Compensation Benefits and Expenses. During the Term, Company shall compensate Employee for his services as follows:
Compensation Benefits and Expenses. During the Term, the Bank shall compensate the Executive for his services as provided in this Section 3. Unless otherwise determined by the Company Board, all payments and benefits provided in this Agreement shall be paid or provided solely by the Bank. Notwithstanding anything in this Agreement to the contrary, no provision of this Agreement shall be construed so as to result in the duplication of any payment or benefit. Unless otherwise determined by the Company Board, the Company’s sole obligation under this Agreement shall be to unconditionally guarantee the payment and provision of all amounts and benefits due hereunder to Executive, and the affirmative obligations of the Company as set forth at Section 3(h), herein, with respect to Indemnification, and, if such amounts and benefits due from the Bank are not timely paid or provided by the Bank, such amounts and benefits shall be paid or provided by the Company.
Compensation Benefits and Expenses. During the Term and before the Termination of his Employment, the Company shall compensate (or cause the Bank to compensate) the Executive for his services as follows:
Compensation Benefits and Expenses. (a) During the Employment Term, the Company shall pay the Employee a base annual salary of $215,000 (the "BASE SALARY"). Payment will be made on the regularly scheduled pay dates of the Company, subject to all appropriate withholdings or other deductions required by applicable law or by the Company's established policies applicable to employees of the Company. The Board may increase the Base Salary in its sole discretion, but shall not reduce the Base Salary below the rate established by the Employment Agreement without the Employee's written consent.
(b) During the Employment Term, the Employee shall be entitled to participate in the Company's annual incentive plan, under which the Employee shall be eligible to receive an annual target bonus equal to an amount between twenty percent (20%) and fifty percent (50%) of Base Salary if certain performance criteria and measures are satisfied, as determined by and within the sole discretion of the Board.
(c) During the Employment Term, the Company shall provide the Employee with an automobile allowance in the amount of six hundred dollars ($600) per month.
(d) During the Employment Term, in addition to the compensation payable to the Employee as described above, the Employee shall be entitled to participate in all the employee benefit plans or programs of the Company that are available to senior executives of the Company generally and such other benefit plans or programs as may be specified by the Board ("EMPLOYEE Benefits").
(e) As of the Effective Date, the Board shall grant the Employee options (the "OPTIONS") to acquire 25,000 shares of common stock of the Company pursuant to the Company's 1998 Incentive Stock Option Plan (the "OPTION PLAN"), subject to the terms and conditions of the award agreement for the Option Plan, attached hereto as Exhibit A. During the Employment Term, the Employee shall be eligible for subsequent annual Option grants under the Option Plan, or any such successor stock option plan, at the time such grants are made under the Option Plan to management employees of the Company generally, with a targeted grant of between 6,000 to 8,000 Options per year. Notwithstanding any provision in the Option Plan (or any successor stock option plan) to the contrary, in the event the Employee's employment is terminated by the Company for any reason or if the Employee resigns his employment with the Company for any reason, the Employee shall be afforded the opportunity to exercise all vested Options fo...
Compensation Benefits and Expenses. Subject to the provisions of this Employment Agreement, the Company shall pay and provide the following compensation and other benefits to the Employee during the Term as compensation for services rendered hereunder:
Compensation Benefits and Expenses. As full compensation for all services to be rendered by the Executive to the Company and its Affiliates in all capacities, the Executive shall receive the following compensation, benefits, and reimbursement of expenses during the Term:
Compensation Benefits and Expenses. (a) As compensation for the services to be rendered by you pursuant to this agreement, the Company hereby agrees to pay you at a Semi-Monthly Rate equal to Eight Thousand Five Hundred Forty-one Dollars and Sixty-seven Cents ($8,541.67). The Semi-Monthly Rate shall be paid in accordance with the normal payroll practices of the Company.
(b) You shall be entitled to participate in annual incentive compensation plans, if any, that may be adopted by the Company from time to time and that are afforded generally to persons employed by the Company at your position level (subject to the terms and conditions of any such annual incentive compensation plans). Should such an annual incentive compensation plan be adopted for any annual period, your target annual incentive compensation opportunity will be as established by the Company for each annual period, which may be up to 55% of your annualized rate (i.e., 24 X Semi-Monthly Rate) based on achievement of objectives specified by the Company each annual incentive compensation period (which may include Company-wide performance objectives, divisional or department performance objectives, individual performance objectives and/or subjective performance evaluations, allocated between and among such performance objectives and evaluations as the Company may determine in its sole discretion). Specific annual incentive compensation plan details, target incentive compensation opportunity and objectives for each annual compensation plan period will be set forth in written documents provided to you by the Company. Awards under annual incentive plans may be prorated for a variety of factors, including time employed by the Company during the year, adjustments in base compensation or target award percentage changes during the year, and unpaid leaves. You understand that the Company’s annual incentive compensation plans, their structure and components, specific target incentive compensation opportunities and objectives, and the achievement of objectives and payouts, if any, thereunder are subject to the sole discretion of the Company’s Board of Directors, or a committee thereof.
(c) You shall be entitled to participate in such ordinary and customary benefits plans afforded generally to persons employed by the Company at your level (subject to the terms and conditions of such benefit plans, your making of any required employee contributions required for your participation in such benefits, your ability to qualify for and satisfy the re...
