Compensation Benefits Etc Clause Samples
The "Compensation, Benefits, Etc" clause defines the salary, bonuses, and additional benefits that an employee is entitled to receive as part of their employment. This typically includes details such as base pay, eligibility for incentive programs, health insurance, retirement plans, and other perks like paid time off or company-provided equipment. By clearly outlining the financial and non-financial rewards associated with the position, this clause ensures both parties understand the total compensation package and helps prevent disputes over entitlements during the course of employment.
Compensation Benefits Etc. During the Employment Period, the Manager shall be compensated as follows:
(a) The Manager shall (i) receive an annual cash base salary, payable not less frequently than semi-monthly, which is not less than the annualized cash base salary payable to Manager as of the Effective Date; (ii) be entitled to at least as favorable annual incentive award opportunity under the Company's annual incentive compensation plan as he did in the calendar year immediately prior to the year in which the Change of Control Event occurs; and (iii) be eligible to participate in all of the Company's long-term incentive compensation plans and programs on terms that are at least as favorable to the Manager as provided to the Manager in the four calendar years prior to the Effective Date.
(b) The Manager shall be entitled to receive fringe benefits, employee benefits, and perquisites (including, but not limited to, vacation, medical, disability, dental, and life insurance benefits) which are at least as favorable to those made generally available as of the Effective Date to all of the Company's salaried managers as a group. In addition, the Manager shall be eligible to participate in the Company's Supplemental Retirement Income Program ("SRIP").
(c) Notwithstanding any other provision of this Agreement (whether in this Section 4, in Section 6, or elsewhere), (i) the Board of Directors may authorize an increase in the amount, duration, and nature of and/or the acceleration of any compensation or benefits payable under this Agreement, as well as waive or reduce the requirements for entitlement thereto and (ii) the Company may deduct from amounts otherwise payable to the Manager such amounts as it reasonably believes it is required to withhold for the payment of federal, state, and local taxes.
Compensation Benefits Etc. Subject to Section 3(d)(i):
Compensation Benefits Etc. UPON, AND EFFECTS OF, TERMINATION.
Compensation Benefits Etc. (a) In consideration of the services to be rendered by the Employee hereunder, the Company shall pay to the Employee, and he shall accept, compensation at an annual rate of (omitted), payable biweekly or monthly, at the Company's option. If the Company shall have satisfied the annual projections for a year as set forth in Schedule A annexed hereto, Employee shall receive an increase in annual compensation in the amount of (omitted) for the next year of the term hereof. Any other provision of this Agreement to the contrary notwithstanding, any commission payments due to the Employee by any party shall be paid directly to G&C, or its appropriate subsidiary, and no other compensation, except compensation described herein, shall be due to the Employee.
(b) The Employee shall receive health insurance and paid holidays, as are made available to other employees of the Company. The Employee shall receive 4 weeks of paid vacation/personal/sick days each year, which may be taken at any time up to 6 months after the year of accrual but not thereafter, subject to the Company's prior approval, which shall not be unreasonably withheld or delayed.
(c) The Employee shall receive reimbursement or inclusion on the Company expense account for up to $1,000 per month of discretionary business expenses, provided that receipts for such expenses are provided to the Company, and $1,500 per month for car expenses.
(d) The Employee shall receive (omitted) options to purchase common stock in G&C, par value $.01 (the "Stock"), at an exercise price of $8.75. The options shall be in the form of the Company's standard employee stock option and shall have a term of five (5) years from vesting. G&C shall register the issuance of the shares underlying such options with the Securities and Exchange Commission on Form S-8 and use its best efforts to maintain the effectiveness of such registration during the exercisability of said Options.
(e) Except as hereinafter provided in Section 6, the Company shall pay the Employee, for any period during which he is unable fully to perform his duties because of physical or mental
(f) North Ridge shall continue to insure itself and employees, including Levy, under North Ridge's errors and omissions policy in effect as of June 30, 1998 or under a reasonably comparable occurrence-based policy.
Compensation Benefits Etc. (a) In consideration of the services to be rendered by the Consultant hereunder, the Company shall pay to the Consultant, and he shall accept, compensation in the form of commissions at a rate of (omitted) of the net commissions earned by the Company on securities transactions for which the Consultant shall have acted as primary registered representative, and (omitted)of the standard agent's commission on life and disability insurance products sold through NSCM and a commission to be negotiated between Consultant and Company on single premium annuities, long-term health care, Medicare supplement policies, etc., based upon the varying gross commissions received by NSCM.
(b) The Consultant shall receive health insurance from the Company as the Company provides its employees or under a reasonably comparable policy.
(c) The Consultant shall receive reimbursement or be included on the Company's expense account for up to $650 per month for car expenses.
(d) The Company shall maintain its error and omissions policy in effect as of June 30, 1998 or a reasonably comparable occurrence-based policy, including coverage of Consultant.
(e) The Company shall pay for all of Consultant's licensing fees with the National Association of Securities Dealers, Inc. in connection with his work for the Company.
Compensation Benefits Etc upon, and Effects of, Termination.
Compensation Benefits Etc