Salary, etc. 5.1 In consideration of the services to be rendered by the Executive under this Agreement the Executive shall be paid a salary at the rate of £1,003,000 per annum, payable in accordance with the frequency of payments adopted by the Company for its executives from time to time (but not less frequently than calendar monthly). The salary will be credited to the Executive’s bank account notified to the Company for the purpose. Salary shall be reviewed annually in accordance with the Company’s normal administrative practices for its executives and may be increased (but not reduced) by the Company by such amount (if any) as it shall think fit. 5.2 The Executive shall be entitled subject to Section 6.5 to participate (i) in all such cash bonus plans and programmes as are made available from time to time to board level executives of the Company in accordance with the Company’s policy (or GSK plc’s policy, as applicable); and (ii) in respect of the salary provided by Section 5.1, in such incentive programmes as are made available from time to time to board level executives of the Company and/or GSK plc generally, in each case subject to the terms and conditions of such bonus plans and programmes from time to time in force. Any grants of share options or awards of performance shares under such plans and programmes shall be granted subject to performance conditions as determined by the GSK Board. The Executive’s future participation in certain of these plans and programmes may be affected if she does not satisfy the Share Ownership Requirements (as amended from time to time). It is agreed that in the event of the Executive retiring from the Company, the Executive will retain the relevant number of shares (as set out in the Share Ownership Requirements) until at least one year after the earlier of (i) the Executive’s Retirement Date contemplated by Section 14 of this Agreement, or (ii) the date on which the Executive retires from the Company in accordance with the terms of any Company policy (as may be in force from time to time). 5.3 The Executive’s salary under Section 5.1 of this Agreement shall be inclusive of any fees or other remuneration to which the Executive may be entitled or receives as a Director, alternate Director, specialist adviser, consultant or by virtue of any other office or appointment in any Group Company. The Executive shall account to the Company for all such fees or other remuneration by paying over or procuring to be paid over the same to the Company. 5.4 GSK shall not be liable for any costs or expenses, including any costs or expenses pertaining to travel undertaken by the Executive, incurred as a result of any activity or participation in any role or capacity external to and unrelated to GSK or any Group Company. It is agreed that the Executive will promptly reimburse GSK against any such costs that may be incurred by GSK. Further, the Executive authorises the Company at any time to deduct from her salary, or any other monies payable to her by the Company, all sums which she owes the Company. If this is insufficient, the Company will require repayment of the balance.
Appears in 2 contracts
Samples: Service Agreement (Glaxosmithkline PLC), Service Agreement (Glaxosmithkline PLC)
Salary, etc. 5.1 In consideration of the services to be rendered by the Executive under this Agreement the Executive shall be paid a salary at the rate of £1,003,000 850,000 per annum, annum payable in accordance with the frequency of payments adopted by the Company Company’s pay practices for its executives from time to time in force (but not less frequently than calendar monthly). The salary will be credited to the Executive’s bank account notified to the Company for the purpose. Salary shall be reviewed annually in accordance with the Company’s normal administrative practices for its executives and may be increased (but not reduced) by the Company by such amount (if any) as it shall think fit.
5.2 The Executive shall be entitled subject to Section 6.5 6.4 to participate
(i) in all such cash bonus plans and programmes as are made available from time to time to board level executives of the Company in accordance with the Company’s policy (or GSK plc’s policy, as applicable); and
(ii) in respect of the salary provided by Section 5.1, in such incentive programmes as are made available from time to time to board level executives of the Company and/or GSK plc generally, in each case subject to the terms and conditions of such bonus plans and programmes from time to time in force. Any grants of share options or awards of performance shares under such plans and programmes shall be granted subject to performance conditions as determined by the GSK Board. The Executive’s future participation in certain of these plans and programmes may be affected if she he does not satisfy the Share Ownership Requirements (as amended from time to time). It is agreed that in the event of the Executive retiring from the Company, the Executive will retain the relevant number of shares (as set out in the Share Ownership Requirements) until at least one year after the earlier of (i) the Executive’s Retirement Date contemplated by Section 14 of this Agreement, or (ii) the date on which the Executive retires from the Company in accordance with the terms of any Company policy (as may be in force from time to time).
5.3 The Executive’s salary under Section 5.1 of this Agreement shall be inclusive of any fees or other remuneration to which the Executive may be entitled or receives as a Director, alternate Director, specialist adviser, consultant or by virtue of any other office or appointment in any Group Company. The Executive shall account to the Company for all such fees or other remuneration by paying over or procuring to be paid over the same to the Company.
5.4 GSK shall not be liable for any costs or expenses, including any costs or expenses pertaining to travel undertaken by the Executive, incurred as a result of any activity or participation in any role or capacity external to and unrelated to GSK or any Group Company. It is agreed that the Executive will promptly reimburse GSK against any such costs that may be incurred by GSK. Further, the Executive authorises the Company at any time to deduct from her his salary, or any other monies payable to her him by the Company, all sums which she he owes the Company. If this is insufficient, the Company will require repayment of the balance.
Appears in 1 contract
Salary, etc. 5.1 In consideration of the services to be rendered by the Executive under this Agreement the Executive shall be paid a salary at the rate of £1,003,000 $725,000 per annum, annum payable in accordance with the frequency of payments adopted by the Company Company’s pay practices for its executives from time to time in force (but not less frequently than calendar monthly). The salary will be credited to the Executive’s bank account notified to the Company for the purpose. Salary shall be reviewed annually in accordance with the Company’s normal administrative practices for its executives and may be increased (but not reduced) by the Company by such amount (if any) as it shall think fit.
5.2 The Executive shall be entitled entitled, subject to Section 6.5 6.4, to participate
(i) in all such cash bonus plans and programmes as are made available from time to time to board level for executives of the Company generally of the same grade in the relevant jurisdiction in accordance with the Company’s policy (or GSK plc’s policy, as applicable); and
(ii) in respect of the salary provided by Section 5.1, in such incentive programmes as are made available from time to time to board level for executives of the Company and/or GSK plc generallygenerally who are of the same grade in the relevant jurisdiction, in each case case, subject to the terms and conditions of such bonus plans and programmes from time to time in force. Any grants grant of share options or awards of performance shares under such plans and programmes shall be granted subject to performance conditions as determined by the GSK Board. Any shares received under the Performance Share Plan-US concerning Target Awards granted in respect of any Performance Period commencing on or after 1st January 2004 must be held by the Executive for a period of 2 years following vesting. For the avoidance of doubt, the two year period commences the day next after the cessation of the Performance Period, notwithstanding that the Executive may defer payment of such a Final Award in accordance with the rules of the plan. The Executive’s future participation in certain of these plans and programmes may be affected if she the Executive does not satisfy the Share Ownership Requirements (as amended from time to time). It is agreed that in the event of the Executive retiring from the Company, the Executive will retain the relevant number of shares (as set out in the Share Ownership Requirements) until at least one year after the earlier of (i) the Executive’s Retirement Date contemplated by Section 14 of this Agreement, or (ii) the date on upon which the Executive retires from the Company in accordance with the terms of any Company policy (as that may be in force from time to time), or (ii) the date on which the Executive’s employment is terminated pursuant to Section 3.2(iv) of this Agreement.
5.3 The Executive’s salary under Section 5.1 of this Agreement shall be inclusive of any fees or other remuneration to which the Executive may be entitled or receives as a Director, alternate Director, specialist adviser, consultant or by virtue of any other office or appointment in any Group Company. The Executive shall account to the Company for all such fees or other remuneration by paying over or procuring to be paid over the same to the Company.
5.4 GSK shall not be liable for any costs or expenses, including any costs or expenses pertaining to travel undertaken by the Executive, incurred as a result of any activity or participation in any role or capacity external to and unrelated to GSK or any Group Company. It is agreed that the Executive will promptly reimburse GSK against any such costs that may be incurred by GSK. Further, the Executive authorises the Company at any time to deduct from her salary, or any other monies payable to her by the Company, all sums which she owes the Company. If this is insufficient, the Company will require repayment of the balance.
Appears in 1 contract
Salary, etc. 5.1 In consideration of the services to be rendered by the Executive under this Agreement the Executive shall be paid a salary at the rate of £1,003,000 $975,000 per annum, annum payable in accordance with the frequency of payments adopted by the Company Company’s pay practices for its executives from time to time in force (but not less frequently than calendar monthly). The salary will be credited to the Executive’s bank account notified to the Company for the purpose. Salary shall be reviewed annually in accordance with the Company’s normal administrative practices for its executives and may be increased (but not reduced) by the Company by such amount (if any) as it shall think fit.
5.2 The Executive shall be entitled entitled, subject to Section 6.5 6.4, to participate
(i) in all such cash bonus plans and programmes as are made available from time to time to board level for executives of the Company generally of the same grade in the relevant jurisdiction in accordance with the Company’s policy (or GSK plc’s policy, as applicable); and
(ii) in respect of the salary provided by Section 5.1, in such incentive programmes as are made available from time to time to board level for executives of the Company and/or GSK plc generallygenerally who are of the same grade in the relevant jurisdiction, in each case case, subject to the terms and conditions of such bonus plans and programmes from time to time in force. Any grants grant of share options or awards of performance shares under such plans and programmes shall be granted subject to performance conditions as determined by the GSK Board. The Executive’s future participation in certain of these plans and programmes may be affected if she the Executive does not satisfy the Share Ownership Requirements (as amended from time to time). It is agreed that in the event of the Executive retiring from the Company, the Executive will retain the relevant number of shares (as set out in the Share Ownership Requirements) until at least one year after the earlier of (i) the Executive’s Retirement Date contemplated by Section 14 of this Agreement, or (ii) the date on upon which the Executive retires from the Company in accordance with the terms of any Company policy (as that may be in force from time to time), or (ii) the date on which the Executive’s employment is terminated pursuant to Section 3.2(iv) of this Agreement.
5.3 The Executive’s salary under Section 5.1 of this Agreement shall be inclusive of any fees or other remuneration to which the Executive may be entitled or receives as a Director, alternate Director, specialist adviser, consultant or by virtue of any other office or appointment in any Group Company. The Executive shall account to the Company for all such fees or other remuneration by paying over or procuring to be paid over the same to the Company.
5.4 GSK shall not be liable for any costs or expenses, including any costs or expenses pertaining to travel undertaken by the Executive, incurred as a result of any activity or participation in any role or capacity external to and unrelated to GSK or any Group Company. It is agreed that the Executive will promptly reimburse GSK against any such costs that may be incurred by GSK. Further, the Executive authorises the Company at any time to deduct from her his salary, or any other monies payable to her him by the Company, all sums which she he owes the Company. If this is insufficient, the Company will require repayment of the balance.
Appears in 1 contract
Salary, etc. 5.1 In consideration of the services to be rendered by the Executive under this Agreement the Executive shall be paid a base salary at the rate of £1,003,000 $1,522,500 per annum, payable in accordance with the frequency of payments adopted by the Company Company's pay practices for its senior executives from time to time (but not less frequently than calendar monthly). The salary will be ) credited to the Executive’s 's bank account as notified to the Company for the purpose. Salary Such salary shall be reviewed annually annually, in accordance conformity with the Company’s 's normal administrative practices for its senior executives and may be increased (but not reduced) by the Company by such amount (if any) any as it shall think fit.
5.2 The Executive shall be entitled subject to Section 6.5 to participate
(i) participate in all such cash bonus plans and programmes programs as are made available by the Company from time to time to board level for senior executives of in the Company in accordance with the Company’s policy (or GSK plc’s policyUnited States, as applicable); and
(ii) in respect of the salary provided by Section 5.1, in such incentive programmes as are made available from time to time to board level executives of the Company and/or GSK plc generally, in each case subject to the terms and conditions of such plans and programs (which shall be designed so that the Executive may participate in such cash bonus plans and programmes programs on similar terms to other executives). The Executive’s bonus opportunity with a 100% performance rating at Bonus Level 1 will be 100% of his base salary.
5.3 The Executive shall be entitled to participate in respect of the base salary provided under Section 5.1 above, in such incentive programs made available by the Company from time to time to its senior executives in forcethe United States subject to the terms and conditions of those plans in effect from time to time (which shall be designed so that he may participate in those plans and programs on similar terms to other executives).
5.4 The Executive shall be eligible to participate in the Company's employee benefit plans and programs made available to its senior executives in the United States subject to the provisions thereof in effect from time to time (which shall be so designed that he may participate in those benefit plans and programs on similar terms to other executives). The Executive’s life insurance, medical, dental, short term disability, long term disability coverage and other benefits shall be provided under the Company's benefits plans currently in effect, as may be amended from time to time.
