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.
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 $150,000 (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.
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.
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.
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.
Compensation for Employment. (a) The basic annual rate of compensation of the Employee for his employment services to the Company hereunder shall be $178,500 (the "Salary") through December 31, 1995, which the Company shall pay to the Employee in equal installments paid every two weeks. The Salary may be adjusted upward on an annual basis as the Board of Directors of the Company (the "Board") may approve, in its sole discretion, commencing on or after January 1, 1996, but the Salary shall not be decreased.
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 $100,000 (the "Salary"), which the Company shall pay to the Employee in equal installments every two weeks in accordance with the Company's payroll payment schedule in effect from time to time. The Salary may be adjusted upward on an annual basis as the Board of Directors of the Company (the "Board") may approve, in its sole discretion, commencing on or after the first anniversary of the date hereof, but the Salary shall not be decreased. The Board, in its sole discretion, may also award bonuses to the Employee from time to time.
Compensation for Employment. (A) During the term of this Agreement and until the date when the first clinic opens for business, the Company shall provide and pay the following benefits and compensation to the Employee:
Compensation for Employment. (a) The basic annual compensation of the Employee for his employment services to the Company and to all of its affiliated companies during the Employment Term shall be $200,000 (the "Salary"), which the Company shall pay to the Employee in accordance with its normal payroll policy. 2 (b) Commencing as of September 1, 1997 (the "Bonus Starting Date") and continuing during the Employment Term, the Company 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 ("GAAP") and the Employee's bonus will vary as a percentage of Salary in relation to the percentage achievement of budget as follows: Percentage of Budget Target Percentage of Salary Attained Earned as Bonus ------------------------------------------------------- less than 80% 0% 80%-90% 10% 90%-100% 20% 100%-110% 30% 110%-120% 40% 120% less than or equal to 50% 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 less than 80% of budget and the maximum bonus shall be 50% of Salary in any event. In the case of a partial fiscal year, the Company shall adjust the bonus to correspond to the Company's budget and the salary for the portion of the applicable fiscal year that shall be included in the Employment Term. Notwithstanding the foregoing, the Employee's initial bonus period (the "Initial Bonus Period") shall be the period starting with the Bonus Starting Date and ending September 1, 1998, and the Company shall use its budget for that period (a copy of which the Company has provided to the Employee) to determine the Employee's eligibility for a bonus, and then apply the applicable bonus percentage to that portion of the Employee's annual Salary that relates to the Initial Bonus Period.
