Salary; Bonus. Executive will receive a salary during the Term of One Hundred and Seventy Thousand ($170,000) per year (“Base Compensation”), pro-rated for partial years, payable at regular intervals in accordance with the Company’s normal payroll practices in effect from time to time. Executive’s Base Compensation will be reviewed annually by the Company’s Board of Directors and Executive will be eligible for consideration for merit-based increases to Base Compensation as determined by the Board of Directors in its sole discretion. In addition to eligibility for consideration of merit-based increases in the discretion of the Board of Directors, Executive’s Base Compensation will be increased effective January 1 of each year during the Term (commencing with January 1, 2017) by three percent (3%) to reflect anticipated increases in cost of living.
Salary; Bonus. The Company shall pay Employee a base salary at a rate to be determined by the Company's Board, upon recommendation of the Direct Supervisor, or if such Direct Supervisor is not an officer of the Company, an officer of the Company. Bonuses shall be payable at the discretion of the Company. Salary and bonuses shall be payable in accordance with the normal payment procedures of the Company and subject to such withholding and other normal employee deductions as may be required by law.
Salary; Bonus. The Company shall pay Executive a base salary at a rate to be determined by the Company's Board, upon recommendation of the Chief Executive Officer of the Company, payable in accordance with the normal payment procedures of the Company and subject to such withholding and other normal employee deductions as may be required by law. Bonuses shall be payable at the discretion of the Company.
Salary; Bonus. (a) As his compensation hereunder, Executive shall be paid by the Company a base salary of $500,000 per annum during the first 12 month period of the Term, with the compensation for each of the remaining 12 month periods to be determined by the Board of Directors but not to be less than his base compensation for the preceding twelve month period adjusted for the increase, if any, in the Consumer Price Index for the last month of the immediately preceding twelve month period. For this purpose the Consumer Price Index shall mean the Consumer Price Index U.S. City Average, All Items Figure for Urban Wage Earners and Clerical Workers, published by the Bureau of Labor Statistics of the U.S. Department of Labor, or any comparable Consumer Price Index which shall be subsequently published to supersede such designated Consumer Price Index. The base compensation shall be payable in equal biweekly installments.
(b) The Company shall pay Executive a bonus within 30 days following the completion of the statement of income of the Company and its subsidiaries for the most recently completed fiscal year ending during the Term as audited by the independent public accounting firm selected by the Company to audit the consolidated financial statements of the Company and its subsidiaries equal to (i) 0.5% of the consolidated net revenues of the Company in excess of 2 $100,000,000, and (ii) 4% of the amount by which the Pre-tax Income for that year exceeds $20,000,000. Pre-tax Income shall mean the income of the Company and its subsidiaries before provision for applicable federal, state and local income taxes, all as determined in accordance with generally accepted accounting principles.
Salary; Bonus. If the employment of Executive by the Company is terminated without Cause (as defined below), Executive shall continue to receive from the Company payment of Executive's base salary for a period of nine months following the date of termination of Executive's employment (the "TERMINATION DATE"). Such payments of base salary shall be payable to Executive semi-monthly in arrears. For purposes of this Agreement, "Cause" shall mean only that (i) Executive has refused to perform or discharge his material obligations or duties hereunder for 30 days after notice from the Board of such refusal, or (ii) Executive has engaged in illegal or other wrongful conduct substantially detrimental to the business or reputation of the Company. In addition to the foregoing, if the employment of Executive is terminated by the Company without Cause at any time during a fourth fiscal quarter of the Company, the Company shall also pay to Executive in a single payment within 60 days of the end of the Company's fiscal year a "Pro Rata Portion of the Bonus." "Pro Rata Portion of the Bonus" means an amount equal to any bonus to which Executive would have been entitled had Executive remained an employee for the balance of the fiscal year in which his employment terminated multiplied by a fraction, the numerator of which is the number of days from February 1 to the date of Executive's termination, and the denominator of which is 365. It shall be a condition to the obligations of the Company to make the payments and provide the other benefits required hereunder, that Executive execute and deliver to the Company an Unconditional Release Agreement with the Company in substantially the form attached as Exhibit A (the "RELEASE AGREEMENT") and that, thereafter, no revocation of the release of age discrimination claims be made by Executive.