5.5 Any grants grant of share options or awards of performance shares under such plans and programmes shall be granted subject to performance conditions as conditions, determined at the discretion of the GSK plc Board. Any performance shares received by the GSK BoardExecutive under the Performance Share Plan – US concerning Target Awards granted in respect of any Performance Period commencing on or after 1st January 2004 must be retained for at least 2 years following the vesting of such performance shares. For the avoidance of doubt, the 2 year period commences the day next after the cessation of the Performance Period, notwithstanding that the Executive may defer payment of such a Final Award in accordance with the rules of the plan. The Executive’s future participation in certain of these plans and programmes may be affected if she he does not satisfy the Share Ownership Requirements (as amended from time to time). It Further, it is agreed that in the event of the Executive retiring from the Company, the Executive will retain the relevant number of shares (as set out in the Share Ownership Requirements) until at least one year after the earlier of (i) the Executive’s Retirement Date contemplated by Section 14 of this Agreement, or (ii) the date on upon which the Executive retires from the Company in accordance with the terms of any Company policy (as may be in force from time to time)) or, (ii) the Executive ceases to employed by the Company on the date contemplated by section 3 (iv) of this Agreement. A list of all plans and programmes currently in operation is set out in Exhibit C. Details of the relevant plans and programmes are set out in the TotalReward section on myGSK.
5.3 5.6 The Executive’s salary under Section Clause 5.1 of this Agreement shall be inclusive of any fees or other remuneration to which the Executive may be entitled or receives as a Director, alternate Director, specialist adviser, consultant or by virtue of any other office or appointment in any Group Companycompany. The Executive shall account to the Company for all such fees or other remuneration by paying over or procuring to be paid over the same to the Company.
5.4 GSK 5.7 The Executive shall not be liable for any costs or expenses, including any costs or expenses pertaining entitled to travel undertaken by receive and benefit from all perquisites that are applicable to the Executive, incurred Chief Executive Officer of the Company and which are set out in the Company’s policies (as a result of any activity or participation in any role or capacity external to and unrelated to GSK or any Group Company. It is agreed that the Executive will promptly reimburse GSK against any such costs that may be incurred by GSK. Further, the Executive authorises the Company at any amended from time to deduct from her salary, or any other monies payable to her by the Company, all sums which she owes the Company. If this is insufficient, the Company will require repayment of the balancetime).
Appears in 1 contract
Salary, etc. 5.1 In consideration of the services to be rendered by the Executive under this Agreement the Executive shall be paid a salary at the rate of £1,003,000 850,000 per annum, annum payable in accordance with the frequency of payments adopted by the Company Company’s pay practices for its executives from time to time in force (but not less frequently than calendar monthly). The salary will be credited to the Executive’s bank account notified to the Company for the purpose. Salary shall be reviewed annually in accordance with the Company’s normal administrative practices for its executives and may be increased (but not reduced) by the Company by such amount (if any) as it shall think fit.
5.2 The Executive shall be entitled subject to Section 6.5 to participate
(i) in all such cash bonus plans and programmes as are made available from time to time to board level for executives of the Company generally of the same grade in the relevant jurisdiction in accordance with the Company’s policy (or GSK plc’s policy, as applicable); and
(ii) in respect of the salary provided by Section 5.1, in such incentive programmes as are made available from time to time to board level for executives of the Company and/or GSK plc generallygenerally who are of the same grade in the relevant jurisdiction, in each case subject to the terms and conditions of such bonus plans and programmes from time to time in force. Any grants grant of share options or awards of performance shares under such plans and programmes shall be granted subject to performance conditions as determined by the GSK Board. Any shares received under the GlaxoSmithKline Performance Share Plan concerning Target Awards granted in respect of any Performance Period must be held by the Executive for a period of 2 years following vesting. For the avoidance of doubt, the two year period commences the day next after the cessation of the Performance Period notwithstanding that the Executive may defer payment of such a Final Award in accordance with the rules of the plan. The Executive’s future participation in certain of these plans and programmes may be affected if she he does not satisfy the GSK plc’s Share Ownership Requirements (as amended from time to time). It is agreed that in the event of the Executive retiring from the Company, the Executive will retain the relevant number of shares (as set out in the Share Ownership Requirements) until at least one year after the earlier of (i) the Executive’s Retirement Date contemplated by Section 14 of this Agreement, or (ii) the date on which the Executive retires from the Company in accordance with the terms of any Company policy (as may be in force from time to time).
