Compensation Reimbursements Clause Samples
The "Compensation; Reimbursements" clause defines how and when a party will be paid for services rendered and how expenses incurred in the course of performing those services will be reimbursed. Typically, this clause outlines the payment schedule, the types of expenses eligible for reimbursement, and the process for submitting and approving expense claims. Its core function is to ensure both parties have a clear understanding of financial obligations, reducing the risk of disputes over payments and out-of-pocket costs.
Compensation Reimbursements. (a) Except as provided in subsection (b) below or as approved by a Majority in Interest, no Member shall be entitled to compensation for any services it may render to or for the Company. Except as otherwise expressly provided in this Agreement, the Manager and each Member shall be entitled to reimbursement from the Company for all reasonable direct out-of-pocket expenses incurred at the request or direction of the Manager on behalf of the Company as contemplated in this Agreement.
(b) The provisions of this Section 6.5 shall not prohibit the Company from entering into an agreement with a Member, the Manager or an officer, director, employee, owner or other affiliate of a Member for such Person to render specific services to the Company and to receive reasonable compensation for such services as approved in good faith by a Majority in Interest.
Compensation Reimbursements. A teacher on sabbatical leave for an entire school year shall receive from the school l/2 of the annual salary (with reduced benefits) which he/she would have received had she/he remained active in the school system that year. This compensation is contingent upon the teacher successfully maintaining/completing approved program of study with documentation provided by teacher at the end of each semester; failure to successfully complete program of study course will result in teach returning compensation received or forfeiting future compensation to satisfy reimbursement.
Compensation Reimbursements. (a) The Company shall pay to the Employee a base salary of $120,000 per year ("Base Salary"), payable in such installments as is the policy of the Company with respect to the employees of the Company at substantially the same employment level as the Employee.
(b) In addition to the base salary, the Employee shall be entitled to one half of the Company executive "Bonus Pool". The Bonus Pool shall be an amount equal to 25% of the net income before interest, taxes, depreciation, and amortization of the Company ("EBITDA") computed in accordance with Generally Accepted Accounting Principles, consistently applied. Amounts due to the Employee from the Bonus pool shall be paid on or before fifteen days after the end of each of the Company's fiscal quarters.
(c) During the Employment Period, the Employee shall be entitled to such fringe benefits as are made available from time to time to full time employees of the Company and to such other bonuses as may be granted by the Board of Directors from time to time.
(d) The Company shall reimburse Employee, in accordance with the practice from time to time for other employees of the Company, for all reasonable and necessary traveling expenses and other disbursements incurred by the Employee for or on behalf of the Company in the performance of his duties hereunder.
Compensation Reimbursements. Except as otherwise provided herein or approved by the Members, neither Managers nor officers shall receive any fees or other compensation for their services hereunder. Notwithstanding the foregoing, the Managers and officers shall be reimbursed by the Company for all reasonable expenses incurred in connection with the Company’s business, including expenses of attending Management Committee meetings.
Compensation Reimbursements. (a) Except as provided in subsection (b) and (c) below or as approved by a Majority in Interest, no Partner shall be entitled to compensation for any services it may render to or for the Partnership. Except as otherwise expressly provided in this Agreement, the General Partner and each Limited Partner shall be entitled to reimbursement from the Partnership for all reasonable direct out-of-pocket expenses incurred at the request or direction of the General Partner on behalf of the Partnership as contemplated in this Agreement.
Compensation Reimbursements. To the extent Seller or any of its Affiliates pay any amounts in respect of deductibles relating to the Company's workers' compensation insurance, the Company shall reimburse Seller for such payments up to the amount of the accrual reserve for workers' compensation claims on the Company's July 31, 2003 balance sheet.
Compensation Reimbursements. Except as provided in Section 6.5(b) below or as approved by a Majority in Interest in good faith, no Manager, Member or affiliate of a Member or Manager will be entitled to compensation for any services the Managers, Member or affiliate may render to or for the Company as such. Except as otherwise expressly provided in this Agreement, each Manager and each Member will be entitled to reimbursement from the Company for all reasonable and documented direct out-of-pocket expenses incurred at the request or direction of the Managers on behalf of the Company as contemplated in this Agreement.
Compensation Reimbursements