Compensation, Compensation Plans, Perquisites Sample Clauses
The "Compensation, Compensation Plans, Perquisites" clause defines the salary, incentive plans, and additional benefits provided to an employee or executive. It typically outlines the base pay, eligibility for bonuses or stock options, and details about perquisites such as health insurance, company vehicles, or club memberships. This clause ensures both parties have a clear understanding of the total compensation package, reducing the risk of disputes and aligning expectations regarding remuneration and benefits.
Compensation, Compensation Plans, Perquisites. 4.01 During the Period of Employment, the Executive shall be:
(a) paid an annual base salary at no less than the rate in effect immediately prior to the CiC Date, with increases (if any) as shall be made from time to time thereafter in accordance with the Company’s regular salary administration practices for key executives (“Base Salary”); and
(b) provided an annual bonus opportunity in an amount no less than 40% of his Base Salary (“Target Bonus”). Any increase in Base Salary or the Target Bonus or other compensation shall in no way diminish any other obligation of the Company under this Agreement.
4.02 During the Period of Employment, the Executive shall continue to be eligible to participate in the Company’s equity-based compensation plans and all other compensation and incentive plans and programs in which the Executive participates immediately prior to the CiC Date (or equivalent successor plans that may be adopted by the Company), including, without limitation, an annual bonus plan, and the Executive shall be provided thereunder with at least the same reward opportunities in the aggregate that were provided to the Executive immediately prior to the CiC Date, unless there has been a material diminution in the Executive’s performance or duties. Nothing in this Agreement (i) shall be construed as requiring the Executive to receive during the Period of Employment payments or benefits under such equity, compensation and incentive plans or programs that are at least equal to those the Executive received thereunder immediately prior to the CiC Date, it being the intent of the parties that the payments and benefits provided thereunder shall be subject to being earned by the Executive under the then existing criteria for awards under such plans and programs, which criteria shall be based on substantially the same performance standards and criteria used by the Company immediately prior to the CiC Date, or (ii) shall preclude improvement of any reward opportunities in such plans or other plans or programs in accordance with the practice of the Company.
4.03 During the Period of Employment, the Executive shall be entitled to perquisites, including, without limitation, an office, secretarial and clerical staff, and to fringe benefits, including, without limitation, the payment or reimbursement of club dues, in each case at least equal to those provided to the Executive immediately prior to the CiC Date, as well as to reimbursement, upon proper accounting, of reas...
Compensation, Compensation Plans, Perquisites. (a) For all services rendered by the Executive in any capacity during the Period of Employment, including, without limitation, services as an executive, officer, director or member of any committee of the Company or of any subsidiary, division or affiliate thereof, the Executive shall be paid as compensation:
(i) A base salary at no less than the rate in effect immediately prior to the Effective Date, with increases (if any) as shall be made from time to time in accordance with the Employer's regular salary administration practices;
(ii) An annual performance bonus in an amount no less than the amount of 35% of the base salary determined pursuant to subparagraph 4.01 (a)(i).
(b) Any increase in salary pursuant to clause (i) of subparagraph 4.01 (a) or in bonus or other compensation shall in no way diminish any other obligation of the Company under this Agreement.
Compensation, Compensation Plans, Perquisites. 4.1 For all services rendered by Executive during the Period of Employment, Executive shall be paid as compensation:
(a) A base salary, payable not less often than monthly, of no less than $702,000 per year, with such increases in such rate as shall be awarded from time to time in accordance with the Company's regular administrative practices of other salary increases applicable to executives of the Company in effect on the date of this Agreement; and
(b) An annual incentive award or bonus under the Company's Management Incentive Plan, or such equivalent successor plan as may be adopted by the Company.
4.2 During the Period of Employment Executive shall be and continue to be a full participant in any and all executive incentive plans in which executives of the Company participate that are in effect on the date hereof and that may hereafter be adopted, including, without limitation, any stock option, stock purchase, stock appreciation right plans, restricted stock plans, or equivalent successor plans that may be adopted by the Company, with at least the same reward opportunities that have heretofore been provided. Nothing in this Agreement shall preclude improvement of reward opportunities in such plans or other plans in accordance with the present practice of the Company.
