Compensation Guarantee Sample Clauses

Compensation Guarantee. Although the Employer will have sole discretion in setting, determining and modifying the Employee Compensation, the Employer wishes to provide Employees with certainty of a minimum level of Compensation. Employees hired as a sales representative prior to Effective Date of this Agreement The Employer guarantees that for each distinct calendar year of the agreement, an Employee shall receive a minimum of eighty-five (85) percent of the average annual Compensation received by the Employee in the calendar years 2016, 2017 and 2018. Should an Employee not have worked a full calendar year in 2016, 2017 or 2018, the period worked in the applicable calendar year shall be averaged over the missed period to determine the guaranteed Compensation. No later than twenty (20) days after the end of each of the first three (3) quarters, the Employer will provide a summary of the employee's compensation earned in the previous quarter. If the applicable quarter's pay is less than twenty-five percent (25%) of the basic guaranteed pay, the employer will pay the employee the difference between the earnings earned and the basic guaranteed pay (minus all mandatory deductions), and not later than forty (40) days after the end of each of those quarters. To receive this advance, the employee must always be employed at the time of payment of this difference. Any advance received during a quarter must be repaid from the portion of the employee's variable compensation for the following quarter, as applicable. No later than January 15th of each calendar year of the Term, the Employer shall provide a detailed summary of the Employee’s Compensation earned in the preceding calendar year Should the Applicable Year Compensation be lower than the guaranteed Compensation, the Employer shall pay the Employee the difference (minus all statutory deductions) before March 1st of the new Calendar year. Employees hired as a sales representative after the Effective Date of this Agreement The Employer guarantees that for each calendar year of the agreement, an Employee shall receive a minimum of sixty (60) percent (the “Minimum Percentage”) of the average guaranteed Compensation of the Employees in the same Sales Channel as the Employees hired prior to Effective date of this agreement. Notwithstanding the foregoing, the Minimum Percentage shall increase by ten (10) percent annually, until such time as the Employee reaches one hundred (100) percent of the guaranteed Compensation more particularly one h...
Sample 1
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Compensation Guarantee. (a) All compensation payable to Executive under Section 5 of this Agreement will be guaranteed (the "Guaranteed Payments") as of the Effective Date of this Agreement for the full term of this Agreement, except for any termination of this Agreement provided for in Sections 9(a), 9(b), 9(c) or 9(e). In particular, upon termination of Executive's employment for any reason other than pursuant to Sections 9(a), 9(b), 9(c) or 9(e), the Company shall pay to Executive a lump-sum payment, and Executive shall be entitled to receive from the Company not later than ten (10) calendar days after termination of Executive's employment, (i) a severance distribution consisting of a cash payment equal to five (5) times the sum of (A) Executive's then-current base salary, as determined pursuant to Section 5(a) of this Agreement for the then-current year of this Agreement in which such termination occurs and (B) an amount equal to the average of his bonuses with respect to the five (5) most recently completed fiscal years of the Company (including any fiscal years prior to the Effective Date) and (ii) all other unpaid amounts pursuant to any other provision of this Agreement or otherwise; provided that, following a Control Termination (as defined in Section 11(b)), the Executive shall be entitled to receive the payments described in Section 11 (as opposed to the Guaranteed Payments ). (b) None of the Guaranteed Payments described in this Section 6 shall affect the Executive's right to receive the payments described in Sections 12, 13 and 14 of this Agreement.
Sample 1
Compensation Guarantee. 17.4.1. The payment of the Compensation and any penalties or additions resulting from its default, shall be guaranteed by the Guaranteeing Fund of the Partnerships, by means of a guarantee to be granted to the Concessionaire under the Guarantee Agreement executed on this day, according to Attachment 17.4. 1. 17.4.2. For enforcement of the Guarantee, the Concessionaire shall sue the Guaranteeing Fund of the Partnerships, by means of formal correspondence with return receipt - AR, with copies of invoices attached, which shall be considered by the Administrator only if: (i) clearly legal credit provided for in the enforceable instrument, accepted and unpaid by the Granting Authority, provided that after more than forty five (45) days from its maturity, and (ii) debts set forth in the issued invoice and not yet accepted by the Federal Government, provided that after more than ninety (90) days from its maturity, and it was not reasonably refused. 17.4.3. The Guaranteeing Fund shall have fifteen (15) days from the receipt of the formal letter mentioned in item 17.4.2, if the events mentioned in the same item take place, to pay the guarantee to the concessionaire. 17.4.4. After the elapsed the terms addressed in sub-clause 3.1 above, the Concessionaire shall have peremptive period of sixty (60) days to sue the Guaranteeing Fund of the Partnerships, after which the payment of late invoices shall be unenforceable against it.
Sample 1
Compensation Guarantee. It is agreed irrevocably and unconditionally that where the other party or the Company suffers any loss caused by each party in violation of any statements, guarantees or promises herein, each party shall compensate sufficiently to the other party’s company.
Sample 1
Compensation Guarantee. With respect to the fiscal year from May 1, 1998, through April 30, 1999, Employee is guaranteed a base salary and bonus of $300,000. This guarantee shall not apply to any other period during the Employment Term.
Sample 1