Compensation Benefits and Expenses. (a) During the term of the Employee's employment pursuant to this Employment Agreement, the Employee shall be paid a base annual salary of $260,000 (the "Base Pay"). Payment will be made on the regularly scheduled pay dates of the Employer, subject to all appropriate withholdings or other deductions required by law or by the Employer's established policies applicable to all the Employees of the Employer. The Employer may increase the Employee's Base Pay at the Employer's sole discretion, but shall not reduce the Base Pay below the rate established by this Employment Agreement without the Employee's written consent.
(b) In addition to any other compensation payable to the Employee pursuant to this Employment Agreement, during the term of the Employee's employment pursuant to this Employment Agreement the Employee may be paid an annual bonus as determined by and within the sole discretion of board of directors of the Company.
(c) The Employee's services hereunder shall be performed at the principal offices of the Employer in the Atlanta, Georgia metropolitan area, subject to travel that is consistent with prior practice of the Employee.
(d) In addition to compensation payable to the Employee as described above, the Employee shall be entitled to participate in all the employee benefit plans or programs of the Company as are available to management employees of the Employer generally and such other benefit plans or programs as may be specified by the Board of Directors, including any stock options that may be granted by the board of directors of the Company ("Employee Benefits"). Employee Benefits provided the Employee will be no less favorable in the aggregate than those benefits of the Employer in which the Employee was enrolled immediately prior to the Effective Date. With respect to the Employee, the Employer and the Company hereby waive any applicable waiting period for the Employee Benefits.
(e) On a timely basis, the Employer shall reimburse the Employee for such reasonable out-of-pocket expenses as the Employee may incur for and on behalf of the furtherance of the Employer's business, provided that the Employee submits to the Employer satisfactory documentation or other support for such expenses in accordance with the Employer's expense reimbursement policy.
Compensation Benefits and Expenses. (a) At the commencement of Employee's term of employment pursuant to this Employment Agreement, Employee shall be paid a base salary at an annual rate of $364,000. Payment will be made on the regularly scheduled pay dates of Employer, subject to all appropriate withholdings or other deductions required by law or by Employer's established policies applicable to all employees of Employer. Employer may increase Employee's salary at Employer's sole discretion, but shall not reduce such salary below the rate established by this Employment Agreement (as it may be increased from time to time hereunder) without Employee's written consent.
(b) During the term of employment, Employer shall provide Employee with an automobile substantially equivalent in value to the automobile provided by Employer prior to the date hereof or pay Employee an allowance in the amount of $600 per month, plus the costs incurred by Employee for all fuel, oil and lubrication related to the business use of Employee's automobile, including travel from Employee's home to place of employment.
(c) In addition to any other compensation payable to Employee pursuant to this Employment Agreement, Employee during the term of this Employment Agreement may be paid an annual bonus as determined by and within the sole discretion of the Board. In the event Employee's salary reaches $500,000 per annum, or Employee otherwise reasonably determines that any portion of his compensation from Employer could become non-deductible by reason of the application of Section 162(m) of the Internal Revenue Code, Employer promptly shall establish an annual cash bonus plan satisfying the qualified performance-based compensation exception to Section 162(m).
(d) Employee's services hereunder shall be performed at the principal offices of the Employer in Palm Beach Gardens, Florida, subject to such reasonable travel as the performance of Employee's duties and the business of Employer may require.
(e) In addition to compensation payable to Employee as described above, Employee shall be entitled to participate in all employee benefit plans or programs of Employer as are available to management employees of Employer generally and such other benefit plans or programs as may be specified by the Board, including any stock options that may be granted by the Board. Employer hereby waives Employee's waiting period for eligibility under its medical benefits plan. Employer also shall reimburse Employee for an annual physical examinatio...
Compensation Benefits and Expenses. During the term of Executive's employment with the Company, Executive shall receive an annual base salary of not less than three hundred fifty thousand dollars ($350,000) ("Annual Base Salary"), which shall be paid in accordance with the customary payroll practices of the Company. In addition, Executive shall be entitled to receive an annual bonus ("Annual Bonus") of up to one hundred seventy-five thousand dollars ($175,000) upon achievement of performance criteria as shall be established by the CEO and the Board of Directors of the Company (the "Board") or the Compensation Committee thereof. Notwithstanding the above, it is expected that Executive's Annual Base Salary and Annual Bonus target will be increased by the Board upon the consummation of the transactions contemplated by the Agreement and Plan of Reorganization and Merger among Aurora Foods Inc. and Crunch Equity Holding, LLC, dated as of ________, 2003 (collectively, the "Aurora Transaction"), in light of Executive's additional duties and responsibilities as a result of the Aurora Transaction. The Board will consider such increases at or immediately following the consummation of the Aurora Transaction.
(i) During the term of Executive's employment with the Company, Executive shall be entitled to participate in all incentive, savings and retirement plans, practices, policies and programs applicable generally to other executives of the Company and the Operating Company ("Investment Plans").
(ii) During the term of Executive's employment with the Company, Executive and his family shall be eligible for participation in and shall receive all benefits under, welfare benefit plans, practices, policies and programs applicable generally to other executives of the Company and the Operating Company, including but not limited to comprehensive medical and dental coverage, disability and basic and supplemental life insurance ("Welfare Plans").
(iii) Except to the extent that such are changed pursuant to a general change in benefits applicable generally to other executives of the Company and the Operating Company, during the term of Executive's employment with the Company, the Company shall continue to provide Executive with at least the same benefits provided to Executive by the Company and the Operating Company prior to the Effective Date ("Other Benefits").
(iv) During the term of Executive's employment with the Company, Executive shall be entitled to receive prompt reimbursement for all reasonable expenses ...