5.3 The Executive’s salary under Section 5.1 of this Agreement shall be inclusive of any fees or other remuneration to which the Executive may be entitled or receives as a Director, alternate Director, specialist adviser, consultant or by virtue of any other office or appointment in any Group Company. The Executive shall account to the Company for all such fees or other remuneration by paying over or procuring to be paid over the same to the Company.
5.4 GSK shall not be liable for any costs or expenses, including any costs or expenses pertaining to travel undertaken by the Executive, incurred as a result of any activity or participation in any role or capacity external to and unrelated to GSK or any Group Company. It is agreed that the Executive will promptly reimburse GSK against any such costs that may be incurred by GSK. Further, the Executive authorises the Company at any time to deduct from her his salary, or any other monies payable to her him by the Company, all sums which she he owes the Company. If this is insufficient, the Company will require repayment of the balance.
Appears in 1 contract
Salary, etc. 5.1 In consideration of the services to be rendered by the Executive under this Agreement the Executive shall be paid a salary at the rate of £1,003,000 $600,000 per annum, annum payable in accordance with the frequency of payments adopted by the Company Company’s pay practices for its executives from time to time in force (but not less frequently than calendar monthly). The salary will be credited to the Executive’s bank account notified to the Company for the purpose. Salary shall be reviewed annually in accordance with the Company’s normal administrative practices for its executives and may be increased (but not reduced) by the Company by such amount (if any) as it shall think fit.
5.2 The Executive shall be entitled entitled, subject to Section 6.5 6.4, to participate
(i) in all such cash bonus plans and programmes as are made available from time to time to board level for executives of the Company generally of the same grade in the relevant jurisdiction in accordance with the Company’s policy (or GSK plc’s policy, as applicable); and
(ii) in respect of the salary provided by Section 5.1, in such incentive programmes as are made available from time to time to board level for executives of the Company and/or GSK plc generallygenerally who are of the same grade in the relevant jurisdiction, in each case case, subject to the terms and conditions of such bonus plans and programmes from time to time in force. Any grants grant of share options or awards of performance shares under such plans and programmes shall be granted subject to performance conditions as determined by the GSK Board. Any shares received under the Performance Share Plan- US concerning Target Awards granted in respect of any Performance Period commencing on or after 1stJanuary 2006 must be held by the Executive for a period of 2 years following vesting. For the avoidance of doubt, the two year period commences the day next after the cessation of the Performance Period, notwithstanding that the Executive may defer payment of such a Final Award in accordance with the rules of the plan. The Executive’s future participation in certain of these plans and programmes may be affected if she the Executive does not satisfy the Share Ownership Requirements (as amended from time to time). It is agreed that in the event of the Executive retiring from the Company, the Executive will retain the relevant number of shares (as set out in the Share Ownership Requirements) until at least one year after the earlier of (i) the Executive’s Retirement Date contemplated by Section 14 of this Agreement, or (ii) the date on upon which the Executive retires from the Company in accordance with the terms of any Company policy (as that may be in force from time to time), or (ii) the date on which the Executive’s employment is terminated pursuant to Section 3.2(iv) of this Agreement.
5.3 The Executive’s salary under Section 5.1 of this Agreement shall be inclusive of any fees or other remuneration to which the Executive may be entitled or receives as a Director, alternate Director, specialist adviser, consultant or by virtue of any other office or appointment in any Group Company. The Executive shall account to the Company for all such fees or other remuneration by paying over or procuring to be paid over the same to the Company.. Back to Contents
5.4 GSK shall not be liable for any costs or expenses, including any costs or expenses pertaining to travel undertaken by the Executive, incurred as a result of any activity or participation in any role or capacity external to and unrelated to GSK or any Group Company. It is agreed that the Executive will promptly reimburse GSK against any such costs that may be incurred by GSK. Further, the Executive authorises the Company at any time to deduct from her his salary, or any other monies payable to her him by the Company, all sums which she he owes the Company. If this is insufficient, the Company will require repayment of the balance.