Related to Compensation Guarantee

  • Compensation Benefits In accordance with Section 142 of the State Finance Law, this contract shall be void and of no force and effect unless the Contractor shall provide and maintain coverage during the life of this contract for the benefit of such employees as are required to be covered by the provisions of the Workers' Compensation Law.

  • Compensation Benefits and Reimbursement (a) The compensation specified under this Agreement shall constitute the salary and benefits paid for the duties described in Section 2. The Bank shall pay Executive as compensation a salary of not less than [$ ] per year (“Base Salary”). Such Base Salary shall be payable biweekly, or with such other frequency as officers and employees are generally paid. During the period of this Agreement, Executive’s Base Salary shall be reviewed at least annually. Such review shall be conducted by a committee designated by the Board, and the Bank may increase, but not decrease (except a decrease that is generally applicable to all employees) Executive’s Base Salary (with any increase in Base Salary to become “Base Salary” for purposes of this Agreement). Base Salary shall not include any director’s fees that the Executive is entitled to receive as a director of the Bank or any affiliate of the Bank. Such director’s fees shall be separately paid to the Executive. (b) Executive will be entitled to participate in and receive benefits under any employee benefit plans including, but not limited to, retirement plans, supplemental retirement plans, pension plans, profit-sharing plans, health-and-accident insurance plans, medical coverage or any other employee benefit plan or arrangement made available by the Bank currently or in the future to its senior executives and key management employees. Executive will be entitled to participate in any incentive compensation and bonus plans offered by the Bank in which Executive is eligible to participate. Nothing paid to Executive under any such plan or arrangement will be deemed to be in lieu of other compensation to which Executive is entitled under this Agreement. (c) In addition to the Base Salary provided for by paragraph (a) of this Section 3, the Bank shall pay or reimburse Executive for all reasonable travel and other reasonable expenses incurred by Executive performing his obligations under this Agreement and may provide such additional compensation in such form and such amounts as the Board may from time to time determine. The Bank shall reimburse Executive for his ordinary and necessary business expenses including, without limitation, fees for memberships in such clubs and organizations as Executive and the Board shall mutually agree are necessary and appropriate for business purposes, and travel and entertainment expenses, incurred in connection with the performance of his duties under this Agreement.

  • Compensation/Benefit Programs During the Term of Employment, the Executive shall be entitled to participate in all medical, dental, hospitalization, accidental death and dismemberment, disability, travel and life insurance plans, and any and all other plans as are presently and hereinafter offered by the Company to its executive personnel, including savings, pension, profit-sharing and deferred compensation plans, subject to the general eligibility and participation provisions set forth in such plans.

