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 Salary and Benefits. A base salary (“Base Salary”) of $270,864 per annum, less required tax withholding, which shall be paid in accordance with the Company’s standard payroll practice. Employee’s Base Salary may be increased from time to time (but not decreased, including after any increase, without Employee’s written consent), at the discretion of the Company, and after any such change, Employee’s new level of Base Salary shall be Employee’s Base Salary for purposes of this Agreement until the effective date of any subsequent change. Employee shall also receive benefits such as health insurance, vacation and other benefits consistent with the then applicable Company benefit plans to the same extent as other employees of the Company with similar position or level. Employee understands and agrees that, subject to Sections 2.1(b) and (c) below, Company’s benefit plans may, from time to time, be modified or eliminated at Company’s discretion.
Base Salary and Benefits. The basic annual salary of the Associate for his employment services hereunder shall be $367,290 or such higher annual salary, if any, as shall be approved by the Board of Directors of the Parent Company from time to time (the “Base Salary”), which shall be payable in accordance with the Company’s payroll policy. Nothing contained herein shall affect or in any way limit the Associate’s rights as an Associate of the Company to participate in any Company 401(k) profit sharing plan or medical and life insurance programs offered by the Company to its employees, all of which shall be available to the Associate to the same extent as if this Agreement had not existed, and compensation received by the Associate hereunder shall be in addition to the foregoing. In addition, nothing contained herein shall affect or in any way limit the Associate’s eligibility to participate in any nonqualified deferred compensation plan of the Company or the Parent.
Base Salary and Benefits. If the Company does not terminate the Employee immediately upon receipt of the termination notice and Employee performs his duties in a satisfactory manner, as determined in the sole discretion of the Company, until the Request Date, Employee shall also be entitled to an amount equal to one month's Base Salary (in effect at such time). In addition, in the event of a termination of Employee's employment pursuant to Section 9.5(a) at the end of the Term upon sixty (60) prior written notice and upon the satisfactory completion, in the sole discretion of the Company, of Employee's duties during the 60-day period after receipt of such termination notice, Employee shall be entitled to receive an amount equal to one month's Base Salary (in effect at such time) multiplied by the number of the complete 12-month periods of service completed prior to giving notice of termination. Except as specifically set forth in this Section 9.5(b), all Base Salary, Benefits and Bonuses shall cease at the time of such termination, subject to the terms of any benefit or compensation plan then in force and applicable to Employee. Except as specifically set forth in this Section 9.5, the Company shall have no liability or obligation hereunder by reason of such termination.
Base Salary and Benefits. The base annual salary of the Associate for his employment services hereunder shall be $180,000 or such higher annual salary, if any, as shall be approved by the Board of Directors of the Parent Company from time to time (the “Base Salary”), which shall be payable in accordance with the Company’s payroll policy. Effective as of May 1, 2010, the Base Salary for the Associate shall be $250,000 or such higher annual salary, if any, as shall be approved by the Board of Directors of the Parent Company from time to time. Nothing contained herein shall affect or in any way limit the Associate’s rights as an Associate of the Company to participate in any Company 401(k) profit sharing plan or medical and life insurance programs offered by the Company to its employees, or affect or in any way limit any other benefits provided to the Associate as of the date hereof or as may be approved by the Board of Directors *Filed under application for confidential treatment. of the Parent Company from time to time, all of which shall be available to the Associate to the same extent as if this Agreement had not existed, and compensation received by the Associate hereunder shall be in addition to the foregoing.
Base Salary and Benefits. All Base Salary and Benefits shall cease at the time of such termination, subject to the terms of any benefit plan then in force and applicable to Employee. Employee shall not be entitled to receive any Bonus on account of the then current year. Except as specifically set forth in this Section 8.5, the Company shall have no liability or obligation to Employee hereunder by reason of such termination.
Base Salary and Benefits. In addition, in such case Employee shall be entitled to receive Base Salary and Benefits for the eighteen (18) months following the effective date of such termination (the "Additional Amount"). Employee, at his sole option, may receive the Additional Amount paid either (i) monthly for eighteen (18) months, or (ii) in one payment on the effective date of such termination, in which case the value of the Benefits otherwise payable will be monetized, and such payment of the Additional Amount will be discounted at the then current Federal Short Term Rate as defined in the Internal Revenue Code of 1986, as amended.
Base Salary and Benefits. The base annual salary of the Associate for his employment services hereunder shall be $180,000 or such higher annual salary, if any, as shall be approved by the Board of Directors of the Parent Company from time to time (the “Base Salary”), which shall be payable in accordance with the Company’s payroll policy. Effective as of May 1, 2010, the Base Salary for the Associate shall be $250,000 or such higher annual salary, if any, as shall be approved by the Board of Directors of the Parent Company from time to time. Nothing contained herein shall affect or in any way limit the Associate’s rights as an Associate of the Company to participate in any Company 401(k) profit sharing plan or medical and life insurance programs offered by the Company to its employees, or affect or in any way limit any other benefits provided to the Associate as of the date hereof or as may be approved by the Board of Directors of the Parent Company from time to time, all of which shall be available to the Associate to the same extent as if this Agreement had not existed, and compensation received by the Associate hereunder shall be in addition to the foregoing. *Filed under application for confidential treatment.
Base Salary and Benefits. (a) During the Employment Period, the Company shall pay to the Employee as compensation for the services to be provided by the Employee hereunder a base salary of one hundred fifty-one thousand, seven hundred dollars ($151,700) per annum (the "Base Salary"), payable bi-weekly. The Company shall review the Employee's performance annually to determine if the Employee shall be granted an increase in the Base Salary.
(b) During the Employment Period, the Employee shall be entitled to participate in and shall be a beneficiary of all of ADP's then current pension, medical and dental, life, accident and disability insurance, stock purchase and stock option plans which ADP makes available to employees of the Company generally, pursuant to the terms and conditions of such plans and arrangements and in accordance with ADP's then current policies. The level and extent of the Employee's participation under such plans and arrangements shall be equivalent to that of other employees of the Company of comparable positions and seniority (taking into account, for eligibility and vesting purposes, the Employee's service with CGI prior to the Merger).
(c) During the Employment Period, in accordance with ADP's then current policies, the Employee shall be entitled to receive reimbursement for all authorized, reasonable expenses incurred by the Employee in the performance of his duties hereunder, including, without limitation, reimbursement for authorized travel and entertainment expenses.
(d) During the Employment Period, the Employee shall be entitled to the number of days of vacation determined in accordance with ADP's then current vacation policy.
(e) During the Employment Period, in accordance with ADP's then current policies, the Employee shall be entitled to a monthly car allowance of $275. The difference between Employee's current car allowance and the car allowance set forth in this subsection (e) has been included in Employee's Base Salary.
Base Salary and Benefits. (a) During the first year of the Employment Period, Executive's base salary shall be $120,000 per annum (the "Base Salary"), which salary shall be payable in regular installments in accordance with the Company's general payroll practices and shall be subject to customary withholding. Thereafter, the Base Salary shall be such higher rate as the Board may designate from time to time. As used in this Agreement, the term "Base Salary" shall be deemed to include any such increases as may be designated from time to time by the Board. During the Employment Period, Executive shall be entitled to participate in all of the Company's employee benefit programs for which senior executive employees of the Company and its Subsidiaries are generally eligible (including the Company's stock option program).
(b) In addition to the Base Salary, the Board will award an annual bonus of up to 50% of the Executive's Base Salary to Executive following the end of each fiscal year during the Employment Period upon the Company achieving certain operating targets as determined by the Board at the beginning of each fiscal year during the Employment Period. In addition to the Base Salary and any bonuses payable to Executive pursuant to this paragraph, Executive shall be entitled to the following benefits during the Employment Period:
(i) reimbursement for the cost of an annual physical examination by a physician of Executive's choice; (ii) a maximum of four weeks vacation each year with salary, subject to additional weeks upon Board approval;
(iii) reimbursement for travel, entertainment and other business expenses reasonably incurred by Executive (including costs associated with the use of a mobile telephone); and
(iv) reimbursement for the reasonable expenses of preparation of Executive's annual tax returns.
