Basic Remuneration. The Corporation shall pay the Employee a gross salary, minus applicable deductions and withholdings, in respect of each Year of Employment in the Employment Period, of $220,000 (the “Basic Salary”), payable in equal installments according to the Corporation’s regular payroll practices. The Basic Salary shall, in the sole and absolute discretion of the Board, be subject to an increase on the basis of an annual review. The Basic Salary shall be prorated in respect of the First Year of Employment such that the Employee shall be entitled to, and the Corporation shall be required to pay, in respect of the First Year of Employment only that proportion of the Basic Salary that the number of days in the First Year of Employment is to 365.
Basic Remuneration. The Corporation shall pay the Executive a gross annual salary of $130,000 (the “Basic Salary”) payable in periodic equal instalments in accordance with the practices of the Corporation applicable to its other senior executives.
Basic Remuneration. As remuneration for the Executive's services, the Company shall pay to the Executive a Basic Remuneration of HK$75,000 per month payable in arrears on or before the last day of each calendar month (or if that day is not a Business Day, on the next preceding Business Day). The Board shall have complete discretion whether to grant any increase and any increase so granted shall take effect from such date as the Board may specify.
Basic Remuneration. The Corporation shall pay the Executive a gross annual salary (the “Base Salary”) (before applicable statutory deductions and other withholdings) of $120,000. Salary shall be payable in arrears in equal semi-monthly installments. The Executive’s Base Salary shall be reviewed annually by the Board, or any committee thereof administering the Corporation’s executive compensation.
Basic Remuneration. The Corporation will pay the Executive a gross annual salary (the “Basic Salary”) as provided in Schedule “A”. The Basic Salary will be payable in equal instalments in accordance with the practices of the Corporation applicable to its other senior executives. The Corporation will review the Executive’s Basic Salary annually, with a view to considering increases, as appropriate.
Basic Remuneration. The Corporation shall employ the Executive at an annual salary to be determined periodically by the Board (the "Base Salary"), payable regularly in accordance with the Corporation's practices applicable to other senior executives (less applicable source deductions, if any). The performance of the Executive will be reviewed periodically by the Board, and, at the sole option of the Board, the Base Salary of the Executive may be increased; provided, however, that the Board shall be under no obligation to increase the Base Salary at the time of any such review. The Base Salary shall also be reviewed by the Board periodically for possible increases according to the criteria applied generally by the Board to such potential increases for management personnel and may be increased in such manner at the discretion of the Board. The Base Salary does not include any bonus or incentive payments. The Board may introduce such payments in its discretion. As of the Effective Date, the Base Salary is $150,000 per annum, provided that if, as and when the Parent completes an equity financing for an amount in excess of $10,000,000 (the “Threshold Equity Financing”), the Base Salary shall automatically increase to $180,000 per annum effective retroactive to the first day of the month in which the Threshold Equity Financing is completed.
Basic Remuneration. The Company will pay to the Supervisor remuneration for its services as Supervisor in accordance with the terms of any current agreement contained in letters exchanged between the Company and the Supervisor.
Basic Remuneration. 3.1. In terms regulation 128(1)(c) of the Companies Act, a senior business rescue practitioner appointed for a large company is entitled to charge an amount of R2 000.00 an hour inclusive of VAT (R1 739.13 excluding VAT).
3.2. In accordance with section 143 of the Companies Act, the BRPs will charge the following hourly rates (“Tariff Fees”):
3.2.1. Murgatroyd an amount of R1 739.13 excluding VAT (R2 000 including VAT);
3.2.2. xxx xxx Xxxxx an amount of R1 739.13 excluding VAT (R2 000 including VAT); and
3.2.3. Albertyn an amount of R1 739.13 excluding VAT (R2 000 including VAT).
3.3. The Company recognizes that the hourly rate prescribed by the tariff in the regulations (as determined during the drafting of the Companies Act in 2008) is not market related and does not cater for annual escalations. Accordingly, the Company concluded a remuneration agreement with the BRPs in terms of which the Company agreed that the following additional remuneration will be paid to the BRPs effective from the business rescue Commencement Date (“Further Remuneration”):
3.3.1. Murgatroyd an additional amount of R2 660.87 (excluding VAT) per hour;
3.3.2. xxx xxx Xxxxx an additional amount of R2 660.87 (excluding VAT) per hour; and
3.3.3. Albertyn an additional amount of R1 210.87 (excluding VAT) per hour.
3.4. The aggregate of the Tariff Fees and the Further Remuneration is thus contemplated as the BRPs basic remuneration (“Basic Remuneration”), as set out below:
3.4.1. Murgatroyd a Basic Remuneration of R4 400.00 (excluding VAT) per hour;
3.4.2. xxx xxx Xxxxx a Basic Remuneration of R4 400.00 (excluding VAT) per hour; and
3.4.3. Xxxxxxxx a Basic Remuneration of R2 950.00 (excluding VAT) per hour.
Basic Remuneration. For his services under this Agreement, the Corporation shall pay the Executive a gross annual salary rate (the “Salary”) (before deductions and other withholdings) of $534,000. The Salary shall be paid in accordance with the Corporation’s usual payroll practices and in accordance with applicable law.
Basic Remuneration. The Corporation shall pay the Employee a gross salary, minus applicable deductions and withholdings, in respect of each Year of Employment in the Employment Period, of U.S.$350,000.00 (the "Basic Salary"), payable in equal installments according to the Corporation's regular payroll practices. The Basic Salary shall not be decreased with the exception of a reduction in the Employee's Basic Salary of less than ten percent where such reduction is applied to the Basic Salary of all executives in the same class. In the sole and absolute discretion of the board of directors of the Corporation, be subject to an increase on the basis of an annual review. The Basic Salary shall be prorated in respect of the First Year of Employment such that the Employee shall be entitled and the Corporation shall be required to pay in respect of each such year only that proportion of the Basic Salary that the number of days in the First Year of Employment is to 365.
