Base Compensation and Benefits Clause Samples
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Base Compensation and Benefits. Buyer shall provide or cause to be provided to each of the Company Employees who as of the Closing Date are employed by the Company or any of its Subsidiaries (“Continuing Employees”), for a period one year following the Closing (A) the same base compensation or wages and annual bonus opportunity that are no less favorable in the aggregate to those provided immediately prior to the Closing Date and (B) benefits that are not less favorable in the aggregate to those provided to such employees by the Company and its Subsidiaries and/or Seller and its Affiliates under an Employee Plan immediately prior to the Closing Date.
Base Compensation and Benefits. (a) The annual base compensation rate to be paid to Employee for the services to be rendered hereunder shall be Three Hundred Fifty Thousand Dollars ($350,000.00), payable in accordance with the Company's normal payroll practices, subject to applicable federal and state income and social security tax withholding requirements (the "Base Rate").
(b) Employee's Base Rate may be reviewed from time to time by the Board and adjusted upward as Employee's performance, the performance of the Company and other pertinent factors warrant at any time during the term of this Agreement.
(c) Employee shall have the right to fully participate in any Management Bonus Program to the same extent or greater than as previously provided to Employee prior to the execution of this Agreement. Any bonus payable to Employee under such Management Bonus Program shall be paid in a manner consistent with the Company's past practice with respect to payment of bonuses. Notwithstanding the foregoing, any bonus opportunity provided to Employee under a current or future Management Bonus Program shall at least equal an opportunity to earn up to sixty percent (60%) of the Base Rate for the year to which such bonus relates. Any operating or financial objectives on an annual basis related to the payment of the annual bonus award to the Employee will be consistent with and equal to the same operating or financial objectives for any of the Company's other senior executives.
(d) Employee shall be entitled to receive such benefits as were afforded to Employee prior to the execution of this Agreement including but not limited to the following:
(i) Employee shall be entitled to twenty-one (21) days of paid vacation during each year of employment plus all Company sponsored holidays;
(ii) Employee shall be entitled to sick leave in accordance with the plans and policies established by the Company for all employees;
(iii) Employee shall be entitled to such medical insurance, life insurance and disability and salary continuation benefit programs, if any, as are provided by the Company to its employees from time to time; and
(iv) Employee shall be entitled to participation in the Company's 401K Plan, pension plan and/or profit sharing plans.
(e) The Company shall reimburse Employee for those expenses that are incurred by him in connection with the performance of his duties under this Agreement, are consistent with Company policies and practices, and are reasonably related to the business of the Company.
Base Compensation and Benefits. In the event Executive's employment is terminated for any reason, all compensation and benefits shall cease, except that the Company shall pay to Executive that portion of his then Base Annual Compensation that has been earned but unpaid at the time of such termination and reimbursable expenses incurred by but not yet reimbursed to Executive at the time of such termination.
Base Compensation and Benefits. PanAmSat shall pay to ▇▇▇▇▇▇ monthly during the Term an amount equal to the following:
a. The sum of $23,222, representing one-twelfth of an annual base salary of $280,000 (as same may be adjusted upwards by the Compensation Committee of PanAmSat's Board of Directors at such time as the salaries of other executive officers of PanAmSat are adjusted);
b. An amount equal to the lesser of (i) ▇▇▇▇▇▇' monthly cost of providing medical and health insurance, life/disability insurance and other welfare benefits ("Welfare Benefits") to Executive or (ii) the amount which PanAmSat would have paid if Executive had elected to receive all Welfare Benefits for which he would have been eligible had he been a direct employee of PanAmSat;
c. The amount which ▇▇▇▇▇▇ pays into any retirement plan for the benefit of the Executive as a match against Executive's contribution, not to exceed 4% of Executive's compensation. Following Executive's direct employment by PanAmSat, Executive will participate in PanAmSat's 401(k) plan; and
d. All direct expenses paid by ▇▇▇▇▇▇ in respect of Executive's employment, such as the employer's contribution for FICA. April 7, 1997 Page 3 Policy"), subject to a limit of $100,000. All expenses of Executive in excess of $100,000 under the Relocation Policy as administered by PanAmSat shall be paid by ▇▇▇▇▇▇. Executive's business travel and entertainment expenses incurred in the service of PanAmSat will be paid or reimbursed directly to Executive upon presentation of expense reports in accordance with PanAmSat's business expense policies.
