Base Salary Compensation. Employer shall pay Gist an initial annual base salary of Two Hundred Ten Thousand Dollars ($210,000.00) (the “Salary Compensation”), which Employer’s President or Board may elect to adjust, in their sole discretion and without any requirement that they do so, on each anniversary of the date first written above. Gist’s Salary Compensation shall be payable in equal periodic installments according to Employer’s customary payroll practices, but no less frequently than bi-monthly. During the term of his employment as defined herein, Gist shall also be entitled to an annual target bonus of 50% of the then annual salary. Such bonus shall be based upon the achievement of performance criteria established by the Company and to be awarded at the discretion of the Company’s President or Board of Directors.
Appears in 4 contracts
Samples: Employment Agreement (Armstrong Coal Company, Inc.), Employment Agreement (Armstrong Energy, Inc.), Employment Agreement (Armstrong Energy, Inc.)
