Base Salary and Adjusted Salary Sample Clauses

Base Salary and Adjusted Salary. In consideration for Employee’s services hereunder and the restrictive covenants contained herein, Employee shall be paid an annual base salary of $408,000 for the 2007 Fiscal Year, subject to adjustment pursuant to Section 2(l) hereof (the “Base Salary”), payable in accordance with the Company’s customary payroll practices. Notwithstanding the foregoing, Employee’s annual Base Salary may be increased at anytime and from time to time to levels greater than the levels set forth in the preceding sentence at the discretion of the Board of Directors of the Company to reflect merit or other increases. In lieu of cash increases to the Base Salary, commencing with the 2004 Fiscal Year and continuing for each Fiscal Year thereafter through 2006, Employee has been awarded shares of restricted stock of the Company, as follows: (i) 2004 — 1,500 shares; (ii) 2005 — 2,000 shares; and 2006 — 2,500 shares. Similar deferrals in lieu of cash increases in Base Salary may be made for 2007 and/or future Fiscal Years during the term of this Agreement, in the discretion of the Compensation Committee of the Board of Directors. For the purposes of this Agreement, the term “Adjusted Salary” means (x) with respect to the 2004 Fiscal Year, the Base Salary plus the value (determined as described below) of the shares of restricted stock initially granted to Employee in lieu of a cash increase to Base Salary for such year, and (y) with respect to the 2005 Fiscal Year and each Fiscal Year thereafter during the term of this Agreement, the greater of (1) the Adjusted Salary for the immediately preceding Fiscal Year or (2) the sum of the Base Salary plus the value (determined as described below) of the shares of restricted stock granted to Employee for such Fiscal Year. For the purposes of this Section, the value of shares of restricted stock shall be the value, determined at the closing price of the Company’s shares on the New York Stock Exchange (“NYSE”) as of the date of grant of the restricted stock award (or if the NYSE is not open for business on such date of grant, then on the next regular business day on which the NYSE is open for business). Based on the foregoing formula, Employee’s Adjusted Salary for 2006 was $505,525, which was determined as reflected on Schedule 2(a) hereto, which Schedule also sets forth an example of how such Adjusted Salary amount would be computed for future years. The Base Salary and Adjusted Salary for each Fiscal Year shall become effective as of Januar...
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Base Salary and Adjusted Salary. In consideration for Employee’s services hereunder and the restrictive covenants contained herein, Employee shall be paid an annual base salary (the “Base Salary”) of $1,100,000, payable in accordance with the Company’s customary payroll practices. With respect to any Fiscal Year during which Employee is employed by the Company for less than the entire Fiscal Year, the Base Salary shall be prorated for the period during which the Employee is so employed. Notwithstanding the foregoing, Employee’s Base Salary may be increased, but not decreased (taking into account prior increases) without Employee’s consent at anytime and from time to time to levels greater than the levels set forth in the preceding sentence at the discretion of the Board of Directors of the Company to reflect merit or other increases. The term “Fiscal Year” as used herein shall mean each period of twelve (12) calendar months commencing on January 1st of each calendar year during the Employment Period and expiring on December 31st of such year.
Sample 1
Base Salary and Adjusted Salary. In consideration for Employee’s services hereunder and the restrictive covenants contained herein, Employee shall be paid an annual base salary (the “Base Salary”) of $875,000, payable in accordance with the Company’s customary payroll practices. With respect to the 2008 Fiscal Year, Base Salary shall be prorated by multiplying the Base Salary by a fraction, the numerator of which is the number of days from the Effective Time to December 31, and the denominator of which is 365. With respect to any Fiscal Year during which Employee is employed by the Company for less than the entire Fiscal Year, the Base Salary shall be prorated for the period during which the Employee is so employed. Notwithstanding the foregoing, Employee’s annual Base Salary may be increased, but not decreased (taking into account prior increases) without Employee’s consent at anytime and from time to time to levels greater than the levels set forth in the preceding sentence at the discretion of the Board of Directors of the Company to reflect merit or other increases. The term “Fiscal Year” as used herein shall mean each period of twelve (12) calendar months commencing on January 1st of each calendar year during the Employment Period and expiring on December 31st of such year.
Sample 1
Base Salary and Adjusted Salary. In consideration for Employee’s services hereunder and the restrictive covenants contained herein, Employee shall continue to be paid for the 2012 Fiscal Year an annual base salary (the “Base Salary”) of $1,000,000 payable in accordance with the Company’s customary payroll practices. With respect to any Fiscal Year during which Employee is employed by the Company for less than the entire Fiscal Year, the Base Salary shall be prorated for the period during which the Employee is so employed. Notwithstanding the foregoing, Employee’s
Sample 1
Base Salary and Adjusted Salary. In consideration for Employee’s services hereunder and the restrictive covenants contained herein, Employee shall continue to be paid for the 2010 Fiscal Year an annual base salary (the “Base Salary”) of $875,000 payable in accordance with the Company’s customary payroll practices. The Employee’s Base Salary shall be increased to $1,000,000 effective on the Transition Date. With respect to any Fiscal Year during which Employee is employed by the Company for less than the entire Fiscal Year, the Base Salary shall be prorated for the period during which the Employee is so employed. Notwithstanding the foregoing, Employee’s annual Base Salary may be increased, but not decreased (taking into account prior increases) without Employee’s consent at anytime and from time to time to levels greater than the levels set forth in the preceding sentence at the discretion of the Board of Directors of the Company to reflect merit or other increases. The term “Fiscal Year” as used herein shall mean each period of twelve (12) calendar months commencing on January 1st of each calendar year during the Employment Period and expiring on December 31st of such year.
Sample 1

