Salary; Additional Compensation; Perquisites and Benefits. (a) During the Term, the Company and the Partnership will pay the Executive a base salary at an aggregate annual rate of not less than $635,000 per annum, subject to annual review by the Compensation Committee of the Board (the “Compensation Committee”), and in the discretion of such Committee, increased from time to time. Once increased, such base salary may not be decreased. Such salary shall be paid in periodic installments in accordance with the Company’s standard practice, but not less frequently than semi-monthly.
(b) For each fiscal year during the Term, the Executive will be eligible to receive a bonus from the Company. The award and amount of such bonus shall be determined by the Compensation Committee during an annual review of the Executive’s performance. Eighty percent (80%) of this annual bonus shall be based upon the Company’s achievement of predefined operating or performance goals, such as FFO/Share and EBITDA. The remainder of the Executive’s annual bonus shall be determined, at the discretion of the Compensation Committee, upon the Executive’s individual performance. The Executive shall have the opportunity to earn an annual bonus in the following amounts: threshold target - 25% of base salary; internal plan - 75% of base salary; target - 125% of base salary; and maximum bonus amount - 150% of base salary. In addition to the foregoing bonus amounts, the Executive will be eligible to receive in 2007 a one-time additional bonus award in stock having a maximum value of $1,250,000 as a long term incentive for the 2004, 2005, and 2006 fiscal years based upon the achievement of certain absolute and relative shareholder returns, the calculation of which shall be made in a manner consistent with the calculation of the Executive’s other long term stock incentive awards for those years. Such one-time additional bonus award shall be in addition to, and not to the exclusion of, any other long-term incentive stock awards to which the Executive might otherwise be entitled to for the 2004, 2005, and 2006 fiscal years.
(c) During the Term, the Executive will participate in all plans now existing or hereafter adopted by the Company or the Partnership for their management employees or the general benefit of their employees, such as any pension, profit-sharing, bonuses, stock option or other incentive compensation plans, life and health insurance plans, or other insurance plans and benefits on the same basis and subject to the same qualifications as other s...
Salary; Additional Compensation; Perquisites and Benefits. (a) During the Term, the Company will pay you a base salary at an annual rate of not less than Three Hundred Twenty-Five Thousand Dollars ($325,000) (“Base Salary”), subject to annual review by the Compensation Committee of the Board of Directors (the “Compensation Committee”) and, in the discretion of the Compensation Committee, increase, but not decrease, from time to time. After any such increase, the term “Base Salary” as utilized in this Agreement shall thereafter refer to the increased amount. Such Base Salary shall be paid in installments in accordance with the Company’s standard practice, but not less frequently than monthly.
(b) For each fiscal year throughout the Term, you will be eligible to earn a bonus as determined by the Compensation Committee. The terms and conditions of this bonus opportunity will be in the discretion of the Compensation Committee. Bonuses that are based upon achievement of specific performance targets will be paid on February 1 of the year following the year for which the bonus is payable or such other date as the Compensation Committee may specify at such time as it determines the applicable target. Discretionary bonuses that are to be paid after the calendar year during which their amount is determined by the Compensation Committee will be paid on February 1 of the calendar year following such determination or such other date as the Compensation Committee may specify at the time of such determination. In no event shall the Company be in breach of this provision so long as payment is made at a time that is considered timely for purposes of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”).
(c) During the Term, you will be eligible to participate in all benefit programs as are from time to time made generally available to other senior executives of the General Maritime Group. The Company intends to consider obtaining (i) Company-paid life insurance and (ii) long-term disability insurance for your benefit but any such program will depend upon the Company’s assessment of the availability and cost of such a program. It is anticipated that the Company will obtain such coverage so long as it provides benefits the Company reasonably determines are appropriate for a cost per executive of no more than $10,000 per annum. To the extent the Company does not obtain such coverage for you, it shall reimburse you for your cost of obtaining such coverage up to $10,000 per annum.
(d) The Company will reimburse you...
Salary; Additional Compensation; Perquisites and Benefits. (a) During the Term, the Company will pay the Executive a base salary at an annual rate of not less than $220,500 per annum, subject to annual review by the Compensation Committee of the Board (the “Committee”) and, in the discretion of the Committee, to increase from time to time. Once increased, such base salary may not be decreased. Such salary shall be paid in periodic installments in accordance with the Company’s standard practice, but not less frequently than semi-monthly.
(b) During the Term, Executive shall participate in the Company’s Executive Officers Variable Pay Plan dated effective January 1, 2005 and any successor or replacement bonus plans as may be adopted by the Committee from time to time for senior executives of the Company (the “VPP”). If Executive achieves the target performance goals determined under the VPP by the Committee for any calendar year, he shall be entitled to a bonus for that year equal to at least 30% of his base salary for that year (with any partial year pro rated).
(c) The Board or the Committee in its sole discretion may award any additional or other amounts of cash, restricted stock or options or other equity based awards in respect of any whole or partial year during the Term.
