Compensation; Bonus. (a) As compensation for services hereunder and in consideration of his agreement not to compete as set forth in paragraph 8 hereof, the Company shall pay the Employee a base salary at the annual rate of $185,000.00. Such base salary shall be paid in equal installments in accordance with the normal payroll policies of the Company, but no less frequently than bi-weekly.
(b) Employee shall be eligible to receive such raises and cash or stock bonuses as the Board shall in its sole discretion, from time to time, determine. Employee shall be entitled to participate on the same basis in any bonus or other incentive programs sponsored by the Company for employees in similar standing and position within the Company.
(c) Additional compensation for those certain Noncompete Covenants (defined herein) is set forth in Paragraph 8(b) hereof.
Compensation; Bonus. After the end of each calendar year, the Board of Directors of EMPLOYER shall determine the net profits before taxes of EMPLOYER for such prior year and shall determine any bonus for such year payable to EMPLOYEE. EMPLOYER shall not be obligated to provide any bonus. Any bonus awarded shall be paid at such time or times, in such amounts or installments, as the Board of Directors may determine.
Compensation; Bonus. The Company (or at the Company's option, any subsidiary or affiliate thereof having the financial ability to make such payments) will pay you an annual base salary (the "Base Salary") during the Employment Period at the rate of $175,000 per annum (the "Base Salary"), payable in such installments (but not less often than monthly) as is generally the policy of the Company with respect to its executive officers.
Compensation; Bonus. (a) The Company (or, at the Company's option, any affiliate thereof) shall pay to the Executive an annual base salary (the "Base Salary") during the Employment Period of $325,000 per annum, payable in such installments (but not less often than monthly) as is generally the policy of the Company with respect to its officers.
(b) Subject to the last sentence of this Section 5(b), on January 1 of each year (each such year, an "Adjustment Year") commencing January 1, 1998, the Executive's Base Salary shall be subject to increase by a percentage of the Executive's Base Salary equal to the percentage increase, if any, in the United States Department of Labor, Bureau of Labor Statistics, Consumer Price Index for Urban Wage Earners, "all items" for the city or metropolitan area to which Buffalo, New York bears the closest geographic proximity, 1982-84=100 base, or any successor or substitute index between December of the year that is two years immediately prior to the adjustment year and December of the year immediately preceding the adjustment year (the "Index Year"). The Company shall calculate any increase as soon as practicable after the Consumer Price Index information for December of the Index Year is made available and any such increase shall be effective on January 1st of the Adjustment Year. Any increase in Base Salary pursuant to this Section 5(b) shall be added to the Base Salary then being paid to the Executive, and the sum thereof shall then become the Base Salary for each successive year, until further adjusted in accordance with the provisions of this Section 5(b). Notwithstanding anything to the contrary contained herein, any increase in Base Salary pursuant to this Section 5(b) shall be offset against any other increase in Base Salary to which the Executive might, in the discretion of the Board of Directors of the Company, become entitled.
(c) In addition to the Base Salary, the Executive shall also be eligible to participate in the Company's annual cash bonus plan based upon achieving and exceeding the annual performance targets for the Company and its affiliates as follows:
(i) In respect of each of the 1997 through 2001 fiscal years (each, a "Bonus Year"), the Company shall award a cash bonus (the "Annual Cash Bonus") of up to 100% of the Executive's Base Salary, depending upon the percentage of Annual Budgeted EBITDA (as hereinafter defined) attained, according to the following schedule: Annual Budgeted Cash Bonus EBITDA % Attained as % of Base...
Compensation; Bonus. (a) In consideration for his services to be performed under this Agreement and as compensation therefor, Employee shall receive, in addition to all other benefits provided in this Agreement, a base salary (the "Base Salary") at the annual rate of two hundred fifty thousand dollars ($250,000). All payments of Base Salary shall be payable bi-weekly in arrears or otherwise in accordance with Employer's policies.
