Compensation for Employment. (a) The basic annual compensation of the Employee for his employment services to Tufco and to all of Tufco's subsidiaries and affiliated companies during the Employment Term shall be $200,000 (the "Salary"), which Tufco shall pay to the Employee in equal monthly installments. Tufco may adjust the salary upward on an annual basis as the Board may determine, but the Salary shall not be decreased. 2
(b) Commencing as of October 1, 1996 and continuing during the Employment Term, Tufco shall pay the Employee a bonus in accordance with this paragraph (b). For each fiscal year during the Employment Term, the Board, in its sole discretion, shall establish a budget for pre-tax income in accordance with generally accepted accounting principles consistently applied and the Employee's bonus will vary as a percentage of Salary in relation to the percentage achievement of that budget as follows: Percentage of Percentage of Salary Budget Attained Earned as Bonus ------------------------------------------- <85% 0% 85% 35% 90% 40% 100% 50% 110% 60% 120% 70% 130% 80% 140% 90% 150% 100% For a percentage of budget achievement between the benchmarks, the percentage of Salary shall be linearly interpolated, provided that no bonus shall be paid for achievement that constitutes less than 85% of the budget and the maximum bonus shall be 100% of Salary in any event. In the case of a partial fiscal year, Tufco shall adjust the bonus to correspond to Tufco's budget and the salary for the portion of the applicable fiscal year that shall be included in the Employment Term.
(c) During the Employment Term, Tufco shall also provide the Employee with a $600 car allowance and health benefits consistent with those provided to other senior executives of Tufco. The Employee will be entitled to five (5) weeks of vacation for each year of the Employment Term. Tufco shall also reimburse the Employee for any reasonable business expenses incurred on Tufco's behalf in connection with the performance of his services during the Employment Term.
(d) During the Employment Term and thereafter until the Employee attains age 65, the Company will include the Employee, his wife and his children under the age of twenty-five in whatever health care benefit plans that the Company generally provides to its senior executive officers from time to time, but only to the extent that the terms of such plans permit doing so. Tufco will cease covering the Employee's children upon the earlier of the child's attainment of...
Compensation for Employment. (a) The basic annual rate of compensation of the Employee for his employment services to the Company during the Employment Term shall be $200,000 (such amount is referred to herein as the "Salary"), which the Company shall pay to the Employee in equal installments in accordance with the normal payroll policies of the Company. The Salary shall be reviewed at least one time each calendar year by the Compensation Committee of the Board for possible increases, taking into account such matters as the Employee's responsibilities, the profitability of the Company, the compensation 2 of other executives of the Company, increases in cost of living and other factors deemed pertinent by the Compensation Committee. In light of such review, the Company, in its sole discretion, may increase the Salary but shall not decrease the Salary during the Employment Term.
(b) The Employee shall be eligible to receive annual performance bonuses (such amounts are referred to herein as the "Bonus") in accordance with the following schedule:
(i) If the Company earns $45 million or more of EBITDA (as defined below) in 2001, the Company shall pay the Employee a Bonus for 2001 of $200,000.
(ii) If the Company earns between $40 million and $45 million of EBITDA (as defined below) in 2001, the Compensation Committee of the Board, in its discretion, may award the Employee a Bonus for 2001 of up to one-half (1/2) of the Bonus described in paragraph (i) above.
(iii) If the Company earns less than $40 million of EBITDA (as defined below) in 2001, the Employee shall not be paid a Bonus for 2001.
(iv) After 2001, the Employee shall be eligible to receive annual performance Bonuses in such amounts as approved by the Compensation Committee of the Board and participate in such bonus programs as are established for executive officers of the Company.
Compensation for Employment. (a) The initial basic annual rate of compensation of the Employee for his employment services to the Company shall be $324,000 and such basic annual rate of compensation shall be increased to $350,000, effective January 1, 2000 (the "Salary"). The Employee's Salary shall be subject to annual review by the Board and may be increased, as determined by the Board, effective January 1, 2001 and each January 1 thereafter during the Employment Term. Nothing herein shall preclude the Board from increasing the Employee's Salary at any other time during the Employment Term. The Employee's Salary shall be paid in accordance with the Company's payroll payment schedule in effect from time to time.
