EMPLOYMENT COMPENSATION & BENEFITS Sample Clauses

EMPLOYMENT COMPENSATION & BENEFITS. 2.01 As compensation for all services rendered under this Agreement, Xxxxxx shall be paid by Company a salary of $206,726.04 per year or any greater amount of compensation including bonuses, fees and deferred compensation authorized by the wage and salary plan or policies authorized by the Company’s Board of Directors, together with an annual salary adjustment in an amount at least equal to any approved across the board salary adjustments for all employees. 2.02 Xxxxxx’x duties require that he shall have the exclusive and unrestricted use at all times during his employment with the Company of an automobile provided for him by the Company. The Company shall be responsible for paying for liability, property damage, and comprehensive insurance and for the purchase, operation, maintenance, repair and replacement of said automobile. 2.03 Xxxxxx shall receive the same annual leave and sick leave and all other benefits as are accorded regular full-time employees of Cap Rock Energy Corporation including provisions governing accrual and payment therefore on early retirement or other methods of employment. 2.04 Subject to the above paragraph 2.03, all provisions of the Company’s rules and regulations relating to annual leave(vacation), sick leave, early retirement, insurance, savings, deferred compensation, bonuses, pension program contributions, holiday and other fringe benefits and working conditions approved by the Board of Directors as they now exist or hereafter may be amended, shall apply to Xxxxxx as they would to other employees of the Company. However, Xxxxxx, at his option, can elect to invest the Company’s annual expenses of Xxxxxx’x retirement plan in any chosen and Board approved separate plan that provides for at least the same security for both the Company and Xxxxxx. 2.05 Because Xxxxxx’x duties will from time to time require him to work outside of, and in addition to, the Company’s established normal work week, work days and work hours, Xxxxxx shall be allowed to take compensatory time off.
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EMPLOYMENT COMPENSATION & BENEFITS. 2.01 As compensation for all services rendered under this Agreement, North shall be paid by Cooperative a salary of $ 66,192.00 per year, or any greater amount of compensation including bonuses and deferred compensation authorized by the wage and salary plan or Board policies authorized by the Cooperative, together with an annual salary adjustment in an amount at least equal to any approved across the board salary adjustments for all employees. 2.02 North shall receive the same annual leave and sick leave and all other benefits as are accorded regular full-time employees of the Cooperative including provisions governing accrual and payment therefore on early retirement or other methods of employment. 2.03 Subject to the above paragraph 2.02, all provisions of the Cooperative's rules and regulations relating to annual (vacation), sick leave, early retirement, insurance, savings, deferred compensation, bonuses, pension program contributions, holiday and other fringe benefits and working conditions as they now exist or hereafter may be amended, shall apply to North as they would to other employees of the Cooperative. 2.04 Because North's duties will from time to time require him to work outside of, and in addition to, the Cooperative's established normal work week, work days and work hours, North shall be allowed to take compensatory time off.
Sample 1
EMPLOYMENT COMPENSATION & BENEFITS. 2.01 As compensation for all services rendered under this Agreement, Xxxxxx shall be paid by Company a salary of $84,864.00 per year, or any greater amount of compensation including bonuses and deferred compensation authorized by the wage and salary plan or board policies authorized by the Company, together with an annual salary adjustment in an amount at least equal to any approved across the board salary adjustments for all employees. 2.02 Xxxxxx shall receive fifteen (15) days of vacation (annual leave), available immediately upon his employment pursuant to this Agreement, and the same sick leave and all other benefits as are accorded regular full-time employees of the Company including provisions governing accrual and payment thereof on early retirement or other methods of employment as set forth in the Company's employee policies. 2.03 Subject to the above paragraph 2.02, all provisions of the Company's rules and regulations relating to annual leave (vacation), sick leave, early retirement, insurance, savings, deferred compensation, bonuses, pension program contributions, holiday, stock options as available and appropriate for his responsibility and experience and other fringe benefits and working conditions as they now exist or hereafter may be amended, shall apply to Xxxxxx as they would to other employees of the Company. 2.04 Because Xxxxxx'x duties will from time to time require his to work outside of, and in addition to, the Company's established normal work week, work days and work hours, Xxxxxx shall be allowed to take compensatory time off. 2.05 Company will reimburse Xxxxxx for professional dues and continuing education requirements.
Sample 1
EMPLOYMENT COMPENSATION & BENEFITS. 2.01 As compensation for all services rendered under this Agreement, West shall be paid by Company a salary of $236,946.00 per year or any greater amount of compensation including bonuses, fees and deferred compensation authorized by the wage and salary plan or policies authorized by the Company’s Board of Directors, together with an annual salary adjustment in an amount at least equal to any approved across the board salary adjustments for all employees. 2.02 West’s duties require that he shall travel and have access to an automobile at all times during his employment with the Company. In accordance with Company Policy, West shall furnish his own vehicle and be reimbursed by the Company for liability, property damage, and comprehensive insurance and for all of the operation, maintenance and repair expenses of said automobile. West’s personal use of such vehicle shall be imputed as income in accordance with Internal Revenue Service rules and regulations. 2.03 West shall receive the same annual leave and sick leave and all other benefits as are accorded regular full-time employees of Cap Rock Energy Corporation including provisions governing accrual and payment therefore on early retirement or other methods of employment. 2.04 Subject to the above paragraph 2.03, all provisions of the Company’s rules and regulations relating to annual leave (vacation), sick leave, early retirement, insurance, savings, deferred compensation, bonuses, pension program contributions, holiday and other fringe benefits and working conditions approved by the Board of Directors as they now exist or hereafter may be amended, shall apply to West as they would to other employees of the Company. However, West, at his option, can elect to invest the Company’s annual expenses of West’s retirement plan in any chosen and Board approved separate plan that provides for at least the same security for both the Company and West. 2.05 Because West’s duties will from time to time require him to work outside of, and in addition to, the Company’s established normal work week, work days and work hours, West shall be allowed to take compensatory time off.
