Compensation -- Salary and Bonus Sample Clauses

Compensation -- Salary and Bonus. In consideration for services rendered by Mx. Xxxxxx under this Agreement, the Company shall pay to Mx. Xxxxxx a salary at an annual rate equal to: (a) during the period beginning on January 1, 2009 and ending on December 31, 2009, no less than $________; (b) during each calendar year that begins after December 31, 2009, such amount as the Board may, in its discretion, determine, but in no event less than the rate in effect on December 31, 2009; or (c) for each calendar year that begins on or after a Change in Control, the product of Mx. Xxxxxx’x annual rate of salary in effect immediately prior to such calendar year, multiplied by the greatest of: (i) 1.06; (ii) the quotient of (A) the U.S. City Average All Items Consumer Price Index for All Urban Consumers (or, if such index shall cease to be published, such other measure of general consumer price levels as the Board may, in good faith, prescribe) for October of the immediately preceding calendar year, divided by (B) the U.S. City Average All Items Consumer Price Index for All Urban Consumers (or, if such index shall cease to be published, such other measure of general consumer price levels as the Board may, in good faith, prescribe) for October of the second preceding calendar year; and (iii) the quotient of (A) the average annual rate of salary, determined as of the first day of such calendar year, of the officers of the Company (other than Mx. Xxxxxx) who are assistant vice presidents or more senior officers, divided by (B) the average annual rate of salary, determined as of the first day of the immediately preceding calendar year, of the officers of the Company (other than Mx. Xxxxxx) who are assistant vice presidents or more senior officers; The salary payable under this section 5 shall be paid in approximately equal installments in accordance with the Company’s customary payroll practices. Nothing in this section 5 shall be construed as prohibiting the payment to Mx. Xxxxxx of a salary in excess of that prescribed under this section 5 or of additional cash or non-cash compensation in a form other than salary, to the extent that such payment is duly authorized by or under the authority of the Board. No portion of the compensation paid to Mx. Xxxxxx pursuant to this Agreement shall be deemed to be compensation received by Mx. Xxxxxx in his capacity as director of the Company.
Sample 1Sample 2Sample 3See All (23)
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Compensation -- Salary and Bonus. (a) In consideration for services rendered by Xx. Xxxxxx under this Agreement, the Bank shall pay to Xx. Xxxxxx a salary at an annual rate equal to: (i) during the twelve month period beginning on May 1, 1997 and ending on April 30, 1998, no less than $128,622; (ii) during each twelve month period that begins after April 30, 1998, such amount as the Board may, in its discretion, determine, but in no event less than the rate in effect for the prior twelve month period; (iii) for each twelve month period that begins on or after a Change in Control, the product of Xx. Xxxxxx'x annual rate of salary in effect immediately prior to such twelve-month period, multiplied by the greater of: (A) the quotient of (1) the U.S. Department of Labor Consumer Price Index for All Urban Consumers (N.Y.-Northeastern N.J.) for October of the immediately preceding calendar year, divided by (2) the U.S. Department of Labor Consumer Price Index for All Urban Consumers (N.Y.-Northeastern N.J.) for October of the second preceding calendar year; and (B) the quotient of (1) the average annual rate of salary, determined as of the first day of such calendar year, of the officers of the Bank (other than Xx. Xxxxxx) who are assistant vice presidents or more senior officers, divided by (2) the average annual rate of salary, determined as of the first day of the immediately preceding calendar year, of the officers of the Bank (other than Xx. Xxxxxx) who are assistant vice presidents or more senior officers. (b) The salary payable under section 4(a) shall be paid in approximately equal installments in accordance with the Bank's customary payroll practices. Nothing in this section 4 shall be construed as prohibiting the payment to Xx. Xxxxxx of a salary in excess of that prescribed under section 4(a) or of a bonus of additional cash or non-cash compensation, to the extent that such payment is duly authorized by or under the authority of the Board. (c) No portion of the compensation paid to Xx. Xxxxxx pursuant to this Agreement shall be deemed to be compensation received by him in his capacity as a director of the Bank.
Sample 1See All (4)
Compensation -- Salary and Bonus. (a) During the Employment Period, the Bank shall pay to Xx. Xxxxxxx a salary at an annual rate of $175,000, payable in the same manner and on the same dates as apply to the payment of salary to other employees of the Bank generally. The Bank may, in its sole discretion, increase said amount from time to time.
Sample 1
Compensation -- Salary and Bonus. The Company shall pay the Executive a fixed salary at the rate of One Hundred Fifty Thousand Dollars ($150,000.00) (the "Salary") per annum. Salary shall be payable in accordance with the customary payroll practices of the Company (but in no event less frequently than bi-weekly) and shall be subject to all employee payroll deductions required by law. In addition, the Executive shall be eligible in the same manner as similarly situated employees for an annual cash bonus, which shall be awarded in the sole discretion of the board of directors of the Company, based upon the performance of the Executive, the financial performance of the Company, and such other factors that the board of directors deems relevant.
Sample 1Sample 2
Compensation -- Salary and Bonus. (a) During the Employment Period, the Bank shall pay to Xx. Xxxxxx a salary at an annual rate of $110,000, payable in the same manner and on the same dates as apply to the payment of salary to other employees of the Bank generally. (b) The Bank shall pay Xx. Xxxxxx an initial lump sum payment of $35,000 as additional compensation upon the commencement of employment by Xx. Xxxxxx, which amount shall be in addition to salary as described in Section 4(a). If, within six months after the commencement of employment with the Bank, Xx. Xxxxxx is terminated by the Bank with Cause or if Xx. Xxxxxx resigns from the Bank other than for Good Reason, as defined in Section 10, Xx. Xxxxxx shall, upon demand, repay the full amount of such lump sum payment to the Bank.
Sample 1