Salary; Bonus. After the date of any such termination, the ------------ Employee shall be entitled to the salary and pro rata bonus, if any, due him through the day on which such termination becomes effective.
Salary; Bonus. (a) Executive will receive a salary during the Term of Seventy Five Thousand and no/100 dollars ($75,000.00) per year (“Base Compensation”), pro-rated for partial years, payable at regular intervals in accordance with the Company’s normal payroll practices in effect from time to time. Executive’s Base Compensation will be reviewed annually by the Company’s Board of Directors and Executive will be eligible for consideration for merit-based increases to Base Compensation and bonuses as determined by the Board of Directors in its sole discretion. In addition to eligibility for consideration of merit-based increases in the discretion of the Board of Directors, Executive’s Base Compensation will be increased effective January 1 of each year during the Term (commencing with January 1, 2017) by three percent (3%) to reflect anticipated increases in cost of living.
(b) The Executive will be entitled to performance based cash and equity based bonuses as determined by the Board of Directors of Buyer from time to time.
Salary; Bonus. (a) Executive will receive a salary during the Term of One Hundred and Fifty Thousand and no/100 dollars ($150,000.00) per year (“Base Compensation”), pro-rated for partial years, payable at regular intervals in accordance with the Company’s normal payroll practices in effect from time to time. Executive’s Base Compensation will be reviewed annually by the Company’s Board of Directors and Executive will be eligible for consideration for merit-based increases to Base Compensation and bonuses as determined by the Board of Directors in its sole discretion. The Executive will be entitled to performance based cash and equity based bonuses as determined by the Board of Directors of Buyer from time to time. The Executive will also receive a one time Ten Thousand and no/100 dollar ($10,000.00) signing bonus on the Effective Date.
(b) In addition to the compensation provided in Section 4(a) above, the Executive will be awarded Incentive Stock Options (“ISOs) to purchase 100,000 shares of Common Stock under the Company’s 2016 Equity Incentive Plan (the “Plan”). The exercise price of the ISOs will be at 100% of Fair Market Value in accordance with the Plan and will be deemed fully vested on the date of grant. As used in this Section 4(b) terms appearing in initial capital form and not otherwise defined shall have the meaning ascribed to them in the Plan.
Salary; Bonus. (a) Executive will receive a salary during the Term of Eighty Five Thousand and no/100 dollars ($85,000.00) per year (“Base Compensation”), pro-rated for partial years, payable at regular intervals in accordance with the Company’s normal payroll practices in effect from time to time. Executive’s Base Compensation will be reviewed annually by the Company’s Board of Directors and Executive will be eligible for merit-based increases to Base Compensation and bonuses as determined by the Board of Directors in its sole discretion. Prior to the Closing Date, and annually each year thereafter, the Company’s Board of Directors will establish a merit-based bonus structure which shall set forth the criteria for entitlement to certain merit-based bonuses. In addition to eligibility for consideration of merit-based increases in the discretion of the Board of Directors, Executive’s Base Compensation will be increased effective January 1 of each year during the Term (commencing with January 1, 2017) by three percent (3%) to reflect anticipated increases in cost of living.
Salary; Bonus. Employee shall be entitled to receive an incentive salary equal to five (5%) percent of the Employer’s net profit generated during the term of this Agreement. Net profit shall be calculated as gross revenues minus direct costs to third parties, inclusive of Employer’s overhead expenses, prior to any income taxes. The “Salary Bonus” shall be paid to Employee on a monthly or quarterly basis, based on Employers ability to pay. The payment of any “Salary Bonus” will not alter Employee’s entitlement to, or the amount of any severance or other payment Employee is entitled to under any other plans, policies or arrangements of the Company. For purposes of clarification and without limiting the preceding sentence, the “Salary Bonus shall not be considered in the computation of Employees other Bonuses, or part of Employees “Base Salary” and, more generally, in the determination of the payments, if any, that Employee may be entitled to pursuant to the terms of an Employees Severance Agreement.
