Other Compensation and Fringe Benefits. In addition to any executive bonus, pension, deferred compensation and long-term incentive plans which the Company or an affiliate of the Company may from time to time make available to the Employee, the Employee shall be entitled to the following during the Employment Term: (a) the standard Company benefits enjoyed by and provided by Company to senior executives, including an annual executive physical; (b) medical and other insurance coverage (for the Employee and any covered dependents) provided by the Company, subject to standard costs, terms and other conditions; (c) eligibility to participate in the Company’s Supplemental Executive Retirement Plan, as established by the Company as of August 1, 1999 and as amended and supplemented thereafter (the “SERP”), in which he is fully vested; (d) an annual incentive bonus opportunity under the Company’s Amended and Restated Annual Bonus Plan (“Annual Bonus Plan”) for each calendar year included in the Employment Term, with such opportunity to be earned based upon attainment of performance objectives established by the Committee (“Annual Bonus”). In respect of the 2010 calendar year, the Employee shall be eligible to receive an annual target incentive bonus of two million, four hundred thousand dollars ($2,400,000) under the Annual Bonus Plan, subject to the terms and conditions thereunder, including the attainment of EBITDAR objectives already established by the Employee and the Board. For subsequent years during the Employment Term, the target Annual Bonus shall not be less than 150% of his Annual Base Salary. The Annual Bonus shall be paid no later than the March 15 first following the calendar year to which the Annual Bonus relates; (e) eligible to receive a target long-term incentive bonus (the “Long-Term Bonus”) of four million dollars ($4,000,000) under the Company’s 2010 Long-Term Incentive Cash Bonus Plan (the “Long-Term Plan”), payable upon the attainment of EBITDAR objectives already established by the Employee and the Board and relating to the financial performance of the Company during the three-year period beginning January 1, 2008 and ending December 31, 2010, as specified in the Long-Term Plan. The Employee shall vest 100% in his Long-Term Bonus on December 31, 2010 provided he remains continuously employed through such date, which shall be payable in two installments, the first half to be paid in March 2011 and the second half in March 2012, in accordance with the terms and conditions of the Long-Term Plan; and (f) participation in the Company’s 2007 Restricted Stock Plan and other equity incentive plans and incentive opportunities customarily provided by Company to senior executives. For calendar year 2011, and each year thereafter, the Employee shall receive an annual equity and/or cash basis long term incentive grant valued by the Board at three million dollars ($3,000,000), or such other amount as determined by the Board, with such terms as determined by the Board and the applicable plan document. For calendar year 2011, the grant will be restricted stock.
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Other Compensation and Fringe Benefits. In addition to any executive bonus, pension, deferred compensation and long-term incentive plans which the Company or an affiliate of the Company may from time to time make available to the Employee, the Employee shall be entitled to the following during the Employment Term:
(a) the standard Company benefits enjoyed by and provided by Company to senior executives, including an annual executive physical;
(b) medical and other insurance coverage (for the Employee and any covered dependents) provided by the Company, subject to standard costs, terms and other conditions;
(c) eligibility to participate in the Company’s Supplemental Executive Retirement Plan, as established by the Company as of August 1, 1999 and as amended and supplemented thereafter (the “SERP”), in which he is fully vested;
(d) an annual incentive bonus opportunity under the Company’s Amended and Restated Annual Bonus Plan (“Annual Bonus Plan”) for each calendar year included in the Employment Term, with such opportunity to be earned based upon attainment of performance objectives established by the Committee (“Annual Bonus”). In respect of the 2010 calendar year, the Employee shall be eligible to receive for an annual target incentive bonus of two million, four hundred thousand and twenty dollars ($2,400,000400,020) under the Annual Bonus Plan, subject to the terms and conditions thereunder, including the attainment of EBITDAR objectives already established by the Employee and the Board. For subsequent years during the Employment Term, the target Annual Bonus shall not be less than 15055% of his Annual Base Salary. The Annual Bonus shall be paid no later than the March 15 first following the calendar year to which the Annual Bonus relates. Notwithstanding the requirement that an employee be employed by the Company on the date of payment of the Annual Bonus, the Employee will be eligible to receive the earned 2011 Annual Bonus if the Employee remains continuously employed with the Company through December 31, 2011 and has not violated the provisions of this Agreement, including, but not limited to Sections 12 and 13 hereof;