Related to Compensation -- Salary and Bonus

  • Salary and Bonus Awards of stock, stock options, and stock appreciation rights. Use the dollar amount recognized for financial statement reporting purposes with respect to the fiscal year in accordance with the Statement of Financial Accounting Standards No. 123 (Revised 2004) (FAS 123R), Shared Based Payments.

  • Base Salary and Bonus As compensation for the Executive's services under this Agreement, the Executive shall receive and the Company shall pay a weekly base salary set forth on Exhibit A. Such base salary may be increased but not decreased during the Term or Renewal Period in the Company's discretion based upon the Executive's performance and any other factors the Company deems relevant. Such base salary shall be payable in accordance with the policy then prevailing for the Company's executives. In addition to such base salary, the Executive shall be entitled during the Term or Renewal Period to a performance bonus set forth on Exhibit A and to participate in and receive payments from, at the Company's election, other bonus and other incentive compensation plans, if any, as may be adopted by the Company.

  • Salary Benefits and Bonus Compensation 3.1 BASE SALARY. Effective July 1, 2000, as payment for the services to be rendered by the Employee as provided in Section 1 and subject to the terms and conditions of Section 2, the Employer agrees to pay to the Employee a "Base Salary" at the rate of $180,000 per annum, payable in equal bi-weekly installments. The Base Salary for each calendar year (or proration thereof) beginning January 1, 2001 shall be determined by the Board of Directors of Avocent Corporation upon a recommendation of the Compensation Committee of Avocent Corporation (the "Compensation Committee"), which shall authorize an increase in the Employee's Base Salary in an amount which, at a minimum, shall be equal to the cumulative cost-of-living increment on the Base Salary as reported in the "Consumer Price Index, Huntsville, Alabama, All Items," published by the U.S. Department of Labor (using July 1, 2000, as the base date for computation prorated for any partial year). The Employee's Base Salary shall be reviewed annually by the Board of Directors and the Compensation Committee of Avocent Corporation.