(d) The Company will reimburse the Executive, in accordance with its standard policies from time to time in effect, for all out-of-pocket business expenses as may be incurred by the Executive in the performance of his duties under this Agreement.
(e) The Executive shall be entitled to vacation time to be credited and taken in accordance with the Company’s policy from time to time in effect for senior executives, which in any event shall not be less than a total of four weeks per calendar year. Notwithstanding anything to the contrary in this Agreement, Executive’s years of service shall be deemed for all purposes except for eligibility for a sabbatical to include all full calendar years of employment with the Company plus all full calendar years of employment with Red Lion Hotels, Inc., its predecessors or any of their respective direct or indirect subsidiaries. For sabbatical eligibility, Executive’s years of service shall be deemed to include only all full calendar years of employment with the Company.
(f) The Company shall indemnify the Executive to the fullest extent permitted under the law of the State of Washington.
Salary; Additional Compensation; Perquisites and Benefits. (a) During the Term, the Law 89 Subsidiary will pay you a gross base salary at an annual rate of not less than €60,000 ("Base Salary"), subject to annual review by the Board of Directors of the Company, or an appropriate committee thereof for increase, but not decrease. After any such increase, the term "Base Salary" as utilized in this Agreement shall thereafter refer to the increased amount. Such Base Salary shall be paid in 12 monthly installments and will receive any adjustments in accordance with the Greek legislation. The Company shall also cover all social security contributions, state pension and professional association fees and contributions in addition to the normal withholding tax and other contributions.
(b) During the Term, you will be eligible to participate in all benefit programs as are from time to time made generally available to other senior executives of the Nautilus Group on a basis no less favorable than provided any other senior executive of the Company.
(c) The Law 89 Subsidiary will reimburse you, in accordance with its standard policies from time to time in effect, for such reasonable and necessary out-of-pocket business expenses as may be incurred by you during the Term in the performance of your duties and responsibilities for any member of the Nautilus Group. You will provide documentation of such expenses as reasonably required under standard Company policies from time to time. The Company will also reimburse you for the legal fees and other expenses incurred by you relating to the negotiation and drafting of this Agreement and related agreements, up to a maximum of Euro 5,000.
(d) You shall be entitled to a vacation period to be credited and taken in accordance with the Nautilus Group’s policy, from time to time in effect, of four weeks per annum.
(e) You should be eligible to receive stock option and other equity grants from time to time pursuant to the Company’s First Equity Incentive Plan, as it may be amended from time to time, or any successor stock incentive plan in accordance with the terms and conditions thereof on a basis no less favorable than provided any other senior executive of the Company.
Salary; Additional Compensation; Perquisites and Benefits. Paragraph 3(b) of the agreement is hereby amended and restated is its entirety as follows:
Salary; Additional Compensation; Perquisites and Benefits. (a) During your term of employment, the Company will pay you a base salary at an annual rate of not less than Two Hundred Thousand Dollars ($200,000), subject to annual review by the Compensation Committee of the Board of Directors (the "Compensation Committee") and, in the discretion of such Committee, increase from time to time. Such salary shall be paid in installments in accordance with the Company's standard practice, but not less frequently than monthly.
(b) For fiscal year 1998 and thereafter for each fiscal year throughout your term of employment, you will be eligible to earn a bonus as determined by the Board of Directors or an appropriate committee thereof based upon actual performance as measured against goals set by the Board or such committee.
(c) During your term of employment, you will participate, on the same basis as heretofore, in all existing Company benefit programs (including without limitation your existing disability insurance program) and such other Company benefit programs as are from time to time made generally available to other senior executives of the Mobius Group.
(d) The Company will reimburse you, in accordance with its standard policies from time to time in effect, for such reasonable and necessary vouchered out-of-pocket business expenses as may be incurred by you during your term of employment in the performance of your duties and responsibilities under this Agreement.
(e) You shall be entitled to a vacation period to be credited and taken in accordance with Mobius Group policy from time to time in effect, which in any event shall not be less than a total of four weeks per annum.
(f) The Company shall provide to you, or pay for the costs of rental, insurance and maintenance and repairs of, an automobile for you, as designated by you, provided that the costs
Salary; Additional Compensation; Perquisites and Benefits. (a) During the Term, the Company shall pay the Executive a base salary (the “Base Salary”) at an annual rate of not less than $300,000. Subject to annual review, such Base SaJary may be increased from time to time. Base Salary shall be paid in periodic installments in accordance with the Company’s standard practice, but not less frequently than semi-monthly.
Salary; Additional Compensation; Perquisites and Benefits. (a) During the Term, the Company and the LLC will pay the Executive a base salary at an aggregate annual rate of not less than $525,000 per annum, subject to annual review by the Compensation Committee of the Board (the “Compensation Committee”), and in the discretion of such Committee, increased from time to time. Once increased, such base salary may not be decreased. Such salary shall be paid in periodic installments in accordance with the Company’s standard practice, but not less frequently than semi-monthly.