(b) In addition to the Base Salary, Employee shall be eligible to receive a bonus (the "Bonus") on an annual basis. The Bonus shall be determined pursuant to an executive bonus plan to be formulated by Employer in consultation with Employee. Employee's "target" level Bonus will be forty percent (40%) of his then-current Base Salary; provided, however, that the Bonus paid to Employee may be greater or less than the "target" based on Employee's and Employer's performance during the fiscal year in respect of which the Bonus is being paid and subject to the above-referenced executive bonus plan. Payment of the Bonus shall be made in the discretion of the Board of Directors of Employer subject to the above-referenced executive bonus plan and is not guaranteed. To the extent payable, Employer shall pay the Bonus to Employee on or about 90 days following the end of the fiscal year in respect of which the Bonus is being paid.
(c) Employee's Base Salary and Bonus shall be reviewed annually by the Board and increased in the discretion of the Board of Directors of Employer.
Compensation; Bonus. 2 5. BENEFITS............................................................2
Compensation; Bonus. XxXxxxxx shall be paid monthly salary payments, based on an annual salary of no less than $195,000.00. In addition, C&F will pay to XxXxxxxx a bonus equal to a percentage of the (calculated according to Generally Accepted Accounting Principles)( ) realized by C&F, according to the following schedule: The bonus will be computed at the end of each month and will be paid prior to the end of the next month, except as limited by the next paragraph. The bonus computation will be based upon 80% of the annualized year-to-date results and will be adjusted at year-end based upon final results in order that the total bonus will be equal to the appropriate percentage of year end .
Compensation; Bonus. For services rendered by Employee under this Agreement, the Company shall pay to Employee an annual base salary of $ (the "Salary"), payable in accordance with the Company's payroll practice for its executives as it is earned. The Board shall review the Salary at least annually and may adjust the amount of the Salary at any time as the Board may deem appropriate in its sole discretion; provided, however, that in no event may the Salary be decreased below the above stated amount without the prior written consent of Employee. Employee shall be eligible for annual bonuses and participation in other short-term or long-term incentive plans at the discretion of the Board.
Compensation; Bonus. XxXxxxxx shall be paid monthly salary payments, based on an annual salary of no less than $220,000.00. In addition, C&F will pay to XxXxxxxx a bonus equal to a percentage of the _____________________ (calculated according to Generally Accepted Accounting Principles)(____) realized by C&F, according to the following schedule: The bonus will be computed at the end of each month and will be paid prior to the end of the next month, except as limited by the next sentences. The bonus computation will be based upon 80% of the annualized year-to-date results and will be adjusted at year-end based upon final results in order that the total bonus will be equal to the appropriate percentage of year end ____. Any amount due based on the adjustment after the end of any calendar year will be paid no later than 60 days after the end of such calendar year.
Compensation; Bonus. (a) In consideration for Julia's services to be performed under this Agreement and as compensation therefor, Company shall pay to Xxxxx, commencing as of the date set forth above, in addition to all other benefits provided for in this Agreement, a base salary at the rate of One Hundred Forty-Four ($144,000) Dollars per annum, (the "Xxxxx Base Salary") which Xxxxx Base Salary will be increased in accordance with the provisions set forth in Section 6 and may be further increased in the sole discretion of the Board. All payments of Xxxxx Base Salary shall be payable in monthly installments or otherwise in accordance with Company's policies.
(b) In addition to the Xxxxx Base Salary, Xxxxx shall be entitled to an annual bonus (the "Annual Bonus") of at least 5% pre-tax earnings (as defined under generally accepted accounting principles) for the most recently completed fiscal year before deduction of annual bonuses paid to officers. The Annual Bonus, if any, shall be paid on the last business day of March of each year commencing in 2006. Should this Agreement be terminated prior to the end of any fiscal year for any reason other than that provided in paragraph 9(a), a prorata portion of the Annual Bonus shall be paid within 30 days of such termination.
