Compensation During Employment Period. During the Employment Period, Employee shall be entitled to the following compensation: (i) The Company shall pay to Employee a monthly base salary in an amount which is at least equal to Employee’s highest base monthly salary in effect during the 12-month period immediately preceding the Effective Date. (ii) The Company shall pay to Employee an annual cash bonus (the “Required Bonus”), payable within 45 days after each anniversary of the Effective Date, in an amount which is at least equal the greater of (A) to the highest annual bonus paid to Employee in respect of any of the three fiscal years of the Company ended immediately preceding the Effective Date and (B) the bonus which would otherwise be required to be paid to Employee under the MIP Plan for the applicable period. (iii) The Company shall continue to provide all employee benefit programs and fringe benefits, including, without limitation, incentive, savings, bonus, welfare benefit, reimbursement and retirement plans and the provision of Company automobiles, and permit Employee to participate therein at rates of participation and on terms and conditions which are at least equal to the most favorable rates of participation and terms and conditions available to Employee at any time during the 120-day period immediately preceding the Effective Date. (iv) All cash compensation payable pursuant to this Section shall be subject to all withholding and deductions required by applicable law.
Appears in 1 contract
Samples: Change in Control Agreement (Material Sciences Corp)
Compensation During Employment Period. During the Employment ------------------------------------- Period, Employee shall be entitled to the following compensation:
(i) The Company shall pay to Employee a monthly base salary in an amount which is at least equal to Employee’s 's highest base monthly salary in effect during the 12-month period immediately preceding the Effective Date.
(ii) The Company shall pay to Employee an annual cash bonus (the “"Required Bonus”"), payable within 45 days after each anniversary of -------------- the Effective Date, in an amount which is at least equal the greater of (A) to the highest annual bonus paid to Employee in respect of any of the three fiscal years of the Company ended immediately preceding the Effective Date and (B) the bonus which would otherwise be required to be paid to Employee under the MIP EVA Plan for the applicable period.
(iii) The Company shall continue to provide all employee benefit programs and fringe benefits, including, including ,without limitation, incentive, savings, bonus, welfare benefit, reimbursement and retirement plans and the provision of Company automobiles, and permit Employee to participate therein at rates of participation and on terms and conditions which are at least equal to the most favorable rates of participation and terms and conditions available to Employee at any time during the 120-day period immediately preceding the Effective Date.
(iv) All cash compensation payable pursuant to this Section shall be subject to all withholding and deductions required by applicable law.
Appears in 1 contract
Samples: Change in Control Agreement (Material Sciences Corp)
Compensation During Employment Period. During the Employment ------------------------------------- Period, Employee shall be entitled to the following compensation:
(i) The Company shall pay to Employee a monthly base salary in an amount which is at least equal to Employee’s 's highest base monthly salary in effect during the 12-month period immediately preceding the Effective Date.
(ii) The Company shall pay to Employee an annual cash bonus (the “"Required Bonus”"), payable within 45 days after each -------------- anniversary of the Effective Date, in an amount which is at least equal the greater of (A) to the highest annual bonus paid to Employee in respect of any of the three fiscal years of the Company ended immediately preceding the Effective Date and (B) the bonus which would otherwise be required to be paid to Employee under the MIP EVA Plan for the applicable period.
(iii) The Company shall continue to provide all employee benefit programs and fringe benefits, including, including ,without limitation, incentive, savings, bonus, welfare benefit, reimbursement and retirement plans and the provision of Company automobiles, and permit Employee to participate therein at rates of participation and on terms and conditions which are at least equal to the most favorable rates of participation and terms and conditions available to Employee at any time during the 120-day period immediately preceding the Effective Date.
(iv) All cash compensation payable pursuant to this Section shall be subject to all withholding and deductions required by applicable law.
Appears in 1 contract
Samples: Change in Control Agreement (Material Sciences Corp)
Compensation During Employment Period. During the Employment Period, Employee shall be entitled to the following compensation:
(i) The Company shall pay to Employee a monthly base salary in an amount which is at least equal to Employee’s 's highest base monthly salary in effect during the 12-month period immediately preceding the Effective Date.
(ii) The Company shall pay to Employee an annual cash bonus (the “"Required Bonus”"), payable within 45 days after each anniversary of the Effective Date, in an amount which is at least equal to the greater of (A) to the highest annual bonus paid to Employee in respect of any of the three fiscal years of the Company ended immediately preceding the Effective Date and or (B) the bonus which would otherwise be required to be paid to Employee under the MIP EVA Plan for the applicable period.
(iii) The Company shall continue to provide all employee benefit programs and fringe benefits, including, including ,without limitation, incentive, savings, bonus, welfare benefit, reimbursement and retirement plans and the provision of Company automobilesautomobile or allowance, and permit Employee to participate therein at rates of participation and on terms and conditions which are at least equal to the most favorable rates of participation and terms and conditions available to Employee at any time during the 120-day period immediately preceding the Effective Date.
(iv) All cash compensation payable pursuant to this Section shall be subject to all withholding and deductions required by applicable law.
Appears in 1 contract
Samples: Change in Control Agreement (Material Sciences Corp)