  • Base Compensation The Bank agrees to pay the Employee during the ----------------- term of this Agreement a salary at the rate of $76,000 per annum, payable in cash not less frequently than monthly; provided, that the rate of such salary shall be reviewed by the Board of Directors of the Bank not less often than annually, and Employee shall be entitled to receive annually an increase at such percentage or in such an amount as the Board of Directors in its sole discretion may decide.

  • Annual Bonus Compensation Executive shall be eligible to receive a bonus each Contract Year (“Annual Bonus”) as the Compensation Committee of the Board of Directors shall determine. Executive’s Annual Bonus shall be determined in accordance with the Company’s executive compensation policies as in effect from time to time during the Term and shall be based, in part, on his achieving his individual performance goals for the year and, in part, on the Company’s achieving its performance goals for the year.

  • Bonus Compensation During the term hereof, the Executive shall participate in the Company’s Senior Executive Annual Incentive Plan, as it may be amended from time to time pursuant to the terms thereof (the “Plan,” a current copy of which is attached hereto as Exhibit A) and shall be eligible for a bonus award thereunder (the “Bonus”). For purposes of the Plan, the Executive shall be eligible for a Bonus, and the Executive’s specified percentage (the “Specified Percentage”) for such Bonus shall initially be fifty percent (50%) of Base Salary and shall thereafter be established annually by the Board of Directors (the “Board”) or, if the Board delegates the Specified Percentage determination process to a Committee of the Board, by such Committee. In the event the Board or Committee does not approve the Executive’s Specified Percentage within 90 days of the beginning of a fiscal year, such Specified Percentage shall be the same as the immediately preceding year. Whenever any Bonus payable to the Executive is stated in this Agreement to be prorated for any period of service less than a full year, such Bonus shall be prorated by multiplying (x) the amount of the Bonus otherwise earned and payable for the applicable fiscal year in accordance with this Sub-Section 4.2 by (y) a fraction, the denominator of which shall be 365 and the numerator of which shall be the number of days during the applicable fiscal year for which the Executive was employed by the Company. Executive agrees and understands that any prorated Bonus payments will be made only after determination of the achievement of the applicable Performance Measures (as defined in the Plan) in accordance with the terms of the Plan. Any compensation paid to the Executive as Bonus shall be in addition to the Base Salary.

  • Basic Compensation (a) SALARY. Executive will be paid an annual base salary of $115,000.00, subject to adjustment as provided below (the "Salary"), which will be payable in equal periodic installments according to Employer's customary payroll practices, but no less frequently than monthly. The Salary will be reviewed by the Board of Directors not less frequently than annually, and shall be increased on each anniversary of the Effective Date during the term hereof by an amount equal to not less than ten percent (10%) of the prior year's base salary.

  • Base Salary and Benefits (a) During the Employment Period, the Company shall pay Executive an annual base salary of $535,600 (the “Base Salary”). As used herein, references to “Base Salary” shall include all subsequent increases in annual base salary during the Employment Period. The Base Salary shall be payable in regular installments in accordance with the Company’s general payroll practices (as in effect from time to time). (b) In addition to the Base Salary, during the Employment Period, Executive will be eligible to earn an annual bonus under a bonus plan to be established by the Company, payable in accordance with the Company’s customary practices, as determined by the Board, in its sole discretion based upon the Company’s achievement of budgetary and other objectives set by the Board; provided that, in determining the amount of the annual bonus, if any, to be paid to Executive, the Board shall, in determining whether the Company has achieved the budgetary and other goals set by the Board, disregard any payments by the Company and its subsidiaries to Onex (as defined below) and affiliates. (c) During the Employment Period, Executive shall be entitled to participate in all of the Company’s employee benefit programs for which senior executives of the Company and its subsidiaries are generally eligible. Without duplication of any employee benefits provided to all senior executives of the Company and its subsidiaries, the Company shall reimburse Executive for the annual premium cost of $1 million of term life insurance coverage purchased by Executive on his life, up to a maximum of Eleven Thousand Dollars ($11,000) per year. (d) During the Employment Period, the Company shall (without duplication of any employee benefits provided to Executive pursuant to other provisions of this Agreement) reimburse Executive for all reasonable business expenses incurred by him in the course of performing his duties and responsibilities under this Agreement which are consistent with the Company’s policies in effect from time to time with respect to travel, entertainment and other business expenses, subject to the Company’s requirements with respect to reporting and documentation of such expenses. (e) All amounts payable or otherwise provided to Executive pursuant to this Agreement shall be subject to all applicable withholding and deduction obligations.

