Compensation of the Executive. 3 4. Termination.........................................................................
Compensation of the Executive. 3 4. TERMINATION........................................................... 4
Compensation of the Executive. (a) As compensation for the services provided by the Executive under this Agreement, the Company will pay the Executive an annual salary of $240,000.00, to be paid in accordance with the Company's usual payroll procedures (the “Salary”).
(b) In addition to the Salary, the Executive may be eligible to receive an annual bonus determined by the Board based on the performance of the Company.
Compensation of the Executive. For the performance of his duties hereunder in all capacities, the Executive shall be compensated by and entitled to compensation by the Company as follows:
Compensation of the Executive. (i) During the Active Period, the compensation shall be the amount fixed by the Board of Directors of the Company from time to time;
(ii) During the Retirement Period, the amount payable shall be at the rate of $25,000 per year annum for a period of ten (10) years, payable in equal monthly installments of $2,083.33, with the first payment to be made on the 1st day of the next month following the month in which the last to occur of the following events: (a) Executive has attained the age of 70 years; or (b) if Executive's employment and active service has been extended by the Company beyond Executive attaining the age of 70 years, from the date of termination of such active service;
(iii) During the Active Period the Company shall provide Executive with the following benefits (the “Benefits”): (a) group health care and insurance benefits as generally made available to the Company’s senior management; and (b) such other insurance benefits obtained by the Company and made generally available to the Company’s senior management; and
(iv) During the first five (5) years of the Retirement Period the Company shall provide Executive with the following Benefits: group health care and life insurance benefits as generally made available to the Company’s senior management. Upon the expiration of such five-year period, Executive shall be entitled to all applicable COBRA benefits.
Compensation of the Executive. (a) The Corporation shall pay the Executive as compensation for his services hereunder during the Initial Term, the following annual base salaries (the “Base Salary”), less such deductions as shall be required to be withheld by applicable law and regulations: Year 1 - $120,000 Year 2 - $120,000 Year 3 - $120,000 The Board shall review the Base Salary annually following the Initial Term and shall increase such Base Salary in its discretion. The Base Salary shall be paid in periodic instalments in accordance with the Corporation's regular payroll practices.
(b) In addition to the Base Salary set forth in Section 4(a) above, the Executive shall be entitled to an annual cash bonus equal to a maximum of 30% of his Base Salary for that year in the event the Corporation attains certain benchmarks determined by the Board.
(c) In addition to the Base Salary and bonus set forth in Sections 4(a) and 4(b) above, the Executive shall be entitled to such bonus compensation (in cash, capital stock or other property) as a majority of the members of the Board may determine from time to time in their sole discretion.
(d) The Executive shall be entitled to prompt reimbursement by the Corporation for all reasonable, ordinary and necessary out-of-pocket travel, entertainment, and other expenses incurred by the Executive while employed (in accordance with the policies and procedures established by the Corporation for its senior executive officers) in the performance of his duties and responsibilities under this Agreement; provided, that the Executive shall properly account for such expenses in accordance with Corporation policies and procedures.
(e) The Executive shall be entitled to participate in such pension, retirement (401(k)), profit sharing, group insurance, hospitalization, and group health and benefit plans, dental plans and all other benefits and plans as the Corporation provides to its senior executives (the “Benefit Plans”). The Corporation will pay 100% of all costs associated with the Executive’s Benefit Plans.
(f) The Executive shall be eligible for such grants of stock options (“Options”) or awards of restricted stock (“Restricted Stock”) under the Corporation’s equity compensation plans as the Board shall determine.
Compensation of the Executive. 1. The Employer shall pay the Executive a basic annual salary of $275,000 and the Executive shall be given consideration for performance based bonuses and salary increases on a semi- annual basis with the first such review to take place six months after the effective date of this Employment Agreement. In consideration of the receipt of this compensation, the Executive shall be responsible to allocate such time as would be required to meet the requirements of the chief executive officer of mPhase Technologies, Inc.
Compensation of the Executive. 2 TERMINATION .............................................. 5 CONFIDENTIAL AND PROPRIETARY INFORMATION; NONSOLICITATION. 10 ASSIGNMENT AND BINDING EFFECT ............................ 10 NOTICES .................................................. 10
Compensation of the Executive. 1. The Employer shall pay the Executive an annual salary of $123,000 and the Executive shall be given consideration for performance based bonuses and salary increases on an annual basis with the first such review to take place six months after the effective date of this Employment Agreement. In consideration of the receipt of this compensation on a bi-weekly basis, the Executive shall provide her full time, energy and skill in the performance of her employment duties in the area of marketing telecommunications products. Without limiting the foregoing, mPhase Technologies, Inc. will also pay Xxxxx X. Xxxxxxx upon her execution of this Agreement the sum of $2,500 as a sign-on bonus.
Compensation of the Executive. Commencing with the date of _________, ____, and for the remainder of the above term, and any extensions or renewals thereof, the Company shall pay to the Executive at the end of each calendar month a salary of __________________ __________________________________ Dollars ($___________) or ____________ shares per annum at the discretion of the Board of Directors.
