Compensation and General Benefits. The Executive shall be compensated for his services under this Agreement as follows:
Compensation and General Benefits. As compensation for his services under this Agreement, the Executive shall be compensated as follows:
(a) The Corporation shall pay the Executive an annual salary which is not less than the greater of $150,000 payable in accordance with the Company's regular payroll schedule ("Base Salary"), less applicable withholdings and deductions. Such salary shall be payable in periodic equal installments which are no less frequent than the periodic installments relating to his salary immediately prior to the effective date of this agreement. Such salary shall be subject to normal periodic review at least annually based on the policies of the Corporation and contributions to the enterprises.
(b) The Executive shall be eligible to participate in such profit-sharing, bonus, incentive, stock options and performance award programs which provide opportunities to receive compensation which are the greater of opportunities (i) then provided by the Corporation to executives with reasonably comparable authority and duties (and in any event not lesser than those provided to executives with junior authority or duties), or (ii) available to the Executive immediately prior to the effective date of this Agreement.
(c) The Executive shall be entitled to receive employee benefits, including, without limitation, pension, disability, group life, sickness, accident and health insurance programs and split-dollar life insurance programs, and prerequisites provided by the Corporation to executives which are the greater of the employee benefits and prerequisites (i) then provided by the Corporation to executives with comparable authority or duties (and in any event not lesser than those provided to executives with junior authority or duties), or (ii) available to the Executive immediately prior to the effective date of this Agreement.
(d) The Company shall reimburse Executive for all reasonable management approved expenses including, a) business development expenses, such as travel and entertainment and cellular telephone, and b) expenses incurred in setting up office operations, such as rent for office space, telephone lines, office supplies and equipment, printing, furniture, taxes, documentation, insurance and fees which are the greater of opportunities (i) then provided by the Corporation to executives with reasonably comparable authority and duties (and in any event not lesser than those provided to executives with junior authority or duties), or (ii) available to the Executive immedi...
Compensation and General Benefits. As full compensation for his --------------------------------- services to the Company, the Executive shall, during the Employment Period, be compensated as follows:
(a) The Company shall pay to the Executive a salary (the "Salary") ------ based upon a per annum rate of Three Hundred and Sixty Thousand Dollars ($360,000). The Salary shall be payable in periodic equal installments not less frequently than monthly, less such sums as may be required to be deducted or withheld under applicable provisions of federal, state and local law, plus increases and minus decreases in the Salary, if any, as may be approved from time to time by the Compensation Committee.
(b) Throughout the Employment Period and to the extent determined by the Compensation Committee in its discretion to be commensurate with the Executive's level of responsibility within the Company, the Executive shall be entitled to participate in such pension, profit sharing, bonus or incentive compensation, incentive, group and individual disability, group and individual life, survivor income, sickness, accident, dental, medical and health benefits and other plans of the Company or additional benefit programs, which may be established by the Company for its executive officers, as and to the extent any such benefit programs, plans and arrangements are or may from time to time be in effect, as determined by the Company in its discretion and pursuant to the terms hereof and as and to the extent that the Executive is eligible to participate in such plans under the terms of such plans. Notwithstanding the above the Executive shall be entitled to participate in any stock option plan that may be adopted by the Company in its discretion and in which any of the Company's executive employees participate, and the Company shall purchase a life insurance policy on the life of the Executive, the death benefit of which shall equal two (2) times the Executive's annual salary and shall be payable to any beneficiary as designated by the Executive.
(c) The Company shall reimburse the Executive from time to time for all reasonable and customary business expenses incurred by him in the performance of his duties hereunder, provided that the Executive shall submit vouchers and other supporting data to substantiate the amount of said expenses in accordance with Company policy from time to time in effect.
(d) Throughout the Employment Period, the Executive shall be entitled to four (4) weeks of annual vacation, leave of absenc...
Compensation and General Benefits. As compensation for his --------------------------------- services under this Agreement, the Executive shall be compensated as follows:
(a) The Companies shall pay the Executive an annual salary which is not less than the greater of (i) a base salary of $115,000 per annum, or (ii) any subsequently established higher annual base salary. Such salary shall be payable in periodic equal installments which are no less frequent than monthly. Such salary shall be subject to normal periodic review at least annually for increases based on the salary policies of the Companies and contributions to the enterprises.
(b) The Executive shall be entitled to participate in such pension, profit sharing, stock incentive, stock option, stock purchase, incentive, group and individual disability, group and individual life, survivor income, sickness, accident, dental, medical or health insurance and other plans of the Companies which are in effect immediately prior to the effective date of this Agreement or in any other or additional benefit programs, plans or arrangements of the Companies which may be established by the Companies, as and to the extent any such benefit programs, plans or arrangements are or may from time to time be in effect, as determined by the Companies and terms hereof. The Companies shall neither (i) terminate or amend any benefit program, plan or arrangement of the Companies pursuant to which the Executive, or his dependents, beneficiaries or estate, is or shall be entitled to benefits, nor (ii) terminate or amend any formula or method set forth in any benefit program, plan or arrangement of the Companies pursuant to which the amount and type of benefits to which the Executive, or his dependents, beneficiaries or estate, is or shall be entitled thereunder are determined, if such termination or amendment would in any way modify or deprive the Executive, or his dependents, beneficiaries or estate, of any benefits to which he, or his dependents, beneficiaries or estate, is or shall be entitled under any benefit program, plan or arrangement of the Companies, unless (a) the Executive expressly consents in writing to such termination or amendment or (B) the amendment is required by law or regulation and the Companies shall, to the extent necessary, provide, pay or provide for payment of amounts equal to any benefits lost or reduced by such amendment. Throughout the period of his employment hereunder, the Executive shall be entitled to the receipt of any personal ...
