Common use of Compensation; Benefits; Expenses; and Bonus Clause in Contracts

Compensation; Benefits; Expenses; and Bonus. (a) As compensation for the services to be rendered hereunder, until December 31, 2001, Morton's shall pay to Xxxxxxx a base salary (as adjusted thereafter pursuant to the next sentence hereof, the "Base Salary") at the rate of $266,000 per annum, payable in equal installments at such times as shall be agreed upon by Morton's and Xxxxxxx, but no less frequently than monthly. The annual Base Salary for the calendar year commencing January 1, 2002 and for each calendar year thereafter shall increase at no less than the rate of increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers, as compiled by the U.S. Bureau of Labor Statistics for the preceding year (the "CPI"). The Base Salary may be increased at a faster rate than that of the CPI, at the discretion of the Board of Directors. (b) Xxxxxxx shall be eligible to participate in benefit programs, if any, of Morton's which are in effect for its executive personnel from time to time, including but not limited to profit sharing, pension, insurance, incentive or other supplemental or special compensation plans or arrangements, and stock purchase programs, in each case in accordance with the terms of such program. (c) Morton's recognizes that Xxxxxxx, in rendering the services hereunder, will be required to spend sums of money for the entertainment of various persons and representatives of companies and organizations with whom Morton's is having, or would like to have business relations, and otherwise in performance of his duties hereunder. Morton's will advance and/or reimburse reasonable traveling or other out-of-pocket expenses incurred or to be incurred by Xxxxxxx in rendering the services hereunder on behalf of Morton's, and Morton's will advance such funds to Xxxxxxx, or reimburse Xxxxxxx upon presentation of vouchers or other documents reasonably necessary to verify the expenditures and sufficient, in form and substance, to satisfy Internal Revenue Service ("IRS") requirements for any traveling or other expenses. (d) Morton's recognizes Xxxxxxx'x need for an automobile for business purposes and to facilitate the performance of Xxxxxxx'x duties hereunder. Therefore, Morton's shall pay to Xxxxxxx a monthly automobile allowance to be used by Xxxxxxx towards the purchase or lease of an automobile, (the make and model of which shall be selected by Xxxxxxx), and all costs related to the operation and maintenance of such automobile. (e) Morton's may elect to pay annual bonuses. The decision to pay any bonuses and the actual payment of such bonuses, if any, shall be at the sole discretion of the Company.

Compensation; Benefits; Expenses; and Bonus. (a) As compensation for the services to be rendered hereunder, until December 31, 20011999, Morton's MRG shall pay to Xxxxxxx Xxxxxxxxx a base salary (as adjusted thereafter hereafter pursuant to the next sentence hereof, the "Base Salary") at the rate of $266,000 625,000 per annum, payable in equal installments at such times as shall be agreed upon by Morton's MRG and XxxxxxxXxxxxxxxx, but no less frequently than monthly. The annual Base Salary for the calendar year Employment Year commencing January 1, 2002 and for each calendar year thereafter 2000, shall increase at no less than the rate of increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers, as compiled complied by the U.S. Bureau of Labor Statistics for the preceding year (the "CPI"). The Base Salary may be increased at a faster rate than that of the CPI, at the discretion of the Board of Directors, and depending upon the profitability and growth of MRG. (b) Xxxxxxx Xxxxxxxxx shall be eligible to participate in benefit programs, if any, of Morton's MRG which are in effect for its executive personnel from time to time, including but not limited to profit sharing, pension, insurance, incentive or other supplemental or special compensation plans or arrangements, and stock purchase programs, in each case in accordance with the terms of such program. (c) Morton's MRG recognizes that XxxxxxxXxxxxxxxx, in rendering the services hereunder, will be required to spend sums of money for the entertainment of various persons and representatives of companies and organizations with whom Morton's MRG is having, or would like to have business relations, and otherwise in performance of his duties hereunder. Morton's MRG will advance and/or reimburse reasonable traveling travelling or other out-of-pocket expenses incurred or to be incurred by Xxxxxxx Xxxxxxxxx in rendering the services hereunder on in behalf of Morton'sMRG, and Morton's MRG will advance such funds to XxxxxxxXxxxxxxxx, or reimburse Xxxxxxx Xxxxxxxxx upon presentation of vouchers or other documents reasonably necessary to verify the expenditures and sufficient, in form and substance, to satisfy Internal Revenue Service ("IRS") requirements requirement for any traveling or other expenses. (d) Morton's MRG further recognizes Xxxxxxx'x need the importance and value to MRG of Xxxxxxxxx'x active membership in the Young Presidents Organization or similar organization and Xxxxxxxxx'x attendance at its meetings and conferences. MRG agrees to pay membership dues for an automobile for business purposes Xxxxxxxxx in the Young Presidents Organization or similar organization and to facilitate pay all other reasonable expenses incurred by Xxxxxxxxx to attend meetings and conferences of the performance Young Presidents Organization or similar organization upon presentation of Xxxxxxx'x duties hereunder. Therefore, Morton's shall pay vouchers or other documents as required pursuant to Xxxxxxx a monthly automobile allowance to be used by Xxxxxxx towards the purchase or lease of an automobile, paragraph (the make and model of which shall be selected by Xxxxxxx), and all costs related to the operation and maintenance of such automobilec) above. (ei) Morton's may elect In addition to pay annual bonuses. The decision to pay any bonuses and the actual payment of such bonusesBase Salary, if any, Xxxxxxxxx shall be at the sole discretion of the Company.eligible to receive an annual bonus incentive payment ("Bonus"