Appears in 1 contract
Salary, etc. 5.1 In consideration of the services to be rendered by the Executive under this Agreement the Executive shall be paid a salary at the rate of £1,003,000 780,000 per annum, annum payable in accordance with the frequency of payments adopted by the Company Company’s pay practices for its executives from time to time in force (but not less frequently than calendar monthly). The salary will be credited to the Executive’s bank account notified to the Company for the purpose. Salary shall be reviewed annually in accordance with the Company’s normal administrative practices for its executives and may be increased (but not reduced) by the Company by such amount (if any) as it shall think fit.
5.2 The Executive shall be entitled subject to Section 6.5 to participate
(i) in all such cash bonus plans and programmes as are made available from time to time to board level for executives of the Company generally of the same level in the relevant jurisdiction in accordance with the Company’s policy (or GSK plc’s policy, as applicable); and
(ii) in respect of the salary provided by Section 5.1, in such incentive programmes as are made available from time to time to board level for executives of the Company and/or GSK plc generallygenerally who are of the same level in the relevant jurisdiction, in each case subject to the terms and conditions of such bonus plans and programmes from time to time in force. Any grants of share options or awards of performance shares under such plans and programmes shall be granted subject to performance conditions as determined by the GSK Board. The Executive’s future participation in certain of these plans and programmes may be affected if she he does not satisfy the Share Ownership Requirements (as amended from time to time). It is agreed that in the event of the Executive retiring from the Company, the Executive will retain the relevant number of shares (as set out in the Share Ownership Requirements) until at least one year after the earlier of (i) the Executive’s Retirement Date contemplated by Section 14 of this Agreement, or (ii) the date on which the Executive retires from the Company in accordance with the terms of any Company policy (as may be in force from time to time).
5.3 The Executive’s salary under Section 5.1 of this Agreement shall be inclusive of any fees or other remuneration to which the Executive may be entitled or receives as a Director, alternate Director, specialist adviser, consultant or by virtue of any other office or appointment in any Group Company. The Executive shall account to the Company for all such fees or other remuneration by paying over or procuring to be paid over the same to the Company.
5.4 GSK shall not be liable for any costs or expenses, including any costs or expenses pertaining to travel undertaken by the Executive, incurred as a result of any activity or participation in any role or capacity external to and unrelated to GSK or any Group Company. It is agreed that the Executive will promptly reimburse GSK against any such costs that may be incurred by GSK. Further, the Executive authorises the Company at any time to deduct from her his salary, or any other monies payable to her him by the Company, all sums which she he owes the Company. If this is insufficient, the Company will require repayment of the balance.
Appears in 1 contract
Salary, etc. 5.1 In consideration of the services to be rendered by the Executive under this Agreement the Executive shall be paid a salary at the rate of £1,003,000 320,000 per annum, annum payable in accordance with the frequency of payments adopted by the Company Company’s pay practices for its executives from time to time in force (but not less frequently than calendar monthly). The salary will be credited to the Executive’s bank account notified to the Company for the purpose. Salary shall be reviewed annually in accordance with the Company’s normal administrative practices for its executives and may be increased (but not reduced) by the Company by such amount (if any) as it shall think fit.
5.2 The Executive shall be entitled subject to Section 6.5 to participate
(i) in all such cash bonus plans and programmes as are made available from time to time to board level for executives of the Company generally of the same grade in the relevant jurisdiction in accordance with the Company’s policy (or GSK plc’s policy, as applicable); and
(ii) in respect of the salary provided by Section 5.1, in such incentive programmes as are made available from time to time to board level for executives of the Company and/or GSK plc generallygenerally who are of the same grade in the relevant jurisdiction, in each case subject to the terms and conditions of such bonus plans and programmes from time to time in force. Any grants grant of share options or awards of performance shares under such plans and programmes shall be granted subject to performance conditions as determined by the GSK Board. Any shares received under the GlaxoSmithKline Performance Share Plan concerning Target Awards granted in respect of any Performance Period commencing on or after 1st January 2005 must be held by the Executive for a period of 2 years following vesting. For the avoidance of doubt, the two year period commences the day next after the cessation of the Performance Period notwithstanding that the Executive may defer payment of such a Final Award in accordance with the rules of the plan. The Executive’s future participation in certain of these plans and programmes may be affected if she he does not satisfy the Share Ownership Requirements (as amended from time to time). It is agreed that in the event of the Executive retiring from the Company, the Executive will retain the relevant number of shares (as set out in the Share Ownership Requirements) until at least one year after the earlier of (i) the Executive’s Retirement Date contemplated by Section 14 of this Agreement, or (ii) the date on which the Executive retires from the Company in accordance with the terms of any Company policy (as may be in force from time to time).