Compensation and General Benefits. In consideration of the Executive foregoing other business opportunities and agreeing to stay on with the Corporation and WGI to perform the services described in this Agreement, the Executive shall be compensated as follows:
(a) For the remainder of the Employment Period the Corporation shall pay the Executive a base salary of four hundred seven thousand five hundred fifty dollars ($407,550 ) per year. The Executive will be eligible for increases in such base salary based on merit and commensurate with increases made in the base salary of other executive officers. Such salary shall be payable in periodic equal installments pursuant to the Corporation’s executive payroll system.
(b) Throughout the Employment Period, the Executive shall be entitled to participate in such retirement, bonus, disability, life, sickness, accident, dental, medical and health benefits and other employee benefit programs, plans and arrangements of the Corporation which are in effect immediately prior to the date of this Agreement, and in any successor or additional employee benefit programs, plans or arrangements which may be established by the Corporation, as and to the extent any such employee benefit programs, plans and arrangements are or may from time to time be in effect.
Compensation and General Benefits. (1) During the employment period, AmVestors shall pay Xx. Xxxxxx a base salary to be established annually by the Boards of Directors, payable in twice monthly installments (or on such other basis as may be mutually agreed upon). The salary shall be reviewed annually by the respective Board of Directors and may be increased, but not diminished, during the employment period.
(2) In addition to the salary provided by subparagraph (1) of this paragraph 1(b), AmVestors and affiliates shall provide benefits and other perquisites reasonably comparable to, and no less favorable than, those provided by AmVestors and its affiliates to Xx. Xxxxxx during 1996, including, but not limited to, an automobile suitable for the business and personal use of Xx.
Compensation and General Benefits. During my employment with the Company or one of its Related Companies, the Company or one of its Related Companies will: (a) compensate me for my services at a base rate determined by the Company from time to time; and (b) allow me to participate in the deferred compensation, other retirement plans and employee benefit plans from time to time in effect generally for the Company’s similarly situated employees, subject to the terms and conditions of such plans and as they may be instituted, modified or terminated from time to time. As of the Effective Date, my initial base salary shall be $700,000 per annum, less applicable withholdings, paid in accordance with the usual payroll practices of the Company. If the base salary is modified, such modified amount shall thereafter become the “base salary” under this Agreement.
Compensation and General Benefits. As compensation for her services under this Agreement, the Employee shall be compensated as follows:
Compensation and General Benefits. In consideration of the Executive foregoing other business opportunities and agreeing with the Corporation and WGI to continue to perform the services described in this Agreement, the Executive shall be compensated as follows:
(a) During the Employment Period, the Corporation shall pay the Executive a base salary of $448,800 per year. The Executive will be eligible for increases in such base salary, based on merit. Such salary shall be payable in periodic equal installments pursuant to the Corporation’s executive payroll system.
(b) Throughout the Employment Period, the Executive shall be entitled to participate in such retirement, bonus, disability, life, sickness, accident, dental, medical and health benefits, the Willbros Executive Medical Program, life insurance reimbursement, fuel reimbursement and other employee benefit programs, plans and arrangements of the Corporation which are in effect immediately prior to the date of this Agreement, and in any successor or additional employee benefit programs, plans or arrangements which may be established by the Corporation, as and to the extent any such employee benefit programs, plans and arrangements are or may from time to time be in effect. Nothing herein precludes the Corporation from exercising its reserved rights to amend, modify or terminate any employee benefit program, plan or arrangement, without prior notice.
Compensation and General Benefits. As compensation for his services under this Agreement, the Executive shall be compensated as follows:
(a) The Corporation shall initially pay the Executive an annual base salary of $160,000, which shall be payable in periodic equal installments no less frequent than the periodic installments in effect for salaries of senior executives of the Corporation immediately prior to the effective date of this Agreement. Such base salary shall be subject to normal periodic review by the Compensation Committee of the Board of Directors of the Corporation (the "Compensation Committee"), at least annually, for increases based on the policies established by the Compensation Committee and based on the Executive's contributions to the enterprise.
(b) The Executive also shall be eligible for annual bonus compensation payments, based upon his contribution to the Corporation's business and the Corporation's financial condition and recent results of operations, in such amounts, if any, as the Compensation Committee considers appropriate in its sole and absolute discretion. Any such bonus compensation, whether in the form of cash paid to the Executive as a bonus or as part of a profit or incentive cash compensation program established from time to time, or in the form of stock options or other equity-based grants under the Corporation's incentive plans, are hereinafter referred to as "Incentive Compensation." Nothing in this Agreement, however, shall be deemed to require the Corporation to pay any Incentive Compensation to Executive. For purposes of determining the amount of the Executive's Incentive Compensation resulting from the grant of a stock option, the value of any such option shall be determined using the Black-Scholes formula as of the date of grant.
