Cash Remuneration. The Parties hereby agree that, notwithstanding Section 3(f) of the Employment Agreement, five percent (5%) of his Salary as described in Section 3(a) of the Employment Agreement compensates the Executive for his activities performed in his capacity as an executive director of Tornier B.V. Therefore, the aforementioned portion of the Salary will be paid out directly by Tornier B.V. to the Executive. The balance of Executive’s Salary will continue to be paid by the Company. Tornier B.V. and the Company will be entitled to make, withhold and pay deductions for any tax and social security contributions.
Cash Remuneration. TERM BASE ESTIMATED TOTAL FRINGED BENEFITS Jan. 1 thru Dec. 31, 1996 $ 60,000 $ 12,000 $ 72,000 Jan. 1 thru Dec. 31, 1997 90,000 15,000 105,000 Jan. 1 thru Dec. 31, 1999 120,000 18,000 138,000 Jan. 1 thru Dec. 31, 1999 120,000 18,000 138,000 Jan. 1 thru Dec. 31, 2000 120,000 18,000 138,000 NOTE: It is understood between Employee and Company, that to this date, and in the future until such time as the Company is funded hereunder, compensation to Employee for services rendered shall be as follows: Services provided by Employee is under a "loan out arrangement" from AUW, Inc., a Florida Corporation, whereby AUW, Inc., or Assigns, has agreed with the Company that compensation for Employee's services, up to $75,000, shall be remitted directly to A.U.W., Inc., as full compensation for the "loan out" of employee's services.
Cash Remuneration. Director shall be entitled to receive Five Thousand ($5,000) Dollars per day (in part or whole) for time he travels on behalf of the Company or otherwise devotes time to the Company at the Company's request, to be paid immediately on receipt of an invoice from Director. Director compensation shall be reviewed annually by the Board and set by the Board.
Cash Remuneration. The Company shall pay the Service Provider five-hundred thousand dollars ($500,000) in cash in ten (10) monthly payments of fifty thousand dollars ($50,000) each (with the first such first retainer payment due thirty (30) days after the Effective Date, and each subsequent retainer payment due thirty (30) days thereafter) (the “Cash Retainer”); provided however, that in the event that a Triggering Event occurs prior to the date that all such ten monthly payments shall have been made, all then unpaid amounts of the Cash Retainer shall become due and payable within ten (10) business days. In the event that a Triggering Event has not occurred on or before [***] from the Effective Date, the Service Provider shall remit to the Company the aggregate amount of the Cash Retainer actually paid to the Service Provider plus three percent (3.0%) per annum of such amount.
Cash Remuneration. The Corporation shall (i) continue to pay to the Executive his base salary in the amount of $400,000 per annum up to and including the Termination Date, (ii) pay the Executive, within five days after the Termination Date, an additional amount equal to $500,000 less the aggregate amount paid to the Executive under clause (i) above for the period commencing on the date of this Agreement and ending on the Termination Date, and (iii) pay any expense reimbursement amounts accrued through the Termination Date, in the case of clauses (i) and (iii) above, at the time such payments would otherwise have been due and payable under the Employment Agreement, dated as of August 15, 1994 with the Corporation (the "Employment Agreement").
Cash Remuneration. Upon the entry into force of this Agreement, the Employee shall be entitled to receive a sign-on bonus for an amount to be agreed to between the Employee and the Company. The annual gross base remuneration is fixed at € 210,000, less social security contributions and withholding tax prepayments being contributed by the employee according to Belgium laws (excluding the social security contributions being contributed by the employer according to Belgium laws), as well as any contributions resulting from the application of this employment agreement or from other applicable legal stipulations, payable in accordance with the Company’s remuneration policy. The Employee agrees that the remuneration will be paid every month by deposit on the Employee’s bank account having the number 000-0000000-66 (ING Bank). The annual gross base remuneration will be reviewed and adjusted at the end of each fiscal year end, such salary adjustment being at the discretion of the Board of Directors of the Company. The Company also undertakes to pay to the Employee, in the first quarter of each fiscal year, a cash bonus equal to up to 35 % of the gross base remuneration, based on the Employee’s and the Company’s performance during the previous fiscal year, such performance evaluation and bonus being based on targets determined at the discretion of the Board of Directors of the Company to be determined at the latest on January 1st of the previous fiscal year, it being understood that no detailed targets will be determined in advance for the year 2011. In order to be entitled to the bonus as mentioned in this article, the Employee needs to be on the payroll of the Company at the end of the period to which the bonus is relating to and at the moment of the effective allocation of it. In case of a prior termination of this employment agreement, for whatever reason, the Employee shall not be entitled to a pro rate part of the bonus.
Cash Remuneration