  • Salary, Bonus and Benefits For services rendered by the Employee on behalf of the Company during the Employment Term, the following salary, bonus and benefits shall be provided to the Employee by the Company: (a) The Company shall pay to the Employee, in equal installments, according to the Company’s then current practice for paying its executive officers in effect from time to time during the Employment Term, the Annual Base Salary. (b) The Employee shall participate in the Sealy Corporation Annual Bonus Plan (the “Bonus Plan”) in accordance with the provisions of that Plan as in effect as of the date of this Agreement based on the Target Annual Bonus Percentage. (c) The Employee shall be eligible for participation in such other benefit plans, including, but not limited to, the Company’s Profit Sharing Plan and Trust, Executive Severance Benefit Plan, Benefit Equalization Plan, Short-Term and Long Term Disability Plans, Group Term Life Insurance Plan, Medical Plan or PPO, Dental Plan, the 401(k) feature of the Profit Sharing Plan and the 1998 Stock Option Plan, as the Board may adopt from time to time and in which the Company’s executive officers are eligible to participate. Such participation shall be subject to the terms and conditions set forth in the applicable plan documents. As is more fully set forth in Section 6 hereof, the Employee shall not be entitled to duplicative payments under this Agreement and the Executive Severance Benefit Plan. (d) Without limiting the generality of Subsection 3(c) above, for so long as such coverage shall be available to the executive officers of the Company, the Employee shall be eligible to participate in the Company’s Group Term Life Insurance Plan with a death benefit to be provided at the level of one and one half (1 ½) times annual base salary at Company expense, plus extended coverage with a death benefit to be provided of at least the level in effect on the date of this Agreement for the Employee under such Plan at the Employee’s discretion and expense. (e) The Employee shall be entitled to take, during each calendar year period during the Employment Term, vacation time equal to four (4) weeks per year. (f) In addition, the Parties do hereby further confirm that any shares of Class A Common Stock of the Company (“Class A Shares”), and any options to purchase additional Class A Shares previously granted to Employee are in addition to, and not in lieu of, any shares or options which may be granted under any other plan or arrangement of the Company after the date of this Agreement, and (b) the various stock agreements and stock option agreements, and any related Stockholder Agreement (the “Stockholder Agreement”) between the Parties (such agreements being hereinafter referred to collectively as the “Pre-existing Agreements”), all remain in full force and effect except as otherwise provided herein. Notwithstanding the foregoing, to the extent that any provision contained herein is inconsistent with the terms of any of the Pre-existing Agreements, the terms of this Agreement shall be controlling.

  • Salary Compensation As salary compensation for Employee's services hereunder and all the rights granted hereunder by Employee to the Company, the Company shall pay Employee a gross salary of not less than $175,000 during the term of this Agreement. Employee's salary shall be payable in bi-weekly increments in accordance with the Company's payroll practices for salaried employees, upon the condition that Employee fully and faithfully performs Employee's services hereunder in accordance with the terms and conditions of this Agreement. The Company shall deduct and withhold from the compensation payable to Employee hereunder any and all amounts required to be deducted or withheld by the Company under the provisions of any statute, regulation, ordinance, or order and any and all amendments hereinafter enacted requiring the withholding or deducting from compensation payable to employees.

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