Compensation and Bonus. For all of the services rendered by Employee pursuant to this Agreement, the Corporation shall pay the Employee his or her current annual base salary. In no event shall Employee’s current annual base salary be decreased, but it may, from time to time be increased at the discretion of Employer during the term of this Agreement (hereinafter referred to as Compensation), payable in accordance with the Corporation’s normal pay practices during the term of Employee’s employment. In addition, the Corporation may pay Employee a bonus, as may be determined pursuant to any bonus plan applicable to the Employee for such year, if any, approved by the Corporation’s Board of Directors from time-to-time in its sole and absolute discretion. Employee may provide a written election to have any bonus due in December of any year paid in January of the following year.
Compensation and Bonus. (a) The Company agrees to pay the Employee throughout the Employment Term an initial base salary at the gross rate of $275,000 per annum (as adjusted in accordance with this Section 4(a), hereinafter the “Base Salary”), which shall be payable in equal installments in accordance with Company payroll practices from time to time in effect and subject to applicable withholdings and deductions. The Employee’s Base Salary will be reviewed in good faith annually by the CEO or the Board (or the compensation committee thereof) and will be increased (but not decreased) by the Board or the compensation committee, after taking into consideration the recommendation of the CEO, from time to time, based upon any increase in the scope of the Employee’s duties or responsibilities and any other relevant factors.
(b) The Employee shall also be eligible for an annual bonus (the “Annual Bonus”) under the terms of the Bonus Program. The amount of the Employee’s Annual Bonus will be equal to 75% of the Employee’s Base Salary in effect at the end of the fiscal year for which the Annual Bonus is determined if actual performance for such fiscal year equals 100% of each corporate and individual goal established for such year under the Bonus Program. The Bonus Program may be modified or supplemented by the Company from time to time, but in no event shall any such modification or supplement be less beneficial financially to the Employee than the Program as described on Exhibit A attached hereto.
Compensation and Bonus a. For all of the services rendered by Employee pursuant to this Agreement, the Corporation shall pay the Employee an annual base salary of not less than $475,000 (hereinafter referred to as ("Compensation"), payable in accordance with the Corporation's normal pay practices during the term of Employee's employment. In no event shall Employee's current annual base salary be decreased, but it may, from time to time be increased at the discretion of Corporation during the term of this Agreement. The Compensation shall be paid on a calendar-year basis, and shall be pro rated for any partial year.
b. In addition to the Employee's Compensation, the Corporation shall pay to the Employee a bonus (the "Incentive Bonus") for each calendar year during the term of his employment, of between fifty-five percent (55%) and one hundred ten percent (110%) of Employee's Compensation paid for such calendar year. The payment of any bonus will be dependent upon whether the actual financial performance of the Corporation meets the budget projections adopted by the Board of Directors for such calendar year. If the Corporation fails to meet its minimum budget expectations, Employee will not receive any Incentive Bonus for that calendar year. Except in the case of death or disability, Employee must be employed by the Corporation at the end of the calendar year (or May 31, 2005, in the case of the last year of this Agreement) in order to receive an Incentive Bonus for that year. The Incentive Bonus for calendar year 2001 shall be based on the Compensation paid to Employee in such year. The criteria for determining the amount of the Incentive Bonus shall be determined by mutual agreement between the Employee and the Board of Directors within 60 days of the effective date of this Agreement. The bonus shall be paid within 60 days following the end of the calendar year.
Compensation and Bonus. 6.1 During the Employee’s Employment with the Company and subject to the Employee complying with his obligations and duties under this Agreement, the Company shall pay to the Employee a salary at the rate of $630,121.00, per annum which shall accrue from day-to-day and be payable by bank credit transfer in equal monthly instalments in accordance with the Company’s standard payroll practices from time to time. The salary shall be deemed to include any fees receivable by the Employee as a Director of the Company, any Associated Company or of any other company or unincorporated body in which the Employee holds office as nominee or representative of the Company or any Associated Company.
6.2 The Company paid to the Employee a sign-on bonus in the sum $800,000 (the Signing Bonus). The Signing Bonus was deemed to be earned pro-rata at the rate of $100,000 for each three month period of the Initial Period and a sum equal to the unearned portion of the Signing Bonus was to be immediately repaid by the Employee to the Company, should the Employee seek to terminate his Employment or should this Agreement be terminated for gross misconduct in accordance with clause 15, at any time during the Initial Period.
