Replaced with. The Board also approved the following compensation package:
Replaced with. The Maintenance Agreement will expire February 28, 2017.
Replaced with. Each officer shall accumulate one (1) day (ten (10) hours for employees on a 10 hour work schedule, eight (8) hours for employees on an 8 hour work schedule) of sick leave for each calendar month or major portion thereof of service until a total of nine hundred and sixty (960) hours of sick leave has been accumulated. Upon authorization of the City Manager, an extension of sick leave up to the number of days an officer had accumulated when the officer first became sick, may be allowed. Any such extension will be debited against the officer's future sick leave accumulation. Sections 9.01 & 9.02 replaced with:
Replaced with. The Executive and the Company agree that the terms and conditions of this Agreement shall govern the employment of the Executive in the Company as Senior Vice President Product Development. Xxxxxx International Germany is a wholly-owned subsidiary of Xxxxxx Software, Inc. which is the parent company of a multinational group of companies (such group of companies hereinafter referred to as the “Xxxxxx Group”). The Executive shall report to the CEO of the Xxxxxx Group, and for certain matters to the Audit Committee of the Board of Directors of the Xxxxxx Group, and shall be under the duty to keep the CEO and, for certain matters, the Board of Directors fully informed of all material matters which concern the area of responsibility of the Executive.
Replaced with. The Fixed Compensation includes remuneration for traveling time and any Board assignments in the Company or any Associated Companies (see Clause 2, Paragraph 6) as well as for any results of his work including intellectual property rights unless statutory laws require an additional compensation. Any overtime work shall be deemed to be compensated by the Fixed Compensation.
Replaced with. This Fixed Compensation shall be subject to annual review by the Xxxxxx Board of Directors – Compensation Committee. The Executive, while in the employment of the Company, is entitled to participate in the Company’s discretionary compensation plan, which relates to corporate performance, from time-to-time in force. The Variable Compensation amount shall be up to EURO 158,302 based on the Executive’s achievement of his annual incentive agreement (see Attachment 1) as communicated to him by the CEO, which may contain both individual and company objectives assigned to him by the Board of Directors and/or CEO. The Variable Compensation and its parameters will be set annually. The Executive has no contractual or deferred entitlement to any form of Variable Compensation even it is has regularly or consistently been granted in the past.
Replaced with. Unless otherwise provided in this section, the Executive shall become 50% vested in his Executive Retirement/Retention Award balance on the date he becomes Chief Executive Officer of the Company and fully vested in the remaining 50% of his Executive Retirement/Retention award balance upon his 62nd birthday, in each case provided he remains in continuous Service through such date.
