Base Salary Adjustment. The Base Salary may not be decreased hereunder during the term of this Agreement, but may be increased upon review by, and at the sole discretion of, the Company's Board of Directors.
Base Salary Adjustment. The Base Salary shall be subject to a minimum increase of five percent (5%) effective on each anniversary of the Effective Date during the Term.
Base Salary Adjustment. The Employee’s base salary for periods after May 2, 2005 shall be at the rate as set by the Board of the Company, at the recommendation of the CEO and the Compensation Committee, payable on the Company’s normal payroll dates. Salary adjustments will include, at a minimum, any cost of living increase to the extent provided generally to all members of the Management Committee. Base salary will not be adjusted downward unless the Employee consents in advance in writing to such adjustment.
Base Salary Adjustment. Employee's base salary shall be adjusted, commencing as of January 1, 2001, to be paid at a rate equal to not less than $200,000 per annum, payable in accordance with Company practices.
Base Salary Adjustment. The Board will have the sole discretion to annually increase the Base Salary. The Board will not decrease the Base Salary unless the Executive agrees in advance to the proposed decrease.
Base Salary Adjustment. As provided in the Employment Agreement, the Executive’s Base Salary is subject to annual review and may, in the Committee’s discretion, be increased without the Executive’s consent. With respect to the Executive, the Committee has reviewed Executive’s Base Salary and concluded that it is appropriate to increase Executive’s Base Salary for the Company’s 2020 fiscal year to $350,000. Annual Bonus Adjustment As provided in the Employment Agreement, the Executive’s Target Bonus is set at a minimum amount of $200,000 – or such greater amount as may be provided in a written notice to the Executive from the Committee. Accordingly, this is to provide notice to the Executive that Executive’s Target Bonus for the Company’s 2020 fiscal year is being adjusted to $218,750 and actual Bonus will be an amount ranging from 0% - 200% of the Target Bonus. Thus, the maximum Bonus payable to the Executive for the 2020 fiscal year will be $437,500 (i.e., 200% of the Target Bonus)
Base Salary Adjustment. As provided in the Employment Agreement, the Executive’s Base Salary is subject to annual review and may, in the Committee’s discretion, be increased without the Executive’s consent. With respect to the Executive, the Committee has reviewed Executive’s Base Salary and concluded that it is appropriate to increase Executive’s Base Salary for the Company’s 2022 fiscal year to $900,000. Annual Bonus Adjustment As provided in the Employment Agreement, the Executive’s Target Bonus is set at a minimum amount of $2,125,000 – or such greater amount as may be provided in a written notice to the Executive from the Committee. Accordingly, this is to provide notice to the Executive that Executive’s Target Bonus for the Company’s 2022 fiscal year is being adjusted to $2,250,000 and actual Bonus will be an amount ranging from 0% - 200% of the Target Bonus. Thus, the maximum Bonus payable to the Executive for the 2022 fiscal year will be $4,500,000. Performance Share Award As provided in the Employment Agreement, the Executive’s annual Performance Share Award (“PSA”) is a target number of shares with a fair market value on the date of grant worth a minimum of $1,487,500 or such greater amount as may be provided to Executive in a written notice from the Committee. The PSA that is payable for the Performance Period, if any, shall be an amount ranging from 0% to 150% of the target number of shares, contingent on the achievement of one or more performance goals established by the Committee. Accordingly, this is to provide notice to the Executive that Executive’s PSA target for the Performance Period beginning January 1, 2022 and ending December 31, 2022 will be based on a grant value of $1,800,000; the PSA payable with respect to such grant shall be in the 0% to 150% range of the target.
Base Salary Adjustment. As provided in the Employment Agreement, the Executive’s Base Salary is subject to annual review and may, in the Committee’s discretion, be increased without the Executive’s consent. With respect to the Executive, the Committee has reviewed Executive’s Base Salary and concluded that no adjustments should be made at this time. Accordingly, Executive’s Base Salary for the Company’s 2023 fiscal year will remain unchanged at $725,000. Annual Bonus Adjustment As provided in the Employment Agreement, the Executive’s Target Bonus is set at a minimum amount of $843,750 – or such greater amount as may be provided in a written notice to the Executive from the Committee. Accordingly, this is to provide notice to the Executive that Executive’s Target Bonus for the Company’s 2023 fiscal year is being adjusted to $1,268,750 (i.e., 175% of Base Salary – an increase from 125% of Base Salary for the Target Bonus established in 2022) and actual Bonus will be adjusted to an amount ranging from 0% - 250% of the Target Bonus. Thus, the maximum Bonus payable to the Executive for the 2023 fiscal year will be $3,171,875. Performance Share Award As provided in the Employment Agreement, the Executive’s annual Performance Share Award (“PSA”) is a target number of shares with a fair market value on the date of grant worth a minimum of $675,000 or such greater amount as may be provided to Executive in a written notice from the Committee. The PSA that is payable for the Performance Period, if any, shall be an amount ranging from 0% to 150% of the target number of shares, contingent on the achievement of one or more performance goals established by the Committee. Accordingly, this is to provide notice to the Executive that Executive’s PSA target for the Performance Period beginning January 1, 2023, and ending December 31, 2023 will be based on a grant value of $725,000; the PSA payable with respect to such grant shall be in the 0% to 200% range of the target.
Base Salary Adjustment. For 2015-2016, the University shall provide all eligible employees a 3.5% base salary increase on the effective date of September 13, 2015. The base salary adjustment will be computed according to the rate of pay in place August 7, 2015. Eligible faculty will receive the greater of $1400 annually (if base annual salary is less than $40,000) or a 3.5% increase (if base annual salary is at least $40,000) to base pay.
Base Salary Adjustment. The base salary prescribed in Paragraph ---------------------- 8(a) above may be adjusted at such time and in such manner as the Compensation Committee of the Board of Directors of Employer may determine in accordance with the executive compensation policy of Employer then in effect; provided, however, -------- ------- that such base salary shall never be less than $468,000 per annum.