4.3 During the Period of Employment, Executive shall be entitled to participate in executive perquisites of the Company as determined by the Board of Directors for key employees, including without limitation, an office, secretarial and clerical services, paid annual Mayo Clinic Visits and income tax and estate planning services.
Compensation, Compensation Plans, Perquisites. (a) For all services rendered by the Executive during the Period of Employment, Executive shall be paid as compensation:
(i) A base salary (the Minimum Base Salary), payable not less often than monthly, of no less than $300,000 per year, with such increases in such rate as shall be awarded from time to time in accordance with the Company's regular administrative practices of other salary increases applicable to Executives of the Company in effect on the date of this Agreement and
(ii) An annual incentive award or bonus under the Company's Management Incentive Plan, or such equivalent successor plan as may be adopted by the Company, that is 80% of the Chairman's incentive payment rate times the Executive's base salary.
Compensation, Compensation Plans, Perquisites. Upon execution of this Agreement and for all services rendered by Executive in any capacity during the Period of Employment, including, without limitation, services as an executive, officer, director or member of any committee of the Company or of any subsidiary, division or affiliate thereof, effective May 10, 2006, Executive shall be paid as compensation a base annual salary of $0. This will continue through January 2007. Beginning in February 2007, R & ▇ ▇▇▇▇, Inc. shall be paid as compensation a base annual salary of $30,000, payable in equal monthly payments of $2,500, and together with such increases as shall be awarded by the Company from time to time effective in accordance with the Company's regular administrative practices of other salary and bonuses applicable to executives of the Company (such as attendance fees for Board of Directors meetings) in effect from time to time, together with incentive awards or bonuses provided for herein, if any, and such annual short-term and long-term incentive awards and bonuses, including qualified and non-qualified stock options, provided for under any compensation plan, or any successor compensation plan in effect as of the date of this Agreement or that may be adopted by the Company during any period of employment, or as may be awarded from time to time by the Board of Directors of the Company or a duly authorized committee thereof in its sole discretion. Any increase in salary or in annual incentive award or other compensation, including stock options, paid or payable to Executive shall in no way diminish any other obligation of the Company under this Agreement. [▇▇▇: I don’t think the Additional Compensation Plan exists] During the Period of Employment Executive there will be no benefits provided. R & ▇ ▇▇▇▇, Inc. will furnish office space for STIV at no monthly charge. During the time the Company is subject to the Investment Company Act of 1940, as amended, no compensation of any form whatsoever (including grants of stock options) shall be granted or paid in violation of such Act, and any provisions of this Agreement in violation of such Act shall be deemed null and void.
Compensation, Compensation Plans, Perquisites. (a) For all services rendered by Rhein in any capacity during the Period of Employment, including without limitation, services as an executive officer, director or member of any committee of the Company or of any subsidiary, division or affiliate thereof, Rhein shall be paid as compensation:
(i) A base salary, payable not less often than monthly, at the rate of $33,333 per month, with such increases in such rate as may be awarded from time to time by the Board of Directors of the Company or the Compensation Committee, as applicable;
(ii) A cash incentive compensation payment equal to the product of 65/100 of 1% of the sum of the "actual operating income" of the Company, multiplied by the ratio of the Company's "actual return on capital" to 20.4% or such other standard as may hereafter be predetermined by the Compensation Committee of the Company, which standard the Compensation Committee may later revise, as appropriate, to adjust for acquisitions, investments or other significant capital investments made by the Company during the
Compensation, Compensation Plans, Perquisites. 4.01 (a) For all services rendered by the Executive in any capacity during the Period of Employment, including, without limitation, services as an executive, officer, director or member of any committee of the Company or of any subsidiary, division or affiliate thereof, the Executive shall be paid as compensation:
(i) A base salary at no less than the rate in effect immediately prior to the Effective Date, with increases (if any) as shall be made from time to time in accordance with the Employer’s regular salary administration practices;
(ii) An annual performance bonus in an amount no less than the amount of 75% of the base salary determined pursuant to subparagraph 4.01 (a)(i).