Related to Base Salary and Adjusted Salary

  • Base Salary and Bonus As compensation for the Executive's services under this Agreement, the Executive shall receive and the Company shall pay a weekly base salary set forth on Exhibit A. Such base salary may be increased but not decreased during the Term or Renewal Period in the Company's discretion based upon the Executive's performance and any other factors the Company deems relevant. Such base salary shall be payable in accordance with the policy then prevailing for the Company's executives. In addition to such base salary, the Executive shall be entitled during the Term or Renewal Period to a performance bonus set forth on Exhibit A and to participate in and receive payments from, at the Company's election, other bonus and other incentive compensation plans, if any, as may be adopted by the Company.

  • Base Salary The Company shall pay to the Executive an annual base salary of $200,000, payable on a monthly basis commencing on the Effective Date (as the same may be adjusted herein, the “Base Salary”). The Base Salary shall be paid in accordance with the Company’s payroll policies.

  • Base Salary and Benefits (a) During the Employment Period, the Company shall pay Executive an annual base salary of $535,600 (the “Base Salary”). As used herein, references to “Base Salary” shall include all subsequent increases in annual base salary during the Employment Period. The Base Salary shall be payable in regular installments in accordance with the Company’s general payroll practices (as in effect from time to time). (b) In addition to the Base Salary, during the Employment Period, Executive will be eligible to earn an annual bonus under a bonus plan to be established by the Company, payable in accordance with the Company’s customary practices, as determined by the Board, in its sole discretion based upon the Company’s achievement of budgetary and other objectives set by the Board; provided that, in determining the amount of the annual bonus, if any, to be paid to Executive, the Board shall, in determining whether the Company has achieved the budgetary and other goals set by the Board, disregard any payments by the Company and its subsidiaries to Onex (as defined below) and affiliates. (c) During the Employment Period, Executive shall be entitled to participate in all of the Company’s employee benefit programs for which senior executives of the Company and its subsidiaries are generally eligible. Without duplication of any employee benefits provided to all senior executives of the Company and its subsidiaries, the Company shall reimburse Executive for the annual premium cost of $1 million of term life insurance coverage purchased by Executive on his life, up to a maximum of Eleven Thousand Dollars ($11,000) per year. (d) During the Employment Period, the Company shall (without duplication of any employee benefits provided to Executive pursuant to other provisions of this Agreement) reimburse Executive for all reasonable business expenses incurred by him in the course of performing his duties and responsibilities under this Agreement which are consistent with the Company’s policies in effect from time to time with respect to travel, entertainment and other business expenses, subject to the Company’s requirements with respect to reporting and documentation of such expenses. (e) All amounts payable or otherwise provided to Executive pursuant to this Agreement shall be subject to all applicable withholding and deduction obligations.

  • Base Compensation The Bank agrees to pay the Employee during the ----------------- term of this Agreement a salary at the rate of $76,000 per annum, payable in cash not less frequently than monthly; provided, that the rate of such salary shall be reviewed by the Board of Directors of the Bank not less often than annually, and Employee shall be entitled to receive annually an increase at such percentage or in such an amount as the Board of Directors in its sole discretion may decide.

  • Salary and Bonus Awards of stock, stock options, and stock appreciation rights. Use the dollar amount recognized for financial statement reporting purposes with respect to the fiscal year in accordance with the Statement of Financial Accounting Standards No. 123 (Revised 2004) (FAS 123R), Shared Based Payments.

  • Annual Salary Executive's compensation shall consist of an annual base salary (the "Annual Salary") of one hundred fifty thousand dollars ($150,000), before all customary payroll deductions. The Annual Salary shall be reviewed, and shall be subject to change, by the Board of Directors of Employer (or the Compensation Committee thereof) at least annually while Executive is employed hereunder.

  • Accrued Salary and Vacation On the Separation Date, the Company will pay you all accrued salary and all accrued and unused vacation earned through the Separation Date, subject to standard payroll deductions and withholdings. You will receive these payments regardless of whether or not you sign this Agreement.

  • Annual Base Salary During the Term, Executive shall receive a base salary at a rate of $550,000 per annum (as increased from time to time, the “Annual Base Salary”), which shall be paid in accordance with the customary payroll practices of the Company. Such Annual Base Salary shall be reviewed (and may be increased, but not decreased) from time to time by the Board or an authorized committee of the Board.

  • Accrued Salary On the Separation Date, the Company will pay you all accrued salary earned through the Separation Date, subject to standard payroll deductions and withholdings. You will receive these payments regardless of whether or not you sign this Agreement.

  • Basic Salary For all your services rendered under this Agreement, UO shall pay you a salary at an annual rate of no less than $450,000, or at such higher salary as may be determined by your performance review and the Executive Vice President, Human Resources, Legal & Business Affairs, UPR. Such higher salary shall subsequently be deemed the annual rate, commencing on such date as the Executive Vice President, Human Resources, Legal & Business Affairs, UPR may determine, for purposes of this Agreement.

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