Compensation During the Term. During the Term, the Company agrees (a) to pay Consultant at the rate of $290,000 annually in periodic installments, and (b) to provide for the continuation, at the Company’s expense (subject to contributions by Consultant at the same rate as employees of the Company), of substantially the same health benefits in effect for Consultant immediately prior to the commencement of the Term. In addition, notwithstanding any provision to the contrary in the Company’s Long Term Incentive Plan (the “LTIP”), Consultant shall be entitled to receive the payments relating to the Deferred Award (as defined in the LTIP) for the January 1, 2006 to December 31, 2008 performance period in accordance with the terms of the LTIP, if (a) Consultant is either an employee of the Company or a consultant to the Company pursuant to the Consulting Agreement at the time such Deferred Award vests, or (b) Consultant is otherwise entitled to such payments pursuant to the terms of the LTIP.
Compensation During the Term. Section 4.1.
Compensation During the Term. (a) SALARY. As compensation to you for all services rendered to the Company, the Company will pay you a base salary (the "SALARY") at the rate of $213,664.88 per annum, which will be reviewed annually by the Chief Executive Officer of the Company and may be increased but not decreased by the Board of Directors of the Company (the "BOARD") or a duly appointed committee of the Board (the "COMMITTEE") on the basis of the recommendation of the Chief Executive Officer. Hereinafter any reference to the Board shall be interpreted to mean either the Board or, in the event that the Board has delegated its authority or responsibility in such context to the Committee, the Committee. Your Salary will be paid to you in accordance with the Company's regular payroll practices.
Compensation During the Term a. You agree and acknowledge that this Agreement hereby amends the Employment Agreement to eliminate any entitlement compensation and/or benefits provided under Section 5(a) (Base Salary), Section 5(b) (Bonus), and Sections 6 through 11 (relating to payments or benefits due upon termination of employment) of the Employment Agreement, which provisions will become void and superseded by the terms set forth in the Agreement effective as of the Effective Date.
b. In consideration for your employment during the Term, you will receive payments totaling $815,000 payable as follows: (i) one up-front lump sum payment of $407,500.00 (the “Lump Sum Payment”) and (ii) the remaining $407,500.00 in six equal monthly instalments during the six (6) months after the Effective Date (the “Service Payments”). The Lump Sum Payment shall be made on the next regularly scheduled payroll date following the Effective Date. The Service Payments shall commence on the second regularly scheduled payroll date following the Effective Date. The Company shall have the right to withhold all taxes and other amounts required to be withheld from amounts paid under this Section 3.b under applicable law.
c. You will be eligible to participate in all employee benefit programs made available by the Company, from time to time, to similarly situated executives, in accordance with the terms of such programs, during the Term. Your eligibility to participate, and if applicable, your dependent(s)’ eligibility to participate, in all employee benefit programs made available by the Company shall end as of the expiration of the Term, provided, however, that you and your dependent(s) shall receive separate notification from the Company regarding your and your dependent(s)’ right to continue participation in any group health care benefit plan sponsored by the Company at your and/or your dependent(s)’ own expense under the Consolidated Omnibus Budget Reconciliation Act of 1985.
d. You acknowledge and agree that the Company’s payments to you as provided in Section 3(b) above and Section 4 below, together with payment of your earned but unpaid Base Salary through the Effective Date (which shall be paid on the next regularly scheduled payroll date following the Effective Date), are in complete satisfaction of any and all compensation or benefits due to you from the Company, whether for services provided to the Company or otherwise, and no further compensation or benefits are owed to you in connection with, or in ...
Compensation During the Term. In return for the services provided during the Term (as defined below), PHD agrees to provide SEA MAR with a grant in the amount of One Million Five Hundred Thousand dollars ($1,500,000) in twelve monthly installments of One Hundred Twenty-Five Thousand dollars ($125,000) each, with the first payment due November 1, 2020, and subsequent payment due on the first of each consecutive month through October, 2021. The parties shall review the performance of clinic operations annually and shall discuss whether the grant amount from PHD to Sea Mar should be revised.