Sample 1
EMPLOYMENT COMPENSATION & BENEFITS. 2.01 As compensation for all services rendered under this Agreement by Lyon, Company shall pay to Law Offices of Xxxxxx X. Xxxx, P.C. (“Lyon PC”), of which Lyon is the President, $13,500.00 per month, or any greater amount of compensation authorized by the Company, together with any annual salary adjustment in an amount as determined by Xxxxxx, for Xxxx’x salary and for non-reimbursed office expenses and overhead and for secretarial and staff support as Lyon deems necessary to perform his duties as General Counsel including Lyon’s secretary/legal assistant. Lyon shall be paid by Lyon P.C . Additionally, Company shall pay $1,000.00 per month into the executive supplemental deferred compensation plan or a similar plan on behalf of Lyon, or any greater amount as determined by Xxxxxx. 2.02 Lyon shall work full time for the Company and shall be allowed time off similar to regular full-time employees of the Company as approved by Xxxxxx. 2.03 Company will reimburse Lyon for professional dues and continuing legal education requirements. 2.04 Company will provide Lyon with an office at the Xxxx-Xxxxxx Division Office or Lyon may office elsewhere in the North Texas area at his expense, at Lyon’s option. Should Lyon choose to office at the Xxxx-Xxxxxx office, then amount of payment set forth in paragraph 2.01 above, shall be reduced by the amount of rent Lyon currently pays and the monthly telephone service (not including long distance charges). 2.05 Company will reimburse Lyon for traditional out of pocket expenses as it has prior to this Agreement including mileage, long distance telephone, copies etc.
Sample 1
EMPLOYMENT COMPENSATION & BENEFITS. Except as disclosed in Schedule 5.7 or as consented to in writing by UPAC, Oxford will not enter into any employment contract, increase the rate of compensation payable or to become payable by it to any officer or any other employee, or accrue or pay to any of its officers or employees any bonus, profit-sharing, retirement pay, insurance, death benefit, fringe benefit or other compensation, except that which shall have accrued in the ordinary course in connection with increases in compensation of non-officer employees or the operation of the existing employee benefit plans disclosed in Schedule 3.21, none of which shall be terminated or cancelled except as contemplated by this Agreement or as approved by UPAC in writing.
Sample 1
EMPLOYMENT COMPENSATION & BENEFITS. Per the Military Agreement, Trainee acknowledges that Trainee will continue to be employed by Trainee’s Armed Services Employer. The Hospital will provide benefits and resources as follows:
Sample 1
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EMPLOYMENT COMPENSATION & BENEFITS. 2.01 As compensation for all services rendered under this Agreement, Xxxx shall be paid by Cooperative an annual salary of $110,000.00 per year, together with an annual salary adjustment in an amount at least equal to any approved across the board salary adjustments for all employees. Additionally, upon the execution of this Agreement, Xxxx shall receive a $100,000.00 signing bonus to be paid as Xxxx directs at his discretion, immediately, or deferred over time as Xxxx directs the Cooperative. 2.02 Xxxx shall receive a benefit package which is equivalent to or better than the benefit package that he currently has with his current employer. Xxxx shall provide the Cooperative with necessary information about his current benefit package so that the Cooperative and Xxxx can work together to arrange such a benefit package.
Sample 1
EMPLOYMENT COMPENSATION & BENEFITS. 2.01 As compensation for all services rendered under this Agreement, Xxxxxx shall be paid by Company a salary of $175,000.00 per year, or any greater amount of compensation including bonuses, fees and deferred compensation authorized by the wage and salary plan or Board policies authorized by the Company, together with an annual salary adjustment in an amount at least equal to any approved across the board salary adjustments for all employees, plus annual bonuses approved by the Board of Directors. 2.02 Xxxxxx shall receive the same annual leave and sick leave and all other benefits as are accorded regular full-time employees of the Company including provisions governing accrual and payment therefore on early retirement or other methods of employment. Xxxxxx shall receive four (4) weeks paid vacation for each year of employment with the Company. 2.03 Subject to the above paragraph 2.02, all provisions of the Company's rules and regulations relating to annual leave(vacation), sick leave, early retirement, insurance, savings, deferred compensation, bonuses, pension program contributions, holiday and other fringe benefits and working conditions as they now exist or hereafter may be amended, shall apply to Xxxxxx as they would to other employees of the Company. 2.04 Because Xxxxxx' duties will from time to time require him to work outside of, and in addition to, the Company's established normal work week, work days and work hours, Xxxxxx shall be allowed to take compensatory time off. 2.05 The Company and Xxxxxx understand and agree that Xxxxxx will not be required to live in Midland and will live in the Dallas area and commute as necessary from Dallas to Midland. The Company shall reimburse Xxxxxx for travel expenses to and from Dallas to Midland. In addition, the Company shall provide Xxxxxx a company furnished apartment and a Company automobile for use in Midland. 2.06 The Company shall reimburse Xxxxxx for the golf dues and fees associated with his membership in Dallas. Xxxxxx shall be responsible for the membership fee and personal expenses such as meals. Further, since Xxxxxx plans to use the membership for entertainment expenses, the Company shall reimburse Xxxxxx for business related expenses associated with such membership.
Sample 1