6.3 The Employee has received 500,000 stock options (the “Options”) of the common stock of GFInet Inc, projected as $1.00 call options, at the date on which the Employee received them. The options will vest and issue in accordance with all operative agreements and plans, Including the GFInet Inc. 2000 Stock Option Plan (the “Additional Bonus”);
6.4 The Employee shall also be entitled to receive:
6.4.1 $3,500 per month living allowance payable for only those months that the Employee is required by the Company to work outside of London, England;
6.4.2 With effect from 1 May 2002, the sum of £18,500 per annum which shall be paid into the GFI Group Executive Pension Scheme by the Company
6.4.3 In addition the Employee may also be eligible to receive an additional discretionary bonus the payment of and the amount of any such bonus to be at the absolute discretion of the Company. To be eligible to receive a bonus the Employee must be employed by the Company at the date of payment and not be under notice of termination of employment or in fundamental breach of contract.
6.4.4 On termination of the Employee’s Employment, the Company reserves the right to deduct from any sums payable to the Employee on such termination any monies which are owed by the Employee to the Compa...
Compensation and Bonus. (a) The Company agrees to pay the Employee throughout the Employment Term an initial base salary at the gross rate of $250,000 (U.S.) per annum (as adjusted pursuant to the provision of this section 4(a)) (the “Base Salary”) payable in equal installments in accordance with Company payroll practices from time to time in effect and subject to applicable withholdings and deductions. Employee’s Base Salary will be reviewed and may be adjusted annually by the Chief Executive Officer of the Company (the “CEO”) or by the Board of Directors of the Company (or the compensation committee thereof) (the “Board”), after taking into consideration the recommendations of the CEO, provided that Employee’s Base Salary may not be decreased below Employee’s initial Base Salary.
(b) Subject to section 9 (Termination of Employment), the Employee shall also be eligible for consideration for an annual bonus (“Annual Bonus”) under the terms of the Company’s “Annual Bonus Program” in effect from time-to-time (the “Program”). The amount of the applicable bonus, if any, shall be 50% of Employee’s Base Salary. This provision does not guarantee a certain level of bonus compensation for any given year and the award and/or amount of bonus shall be governed by the then-current Program, except as otherwise provided herein, with any disputes to be resolved by the Company in its discretion.
Compensation and Bonus. Commencing on the Effective Date, your annual base salary will be $575,000, payable in accordance with Town Sports International, LLC’s (“TSI”) standard payroll practices and subject to all applicable tax withholdings. Future salary increases will be based on demonstrated job performance. Under the Company’s current performance bonus plan, you will have a bonus target of seventy-five percent (75%) of your annual base salary.
Compensation and Bonus. Employee will be entitled to receive his full compensation earned in 2008 prior to the Termination Date paid in accordance with the Company’s normal payroll practices. Such payment is based on a Base Salary of $315,000 for 2008. Employee will also be entitled to receive the benefit earned by him under the Short-Term Incentive Compensation program for 2007. The parties agree that such amount under the Short-Term Incentive Compensation program shall be $310,781, payable at the same time as the amounts noted in Section 4(a)(1) above. If the earnings part of the 2007 bonus calculation under the percent (50%) for the other executive officers (“Excess Amount”), Employee will receive a lump sum payment within thirty days after such determination, equal to four (4) times the amount of the additional bonus amount attributable to the Excess Amount.
Compensation and Bonus. (a) In consideration of the services to be rendered by Executive hereunder, Employer agrees to pay to the Executive, and Executive agrees to accept, as base compensation, the sum of Three Hundred Twenty Thousand Dollars ($320,000.00) per annum, which shall be paid on the regularly recurring pay periods established by Employer ("Base Salary"
Compensation and Bonus. For all of the services rendered by Employee ---------------------- pursuant to this Agreement, the Corporation shall pay the Employee a minimum monthly compensation of Thirty Five Thousand Four Hundred Sixteen Dollars and Sixty-Seven Cents ($35,416.67) (hereinafter referred to as "Compensation"), payable in accordance with the Corporation's normal pay practices during the term of Employee's employment. Except for the Change of Control bonus described in paragraph 13 of Agreement, as amended herein, which is non-discretionary, the Corporation shall pay Employee such additional bonus, if any, as may be determined appropriate by the Corporation's Board of Directors from time to time in its sole and absolute discretion. Paragraph 5 of the Agreement shall be amended as follows:
Compensation and Bonus. A. Salary ------ For services to be rendered by Xxxxxxxx pursuant to this Agreement, and provided that Xxxxxxxx has kept and performed all of his obligations hereunder, ComEd shall pay to Xxxxxxxx an annual salary ("Salary") for calendar years 1997 and 1998 of $475,000, to be paid in accordance with ComEd's normal payroll practices as such practices may be modified from time to time. Xxxxxxxx shall receive the above-named Salary for all hours worked by him in a week regardless of the number of hours he may work. Effective beginning with calendar year 1999, ComEd may increase Xxxxxxxx'x Salary, provided that it shall not be reduced after any such increase, and the term Salary as used in this Agreement shall refer to the Salary as so increased.