Compensation During the Term. During the Term, the Company agrees (a) to pay Employee at an annual rate equal to one-third of Employee’s base salary immediately prior to the Commencement Date, in periodic installments according to the Company’s usual payroll practices, (b) to allow Employee to participate in the employee benefits plans of the Company on substantially the same terms as executive officers of the Company (including the continued right to exercise stock options in accordance with the terms and conditions thereof, the continued vesting of equity awards under the Company’s equity incentive plan, and the continued vesting in outstanding awards under the Company’s long term incentive plan), and (c) to reimburse Employee for reasonable business expenses incurred in connection with the performance of the duties and responsibilities hereunder. For a period of five years from the Commencement Date, the Company will provide Employee with D&O insurance coverage and indemnification rights on terms and conditions no less favorable than Employee is provided as of the Commencement Date.
Compensation During the Term. The Company agrees to pay to the Employee during the Term a guaranteed minimum annual salary at a rate of $125,000 per year. The guaranteed minimum salary hereunder shall be payable at intervals not less often than bi- weekly and subject to usual payroll deductions. During the Term, the Employee shall not be discriminated against with respect to any other Company bonus plans or with respect to medical, hospital and life insurance programs, pension program, and other similar welfare benefit programs from time to time, in each case, made available to the Company's officers as a class. The Company shall provide Employee six (6) week's paid vacation. In addition, nothing herein shall in any way cancel, reduce or otherwise affect the Employee's rights to any stock options granted to him in the past or in the future by the Board of Directors of the Company. During the Term, the Company shall provide the Employee with office space, secretarial assistance and other facilities, as may be required in the proper performance of his duties and responsibilities and shall reimburse him for expenses reasonably incurred by him the performance of his duties.
Compensation During the Term. In return for the services provided during the Term (as defined below), PHD agrees to pay NCH an aggregate fee of Four Hundred Forty Thousand dollars ($440,000) in four monthly installments of One Hundred Ten Thousand dollars ($110,000) each, with the first payment due July 31, 2020, the second payment the due August 31, 2020, and the third payment due September, 30, 2020 fourth and final payment due on the expiration of the Term on October 31, 2020. The monthly fee shall be paid by PHD following the receipt by PHD of a written invoice from NCH.
Compensation During the Term. (a) During the Term, the Company covenants that the Executive shall receive from the Company (i) annual base salary at a rate not less than one hundred percent (100%) of the Executive's annual fixed or base compensation from the Company prior to the consummation of the Merger or such higher rate as may be determined from time to time by the Board of Directors of the Company (the "Board") ----- (which base salary at such rate is herein referred to as "Base ---- Pay"). The Base Pay shall be payable twice monthly, on the 15th --- day and on the last day of each calendar month during the Term, in equal installments or in such other regular installments as the Company may pay its employees from time to time.
(b) For the Executive's service pursuant to Section 2 hereof, during --------- the Term the Executive shall, be a full participant in, and shall be entitled to the perquisites, benefits and service credit for benefits as provided under any and all employee retirement income and welfare benefit policies, plans, programs or arrangements in which senior executives of the Company participate generally, including without limitation any stock option, stock purchase, stock appreciation, savings, pension, supplemental executive retirement or other retirement income or welfare benefit, deferred compensation, incentive compensation, group and/or executive life, accident, health, dental, medical/hospital or other insurance (whether funded by actual insurance or self- insured by the Company), disability, salary continuation, expense reimbursement and other employee benefit policies, plans, programs or arrangements of the Company that may from time to time exist (collectively, "Employee Benefits"); provided, ----------------- however, that the Executive's rights thereunder shall be governed by the terms thereof and shall not be enlarged or diminished hereunder or otherwise affected hereby. Travel and other expenses incurred by the Executive on behalf of the Company shall be reimbursed in accordance with the Company's policies on such reimbursements as in effect from time to time.
(c) In addition to the Base Pay, the Executive shall be eligible to receive an annual cash bonus in accordance with the terms of the Company's bonus plan in effect from time to time.
Compensation During the Term. During the Term, the Company agrees to pay Consultant at the rate of $200,000 annually.