Related to EMPLOYMENT COMPENSATION & BENEFITS

  • Employment Compensation Schedule 3.16 contains a true and correct list of all employees to whom Company is paying compensation, including bonuses and incentives, at an annual rate in excess of Fifteen Thousand Dollars ($15,000) for services rendered or otherwise; and in the case of salaried employees such list identifies the current annual rate of compensation for each employee and in the case of hourly or commission employees identifies certain reasonable ranges of rates and the number of employees falling within each such range.

  • Compensation Benefits In accordance with Section 142 of the State Finance Law, this contract shall be void and of no force and effect unless the Contractor shall provide and maintain coverage during the life of this contract for the benefit of such employees as are required to be covered by the provisions of the Workers' Compensation Law.

  • Employment Benefits In addition to the Salary payable to the Executive hereunder, the Executive shall be entitled to the following benefits:

  • Compensation Benefits Etc During the Employment Period, the Manager shall be compensated as follows: (a) The Manager shall (i) receive an annual cash base salary, payable not less frequently than semi-monthly, which is not less than the annualized cash base salary payable to Manager as of the Effective Date; (ii) be entitled to at least as favorable annual incentive award opportunity under the Company's annual incentive compensation plan as he did in the calendar year immediately prior to the year in which the Change of Control Event occurs; and (iii) be eligible to participate in all of the Company's long-term incentive compensation plans and programs on terms that are at least as favorable to the Manager as provided to the Manager in the four calendar years prior to the Effective Date. (b) The Manager shall be entitled to receive fringe benefits, employee benefits, and perquisites (including, but not limited to, vacation, medical, disability, dental, and life insurance benefits) which are at least as favorable to those made generally available as of the Effective Date to all of the Company's salaried managers as a group. In addition, the Manager shall be eligible to participate in the Company's Supplemental Retirement Income Program ("SRIP"). (c) Notwithstanding any other provision of this Agreement (whether in this Section 4, in Section 6, or elsewhere), (i) the Board of Directors may authorize an increase in the amount, duration, and nature of and/or the acceleration of any compensation or benefits payable under this Agreement, as well as waive or reduce the requirements for entitlement thereto and (ii) the Company may deduct from amounts otherwise payable to the Manager such amounts as it reasonably believes it is required to withhold for the payment of federal, state, and local taxes.

  • Termination Benefits (a) Upon the occurrence of a Change in Control, followed at any time during the term of this Agreement by the involuntary termination of the Executive’s employment (other than for Termination for Cause or death), or by the Executive for Good Reason, the Employers shall: (i) pay the Executive, or in the event of his subsequent death, his beneficiary or beneficiaries, or his estate, as the case may be, a lump sum payment within thirty (30) days of the Date of Termination an amount equal to three (3) times the Executive’s average annual compensation for the five most recent taxable years that the Executive has been employed by the Employers or such lesser number of years in the event that the Executive shall have been employed by the Employers for less than five years. For this purpose, annual compensation shall include base salary and any other taxable income, including, but not limited to, amounts related to the granting, vesting or exercise of restricted stock or stock option awards, commissions, bonuses, pension and profit sharing plan contributions or benefits (whether or not taxable), severance payments, retirement benefits, and fringe benefits paid or to be paid to the Executive or paid for the Executive’s benefit during any such year; and (ii) cause to be continued life insurance and non-taxable medical, dental and disability coverage substantially identical to the coverage maintained by the Employers for the Executive prior to his Date of Termination, except to the extent such coverage may be changed in its application to all employees on a nondiscriminatory basis. Such coverage and payments shall cease upon the expiration of thirty-six (36) full calendar months from the Date of Termination. (b) Notwithstanding the foregoing, to the extent required to avoid penalties under Section 409A of the Code, the cash severance payable under Section 3 of this Agreement shall be delayed until the first day of the seventh month following the Executive’s Date of Termination. (c) For purposes of this Agreement, a “termination of employment” shall mean a “Separation from Service” as defined in Section 409A of the Code and the regulations promulgated thereunder, such that the Employers and the Executive reasonably anticipate that the level of bona fide services the Executive would perform after a termination of employment would permanently decrease to a level that is less than 50% of the average level of bona fide services performed (whether as an employee or as an independent contractor) over the immediately preceding thirty-six (36) month period.

  • Separation Benefits If this Agreement is terminated either by the Company without Cause in accordance with Section 6(c) (including the Company’s non-renewal of this Agreement) or by Employee resigning his employment for Good Reason in accordance with Section 6(d), the Company shall have no further obligation to Employee under this Agreement, except the Company shall provide the Accrued Obligations to Employee in accordance with Section 7(a) plus the following payments and benefits (collectively, the “Separation Benefits”) to Employee: (i) an amount equal to one times the sum of the Base Salary in effect immediately before the Termination Date plus the Annual Bonus received by Employee for the fiscal year preceding the Termination Date (or if Employee was employed for less than one full fiscal year prior to the Termination Date, the Annual Bonus for purposes of this Section 7 shall be the Annual Bonus payable during the current fiscal year at the target amount provided above) (together, the “Separation Pay”); and (ii) during the six-month period commencing on the Termination Date that Employee is eligible to elect and elects to continue coverage for himself and his eligible dependents under the Company’s group heath insurance plan pursuant to the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”), or similar state law, the Company shall reimburse Employee on a monthly basis for the difference between the amount Employee pays to effect and continue such coverage under COBRA and the employee contribution amount that active employees of the Company pay for the same or similar coverage; provided, however, that Employee shall notify the Company in writing within five days after he becomes eligible after the Termination Date for group health insurance coverage, if any, through subsequent employment or otherwise and the Company shall have no further reimbursement obligation after Employee becomes eligible for group health insurance coverage due to subsequent employment or otherwise. The Separation Pay shall be paid to Employee in a lump sum within 60 days of the Termination Date; provided, however, that no Separation Pay shall be paid to Employee unless the Company receives, on or within 55 days after the Termination Date, an executed and fully effective copy of the Release (as defined below). Any COBRA reimbursements due under this Section shall be made by the last day of the month following the month in which the applicable premiums were paid by Employee. For the avoidance of doubt, Employee shall not be entitled to the Separation Benefits if this Agreement is terminated (i) due to Employee’s death; (ii) by the Company due to Employee’s Inability to Perform; (iii) by the Company for Cause; (iv) by Employee without Good Reason; or (v) by non-renewal by Employee in accordance with Sections 4(b) and 6(f).