Base Compensation and Benefits. (a) Consultant shall receive a percentage commission (the "Commission Bonus") equal to ten percent (10%) of any net revenue (after any applicable agency fees) actually received by the Network from new sales procured by Consultant for the Network, which is entered into during the Consulting Period ("Commissionable Receipts"). The Commission Bonus shall be paid to Consultant monthly for Commissionable Receipts for the previous month. The Network shall provide an accounting of earned Commission Bonuses to Consultant on a monthly basis during the Consulting Period and at least every twelve (12) months after the Consulting Period has expired. After the Expiration Date, Consultant shall be entitled to the ten percent (10%) Commission Bonus for the remaining term of any advertising contract in existence on the Expiration Date, and a five percent (5%) Commission Bonus (rather than 10%) for the first written renewal contract for an advertiser for which Consultant previously was paid a Commission Bonus during the Consulting Period of this Agreement. In addition to the Commission Bonus, if Commissionable Receipts during the Term of this Agreement exceed $500,000, Consultant shall receive an additional $10,000 bonus and if the Commissionable Receipts during the Term of this Agreement exceed $1,000,000, Consultant shall receive an additional $25,000 bonus.
(b) The services to be provided by Consultant include assistance to the Network in adding installations at military bases. If Consultant is successful in this goal, the Network agrees to pay Consultant as a one-time bonus $1.00 for each verified military viewer which allows the Network to present to advertisers as increased total viewership (the "Military Bonus"), as of the date of the agreement of the United States military to allow the Network to install its systems. The Military Bonus shall be a one-time bonus, and shall be paid on the date of substantial installation of the Network's system, provided that the system must remain installed for at least twelve (12) months.
(c) During the Term of this Agreement, Consultant shall be paid $5,000 per month on the first day of each month commencing on March 1, 1999 as a draw against the Commission Bonus and Military Bonus (the "Draw"). The Draw shall be recouped out of the Commission Bonus and Military Bonus and shall be reconciled on each anniversary of this Agreement or the termination of this Agreement (whichever is sooner). Consultant shall not be liable for any Draw...
Base Compensation and Benefits a. Consultant shall receive a percentage commission (the “Commission Bonus”) equal to ten percent (10%) of any net revenue (after any applicable agency fees), including barter revenue, actually received by CTN from new sales procured by Consultant for CTN, which is entered into during the Consulting Period (“Commissionable Receipts”). The Commission Bonus shall be paid to Consultant monthly for Commissionable Receipts for the previous month. CTN shall provide an accounting of earned Commission Bonuses to Consultant on a monthly basis during the Consulting Period and at least every twelve (12) months after the Consulting Period has expired (the “Expiration Date”). After the Expiration Date, Consultant shall be entitled to the ten percent (10%) Commission Bonus for the remaining term of any advertising contract in existence on the Expiration Date, and a five percent (5%) Commission Bonus (rather than 10%) for the first written renewal contract for an advertiser for which Consultant previously was paid a Commission Bonus during the Consulting Period of this Agreement. In addition to the Commission Bonus, if Commissionable Receipts during the term of this Agreement exceed $500,000, Consultant shall receive an additional $10,000 bonus and if the Commissionable Receipts during the term of this Agreement exceed $1,000,000, Consultant shall receive an additional $25,000 bonus.
b. CTN shall reimburse Consultant for reasonable pre-approved expenses incurred in the course of performing the duties under this Agreement in accordance with CTN's policies in effect from time to time with respect to travel, entertainment and other business expenses, subject to CTN's requirements with respect to reporting and documentation of such expenses. However, in no event shall such expenses be reimbursed by CTN prior to the closing of the sale generated by Consultant to which the expenses relate.
Base Compensation and Benefits. In the event Employee's employment is terminated for any reason, all compensation and benefits shall cease, except that the Company shall pay to Employee that portion of his then Base Annual Compensation that has been earned but unpaid at the time of such termination and reimbursable expenses incurred by but not yet reimbursed to Employee at the time of such termination.
Base Compensation and Benefits. Your base salary, Long-Term Incentive Plan target percentage and Annual Incentive Plan target percentage as of December 31, 2012, shall remain in effect through your Final Employment Day. During this time, you will remain a participant in the Company’s employee welfare, benefit, and retirement plans and programs, including retirement and supplemental retirement plans, on the same basis as generally applicable to the other senior executives of the Company.
Base Compensation and Benefits