Compensation; Benefits; Expenses; and Bonus. (a) As compensation for the services to be rendered hereunder, until December 31, 20012006, Morton's MRG shall pay to Xxxxxxx a base salary (as adjusted thereafter pursuant to the next sentence hereof, the "“Base Salary"”) at the rate of $266,000 350,000 per annum, payable in equal installments at such times as shall be agreed upon by Morton's MRG and Xxxxxxx, but no less frequently than monthly. The annual Base Salary for the calendar year commencing January 1, 2002 2007 and for each calendar year thereafter shall increase at no less than the rate of increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers, as compiled by the U.S. Bureau of Labor Statistics for the preceding year (the "“CPI"”). The Base Salary may be increased at a faster rate than that of the CPI, at the discretion of the Board of Directors. (b) Xxxxxxx shall be eligible to participate in all benefit programs, if any, of Morton's MRG which are in effect for its executive personnel from time to time, including but not limited to profit sharing, pension, medical and all other insurance, incentive or other supplemental or special compensation plans or arrangements, and stock purchase programs, in each case in accordance with the terms of such program. (c) Morton's MRG recognizes that Xxxxxxx, in rendering the services hereunder, will be required to spend sums of money for the entertainment of various persons and representatives of companies and organizations with whom Morton's MRG is having, or would like to have business relations, and otherwise in performance of his duties hereunder. Morton's MRG will advance and/or reimburse reasonable traveling or other out-of-pocket expenses incurred or to be incurred by Xxxxxxx in rendering the services hereunder on behalf of Morton'sMRG, and Morton's MRG will advance such funds to Xxxxxxx, or reimburse Xxxxxxx upon presentation of vouchers or other documents reasonably necessary to verify the expenditures and sufficient, in form and substance, to satisfy Internal Revenue Service ("“IRS"”) requirements for any traveling or other expenses. (d) Morton's MRG recognizes Xxxxxxx'x Xxxxxxx’x need for an automobile for business purposes and to facilitate the performance of Xxxxxxx'x Xxxxxxx’x duties hereunder. Therefore, Morton's MRG shall pay to Xxxxxxx a monthly automobile allowance to be used by Xxxxxxx towards the purchase or lease of an automobile, (the make and model of which shall be selected by Xxxxxxx), and all costs related to the operation and maintenance of such automobile. (e) Morton's In addition to the Base Salary, during the Employment Period, Xxxxxxx shall be eligible to receive a target annual bonus incentive payment (“Bonus”) of sixty-five percent (65%) of Base Salary. At the beginning of each fiscal year, the compensation committee of the Board of Directors (the “Compensation Committee”) shall establish a profitability target on which the Bonus will be based (the “Target”), including profitability targets for minimum and maximum bonus amounts. In its discretion, the Compensation Committee may elect to pay annual bonusesbase the Target on net income, operating income, EBITDA or any other basis it considers most appropriate. The decision to pay any bonuses and the actual payment of such bonuses, if any, Bonus shall be at payable to Xxxxxxx in the sole discretion fiscal year following such fiscal year, within thirty (30) days of receipt by MRG of the Companystatement of profits and losses for the preceding fiscal year, on a fully consolidated basis, from its independent certified public accountant then regularly auditing the books and records of MRG.

Compensation; Benefits; Expenses; and Bonus. (a) As compensation for the services to be rendered hereunder, until December 31, 2001, Morton's shall pay to Xxxxxxx Xxxxxxxx a base salary (as adjusted thereafter pursuant to the next sentence hereof, the "Base Salary") at the rate of $266,000 125,000 per annum, payable in equal installments at such times as shall be agreed upon by Morton's and XxxxxxxXxxxxxxx, but no less frequently than monthly. The annual Base Salary for the calendar year commencing January 1, 2002 and for each calendar year thereafter shall increase at no less than the rate of increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers, as compiled by the U.S. Bureau of Labor Statistics for the preceding year (the "CPI"). The Base Salary may be increased at a faster rate than that of the CPI, at the discretion of the Board of Directors. (b) Xxxxxxx Xxxxxxxx shall be eligible to participate in benefit programs, if any, of Morton's which are in effect for its executive personnel from time to time, including but not limited to profit sharing, pension, insurance, incentive or other supplemental or special compensation plans or arrangements, and stock purchase programs, in each case in accordance with the terms of such program. (c) Morton's recognizes that XxxxxxxXxxxxxxx, in rendering the services hereunder, will be required to spend sums of money for the entertainment of various persons and representatives of companies and organizations with whom Morton's is having, or would like to have business relations, and otherwise in performance of his her duties hereunder. Morton's will advance and/or reimburse reasonable traveling or other out-of-pocket expenses incurred or to be incurred by Xxxxxxx Xxxxxxxx in rendering the services hereunder on behalf of Morton's, and Morton's will advance such funds to XxxxxxxXxxxxxxx, or reimburse Xxxxxxx Xxxxxxxx upon presentation of vouchers or other documents reasonably necessary to verify the expenditures and sufficient, in form and substance, to satisfy Internal Revenue Service ("IRS") requirements for any traveling or other expenses. (d) Morton's recognizes Xxxxxxx'x Xxxxxxxx'x need for an automobile for business purposes and to facilitate the performance of Xxxxxxx'x Xxxxxxxx'x duties hereunder. Therefore, Morton's shall pay to Xxxxxxx Xxxxxxxx a monthly automobile allowance to be used by Xxxxxxx Xxxxxxxx towards the purchase or lease of an automobile, (the make and model of which shall be selected by XxxxxxxXxxxxxxx), and all costs related to the operation and maintenance of such automobile. (e) Morton's may elect to pay annual bonuses. The decision to pay any bonuses and the actual payment of such bonuses, if any, shall be at the sole discretion of the Company.