(ed) eligible to receive for a target long-term incentive bonus (the “Long-Term Bonus”) of four million six hundred sixty thousand dollars ($4,000,000660,000) under the Company’s 2010 Long-Term Incentive Cash Bonus Plan (the “Long-Term Plan”), payable upon the attainment of EBITDAR objectives already established by the Employee and the Board and relating to the financial performance of the Company during the three-year period beginning January 1, 2008 and ending December 31, 2010, as specified in the Long-Term Plan. The Employee shall vest 100% in his Long-Term Bonus on December 31, 2010 provided he remains continuously employed through such date, which shall be payable in two installments, the first half to be paid in March 2011 and the second half in March 2012, in accordance with the terms and conditions of the Long-Term Plan; and;
(fe) participation in the Company’s 2007 Restricted Stock Plan and other equity incentive plans and incentive opportunities customarily provided by Company to senior executives. For calendar year 2011, and each year thereafter, the Employee shall receive an annual equity and/or cash basis long term incentive grant valued by the Board at three million six hundred thousand dollars ($3,000,000600,000), or such other amount as determined by the Board, with such terms as determined by the Board and the applicable plan document. For calendar year 2011, the grant will be restricted stock. If Employee remains continuously employed with the Company through September 2011, all previously granted stock, and any future grants of stock granted prior to December 31, 2011, shall vest in accordance with their original vesting schedules even though Employee is no longer employed as long as the Employee (i) continues to make himself available at no additional compensation through the applicable vesting date to perform consulting services or otherwise assist in providing litigation support or background on matters as to which he was involved while employed by the Company, provided however any such consulting services or assistance may not require his services at a level greater than 20% of the services performed by him during the 36 month period preceding the date of his termination of employment, and (ii) has not violated the provisions of this Agreement, including, but not limited to Sections 12 and 13 hereof; and
(f) during the Employment Term a monthly reimbursement of $1000 for miscellaneous business-related expenses incurred by the Employee in connection with the Employee working at the location of the Company’s office.
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Other Compensation and Fringe Benefits. In addition to any executive bonus, pension, deferred compensation and long-term incentive plans which the Company or an affiliate of the Company may from time to time make available to the Employee, the Employee shall be entitled to the following during the Employment Term:
(a) the standard Company benefits enjoyed by and provided by Company to senior executives, including an annual executive physical;
(b) medical and other insurance coverage (for the Employee and any covered dependents) provided by the Company, subject to standard costs, terms and other conditions;
(c) eligibility to participate in the Company’s Supplemental Executive Retirement Plan, as established by the Company as of August 1, 1999 and as amended and supplemented thereafter (the “SERP”), in which he is fully vested;
(d) an annual incentive bonus opportunity under the Company’s Amended and Restated Annual Bonus Plan (“Annual Bonus Plan”) for each calendar year included in the Employment Term, with such opportunity to be earned based upon attainment of performance objectives established by the Committee (“Annual Bonus”). In respect of the 2010 calendar year, the Employee shall be eligible to receive for an annual target incentive bonus of two million, four six hundred and fifty thousand dollars ($2,400,000650,000) under the Annual Bonus Plan, subject to the terms and conditions thereunder, including the attainment of EBITDAR objectives already established by the Employee and the Board. For subsequent years during the Employment Term, the target Annual Bonus shall not be less than 15070% of his Annual Base Salary. The Annual Bonus shall be paid no later than the March 15 first following the calendar year to which the Annual Bonus relates;
(ed) eligible to receive for a target long-term incentive bonus (the “Long-Term Bonus”) of four one million two hundred sixty thousand dollars ($4,000,0001,200,000) under the Company’s 2010 Long-Term Incentive Cash Bonus Plan (the “Long-Term Plan”), payable upon the attainment of EBITDAR objectives already established by the Employee and the Board and relating to the financial performance of the Company during the three-year period beginning January 1, 2008 and ending December 31, 2010, as specified in the Long-Term Plan. The Employee shall vest 100% in his Long-Term Bonus on December 31, 2010 provided he remains continuously employed through such date, which shall be payable in two installments, the first half to be paid in March 2011 and the second half in March 2012, in accordance with the terms and conditions of the Long-Term Plan; and
(fe) participation in the Company’s 2007 Restricted Stock Plan and other equity incentive plans and incentive opportunities customarily provided by Company to senior executives. For calendar year 2011, and each year thereafter, the Employee shall receive an annual equity and/or cash basis long term incentive grant valued by the Board at three one million two hundred and fifty thousand dollars ($3,000,0001,250,000), or such other amount as determined by the Board, with such terms as determined by the Board and the applicable plan document. For calendar year 2011, the grant will be restricted stock.
