Compensation Elements Sample Clauses
Compensation Elements. The CEO's compensation program for the year 2001 will consist of the following elements: o Base salary of $150,000 o Discretionary bonus up to $50,000 o Cash incentive plan based on corporate profits o Stock options based on corporate profits Each element is described below. BASE SALARY The CEO's base salary for the year 2001 will be $150,000. At the beginning of each subsequent year, the Board of Directors will determine the need for any appropriate salary adjustments based on the prior year's performance of the CEO and the Company. DISCRETIONARY BONUS At the end of the year 2001, the CEO will be eligible to receive a discretionary bonus of up to $50,000 based on his performance during the year. The Board of Directors will determine the amount of this discretionary bonus based on the following factors: o Increased corporate revenue o Improved cost control o New product development o Improved profitability o Development of high quality management staff o Other qualitative or quantitative factors o The CEO will be eligible to receive cash incentive awards based on a percentage of Company earnings for the year 2001, as shown below: 2001 EARNINGS BEFORE EARNED INCENTIVE INTEREST AND TAXES (EBIT) (AS(DEGREE)/ OF EBIT) ------------------------- --------------------- Below $500,000 0 $500,000 - 2,000,000 2.5% $2,000,001 + 5.0% o The calculation of the cash incentive will be based on annual audited financial statements. o For purposes of calculating earned cash incentives, the definition of EBIT is: o Earnings Before Interest and Taxes o Including the CEO's base salary and discretionary bonus o Including the cost of the annual cash incentive plan o The amount of earned cash incentives (if any) must be approved in writing by the Board of Directors prior to payment. o Payment of earned annual cash incentives (if any) will be made shortly after they are approved by the Board.
Compensation Elements. Upon your election to the Board you will be compensated under the NVTS non-employee director compensation program (“Program”), which, as of the Effective Date, provides for (a) a cash retainer of $45,000 per year, payable quarterly in arrears; and (b) an annual award of restricted stock units (“RSUs”) under the Navitas Semiconductor Corporation 2021 Equity Incentive Plan (“Equity Plan”) having a grant date fair value of $140,000. You will not be eligible for appointment to any of the standing committees of the Board (including the audit committee, compensation committee and nominating and sustainability committee) unless and until the Board determines that, in the exercise of its judgment, you are independent of NVTS in accordance with applicable regulations and stock market rules. The listing rules of the Nasdaq Stock Market currently provide that a former officer or employee of an issuer cannot be considered independent of the issuer for at least three years after ceasing to be an officer or employee. Under the Program, RSUs are granted automatically to re-elected and continuing non-employee directors on the date of each annual stockholders’ meeting, and vest in full on the date of the immediately following annual stockholders’ meeting, provided the director has continuously served as a director until such time and, provided, further, that the subsequent meeting occurs within 30 days of the first anniversary of the previous year’s meeting (otherwise the RSUs will vest in full one year after the grant date). For Board service of less than a full calendar quarter or less than a full annual term, cash and RSU compensation is paid pro rata. The RSUs will be governed by and subject to the Equity Plan, customary award agreements thereunder and applicable NVTS policies. You will also be reimbursed for reasonable travel and related expenses incurred by you in the course of discharging your duties as a director. The foregoing notwithstanding, all elements of the Program are subject to termination or modification in the sole discretion of the Board or the compensation committee of the Board, provided that any such termination or modification applies only prospectively and affects all non-employee directors equally.
Compensation Elements. The Owner’s Representative shall be subject to the foregoing Fixed Maximum Fee expressed as the Maximum Personnel Expense with compensation paid based upon actual hours worked by the Owner’s Representative personnel approved for the Project by the Owner, which shall represent the total amount to be paid to the Owner’s Representative for services under this Agreement. The components to determine the actual amount paid for Owner’s Representative services for the Project are as follows:
Compensation Elements. Authority shall pay District the following amounts:
i. Reimbursement for labor at the District’s fully loaded rate (salary, benefits) for full time employee (FTE) equivalent for four days per week and full time employees three days per week, calculated pursuant to the then-current payment rate attachment (the current one of which is attached `` );
i. The District shall be paid the hourly rates provided in the attached District Proposal for the staffing level, operating level, hours and hourly rates provided therein;
Compensation Elements. The Executive shall receive Compensation ---------------------- Elements at the same level (in dollars or as a percentage of Base Salary, depending on how historically calculated) as in effect immediately prior to the Effective Date. "Compensation Elements" shall not include the Executive's Base Salary and as used herein shall mean annual or other bonuses, incentive compensation and other items of compensation of a nature to be reported to the Internal Revenue Service as "wages, tips and other compensation", and amounts deferred under a Company deferred compensation plan whether or not reportable to the Internal Revenue Service as current income.
Compensation Elements. Authority shall pay District the following amounts:
i. The District shall be paid the hourly rates provided in the attached District Proposal for the staffing level, operating level, hours and hourly rates provided therein;
ii. Direct reimbursement, without markup, for all District third-party hard costs (laboratory analysis, miscellaneous equipment purchased, etc.), subject to Section 3(a)viii for individual items exceeding one thousand dollars ($1,000.00); and
iii. Mileage reimbursement for the milage provided in the District Proposal at the then applicable federal vehicle rate (58.5 cents per mile for 2022).
Compensation Elements. In connection with the amendments to your Letter Agreement and the Position Letter, you shall receive the following: