Compensation of Cfo Sample Clauses

Compensation of Cfo. As compensation for the services rendered by the CFO pursuant to this Agreement, the Company agrees to pay the CFO an annual salary of RMB￥450,000 which amount will be increased to RMB￥600,000 per annum subsequent to the filing of the first quarterly financial statements which states the Company is profitable (the “Salary”). The Salary shall be payable on or before the first day of each month, or if a Saturday, Sunday or holiday, the preceding business day. The CFO will also be granted an option to purchase up to 500,000 shares of the Company’s common stock. The grant shall vest over four (4) years, with 25% of the shares vesting each year. The exercise price shall be equal to the market price of the Company’s common stock on the date of the grant and shall be exercisable until the earlier of (a) the fourth (4th) anniversary of the date of vesting and (b) sixty (60) days from the date at which the CFO ceases to be employed by the Company. The CFO shall be entitled to two weeks paid vacation for every twelve months worked under this Agreement.
Sample 1
AutoNDA by SimpleDocs
Compensation of Cfo. As compensation for the services rendered by the CFO pursuant to this Agreement, the Company agrees to pay the CFO an annual salary of RMB￥600,000 (the “Salary”). The CFO’s Salary shall increase to RMB￥672,000 per annum in the event the Company is profitable (on a cash basis) for each of the quarters ending March 30, 2010 and June 30, 2010 as evidenced by its filings on Form 10-Q with the Securities and Exchange Commission for such quarters, which increase shall take effect upon the filing of the Form 10-Q for the quarter ending June 30, 2010. The Salary shall be payable on or before the first day of each month, or if a Saturday, Sunday or holiday, the preceding business day. Salary adjustments for future years shall be determined by the Board in its sole and exclusive discretion. The CFO may be granted portion(s) of Restricted Stock as may be forfeited by departed or departing management members from time to time as determined by the Board in its sole and exclusive discretion. The CFO may also be granted an option to purchase additional shares of the Company’s common stock as approved by the Compensation Committee of the Board. The new option grant shall vest over four (4) years, with 25% of the shares vesting each year. The CFO shall be entitled to two weeks paid vacation for every twelve months worked under this Agreement.
Sample 1
Compensation of Cfo. As compensation for the services rendered by the CFO pursuant to this Agreement, the Company agrees to pay the CFO an annual salary of US$130,000 which amount will be increased to US$150,000 per annum subsequent to the filing of the first quarterly financial statements which indicate that the Company has achieved break even which is defined as zero or positive net income after tax. The annual salary will be further increased to US$175,000 per annum subsequent to the filing of the first quarterly financial statements which indicate that the Company has achieved RMB 180 million in sales revenues for the preceding twelve (12) months (the "Salary"). The Salary shall be payable on or before the first day of each month, or if a Saturday, Sunday or holiday, the preceding business day. The Company will reimburse the CFO of reasonable living expenses such as housing, children’s tuition, transportation, meals and laundry expenses, etc. Expenses will be reimbursed only when they are supported by proper receipts. These reimbursable expenses are deducted from monthly salary and are paid before or together with the next salary payment. While the Salary is at US$130,000, all Salary in excess of US$100,000 will be accrued on the Company's books. The accrued amounts will be payable in cash or shares at the mutual agreement of the Company and the CFO or immediately payable upon termination of employment. The CFO will also be granted that number of incentive stock options which is agreed to between her and the Company's President. The CFO shall be entitled to two weeks paid vacation for every six months worked under this Agreement with round trip airfare for the CFO and 2 children are paid for by the Company to the destination she chooses.
Sample 1
Compensation of Cfo 
Sample 1Sample 2Sample 3See All (5)

Related to Compensation of Cfo

  • COMPENSATION OF ULTIMUS The Trust, on behalf of each Fund, shall pay for the services to be provided by Ultimus under this Agreement in accordance with, and in the manner set forth in, Schedule B attached hereto, as such Schedule may be amended from time to time. If this Agreement becomes effective subsequent to the first day of a month or terminates before the last day of a month, Ultimus’ compensation for that part of the month in which the Agreement is in effect shall be prorated in a manner consistent with the calculation of the fees as set forth above. Payment of Ultimus’ compensation for the preceding month shall be made promptly.

  • Compensation of Consultant Town agrees to pay to Consultant for satisfactory completion of all services included in this Agreement a total fee of Fifty Thousand ($50,000.00) for the Project as set forth and described in Exhibit B - Compensation Schedule and incorporated herein as if written word for word. Lump sum fees shall be billed monthly based on the percentage of completion. Hourly not to exceed fees shall be billed monthly based on hours of work that have been completed. Direct Costs for expenses such as mileage, copies, scans, sub- consultants, and similar costs are included in fees and shall be billed as completed. Consultant agrees to submit statements to Town for professional services no more than once per month. These statements will be based upon Consultant's actual services performed and reimbursable expenses incurred, if any, and Town shall endeavor to make prompt payments. Each statement submitted by Consultant to Town shall be reasonably itemized to show the amount of work performed during that period. If Town fails to pay Consultant within sixty (60) calendar days of the receipt of Consultant's invoice, Consultant may, after giving ten (10) days written notice to Town, suspend professional services until paid. Nothing contained in this Agreement shall require Town to pay for any work that is unsatisfactory as reasonably determined by Town or which is not submitted in compliance with the terms of this Agreement. The Scope of Services shall be strictly limited. Town shall not be required to pay any amount in excess of the original proposed amount unless Town shall have approved in writing in advance (prior to the performance of additional work) the payment of additional amounts.

  • Compensation of OFI The Fund agrees to pay OFI and OFI agrees to accept as full compensation for the performance of all functions and duties on its part to be performed pursuant to the provisions hereof, a fee computed on the aggregate net assets of the Fund as of the close of each business day and payable monthly at the following annual rates:

  • Compensation of OFI GLOBAL The Fund agrees to pay OFI GLOBAL and OFI GLOBAL agrees to accept as full compensation for the performance of all functions and duties on its part to be performed pursuant to the provisions hereof, a management fee computed on the aggregate net asset value of the Fund as of the close of each business day and payable monthly at the following annual rates:

  • Compensation of Custodian The Custodian shall be entitled to reasonable compensation for its services and expenses as Custodian, as agreed upon from time to time between the Fund and the Custodian.

  • Reduction of Compensation If the Firm fails to meet the submission date by less than thirty days for the draft report and/or working papers submitted to the Office of the State Auditor for review and approval or by less than thirty days from the completion date for the final reports and/or corrections to the working papers prescribed herein, the District may, with the consent of the Office of the State Auditor, reduce the agreed compensation by an amount not to exceed ten percent of the total contract price for the applicable fiscal year. If reports and/or corrections to the working papers are overdue by 30 days or more, the District may reduce, with the consent of the Office of the State Auditor, the agreed compensation by an amount not to exceed twenty percent of the total contract price for the Rev. 10/20 applicable fiscal year.

  • Compensation of the Advisor Each Fund agrees to pay to the Advisor and the Advisor agrees to accept as full compensation for all services rendered by the Advisor pursuant to this Agreement, a fee accrued daily and paid monthly in arrears at an annual rate listed in Appendix A with respect to the Fund’s average daily net assets. For any period less than a month during which this Agreement is in effect, the fee shall be prorated according to the proportion which such period bears to a full month of 28, 29, 30 or 31 days, as the case may be. The fee payable to the Advisor under this Agreement will be reduced to the extent required by any expense limitation agreement. The Advisor may voluntarily absorb certain Fund expenses or waive all or a portion of its fee.

  • Compensation of Advisor For services to be provided by the Advisor pursuant to this Agreement, the Fund will pay to the Advisor, and the Advisor agrees to accept as full compensation therefor, an investment advisory fee consisting of a base fee plus a performance adjustment at the rates specified in Schedule A to this Agreement, payable quarterly in arrears.

  • Compensation of the Adviser For all of the services to be rendered and payments to be made as provided in this Agreement, as of the last business day of each month, the Fund will pay you a fee at the annual rate of 1.50% of the average value of its daily net assets. The average value of the daily net assets of the Fund shall be determined pursuant to the applicable provisions of the Declaration of Trust of the Trust or a resolution of the Board, if required. If, pursuant to such provisions, the determination of net asset value of the Fund is suspended for any particular business day, then for the purposes of this paragraph, the value of the net assets of the Fund as last determined shall be deemed to be the value of the net assets as of the close of the business day, or as of such other time as the value of the Fund's net assets may lawfully be determined, on that day. If the determination of the net asset value of the Fund has been suspended for a period including such month, your compensation payable at the end of such month shall be computed on the basis of the value of the net assets of the Fund as last determined (whether during or prior to such month).

  • Compensation of Officers The officers of the Corporation shall be entitled to receive such compensation for their services as shall from time to time be determined by the Board of Directors.

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!