Salary and Equity Sample Clauses

Salary and Equity. For the services of the Executive to be rendered under this Agreement, the Company shall pay the Executive an annual salary of $250,000 (the “Base Salary”), less such deductions as shall be required to be withheld by applicable law and regulations payable in accordance with the Company’s customary payroll practices. The Executive’s Base Salary shall be reviewed at least annually by the Board and the Board may, but shall not be required to, increase the Base Salary during the Term. However, the Executive’s Base Salary may not be decreased during the Term. In addition, the Company shall grant the Executive 15,000 restricted stock units per year, initially on the Effective Date and subsequently on each of December 1, 2021 and 2022,subject to continued employment as of such future dates, as applicable . . . The restricted stock units (i) shall be granted under the 2018 Equity Incentive Plan or any other Equity Incentive Plan in effect at the time of the grant, and (ii) shall vest in equal annual increments over a three-year period with the first vesting date one-year from the Effective Date, subject to continued employment on each applicable vesting date, execution of the Company’s standard Restricted Stock Unit Agreement, and to acceleration per Section 6 hereof.

Salary and Equity. For the services of the Executive to be rendered under this Agreement, the Company shall pay the Executive an annual salary of $300,000 (the “Base Salary”), less such deductions as shall be required to be withheld by applicable law and regulations payable in accordance with the Company’s customary payroll practices. The Executive’s Base Salary shall be reviewed at least annually by the Board and the Board may, but shall not be required to, increase the Base Salary during the Term. However, the Executive’s Base Salary may not be decreased during the Term. In addition, the Company shall grant the Executive 180,000 five-year stock options, which stock options (the “Options”) and 25,000 shares of common stock (the “Restricted Shares”, the Options and Restricted Shares, collectively the “Securities”). The Securities (i) shall be granted under the 2018 Equity Incentive Plan, (ii) with the Options exercisable at the closing price on the Nasdaq Stock Market as of September 10, 2018 and (iii) shall vest annually over a three-year period beginning September 10, 2019, subject to continued employment on each applicable vesting date, execution of the Company’s standard Stock Option Agreement and Restricted Stock Agreement, and to acceleration per Section 6 hereof. The Restricted Shares may not be sold, transferred, pledged or otherwise conveyed except to the same extent that M▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇, the Company’s Chief Executive Officer has sold shares of common stock beneficially owned by him or the Executive ceases to be employed by the Company. By way of example, if M▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ sells 10,000 shares of common stock, 10,000 Restricted Shares shall be released from this lock-up restriction.

Salary and Equity. For the period commencing on the Effective Date and ending March 31, 2021, Water Now will pay to King (i) an annualized base salary of $240,000.00 per annum, payable monthly, and (ii) 2,000,000 shares of Water Now’s restricted common stock, no par value, which shall be issued to King within ten (10) days after the Effective Date; provided, however, that the issuance of such shares to King is contingent upon the issuance not being in contravention of any prior existing understanding, agreement or other arrangement of Water Now. For the period commencing on April 1, 2021 and ending March 31, 2022, Water Now will pay to King the greater of (i) an annualized base salary of $240,000.00 per annum, payable monthly, or (ii) two and 50/100 percent (2.50%) of the gross revenues of Water Now during the fiscal year ending December 31, 2020, which amount shall be payable on an annualized basis during the period commencing April 1, 2021 and ending March 31, 2022. For the period commencing on April 1, 2022 and ending March 31, 2023, Water Now will pay to King the greater of (i) an annualized base salary of $240,000.00 per annum, payable monthly, or (ii) two and 50/100 percent (2.50%) of the gross revenues of Water Now during the fiscal year ending December 31, 2021, which amount shall be payable on an annualized basis during the period commencing April 1, 2022 and ending March 31, 2023. Any annualized base salary payable to King shall be payable in not less than 12 monthly installments according to the standard payroll practices of Water Now and subject to state and federal withholding and any other deductions authorized by King.

Salary and Equity. For the services of the Executive to be rendered under this Agreement, White River shall pay the Executive an annual salary of $150,000 (the “Base Salary”), less such deductions as shall be required to be withheld by applicable law and regulations payable in accordance with White River’s customary payroll practices. The Executive’s Base Salary shall be reviewed at least annually by the Board and the Board may, but shall not be required to, increase the Base Salary during the Term. However, the Executive’s Base Salary may not be decreased during the Term. In addition, the Parent as an inducement to the Executive to become an employee of White River has granted the Executive 15,000 Restricted Stock Units (“RSUs”). The RSUs shall vest in equal annual increments over a three-year period with the first vesting date one-year from the Effective Date, subject to continued employment on each applicable vesting date and execution of the Parent’s standard Restricted Stock Unit Agreement. The underlying shares of Common Stock shall be delivered following each vesting.

Salary and Equity. For the services of the Executive to be rendered under this Agreement, the Company shall pay the Executive an annual salary of $275,000 (the “Base Salary”), less such deductions as shall be required to be withheld by applicable law and regulations payable in accordance with the Company’s customary payroll practices. The Executive’s Base Salary shall be reviewed at least annually by the Board and the Board may, but shall not be required to, increase the Base Salary during the Term. However, the Executive’s Base Salary may not be decreased during the Term. In addition, the Company shall grant the Executive 50,000 five-year stock options (the “Options”), subject to approval by the shareholders of the Company. The Options (i) shall be granted under the 2018 Equity Incentive Plan, (ii) with the Options exercisable at the closing price on the Nasdaq Stock Market as of September 10, 2018 and (iii) shall vest annually over a three-year period beginning September 10, 2019, subject to continued employment on each applicable vesting date, execution of the Company’s standard Stock Option Agreement, and to acceleration per Section 6 hereof.