  • Severance Compensation In the event (i) Employee terminates this Agreement for Good Reason in accordance with Paragraph 11.3 hereof; (ii) Employee is terminated for any reason (except death or disability) upon, or within six months following, a "Change in Management or Control (as such term is defined in Paragraph 11.5 hereof);" or (iii) Employee is terminated without Cause, the Company shall be obligated to pay severance compensation to Employee in an amount equal to his salary compensation (at the rate payable at the time of such termination) for a period of six (6) months from the date of termination. Notwithstanding the foregoing, if Employee is employed by a new employer, or as a consultant after the termination of this Agreement, the severance compensation payable to Employee hereunder shall be reduced by the amount of compensation that Employee actually receives from the new employer, or as a consultant. However, Employee shall have a duty to inform the Company that he has obtained such new employment, and the failure to do so is a material breach of this Agreement. In such event, the Company shall be entitled to (i) cease all payments to Employee under this Paragraph 11.4; and (ii) recover any unauthorized payments to Employee in an action for breach of contract. Notwithstanding anything else in this Agreement to the contrary, solely in the event of a termination upon or following a Change in Management or Control, the amount of severance compensation paid to Employee hereunder shall not include any amount that the Company is prohibited from deducting for federal income tax purposes by virtue of Section 280G of the Internal Revenue Code of 1986, as amended, or any successor provision. In addition to the foregoing severance compensation, the Company shall pay Employee (i) all compensation for services rendered hereunder and not previously paid; (ii) accrued vacation pay; and (iii) any appropriate business expenses incurred by Employee in connection with his duties hereunder and approved pursuant to Section 4 hereof, all through the date of termination. Employee shall not be entitled to any bonus compensation, whether vested or unvested; or any other compensation, benefits or reimbursement of any kind.

  • Vacation Benefits During the Term, the Executive shall be eligible for 20 vacation days annually, which shall be accrued and used in accordance with the applicable policies of the Company. During the Term, the Executive shall be eligible to participate in such medical, dental and life insurance, retirement and other plans as the Company may have or establish from time to time on terms and conditions applicable to other senior executives of the Company generally. The foregoing, however, shall not be construed to require the Company to establish any such plans or to prevent the modification or termination of such plans once established.

  • Other Employment Benefits During the Employment Term, the Executive shall be entitled to the following employment benefits: (a) four (4) weeks of paid vacation in each fiscal year of EDGEN while the Executive is employed hereunder (one week of which, if not used by the Executive in any given fiscal year, may be carried over to the next fiscal year; provided, that the Executive shall not have more than five (5) weeks of paid vacation in any given fiscal year as a result of such carry over), and sick leave in accordance with EDGEN’s policies from time to time in effect for executive officers of EDGEN; provided, that, except as provided herein, vacation and/or sick leave time not used in any year may not be carried over or transferred from one year to another or converted to cash, except in a year in which there is a Change of Control (as hereinafter defined) where the Executive is no longer employed; (b) participation, subject to qualification requirements, in medical, life or other insurance or hospitalization plans and long-term disability policies which are presently in effect or hereinafter instituted by EDGEN and applicable to its executive officers generally; (c) participation, subject to classification requirements and continued maintenance thereof by EDGEN in other Executive benefit plans, such as pension and profit sharing plans, which are from time to time applicable to EDGEN’s executive officers generally; (d) an automobile allowance of $1,200 per month, which shall be used by the Executive to cover all lease and insurance payments with respect to one automobile of the Executive’s choice for business purposes, which automobile’s retail value shall not exceed $75,000. The Executive shall provide proof of insurance in limits and with a company approved by EDGEN. EDGEN shall also be listed as a “named insured” under the policy. EDGEN shall reimburse the Executive, upon the presentation of appropriate receipts, for all reasonable and necessary maintenance, repair and gasoline costs incurred by the Executive in connection with the use of such automobile; provided, that such costs are directly related to the performance by the Executive of his obligations to EDGEN and/or to Parent hereunder; (e) EDGEN shall purchase (subject to the insurability of the Executive at standard rates) a life insurance policy in the amount of $1,000,000 on the life of the Executive to provide benefits under Section 5.2 (b) hereof; and (f) a supplemental payment of $9500 per annum (the “Supplemental Payment”), which shall be paid in accordance with EDGEN’s customary payroll practices which are in effect from time to time during the Employment Term.

  • Employment and Compensation The following terms and conditions will govern the Executive’s employment with the Company throughout the Term.

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