(b) In addition to the Salary, during the Employment Term, the Company shall pay to the Employee a bonus (the "Bonus") for the fiscal year that will end December 31, 1999 and for each fiscal year thereafter during the Employment Term (each such year is referred to herein as a "Bonus Year"). The Bonus for each Bonus Year after shall be a percentage of the Salary in effect for the Bonus Year as referenced in Appendix 1 hereto and shall be payable if the Employee meets the specific financial and non-financial goals that the Compensation Committee shall have specified for the Employee for that Bonus Year, in accordance with the annual incentive plan for executives of the Parent Company and Affiliated Companies. The Board or the Compensation Committee may award the Employee such additional bonus amounts as it from time to time may deem appropriate.
(c) The Employee shall be awarded each fiscal year pursuant to the Parent Company's Equity Compensation Plan, stock options to purchase 25,000 shares of common stock of the Parent Company at fair market value as of the date of grant, which stock options shall become exercisable in accordance with Appendix 2 and otherwise shall be subject to the terms and conditions of the Equity Compensation Plan.
(d) The Company shall provide the Employee with the same fringe benefits during the Employment Term that are provided generally to other senior executives of the Affiliated Companies.
Compensation for Employment. (a) The basic annual rate of compensation of the Employee for his services to the Company during the Employment Term shall be $245,000 (such amounts are referred to herein as the "Salary"), which the Company shall pay to the Employee in equal proportional installments in accordance with the normal payroll policies of the Company.
(b) The Employee shall be eligible to receive annual bonuses (such amounts are referred to herein as the "Bonus") in such amounts as approved by the Compensation Committee of the Board of Directors and participate in such bonus programs as are established for executive officers of the Company.
(c) During the Employment Term, the Company shall provide the Employee with fringe benefits that are substantially equivalent to the fringe benefits specified on Exhibit "A" (the "Fringe Benefits") at such levels that are provided to the senior officers of the Company.
(d) All amounts payable by the Company under Sections 3(a) and (b) and the Fringe Benefits allowed under Section 3(e) shall be subject to proration based upon the number of days in each such year that the Employee was employed by the Company hereunder.
Compensation for Employment a) The basic annual rate of compensation of Employee for his employment services during the Employment term shall be One Hundred Twenty-Five Thousand and no/100 Dollars ($125,000.00) (such amount, as adjusted in accordance with this Section 4(a), is referred to herein as the "Salary"), which the Bank shall pay to Employee in equal installments in accordance with the normal payroll policies of the Bank. The Salary may be adjusted upward on an annual basis as the Board of Directors may approve, in its sole discretion, but the Salary shall not be decreased.
b) During the Employment Term, the Bank shall reimburse Employee for reasonable expenses incurred in connection with the performance of his services hereunder and the Bank shall provide Employee with fringe benefits that are substantially equivalent, but not limited to the fringe benefits specified in "Exhibit A" hereto (the "Fringe Benefits").
Compensation for Employment. 3.1 Base Salary and One-Time Bonus. The base annual compensation of ------------------------------ the Employee for all of his employment services to the Company under this Agreement shall be $160,000, which the Company shall pay to the Employee in equal installments and in accordance with the normal payroll policies of the Company. The base annual compensation may be increased at the sole discretion of the Board of Directors of the Company. If the Employee does not receive the maximum Annual Bonus (as defined in paragraph 3.2) for fiscal year 2001, he will be paid a one-time bonus of $25,000, or that amount which is greater under 3.2 under the Annual Bonus Plan, less applicable taxes, in first quarter of the fiscal year 2002 so long as he remains employed by the Company at the time the bonus is paid.
