Employment Period Compensation. In consideration of the other provisions of this Agreement, and the Executive’s agreement to execute a Release Agreement, substantially in the form attached hereto as Exhibit B, in the event of his termination under relevant circumstances pursuant to which he would be paid severance benefits, ESC shall provide the Executive with the following payments and benefits, both those set forth in this section and elsewhere in this Agreement:
Employment Period Compensation. The Officer shall be entitled to all benefits offered by the Bank to executives holding comparable positions to those of the Officer, including, but not limited to, the following:
Employment Period Compensation. For all obligations and services to be rendered by the Employee hereunder, the Company shall pay to the Employee an annual salary during the Employment Period of $136,800 payable in bi-weekly installments). The Board of Directors may, at its option, increase Employee's salary or pay him bonuses as it deems appropriate in light of the performance of the Employee, the Division and the Company and the Company's practices in respect of its other officers. All payments shall be subject to all applicable taxes required to be withheld by the Company pursuant to federal, state or local law. The Company shall provide Employee with five weeks of vacation annually, medical insurance under a medical insurance plan maintained by the Company which provides coverage and benefits comparable to those provided to Employee under the plan maintained by the Company on the date hereof and the other fringe benefits, perquisites and benefits of employment provided to salaried officer-level executives of the Company serving in a capacity similar to Employee from time to time during the Employment Period; provided, that the Company shall not be required to provide Employee with a vehicle at Company expense.
Employment Period Compensation. During the Employment Period, Executive shall be entitled to the following compensation and benefits:
Employment Period Compensation. (a) For services rendered by the Executive hereunder, the Employer shall pay him a base salary (the "Salary") during the employment period at ------ the rate of $350,000 per contract year. The Salary shall be payable in twelve equal installments at the end of a month. The Employer shall review the Salary annually and, may increase the Salary. The Employer shall consider increases in the cost of living as well as performance for the basis of determining increases. Employer shall pay the first yearly Salary in the amount of US$350.000,00 immediately upon signature of this Agreement and without any deduction to Executive. This Agreement is conditioned upon that payment. This payment shall serve as security for the paragraph below. If Executive starts employmentship he immediately shall pay to Employees the amount which equals the base to be paid for a one year base salary by Employees on behalf of Executive from the amount of $350.000,00. In case the employment -- for whatever reason -- does not start according to Paragraph 2 sentence 1, the first payment of US$ 350.000,00 shall be deemed to be a compensation for the "loss of employment", which compensation is not repayable to and may not be reclaimed by Employer for whatever reason, with one exception: If the non-start of employment is caused by Executive's willful gross misconduct Executive shall repay the amount of US$ 350.000,00. The aforementioned compensation payment does not prevent Executive from claiming further damages suffered. If Executive terminates the Agreement during the fist six months of employment, repayment of the remaining payment of US$ 450.000,00 shall be made by Executive, otherwise not.
(b) Executive shall be entitled to a partition in any bonus plan(s) and any other employee welfare and benefit programs of LHS Group Inc. and LHS group companies. Regardless any (existing) bonus plans(s) Employer hereby guarantees to Executive a bonus scheme of at least US$ 100,000 per year reachable for Executive by 100% performance according to Employers bonus plan for the first three years of the employment. This bonus is payable in equal monthly payments starting with employment. Employer guarantees a bonus of $50,000 for the first six months of employment.
(c) Employer shall offer and hereby offers Executive 150.000 stock options of LHS Group Inc. at a strike price of not more than US$ 6. Paragraph. 3
(a) sub-sections 3, 4 and 5 shall apply by way of analogy. In any case, Executive has the right t...
Employment Period Compensation. The Executive shall be entitled to all benefits offered by SBI to executives holding comparable positions to those of the Executive, including, but not limited to, the following:
Employment Period Compensation. (a) From the date of this Agreement through April 30, 2020, Executive shall be entitled to the following compensation and benefits:
Employment Period Compensation. Execution Copy --------------
Employment Period Compensation. Executive’s employment with Xxxxxxxx shall terminate on the Separation Date, and Executive hereby resigns from all positions Executive holds with Xxxxxxxx and its affiliates effective as of the Separation Date other than his continuing role as a member of Xxxxxxxx’x Board of Directors.
(a) Until the Separation Date, (1) Xxxxxxxx shall continue to employ Executive at Executive’s current compensation as further described in Section 1(b) below, and (2) Executive shall continue to be subject to all of the employment policies and rules of Xxxxxxxx as then in effect.
(b) Until and through the Separation Date, Executive shall be entitled to Executive’s current base salary and all benefits to which Executive is currently entitled pursuant to the Employment Agreement; provided, however, that Executive shall not be entitled to any Bonus with respect to the current fiscal year.
(c) All payments, benefits and other consideration under this Agreement shall be made subject to applicable tax withholding and 401(k) contributions, if any, and Xxxxxxxx shall withhold from any payment, benefit or other consideration under this Agreement all foreign, federal, state, local and other taxes that Xxxxxxxx is required to withhold pursuant to any law or governmental rule or regulation. Executive shall bear all expense of, and be solely responsible for, all foreign, federal, state, local and other taxes due with respect to any consideration received under this Agreement.
(d) On the eighth day following the Separation Date, provided that Executive has delivered the executed Release and Waiver referenced in Section 1(e) below (which Release and Waiver has not been revoked) and has complied with the other terms and conditions of this Agreement, Xxxxxxxx shall make a lump sum payment to Executive in the net amount equal to Two Hundred Fifty Thousand Dollars ($250,000).
(e) In consideration for the payments, benefits and other consideration contemplated by this Agreement (including Xxxxxxxx’x acknowledgments and agreements set forth in Section 2 below), and as material inducement for Xxxxxxxx to agree to provide such payments, benefits and other consideration, Executive shall execute and deliver to Xxxxxxxx, on and as of the Separation Date, a general release and waiver in the form attached hereto as Exhibit A (the “Release and Waiver”).
Employment Period Compensation