(b) Any increase in salary pursuant to clause (i) of subparagraph 4.01 (a) or in bonus or other compensation shall in no way diminish any other obligation of the Company under this Agreement.
4.02 During the Period of Employment the Executive shall be and continue to be a full participant in the Company's applicable stock option plans and any other compensation plans in which the Executive participates immediately prior to the Effective Date, or equivalent successor plans that may be adopted by the Company, with at least the same reward opportunities to Executive that have heretofore been provided. Nothing in this Agreement shall preclude improvement of reward opportunities in such plans or other plans in accordance with the present practice of the Company.
4.03 During the Period of Employment, the Executive shall be entitled to perquisites, including, without limitation, an office, secretarial and clerical staff, and to fringe benefits, including, without limitation, the payment or reimbursement of club dues, in each case at least equal to those attached to his office immediately prior to the Effective Date, as well as to reimbursement, upon proper accounting, of reasonable expenses and disbursements incurred by him in the course of his duties.
Compensation, Compensation Plans, Perquisites. (a) For all services rendered by Baym▇▇ ▇▇ any capacity during the Period of Full Time Employment, including without limitation, services as an executive officer, director or member of any committee of the Company or of any subsidiary, division or affiliate thereof, Baym▇▇ shall be paid as compensation:
(i) A base salary, payable not less often than monthly, at the rate of $41,667 per month, with such increases in such rate as may be awarded from time to time by the Board of Directors of the Company or the Compensation Committee, as applicable;
(ii) A cash incentive compensation payment equal to the product of 8/10 of 1% of the sum of the "actual operating income" of the Company, multiplied by the ratio of the Company's "actual return on capital" to 20.4% or such other standard as may hereafter be predetermined by the Compensation Committee of the Company, which standard the Compensation Committee may later revise, as appropriate, to adjust for acquisitions, investments or other significant capital investments made by the Company during the fiscal year. The term "actual operating income" shall be defined as the income before income tax (state and federal income tax) and interest expense. The term "actual return on capital" shall be
Compensation, Compensation Plans, Perquisites. During the Employment Period, the Executive shall be compensated as follows:
a) He shall receive an annual salary which is not less than his base annual salary immediately prior to the date of the Change of Control, with increases, from time to time after the Change of Control, in accordance with the Company’s regular practices with respect to other executives.
b) He shall be eligible to participate on a reasonable basis in incentive compensation, stock option, and other plans which provide opportunities to receive compensation which are the greater of the opportunities provided by the Company for executives with comparable duties after the Change of Control and the opportunities under any such plans in which he was participating immediately prior to the Change in Control.
c) He shall be entitled to receive employee benefits (including, but not limited to, medical, medical reimbursement, retirement, disability and life insurance benefits) and perquisites (including, but not limited to, vacation, reimbursement, expense account, secretarial support, and office support) which are the greater of the employee benefits and perquisites provided by the Company to executives with comparable duties after the Change of Control and the employment benefits and perquisites to which he was entitled immediately prior to the Change in Control. In the event that the Executive is not permitted to participate in any such plan or program, the Company shall arrange to provide the Executive with benefits substantially similar to those which the Executive would otherwise have been entitled to receive under such plans and programs.
Compensation, Compensation Plans, Perquisites. During the employment period, the Executive shall be compensated as follows:
(a) He shall receive an annual salary at a rate which is not less than his rate of annual salary immediately prior to the effective date of this Agreement, with the opportunity for increases, from time to time thereafter, which are in accordance with the corporation's regular practices.
(b) He shall be eligible to participate on a reasonable basis in bonus, stock option, restricted stock, performance award and other incentive compensation plans which provide opportunities to receive compensation which are the greater of the opportunities provided by the Corporation for executives with comparable duties or the opportunities under any such plans under which he was participating immediately prior to the effective date of this Agreement.
(c) He shall be entitled to receive employee benefits (including, but not limted to, medical, insurance and split-dollar life insurance benefits) and perquisites which are the greater of the employee benefits and perquisites provided by the Corporation to executives with comparable duties or the employee benefits and perquisites to which he was entitled immediately prior to the effective date of this Agreement.