employee's Annual Base Compensation be less than the greater of (i) the amount indicated in the first sentence of this Section 3.1 or (ii) the highest amount such Annual Base Compensation may have been increased to by the Board subsequent to the date of this Agreement in its discretion.
Appears in 1 contract
Samples: Employment Agreement (Sovereign Specialty Chemicals Inc)
Annual Base Compensation. During the Employment Period the Company shall pay to the Employee a an annual base salary at the annual rate (the "ANNUAL BASE COMPENSATION") in the amount of $250,000196,000.00. The Annual Base Compensation shall be paid in regular installments in accordance with the Company's general payroll practices, and shall be subject to all required federal, state and local withholding taxes. The Employee's Annual Base Compensation shall be reviewed by the Board annually, and may, in the discretion of the Board be increased, provided that there shall be no obligation on the part of the Company to increase the Employee's Annual Base Compensation, further provided that in no event shall the Employee's Annual Base Compensation be less than the greater of (i) the amount indicated in the first sentence of this Section 3.1 or (ii) the highest amount such Annual Base Compensation may have been increased to by the Board subsequent to the date of this Agreement in its discretion.
Appears in 1 contract
Samples: Employment Agreement (Sovereign Specialty Chemicals Inc)
Annual Base Compensation. During the Employment Period the Company shall pay to the Employee a an annual base salary at the annual rate (the "ANNUAL BASE COMPENSATION") in the amount of $250,000200,000. The Annual Base Compensation shall be paid in regular installments in accordance with the Company's general payroll practices, and shall be subject to all required federal, state and local withholding taxes. The Employee's Annual Base Compensation shall be reviewed by the Board annually, and may, in the discretion of the Board be increased, provided that there shall be no obligation on the part of the Company to increase the Employee's Annual Base Compensation, further provided that in no event shall the Employee's Annual Base Compensation be less than the greater of (i) the amount indicated in the first sentence of this Section 3.1 or (ii) the highest amount such Annual Base Compensation may have been increased to by the Board subsequent to the date of this Agreement in its discretion.
Appears in 1 contract
Samples: Employment Agreement (Sovereign Specialty Chemicals Inc)
Annual Base Compensation. During the Employment Period the Company shall pay to the Employee a an annual base salary at the annual rate (the "ANNUAL BASE COMPENSATION") in the amount of $250,000250,000.00. The Annual Base Compensation shall be paid in regular installments in accordance with the Company's general payroll practices, and shall be subject to all required federal, state and local withholding taxes. The Employee's Annual Base Compensation shall be reviewed by the Board annually, and may, in the discretion of the Board be increased, provided that there shall be no obligation on the part of the Company to increase the Employee's Annual Base Compensation, further provided that in no event shall the Employee's Annual Base Compensation be less than the greater of (i) the amount indicated in the first sentence of this Section 3.1 or (ii) the highest amount such Annual Base Compensation may have been increased to by the Board subsequent to the date of this Agreement in its discretion.
Appears in 1 contract
Samples: Employment Agreement (Sovereign Specialty Chemicals Inc)
Annual Base Compensation. During the Employment Period the Company shall pay to the Employee a an annual base salary at the annual rate (the "ANNUAL BASE COMPENSATION") in the amount of $250,000155,000.00. The Annual Base Compensation shall be paid in regular installments in accordance with the Company's general payroll practices, and shall be subject to all required federal, state and local withholding taxes. The Employee's Annual Base Compensation shall be reviewed by the Board annually, and may, in the discretion of the Board be increased, provided that there shall be no obligation on the part of the Company to increase the Employee's Annual Base Compensation, further provided that in no event shall the Employee's Annual Base Compensation be less than the greater of (i) the amount indicated in the first sentence of this Section 3.1 or (ii) the highest amount such Annual Base Compensation may have been increased to by the Board subsequent to the date of this Agreement in its discretion.
Appears in 1 contract
Samples: Employment Agreement (Sovereign Specialty Chemicals Inc)
Annual Base Compensation. During the Employment Period the Company shall pay to the Employee a an annual base salary at the annual rate (the "ANNUAL BASE COMPENSATION") in the amount of $250,000225,000.00. The Annual Base Compensation shall be paid in regular installments in accordance with the Company's general payroll practices, and shall be subject to all required federal, state and local withholding taxes. The Employee's Annual Base Compensation shall be reviewed by the Board annually, and may, in the discretion of the Board be increased, provided that there shall be no obligation on the part of the Company to increase the Employee's Annual Base Compensation, further provided that in no event shall the Employee's Annual Base Compensation be less than the greater of (i) the amount indicated in the first sentence of this Section 3.1 or (ii) the highest amount such Annual Base Compensation may have been increased to by the Board subsequent to the date of this Agreement in its discretion.
Appears in 1 contract
Samples: Employment Agreement (Sovereign Specialty Chemicals Inc)
Annual Base Compensation. During the Employment Period the Company shall pay to the Employee a an annual base salary at the annual rate (the "ANNUAL BASE COMPENSATION") in the amount of $250,000300,000. The Annual Base Compensation shall be paid in regular installments in accordance with the Company's general payroll practices, and shall be subject to all required federal, state and local withholding taxes. The Employee's Annual Base Compensation shall be reviewed by the Board annually, and may, in the discretion of the Board be increased, provided that there shall be no obligation on the part of the Company to increase the Employee's Annual Base Compensation, further provided that in no event shall the Employee's Annual Base Compensation be less than the greater of (i) the amount indicated in the first sentence of this Section 3.1 or (ii) the highest amount such Annual Base Compensation may have been increased to by the Board subsequent to the date of this Agreement in its discretion.
Appears in 1 contract
Samples: Employment Agreement (Sovereign Specialty Chemicals Inc)
Annual Base Compensation. During the Employment Period the Company shall pay to the Employee a an annual base salary at the annual rate (the "ANNUAL BASE COMPENSATION") in the amount of $250,000150,000.00. The Annual Base Compensation shall be paid in regular installments in accordance with the Company's general payroll practices, and shall be subject to all required federal, state and local withholding taxes. The Employee's Annual Base Compensation shall be reviewed by the Board annually, and may, in the discretion of the Board be increased, provided that there shall be no obligation on the part of the Company to increase the Employee's Annual Base Compensation, further provided that in no event shall the Employee's Annual Base Compensation be less than the greater of (i) the amount indicated in the first sentence of this Section 3.1 or (ii) the highest amount such Annual Base Compensation may have been increased to by the Board subsequent to the date of this Agreement in its discretion.
Appears in 1 contract
Samples: Employment Agreement (Sovereign Specialty Chemicals Inc)