(b) For each fiscal year during the Term, the Executive will be eligible to receive a bonus from the Company. The award and amount of such bonus shall be based upon the achievement of predefined operating or performance goals and other criteria established by the Compensation Committee, which goals shall give the Executive the opportunity to earn a cash bonus equal to an amount between 0% and 175% of base salary.
(c) During the Term, the Executive will participate in all plans now existing or hereafter adopted by the Company or the LLC for their management employees or the general benefit of their employees, such as any pension, profit-sharing, bonuses, stock option or other incentive compensation plans, life and health insurance plans, or other insurance plans and benefits on the same basis and subject to the same qualifications as other senior executive officers. Notwithstanding the foregoing, the Company and the LLC may, in their sole discretion, discontinue or eliminate any such plans.
(d) The Executive shall be eligible for stock option grants from time to time pursuant to the Company’s Incentive Plan in accordance with the terms
Salary; Additional Compensation; Perquisites and Benefits. (a) During the Term, the Company and the LLC will pay the Executive a base salary at an aggregate annual rate of not less than $230,000.16 per annum, subject to annual review by the Chief Executive Officer, and in the discretion of the Chief Executive Officer, increased from time to time. Once increased, such base salary may not be decreased. Such salary shall be paid in periodic installments in accordance with the Company’s standard practice, but not less frequently than semi-monthly.
(b) For each fiscal year during the Term, the Executive will be eligible to receive a bonus from the Company. The award and amount of such bonus shall be based upon the achievement of predefined operating or performance goals and other criteria established by the Compensation Committee, which goals shall give the Executive the opportunity to earn a cash bonus equal to an amount between 0% and 66% of base salary.
(c) During the Term, the Executive will participate in all plans now existing or hereafter adopted by the Company or the LLC for their management employees or the general benefit of their employees, such as any pension, profit-sharing, deferred compensation plans, bonuses, stock option or other incentive compensation plans, life and health insurance plans, or other insurance plans and benefits on the same basis and subject to the same qualifications as other senior executive officers. Notwithstanding the foregoing, the Company and the LLC may, in their sole discretion, discontinue or eliminate any such plans.
(d) The Executive shall be eligible for stock option and restricted stock award grants from time to time pursuant to the Company’s then current equity award plan in accordance with the terms thereof. All such grants shall be at the discretion of the Board. Executive shall receive a separate option agreement governing any such grants.
(e) The Company and the LLC will reimburse the Executive, in accordance with its standard policies from time to time in effect, for all out-of-pocket business expenses as may be incurred by the Executive in the performance of his duties under this Agreement.
(f) The Executive shall be entitled to vacation time to be credited and taken in accordance with the Company’s policy from time to time in effect for senior executives, which in any event shall not be less than a total of four weeks per calendar year. Such vacation time shall not be carried over year to year, and shall not be paid out upon termination of employment, or upon expi...
Salary; Additional Compensation; Perquisites and Benefits. (a) During the Term, the Employer will pay the Executive a base salary at an aggregate annual rate of not less than US $220,000 per annum, subject to review by the Compensation Committee of the Board (the "Compensation Committee") in January 1, 2001 and annually thereafter. Such salary shall be paid in periodic installments in accordance with the Employer's standard practice, but not less frequently than semi-monthly.
(b) For each fiscal year during the Term, the Executive will be eligible to participate in the bonus plan of Employer for executives at his level as in effect from time to time with a maximum bonus potential of sixty-six (66%) percent of base salary. The award and amount of such bonus shall be based upon the achievement of predefined operating or performance goals and other criteria established by the Compensation Committee, as described in the Annual Corporate Cash Incentive Plan. For the calendar year 2000, Executive will receive a pro-rated bonus for time worked during that year. The Employer may also award Executive a bonus pursuant to a long-term compensation plan related to the performance of the Division, and the structure of that plan will be finalized by the President of MeriStar Hotels & Resorts, Inc. no later than December 31, 2000.
(c) During the Term, the Executive will participate in all benefit plans from time to time adopted by the Employer for similar level executives. Summary plan descriptions describing the benefit plans presently in effect are available for review by the Executive.
(d) The Executive shall be eligible for stock option grants from time to time pursuant to the Company's Incentive Plan in accordance with the terms thereof. The Compensation Committee has granted to the Executive, effective on the Commencement Date, options to purchase 40,000 shares of the common stock of the MeriStar Hotels & Resorts, Inc. at an exercise price equal to the fair market value at the time of grant. Such options shall vest as follows: First Anniversary of the Commencement Date 33-1/3% vested Second Anniversary of the Commencement Date 66-2/3% vested Third Anniversary of the Commencement Date 100% vested Such options shall be exercisable, subject to vesting and continued service, for ten (10) years from the date of grant and in all other respects shall be subject to the terms and conditions of the Incentive Plan. The Company will reimburse the Executive, in accordance with its standard policies from time to time in effect, for all o...