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Other Compensation and Fringe Benefits. In addition to any executive bonus, pension, deferred compensation and long-term incentive plans which the Company or an affiliate of the Company may from time to time make available to the Employee, the Employee shall be entitled to the following during the Employment Term:
(a) the standard Company benefits enjoyed by and provided by Company to senior executives, including an annual executive physical;
(b) medical and other insurance coverage (for the Employee and any covered dependents) provided by the Company, subject to standard costs, terms and other conditions;
(c) eligibility to participate in the Company’s Supplemental Executive Retirement Plan, as established by the Company as of August 1, 1999 and as amended and supplemented thereafter (the “SERP”), in which he is fully vested;
(d) an annual incentive bonus opportunity under the Company’s Amended and Restated Annual Bonus Plan (“Annual Bonus Plan”) for each calendar year included in the Employment Term, with such opportunity to be earned based upon attainment of performance objectives established by the Committee (“Annual Bonus”). In respect of the 2010 calendar year, the Employee shall be eligible to receive for an annual target incentive bonus of two million, four hundred fifty thousand dollars ($2,400,000250,000) under the Annual Bonus Plan, subject to the terms and conditions thereunder, including the attainment of EBITDAR objectives already established by the Employee and the Board. For subsequent years during the Employment Term, the target Annual Bonus shall not be less than 15060% of his Annual Base Salary. The Annual Bonus shall be paid no later than the March 15 first following the calendar year to which the Annual Bonus relates;
(ed) eligible to receive for a target long-term incentive bonus (the “Long-Term Bonus”) of four million two hundred fifty thousand dollars ($4,000,000250,000) under the Company’s 2010 Long-Term Incentive Cash Bonus Plan (the “Long-Term Plan”), payable upon the attainment of EBITDAR objectives already established by the Employee and the Board and relating to the financial performance of the Company during the three-year period beginning January 1, 2008 and ending December 31, 2010, as specified in the Long-Term Plan. The Employee shall vest 100% in his Long-Term Bonus on December 31, 2010 provided he remains continuously employed through such date, which shall be payable in two installments, the first half to be paid in March 2011 and the second half in March 2012, in accordance with the terms and conditions of the Long-Term Plan; and;
(fe) participation in the Company’s 2007 Restricted Stock Plan and other equity incentive plans and incentive opportunities customarily provided by Company to senior executives. For calendar year 2011, and each year thereafter, the Employee shall receive an annual equity and/or cash basis long term incentive grant valued by the Board at three million six hundred thousand dollars ($3,000,000600,000), or such other amount as determined by the Board, with such terms as determined by the Board and the applicable plan document. For calendar year 2011, the grant will be restricted stock; and
(f) during the Employment Term, reimbursement for the relocation expenses incurred by the Employee prior to May 31, 2011, in moving to the location of the Company’s headquarters, including, without limitation, brokerage commissions, closing costs and moving of household furnishings. Such reimbursement shall be made promptly following the date of the Employee’s relocation (“Relocation Date”). If, prior to the 18-month anniversary of the Relocation Date, the Employee’s employment is terminated for Cause or the Employee resigns without Good Reason, the Employee must reimburse the Company for all relocation expenses that were reimbursed or otherwise paid by the Company on his behalf.
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