  • Compensation Plans Following any termination of the Executive's employment, the Company shall pay the Executive all unpaid amounts, if any, to which the Executive is entitled as of the Date of Termination under any compensation plan or program of the Company, at the time such payments are due.

  • ’ Compensation and Employer’s Liability Workers’ Compensation limits as required by the Labor Code of the State of California. Employer’s Liability limits of $1,000,000 per accident for bodily injury or disease.

  • Compensation Program Amendments Each of the Company’s compensation, bonus, incentive and other benefit plans, arrangements and agreements (including golden parachute, severance and employment agreements) (collectively, “Benefit Plans”) with respect to you is hereby amended to the extent necessary to give effect to provisions (1) and (2). For reference, certain affected Benefit Plans are set forth in Appendix A to this letter. In addition, the Company is required to review its Benefit Plans to ensure that they do not encourage senior executive officers to take unnecessary and excessive risks that threaten the value of the Company. To the extent any such review requires revisions to any Benefit Plan with respect to you, you and the Company agree to negotiate such changes promptly and in good faith.

  • Compensation; Employment Agreements; Etc Enter into or amend or renew any employment, consulting, severance or similar agreements or arrangements with any director, officer or employee of Metropolitan or its Subsidiaries, or grant any salary or wage increase or increase any employee benefit (including incentive or bonus payments), except (i) for normal individual increases in compensation to employees in the ordinary course of business consistent with past practice, (ii) for other changes that are required by applicable law, and (iii) to satisfy Previously Disclosed contractual obligations existing as of the date hereof.

  • Compensation Benefits Etc During the Employment Period, the Manager shall be compensated as follows: (a) The Manager shall (i) receive an annual cash base salary, payable not less frequently than semi-monthly, which is not less than the annualized cash base salary payable to Manager as of the Effective Date; (ii) be entitled to at least as favorable annual incentive award opportunity under the Company's annual incentive compensation plan as he did in the calendar year immediately prior to the year in which the Change of Control Event occurs; and (iii) be eligible to participate in all of the Company's long-term incentive compensation plans and programs on terms that are at least as favorable to the Manager as provided to the Manager in the four calendar years prior to the Effective Date. (b) The Manager shall be entitled to receive fringe benefits, employee benefits, and perquisites (including, but not limited to, vacation, medical, disability, dental, and life insurance benefits) which are at least as favorable to those made generally available as of the Effective Date to all of the Company's salaried managers as a group. In addition, the Manager shall be eligible to participate in the Company's Supplemental Retirement Income Program ("SRIP"). (c) Notwithstanding any other provision of this Agreement (whether in this Section 4, in Section 6, or elsewhere), (i) the Board of Directors may authorize an increase in the amount, duration, and nature of and/or the acceleration of any compensation or benefits payable under this Agreement, as well as waive or reduce the requirements for entitlement thereto and (ii) the Company may deduct from amounts otherwise payable to the Manager such amounts as it reasonably believes it is required to withhold for the payment of federal, state, and local taxes.

  • Compensation Plan 1. Subject to any applicable regulation and the Company's/its contractor approval, the applicant shall choose a Compensation Plan on the Affiliate Participation Form. An Affiliate may not change the elected Compensation Plan. 2. The Company/its contractor may change an Affiliate's Compensation Plan, at any time and at its sole and absolute discretion, by sending such Affiliate a notice to such effect by e-mail. In the event Affiliate does not agree to such change, it shall notify the Company by return e-mail within three (3) days of receiving such notice from the Company, and the Agreement shall terminate immediately. In the event Affiliate does not notify the Company within three (3) days from the notice, it shall be deemed as an approval by the Affiliate to such change in the Compensation Plan. It is hereby clarified that Affiliate will continue to receive payment with respect to Traders identified by a Tracker ID prior to the date of any such change in the Compensation Plan, in accordance with the applicable Compensation Plan at the date such Traders registered to the Site(s).

  • ' Compensation & Employer's Liability The Service Provider shall maintain during the life of this Agreement for all of the Service Provider's employees engaged in work performed under this agreement:

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