Compensation for Employment. (a) The basic annual rate of compensation of the Employee for his employment services to the Company hereunder shall be $150,000 (the "Salary"), which the Company shall pay to the Employee in equal installments in accordance with the Company's payroll payment schedule in effect from time to time. The Salary may be adjusted upward as the Board may approve, in its sole discretion, from time to time, but the Salary shall not be decreased.
(b) Commencing as of January 1, 1997, the Employee shall be entitled to a bonus or such other incentive compensation as may be provided under any plan or program established from time to time by the Board, in its sole discretion. For the period January 1 through December 31, 1997, the Board, in its reasonable discretion, shall establish a budget for pre-tax income in accordance with generally accepted accounting principles consistently applied and the Employee's bonus will vary as a percentage of Salary in relation to the percentage achievement of that budget as follows: Percentage of Percentage of Salary Budget Attained Earned as Bonus ------------------------------------------- < 90% 0% 90% 10% 100% 20% 110% 30% 125% 35% For percentage of budget achievement between the benchmarks, the percentage of Salary shall be linearly interpolated, provided that no bonus shall be paid for achievement less than 90% of the budget and the maximum bonus shall be 35% of Salary in any event. The bonus and other compensation under this Agreement shall be separate from and in addition to the Contingent Purchase Price (as defined in Section 2.2 of the Stock Purchase Agreement between Pamarco Technologies, Inc. and the Employee of even date herewith), and the calculation of the bonus shall not affect such Contingent Purchase Price.
(c) During the Employment Term, the Company shall provide, the Employee with fringe benefits that are substantially equivalent to the fringe benefits specified on Exhibit "A" (the "Fringe Benefits").
Compensation for Employment. COMPANY agrees to pay to XXXXXXXX all of his wages (including accrued and unused vacation time) accrued through July 1, 2001 by no later than July 2, 2001. XXXXXXXX agrees that payment on such date is sufficiently timely. The parties agree that this amount is $35,092.32 for accrued and unused vacation time and $6,153.85 for other wages, each before applicable tax withholding. (These amounts do not include the $12,307.70, before applicable tax withholding, which XXXXXXXX received on the regular June 28, 2001 payday.) Except as expressly provided in this Section 1, XXXXXXXX hereby waives and renounces any and all other amounts which are or may become due to him under his employment agreement letter dated May 12, 1999, and under any other written or oral compensation arrangement. XXXXXXXX acknowledges that effective upon his employment termination he will be unable to continue his participation in COMPANY’s 401(k) plan or employee stock purchase plan or, except as allowed by COBRA or as specified in this Agreement, any other COMPANY perquisite, employee benefit plan or fringe benefit plan.
Compensation for Employment. Before the execution of this Agreement, COMPANY has timely paid to XXXXXX, and XXXXXX acknowledges timely receipt of, all of his salary and wages (including accrued and unused vacation/”paid time off”) accrued through December 31, 2002. The parties agree that this amount for accrued and unused vacation/”paid time off” is $18,086.54 (not counting any vacation / “paid time off” accrued from November 8, 2002 through December 31, 2002), before applicable tax withholding, and the parties further agree that XXXXXX has used before today any and all vacation / “paid time off” accrued from November 8, 2002 through December 31, 2002. Except as expressly provided in this Agreement, XXXXXX hereby waives and renounces any and all other amounts which are or may become due to him under his employment with COMPANY, and under any other written or oral compensation arrangement. For avoidance of doubt, this Agreement shall not relate to and shall have no effect on any rights XXXXXX has under contracts between XXXXXX and COMPANY entered into after December 31, 2002.
Compensation for Employment. (a) The basic annual compensation of the Employee for his employment services to Tufco and to all of its affiliated companies during the Employment Term shall be $156,000 (the “Salary”), which Tufco shall pay to the Employee in accordance with its normal payroll policy. Tufco may adjust the Salary upward on an annual basis as the Board may determine, but the Salary shall not be decreased.
