Basic Service Compensation Sample Clauses

Basic Service Compensation. During the Service Period, the Company shall, in consideration for Employee's services hereunder, pay Employee an annual base salary of $750,000, payable periodically in accordance with the Company's normal payroll practices. The base salary shall be reviewed by the Board (or the Compensation Committee thereof, as applicable) at least annually while Employee is employed hereunder and shall be set at a level competitive with base salaries of other chief executive officers at companies in the same or similar industries as the Company. In addition, the Company shall provide the following: (a) Company-paid term life insurance on the Employee's life in the amount of $5 million for the benefit of Employee's designated beneficiaries. (b) Company-paid long-term disability insurance providing disability pay at an annual rate equal to 75% of the Employee's annual rate of base salary as in effect from time to time under this Agreement. (c) Paid vacation (based on the Employee's annual rate of base salary in effect at the time of payment) consistent with the Company's policy for other senior management employees. In addition, Employee shall be eligible to participate in any other Company programs and/or benefits offered to employees of the Company generally and any other Company programs and/or benefits offered to senior management (including without limitation the executive non-qualified deferred compensation plan and health insurance coverage for Employee and his dependents), in either case, in accordance with, and subject to, the terms thereof; provided, however, that the Company may unilaterally amend this paragraph to the extent it reasonably deems necessary to avoid the imposition of excise taxes, penalties or similar charges -- 23525-0001/LEGAL22099915.8 on the Company, including, without limitation, under Section 4980D of the Internal Revenue Code of 1986, as amended (the "Code").
Sample 1
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Basic Service Compensation. During the Initial Service Period, the Company shall, in consideration for Employee’s services hereunder, pay employee an annual base salary of $600,000, subject to the Company’s collection of all applicable withholding taxes. Employee shall be entitled to receive a cost of living increase of no less than five percent (5%) per year annually and for any Extended Service Periods. In addition, the Company shall provide the following: A. Company-paid term life insurance on the Employee’s life in the amount of $5 million for the benefit of Employee’s designated beneficiaries. B. Company-paid long-term disability insurance providing disability pay at an annual rate equal to 75% of the Employee’s annual rate of base salary as in effect from time to time under this Agreement. C. Health insurance coverage for Employee and his dependants through one of the Company’s contracted plans. D. Paid vacation (based on the Employee’s annual rate of base salary in effect at the time of payment) consistent with the Company’s policy for other senior management employees. E. In addition, Employee is eligible to participate in any other Company programs and/or benefits offered to senior management, including the executive non-qualified deferred compensation plan.
Sample 1

Related to Basic Service Compensation

  • Compensation for Basic Services A. Owner shall make payment for Part I and Part II services monthly. The payments shall be in proportion to the progress of Engineer's work. Final payment for each phase shall become due and payable upon completion and approval by Owner of that phase of Engineer's work. B. Owner shall make payment for Construction Phase services not more frequently than monthly in proportion to the amount of the gross progress payments to Contractor(s). C. Owner shall make no deduction from Engineer's compensation on account of penalties, liquidated damages or other sums withheld from Contractor(s) through no fault of Engineer. D. Owner shall make payment for Construction Completion Phase services upon completion of the requirements set forth in subsections II. F. 1, 2 and 3. E. Engineer shall submit requests for payment monthly on forms provided and in a manner prescribed by Owner.

  • Managers Compensation Any or all Managers may receive such reasonable compensation for their services, whether in the form of salary or otherwise, with expenses, if any, as the Board may reasonably determine. Any such compensation and expense will be paid by the Member.

  • Basic Compensation (a) SALARY. Executive will be paid an annual base salary of $115,000.00, subject to adjustment as provided below (the "Salary"), which will be payable in equal periodic installments according to Employer's customary payroll practices, but no less frequently than monthly. The Salary will be reviewed by the Board of Directors not less frequently than annually, and shall be increased on each anniversary of the Effective Date during the term hereof by an amount equal to not less than ten percent (10%) of the prior year's base salary.

  • Services and Compensation Consultant shall perform the services described in Exhibit A (the “Services”) for the Company (or its designee), and the Company agrees to pay Consultant the compensation described in Exhibit A for Consultant’s performance of the Services.

  • Extra Compensation The Board shall pay no fees, other than described above, to the PA/E unless authorized by the Board as follows: A. If the scope of the Project or site is changed, the Board and the PA/E shall negotiate a reasonable fee based upon the probable estimated construction cost in changing the scope of the work and the approximate percentage of the estimated construction cost which was used to negotiate this Agreement if, and, as such may be applicable. B. If the DOE or Board requires the PA/E to make major or costly changes to the Schematic, Preliminary or Construction Document Phase submittals, which changes are not caused by architectural or engineering error or oversight, the PA/E shall be paid to redesign for additional expenses in an amount agreed to by the parties. Under no circumstances will the principals of the PA/E and the principals of his consultants be paid a fee in excess of $125.00 per hour.

  • Severance Compensation In the event (i) Employee terminates this Agreement for Good Reason in accordance with Paragraph 11.3 hereof; (ii) Employee is terminated for any reason (except death or disability) upon, or within six months following, a "Change in Management or Control (as such term is defined in Paragraph 11.5 hereof);" or (iii) Employee is terminated without Cause, the Company shall be obligated to pay severance compensation to Employee in an amount equal to his salary compensation (at the rate payable at the time of such termination) for a period of six (6) months from the date of termination. Notwithstanding the foregoing, if Employee is employed by a new employer, or as a consultant after the termination of this Agreement, the severance compensation payable to Employee hereunder shall be reduced by the amount of compensation that Employee actually receives from the new employer, or as a consultant. However, Employee shall have a duty to inform the Company that he has obtained such new employment, and the failure to do so is a material breach of this Agreement. In such event, the Company shall be entitled to (i) cease all payments to Employee under this Paragraph 11.4; and (ii) recover any unauthorized payments to Employee in an action for breach of contract. Notwithstanding anything else in this Agreement to the contrary, solely in the event of a termination upon or following a Change in Management or Control, the amount of severance compensation paid to Employee hereunder shall not include any amount that the Company is prohibited from deducting for federal income tax purposes by virtue of Section 280G of the Internal Revenue Code of 1986, as amended, or any successor provision. In addition to the foregoing severance compensation, the Company shall pay Employee (i) all compensation for services rendered hereunder and not previously paid; (ii) accrued vacation pay; and (iii) any appropriate business expenses incurred by Employee in connection with his duties hereunder and approved pursuant to Section 4 hereof, all through the date of termination. Employee shall not be entitled to any bonus compensation, whether vested or unvested; or any other compensation, benefits or reimbursement of any kind.

  • Separation Compensation In exchange for your agreement to the general release and waiver of claims and covenant not to sue set forth below and your other promises herein, the Company agrees to provide you with the following:

  • Developer Compensation for Emergency Services If, during an Emergency State, the Developer provides services at the request or direction of the NYISO or Connecting Transmission Owner, the Developer will be compensated for such services in accordance with the NYISO Services Tariff.

  • Basic Services The Architect/Engineer’s Basic Services include all disciplines identified in Article 15 and all related usual and customary design, consultant, and other services necessary and reasonably inferable to complete the Project, or any phase of the Project, in accordance with the Owner’s requirements and the terms of this Agreement.

  • Trustee Compensation The Trustees as such shall be entitled to reasonable compensation from the Trust. They may fix the amount of their compensation. Nothing herein shall in any way prevent the employment of any Trustee for advisory, management, administrative, legal, accounting, investment banking, underwriting, brokerage, or investment dealer or other services and the payment for the same by the Trust.

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