Employee's Base Salary. In consideration for rendering the services as set forth herein, Employee shall receive an annual base salary in the amount of Seventy Five Thousand Five Hundred Sixty Four Dollars($75,564), beginning on the Effective Date payable semi-monthly, in arrears. All amounts payable to Employee as salary and other compensation hereunder shall be subject to taxes and customary withholding by the Company. Employee's salary will be reviewed by CBSA and Employee annually on or each anniversary of the effective date of the Agreement and shall be adjusted by mutual agreement of the parties.
Employee's Base Salary. In the event that Employee has earned a Bonus for the Term, such Bonus shall be paid to Employee in the form of cash, stock options, shares of the Company’s stock, or a combination thereof, at the Compensation Committee’s discretion within sixty (60) days of the end of such year.
Employee's Base Salary. In the event the Credit Facility is refinanced or extended by written agreement for a period greater than twelve (12) months, then the Company shall pay to Employee a bonus equal to twenty percent (20%) of Employee's Base Salary. This one-time bonus shall be paid, in the Company's discretion, either upon the closing of the applicable refinancing or extension or together with the next regular payroll period. All bonuses paid pursuant to this Section 4(b) shall be subject to any and all withholdings pursuant to applicable law.
Employee's Base Salary. In the event the Employee is employed hereunder for any partial fiscal year, any incentive compensation payable under this Section 5.02 shall be prorated accordingly.
Employee's Base Salary shall be subject to review each year for possible increase by the Board in its sole discretion.
Employee's Base Salary. In consideration for rendering the services as set forth herein, Employee shall receive an annual base salary in the following amount as the case may be: (i) when serving as President, in the amount of One Hundred and Twenty Thousand ($120,000) Dollars per year, of which Seventy-Two Thousand ($72,000) Dollars shall be paid semi-monthly in arrears, and the remaining Forty-Eight Thousand ($48,000) Dollars deferred and payable in accordance with paragraph 2.b. below; and (ii) when serving as CEO, in the amount of One Hundred and Sixty Thousand ($160,000) Dollars per year of which Employee will receive the deferral portion of said One Hundred and Sixty Thousand ($160,000) Dollars compensation on a basis proportional to receipt of deferred compensation by the other key principals of the Company. All amounts payable to Employee as salary, bonus, and other compensation hereunder shall be subject to taxes and customary withholding by the Company. Employee's salary will be reviewed by the Company and Employee annually on each anniversary of the effective date of the Agreement and shall be adjusted only upon mutual agreement of the parties.
Employee's Base Salary. During each subsequent fiscal year during the term of this Agreement, Employee will be eligible, in the Board's sole discretion, to participate in that year's Incentive Compensation Plan or other replacement incentive or bonus plan Employer establishes for its key executives.
Employee's Base Salary. Post 55 years of Employment Vested % -------------------------------------------- 1 40% 2 60% 3 80% 4 90% 5 or More 100% In addition, each annual benefit shall be increased by the C.P.I. as defined in Paragraph 4(a).
Employee's Base Salary. For those periods of Employee's employment that do not coincide with Employer's fiscal year, the amount of the Performance Bonus shall be based upon the proportion of whole months Employee is in the employ of Employer during such fiscal year bears to twelve (12) months.
Employee's Base Salary. The Annual Bonus shall be pro-rated for any year of employment and paid in a single lump sum no later than March 15, of the year following the calendar year in which the Annual Bonus, if any, was earned. For clarity, any Annual Bonus payment made to Employee shall be purely discretionary and shall not form part of Employee’s contractual compensation under this Agreement. The first review of the target Annual Bonus percentage will occur in January 2021 and thereafter the target Annual Bonus percentage shall be reviewed on an annual basis. If the Company makes an Annual Bonus payment to Employee in respect of a particular calendar year, it shall not be obliged to make subsequent Annual Bonus payments in respect of subsequent calendar years. Employee must be employed by the Company on December 31st of the calendar year on which the bonus is based in order to be eligible to receive the Annual Bonus. Any Annual Bonus payments shall be paid to Employee less applicable deductions and withholding as required by law. Nothing in this Agreement will preclude the Board from changing or altering the objective criteria referred to under Section 4(b)(i), in whole or in part, in the Board’s sole discretion.
