Common use of Compensation Benefits and Expenses Clause in Contracts

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 associated with performing the duties hereunder in accordance with the policies, practices and procedures of the Company ("Reimbursable Expenses"). (v) During the term of Executive's employment with the Company, Executive shall be entitled to paid vacation and paid holidays in accordance with the plans, policies, programs and practices of the Company for its executive officers.

Appears in 1 contract

Samples: Employment Agreement (Sea Coast Foods, Inc.)

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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 fifty thousand dollars ($175,000150,000) 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 ________November 25, 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 associated with performing the duties hereunder in accordance with the policies, practices and procedures of the Company ("Reimbursable Expenses"). (v) During the term of Executive's employment with the Company, Executive shall be entitled to paid vacation and paid holidays in accordance with the plans, policies, programs and practices of the Company for its executive officers.

Appears in 1 contract

Samples: Employment Agreement (Sea Coast Foods, Inc.)

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 One Million Two Hundred Fifty Thousand Dollars ($350,0001,250,000) ("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 One Million Two Hundred Fifty Thousand ($175,0001,250,000) 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 ________November 24, 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 including, without limitation, the provision of a company car of Executive's choice comparable to that previously provided, club membership, tax/accounting services, office rent and secretarial support ("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 associated with performing the duties hereunder in accordance with the policies, practices and procedures of the Company ("Reimbursable Expenses"). (v) During the term of Executive's employment with the Company, Executive shall be entitled to paid vacation and paid holidays in accordance with the plans, policies, programs and practices of the Company for its executive officers.

Appears in 1 contract

Samples: Employment Agreement (Sea Coast Foods, Inc.)

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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 fifty thousand dollars ($175,000150,000) 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 associated with performing the duties hereunder in accordance with the policies, practices and procedures of the Company ("Reimbursable Expenses"). (v) During the term of Executive's employment with the Company, Executive shall be entitled to paid vacation and paid holidays in accordance with the plans, policies, programs and practices of the Company for its executive officers.

Appears in 1 contract

Samples: Employment Agreement (Sea Coast Foods, Inc.)

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