Compensation and Other Benefits. Subject to the provisions of this Agreement, the Company shall pay and provide the following compensation and other benefits to the Executive during the Term as compensation for services rendered hereunder:
Compensation and Other Benefits. As compensation for the services to be rendered hereunder, during the Term the Company shall pay to the Executive the salary and bonuses, and shall provide the benefits, as set forth in this Section 2.
Compensation and Other Benefits. Subject to the provisions of this Agreement, the Company shall pay and provide the following compensation and other benefits to the Employee during the Term as compensation for all services rendered hereunder and the covenants contained in Section 6 hereof:
Compensation and Other Benefits. The Company shall provide the following compensation and other benefits to Executive during the Term in consideration of Executive’s performance of all of his obligations under this Agreement:
Compensation and Other Benefits. As compensation in full for the services to be rendered by Executive hereunder, the Company shall pay, and Executive shall accept, the following compensation:
Compensation and Other Benefits. As compensation in full for the services to be rendered by Employee hereunder, Employers shall pay and the Employee shall accept the following compensation:
(a) Employers shall pay to Employee a base salary of $130,000 per year, commencing with the Employment Date, payable in equal semi-monthly installments, less usual withholding deductions. Such base salary shall be a minimum salary. As of January 1, 1993 and each January 1 thereafter during the term of this Agreement, Employee's minimum base salary will be reviewed by the Board of Directors on the basis of his performance to such date and the progress of Employers and shall be increased as of such dates if so determined by the Board of Directors in its absolute discretion. The Board of Directors may also increase Employee's base salary at any other time in its absolute discretion.
(b) Employers shall provide Employee with a leased automobile of the kind provided to other Employees with similar duties, responsibilities and title. Employers shall pay for all maintenance and insurance on such automobile.
(c) As additional compensation, Employee shall be entitled to participate in the Senior Management Incentive Compensation Program.
(d) During the term of Employee's employment under this Agreement, Employee shall be entitled to receive other benefits of employment, such as life, health and accident insurance on Employee in the form, kind and amount made available under group insurance coverage to other employees of Employers with responsibilities and duties similar to those of Employee. Employee shall also be entitled to participate in all of Employers' ERISA type plans in existence during the term of this Agreement. Employee shall not be entitled to participate in any profit sharing plans, incentive compensation programs or other benefit plans made available to employees of Employers except as described in paragraph 4(c) or other paragraphs of this Agreement.
(e) Employers shall provide the use of a country club membership to Employee for the promotion of Employers' business. Employers shall be responsible for all costs related to such membership. If Employers are incapable of holding such membership in corporate name, Employers shall provide to Employee funds necessary to acquire such membership. Employee shall be entitled to use of such membership during the terms of this Agreement. Upon Employee ceasing employment with Employers, Employee shall transfer any and all ownership of such membership to Emplo...
Compensation and Other Benefits. Subject to the provisions of this Agreement, including, without limitation, the termination provisions contained in Section 4, the Company shall pay and provide the following compensation and other benefits to the Officer as compensation for all services rendered hereunder:
Compensation and Other Benefits. 3.1 As compensation for his services to the Company under this Agreement, the Company shall pay to Executive during the term of this Agreement a base salary ("Base Salary") of not less than $175,000 per annum, payable in equal semi-monthly installments, subject only to such payroll and withholding deductions as may be required by law and other deductions applied generally to employees of the Company for any employee benefit plans.
3.2 Executive shall receive a signing bonus of $100,000. Such bonus shall be paid as soon as practicable after the execution of this Agreement but by no later than five business days therefrom. In addition, for 1998 and for each calendar year thereafter during the term of this Agreement, the Compensation Committee of the Board of Directors of the Company ("Compensation Committee") may award Executive a cash bonus of up to 100% of his Base Salary ("Bonus"). By March 31st of each year, the Compensation Committee shall determine the fraction of the Bonus earned by the Executive with respect to the prior calendar year (the "Payment Fraction") based upon its evaluation of the extent to which the Company met the sales budget, sales projections and similar criteria (the "Sales Budget") that the Compensation Committee communicated to him prior to the commencement of that calendar year.
3.3 Executive will be entitled to three weeks of paid vacation annually during the term of this Agreement.
3.4 Upon execution of this Agreement, Executive will be awarded four hundred twenty-five thousand (425,000) non-qualified stock options ("Signing Bonus Options") to acquire common stock, $.0001 par value, of the Company ("Common Stock"). One hundred fifty thousand (150,000) of these options (the "Three Month Options") shall become exercisable ninety days after the date of grant and shall be exercisable at a price of $2.50 per share. The remaining two hundred seventy-five thousand options (the "Remaining Options") shall become exercisable in 331/3% increments on each anniversary date of the date of grant and shall be exercisable at a price per share equal to the price to the public of the Common Stock in the Company's initial underwritten public offering of its Common Stock (the "Offering"). Accordingly, subject to Section 3.6, the Three Month Options shall become fully vested ninety days after the date of grant and the Remaining Options shall become fully vested three years after the date of grant. The Three Month Options and the Remaining Options sha...
Compensation and Other Benefits. Executive shall be entitled to receive from the Partnership the following compensation and benefits for the services to be rendered by Executive hereunder:
Compensation and Other Benefits. The Executive’s compensation during the Employment Period shall be determined by the Board upon recommendation of the committee of the Board having responsibility for approving the compensation of senior executives, subject to the provisions below: