Compensation Benefits and Reimbursement. (a) The compensation specified under this Agreement shall constitute the salary and benefits paid for the duties described in Section 2. The Bank shall pay Executive as compensation a salary of not less than [$ ] per year (“Base Salary”). Such Base Salary shall be payable biweekly, or with such other frequency as officers and employees are generally paid. During the period of this Agreement, Executive’s Base Salary shall be reviewed at least annually. Such review shall be conducted by a committee designated by the Board, and the Bank may increase, but not decrease (except a decrease that is generally applicable to all employees) Executive’s Base Salary (with any increase in Base Salary to become “Base Salary” for purposes of this Agreement). Base Salary shall not include any director’s fees that the Executive is entitled to receive as a director of the Bank or any affiliate of the Bank. Such director’s fees shall be separately paid to the Executive.
(b) Executive will be entitled to participate in and receive benefits under any employee benefit plans including, but not limited to, retirement plans, supplemental retirement plans, pension plans, profit-sharing plans, health-and-accident insurance plans, medical coverage or any other employee benefit plan or arrangement made available by the Bank currently or in the future to its senior executives and key management employees. Executive will be entitled to participate in any incentive compensation and bonus plans offered by the Bank in which Executive is eligible to participate. Nothing paid to Executive under any such plan or arrangement will be deemed to be in lieu of other compensation to which Executive is entitled under this Agreement.
(c) In addition to the Base Salary provided for by paragraph (a) of this Section 3, the Bank shall pay or reimburse Executive for all reasonable travel and other reasonable expenses incurred by Executive performing his obligations under this Agreement and may provide such additional compensation in such form and such amounts as the Board may from time to time determine. The Bank shall reimburse Executive for his ordinary and necessary business expenses including, without limitation, fees for memberships in such clubs and organizations as Executive and the Board shall mutually agree are necessary and appropriate for business purposes, and travel and entertainment expenses, incurred in connection with the performance of his duties under this Agreement.
Compensation Benefits and Reimbursement. 3.1 The Consultant shall earn as compensation the amount of twenty thousand pounds (£20,000.00 GBP) per year ("Consultant’s Fee"), with subsequent adjustments as mutually agreed between the parties to reflect the growth and success of the Company. The Consultant’s Fee shall be paid in equal monthly installments to Consultant in cash, commencing on the 1st of May, 2014.
3.2 The Company shall pay or reimburse Consultant for all reasonable travel, and other reasonable expenses incurred by Consultant in performance of Consultant's obligations under this Agreement, provided that all long distance travel and other extraordinary expenses are approved by the Company prior to incurrence of the same. The Consultant agrees to obtain approval from the Company in writing for any individual expense of one thousand dollars ($1,000.00 USD) or greater or any aggregate expense in excess of two thousand dollars ($2,000.00 USD) incurred in any given month by the Consultant in connection with the carrying out his duties under this Agreement.
3.3 In case that a research and development project is initiated during the term of this Agreement, the Consultant’s fee will be readjusted to the amount of forty thousand pounds (£40,000.00 GBP), and the Consultant shall be entitled of two hundred thousand (200,000) shares of the Company’s common stock for every research project completed during the term of this Agreement with a valuation less than twenty million dollars ($20,000,000.00 USD), and five hundred thousand (500,000) shares of the Company’s common stock for every research project completed during the term of this Agreement with a valuation equal or greater than twenty million dollars ($20,000,000.00 USD).
Compensation Benefits and Reimbursement. (a) The compensation specified under this Agreement shall constitute the salary and benefits paid for the duties and responsibilities described in Section 1. Subject to Section 22 hereof, the Company and/or the Bank shall pay Executive as compensation a salary of not less than $194,000 per year (“Base Salary”). Such Base Salary shall be payable in accordance with the customary payroll practices of the Company and/or the Bank. During the period of this Agreement, Executive’s Base Salary shall be reviewed at least annually. Such review may be conducted by the compensation committee (the “Committee”) designated by the Board and the Board may increase, but not decrease Executive’s Base Salary (except for a decrease that is not in excess of any decrease that is generally applicable to all employees of the Company). Any increase in Base Salary shall become the Base Salary for purposes of this Agreement.
(b) In addition to the Base Salary provided in Section 3(a), the Company and/or the Bank shall provide Executive all such other benefits as are provided to permanent full-time employees of the Company and/or the Bank.
(c) The Company and/or the Bank will provide Executive with employee benefit plans, arrangements and perquisites substantially equivalent to those in which Executive was participating or otherwise deriving benefit from immediately prior to the beginning of the term of this Agreement. Without limiting the generality of the foregoing provisions of this subsection
Compensation Benefits and Reimbursement. (A) THE COMPENSATION SPECIFIED UNDER THIS AGREEMENT SHALL CONSTITUTE THE SALARY AND BENEFITS PAID FOR THE DUTIES DESCRIBED IN SECTION 2. The Bank shall pay Executive as compensation a salary of not less than $123,634 per year (“Base Salary”). Such Base Salary shall be payable biweekly, or with such other frequency as officers and employees are generally paid. During the period of this Agreement, Executive’s Base Salary shall be reviewed at least annually. Such review shall be conducted by the Compensation Committee of the Board, and the Bank may increase, but not decrease (except a decrease that is generally applicable to all employees) Executive’s Base Salary (with any increase in Base Salary to become “Base Salary” for purposes of this Agreement). Base Salary shall not include any director’s fees that Executive is entitled to receive as a director of the Bank or any affiliate of the Bank. Such director’s fees shall be separately paid to Executive.
Compensation Benefits and Reimbursement. 3.1 During the Term the Consultant shall receive cash compensation of the amount of two thousands Euros (2,000.00 €) per month (the “Consultant’s Fee”).
3.2 The Consultant shall be entitled to additional to the Consultant’s Fee compensation for third party financing to bring to the Company, under the terms and conditions of this Agreement, such compensation to be determined on a case by case basis upon mutual agreement of the Company and the Consultant.
3.3 The Company shall pay or reimburse the Consultant for all reasonable travel, and other reasonable expenses incurred by the Consultant in performance of the Consultant's obligations under this Agreement, provided that all long distance travel and other extraordinary expenses are approved by the Company prior to incurrence of the same.
3.4 The Consultant shall be entitled to participate in the Company’s incentive stock option plans, if any, and to receive stock awards and other incentives, which shall be agreed between the Consultant and the Company. The Consultant shall also be entitled to participate in any health, medical and dental plans which the Company may implement during the Term or the extension hereof.
Compensation Benefits and Reimbursement. For all services rendered by the Executive in any capacity during the Employment Period, including, without limitation, services as an officer, director or member of any committee of the Company or any member of the Group, the Executive shall be compensated as follows (subject, in each case to the provisions of Sections 6-10 below):
(a) During the Employment Period, the Company shall pay, or cause to be paid, to the Executive a base salary (the "Base Salary") at a rate of $195,000 on an annualized basis, which shall be payable in accordance with the customary payroll practices of the Company. Provided, however, that Executive will receive a reduced salary equal to Base Salary minus $75,000 ( $120,000) on an annualized basis through December 31, 2004 and a reduced salary equal to Base Salary minus $45,000 ($150,000) on an annualized basis from January 1, 2005- March 31, 2005. After March 31, 2005 the Executive will be paid the Base Salary. Additionally, Executive will participate in the employee restricted stock ownership plan at a level of 3.2%.
(b) Executive shall be entitled to receive a discretionary bonus from the Company within a month of December 31, 2005 as reasonably determined by the Chief Executive Officer. No bonus shall be required, and any bonus paid under this provision will be at the sole discretion of the Chief Executive Officer of the Company.
(c) During the Employment Period, the Executive shall be entitled to the following:
(i) participation in the Company's and/or the Group's pension and benefit plans as the Company and/or the Group generally maintains from time to time during the Employment Period for the benefit of its similarly situated employees, in each case subject to the eligibility requirements and other terms and provisions of such plans or programs; provided, however, the Company and/or the Group may modify or discontinue any such benefits, plans or programs and change employee contribution amounts to benefit costs without notice in its discretion. The Company will pay 100% of the cost of the Executive's family health coverage. Prior to joining the Company sponsored health insurance program, the Company will reimburse the Executive for the cost of COBRA not to exceed the cost the Company would otherwise have incurred had the Executive joined the Company sponsored health insurance plan. Notwithstanding the foregoing in this Section 5(c)(i), Executive shall continue to be entitled to all benefits to which Executive shall be enti...
Compensation Benefits and Reimbursement a. he Bank shall pay Executive a base salary of $225,000 per year (“Base Salary”). Such Base Salary shall be payable bi-weekly, or with such other frequency as officers and employees are generally paid. In addition to the Base Salary, the Bank shall provide Executive with all such other benefits as are provided uniformly to permanent full-time employees of the Bank. Executive shall not be paid any separate fees for serving on the Board of the Bank or the Company during the term of this Agreement.
b. Executive will be entitled to participate in or receive benefits under any employee benefit plans including, but not limited to, retirement plans, supplemental retirement plans, pension plans, profit-sharing plans, health-and-accident insurance plans, medical coverage or any other employee benefit plan or arrangement made available by the Bank or the Company in the future to its senior executives and key management employees, subject to and on a basis consistent with the terms, conditions and overall administration of such plans and arrangements; provided, however, that Executive will be not be entitled to participate in any incentive or bonus plans. In addition, Executive shall receive an automobile allowance of not less than $700 each month. Executive’s principal place of business shall be at the Bank’s office in Goshen.
c. The Bank shall reimburse Executive for his ordinary and necessary business expenses including, without limitation, fees for memberships in such clubs and organizations as Executive and the Board shall mutually agree are necessary and appropriate for business purposes, and travel and entertainment expenses, incurred in connection with the performance of his duties under this Agreement.
Compensation Benefits and Reimbursement. 3.1 The compensation specified under this Agreement shall constitute the salary and benefits paid for Employee's performance of the duties described in Article 1. The Company shall pay Employee as compensation a salary of not less than $137,500 per year ("Base Salary"). The Base Salary shall be payable in accordance with Company's payroll practices. During the period of this Agreement, Employee's Base Salary shall be reviewed at least annually. Such review shall be conducted and reviewed by the Company's Management Board. No downward adjustment shall be made in the Base Salary without Employee's written approval. If Employee's Base Salary is adjusted after any such annual review, the adjusted Base Salary thereafter shall become the "Base Salary" for purposes of this Agreement.
3.2 Employee will be eligible for bonus consideration on an annual basis in an amount to be determined in the sole discretion of the Company's Management Board.
3.3 The Company shall also provide Employee, at no cost to Employee, with a health insurance policy. Without limiting the generality of the foregoing provisions of this Article 3.3, Employee will be entitled to participate in or receive benefits under any employee benefit plans including, but not limited to, retirement plans, supplemental retirement plans, pension plans, profit-sharing plans, health-and-accident insurance, medical insurance, dental insurance, life insurance, disability insurance, or any other employee benefit plan or arrangement made
Compensation Benefits and Reimbursement. (a) The Company shall pay, or cause to be paid, to the Executive a base salary (the "Base Salary") at a rate of $175,000 per annum which shall be payable in accordance with the customary payroll practices of the Company.
(b) During the Employment Period, the Executive shall be entitled to the following:
(i) participation, upon satisfaction of any applicable eligibility requirements, in the Company's and/or the Group's pension and benefit plans as offered to similarly situated employees; provided, however, the Company and/or the Group may modify or discontinue any such benefits, plans or programs; and
(ii) reimbursement for all reasonable and necessary expenses incurred in the ordinary course of Executive's employment hereunder, including travel and entertainment expenses, upon presentation by Executive of appropriate documentation sufficient for tax purposes to substantiate the expenditure as an income tax deduction, except that each such expenditure shall be reimbursable only if it is of a nature qualifying it as a proper deduction on the federal and state income tax returns of the Company.
(iii) the Company shall grant the Executive (i) an option to purchase 300,000 shares of the Company's common stock, par value $0.001 per share, of which 75,000 shares shall vest upon the date of the execution and delivery of this Agreement and 75,000 shares shall vest on each of April 1, 2003, July 1, 2003 and October 1, 2003, and (ii) an option to purchase 150,000 shares of the Company's common stock, par value $0.001 per share, the shares of which shall vest in 50,000 share increments upon the Company's deployment of certain products to each successive group of 10,000 targeted physicians, as shall be more fully described in the Option Agreement (as hereinafter defined) (clauses (c)(i) and (ii) above collectively, the "Options"). The Options shall be granted pursuant to the Company's 1999 Stock Option Plan (as may be amended, modified, or replaced, or any new stock option plan of the Company, the "Stock Option Plan") and the Company and the Executive shall executive and deliver an Option Agreement (the "Option Agreement") in accordance with the Stock Option Plan. The Medix Board shall determine, in its sole discretion, the exercise prices and the duration of the terms of the Options. The vesting of the Options is subject to the Executive being employed by the Company at such times. Except as otherwise set forth herein, the Options shall be granted pursuant to, and sha...
Compensation Benefits and Reimbursement. The Consultant shall earn as compensation the amount of twenty thousand pounds (£20,000.00 GBP) per year ("Consultant’s Fee"), with subsequent adjustments as mutually agreed between the parties to reflect the growth and success of the Company. The Consultant’s Fee shall be paid in equal monthly installments to Consultant in cash, commencing on the 1st of May, 2014.
