COMPENSATION AND DUTIES Clause Samples
COMPENSATION AND DUTIES. In consideration of the Employee’s willingness to work for the Company for a period equivalent to 2 days a month after his resignation, and to perform duties as reasonably requested by the Company, the Employee shall receive the following compensation:
(A) The employee shall receive $920.00 a week and all benefits being received at the time of his resignation for a period of thirteen (13) weeks, in accordance with the Company’s regular payroll.
(B) At the end of thirteen (13) pay periods the Employee’s compensation will change to $300.00 per week for the succeeding 104 weeks, and he shall receive all current benefits as above. The Employee shall be eligible to participate in new benefits should they occur during this period of time.
(C) It is agreed that the Employee shall be reasonably available by telephone or otherwise to render advice and counsel, but need not be physically present, unless his physical presence is reasonably requested by the Company. Should the employee be required to engage in any activity not within the scope of this agreement, he shall be reimbursed, in addition to his weekly salary, at an hourly rate to be mutually agreed upon between any authorized representative of the company and himself. For ESOP and all other benefit purposes, the Employee shall continue to be treated as a full-time employee for the duration of this agreement to the extent consistent with the terms of the ESOP and all applicable law.
(D) If the Employee dies during the term of this Agreement, remaining payments will be made, as scheduled, to the Employee’s spouse, and if she dies before full payment, to her estate or as she may direct. In the event of Employee’s death, all benefits shall cease at death, except that the Company shall continue to pay Employee’s spouse’s medical benefits for ninety days from the date of Employee’s death or to the termination date of this Agreement, whichever is earlier.
COMPENSATION AND DUTIES. BASE SALARY. For the period beginning on the Commencement Date through March 31, 2005, the base salary payable to the Employee shall be at the rate of $300,000 per year, payable on the Company’s normal payroll dates.
COMPENSATION AND DUTIES a. Until the CEO Date, Executive's Base Salary and Performance Bonus under the Employment Agreement shall remain in effect in accordance with the terms of the Employment Agreement. In the event that Executive ceases to be Chief Executive Officer of the Company, Executive shall receive, for the fiscal year in which he ceases to be Chief Executive Officer, a pro rata portion of the Performance Bonus to which Executive would otherwise have been entitled for the full fiscal year, determined and paid in the manner set forth in the last sentence of Section 6(b) of the Employment Agreement using the last date for which Executive receives his Base Salary as Chief Executive Officer as the date for proration. The compensation provided for in this paragraph shall be paid in all events.
b. From the CEO Date until the COB date, Executive shall continue to be an employee of the Company and his compensation shall be fixed at an annual rate of $185,500. Executive may resign as Chairman or be relieved of his duties as Chairman by the Board at any time, but his compensation shall continue as provided until the COB Date. Any bonuses to Executive for services to the Company between the CEO Date and the COB Date will be wholly within the discretion of the Board of Directors. The compensation provided for in this paragraph shall be paid in all events.
c. From the COB Date for the remaining term of this Agreement, Executive shall be paid at the annual minimum wage rate required by applicable California or federal regulations (presently $13,800 per annum) and his obligated services to the Company shall be limited to telephone conferences as mutually agreed upon. Any bonuses to Executive for services to the Company after the COB Date will be wholly within the discretion of the Board of Directors.
d. Health and all other benefits shall continue for the duration of the term as provided in the Employment Agreement.
e. If Executive should die before the payments provided for under paragraphs 3(a) and 3(b) above have been made in full, Company shall pay the amounts unpaid thereunder to his named beneficiary, and, if none, to his estate in a lump sum other than any unpaid Performance Bonus which shall be paid in the manner set forth in the last sentence of Section 6(b) of the Employment Agreement.
COMPENSATION AND DUTIES a. For and in consideration of a donation of Twenty-Five Thousand Dollars ($25,000.00), the receipt of which is hereby acknowledged, ACFD does hereby convey to NFSA the following:
i. The storage of side-by-side burn demonstration unit, measuring approximately 40 feet in length, on a year-round basis in a covered storage shed.
b. After the receipt of which is hereby acknowledged, NFSA does hereby convey to ACFD the following:
COMPENSATION AND DUTIES