5.3 The Executive’s salary under Section 5.1 of this Agreement shall be inclusive of any fees or other remuneration to which the Executive may be entitled or receives as a Director, alternate Director, specialist adviser, consultant or by virtue of any other office or appointment in any Group Company. The Executive shall account to the Company for all such fees or other remuneration by paying over or procuring to be paid over the same to the Company.
5.4 GSK shall not be liable for any costs or expenses, including any costs or expenses pertaining to travel undertaken by the Executive, incurred as a result of any activity or participation in any role or capacity external to and unrelated to GSK or any Group Company. It is agreed that the Executive will promptly reimburse GSK against any such costs that may be incurred by GSK. Further, the Executive authorises the Company at any time to deduct from her his salary, or any other monies payable to her him by the Company, all sums which she he owes the Company. If this is insufficient, the Company will require repayment of the balance.
Appears in 1 contract
Salary, etc. 5.1 In consideration of the services to be rendered by the Executive under this Agreement the Executive shall be paid a salary at the rate of £1,003,000 495,000 per annum, annum payable in accordance with the frequency of payments adopted by the Company Company’s pay practices for its executives from time to time in force (but not less frequently than calendar monthly). The salary will be credited to the Executive’s bank account notified to the Company for the purpose. Salary shall be reviewed annually in accordance with the Company’s normal administrative practices for its executives and may be increased (but not reduced) by the Company by such amount (if any) as it shall think fit.
5.2 The Executive shall be entitled subject to Section 6.5 6.4 to participate
(i) in all such cash bonus plans and programmes as are made available from time to time to board level for executives of the Company generally of the same grade in the relevant jurisdiction in accordance with the Company’s policy (or GSK plc’s policy, as applicable); and
(ii) in respect of the salary provided by Section 5.1, in such incentive programmes as are made available from time to time to board level for executives of the Company and/or GSK plc generallygenerally who are of the same grade in the relevant jurisdiction, in each case subject to the terms and conditions of such bonus plans and programmes from time to time in force. Any grants grant of share options or awards of performance shares under such plans and programmes shall be granted subject to performance conditions as determined by at the discretion of the GSK Board. Any shares received under the Performance Share Plan concerning Target Awards granted in respect of any Performance Period commencing on or after 1st January 2004 must be held by the Executive for a period of 2 years following vesting. For the avoidance of doubt, the two year period commences the day next after the cessation of the Performance Period, notwithstanding that the Executive may defer payment of any Final Award in accordance with the rules of the plan. The Executive’s future participation in certain of these plans and programmes may be affected if she the Executive does not satisfy the Share Ownership Requirements (as amended from time to time). It is agreed that in the event of the Executive retiring from the Company, the Executive will retain the relevant number of shares (as set out in the Share Ownership Requirements) until at least one year after the earlier of (i) the Executive’s Retirement Date contemplated by Section 14 of this Agreement, or (ii) the date on upon which the Executive retires from the Company in accordance with the terms of any Company policy (as may be in force from time to time)time ) or, (ii) the Executive’s retirement on the Retirement Date contemplated by Section 14 of this Agreement.
5.3 The Executive’s salary under Section 5.1 of this Agreement shall be inclusive of any fees or other remuneration to which the Executive may be entitled or receives as a Director, alternate Director, specialist adviser, consultant or by virtue of any other office or appointment in any Group Companycompany. The Executive shall account to the Company for all such fees or other remuneration by paying over or procuring to be paid over the same to the Company.
5.4 GSK shall not be liable for any costs or expenses, including any costs or expenses pertaining to travel undertaken by the Executive, incurred as a result of any activity or participation in any role or capacity external to and unrelated to GSK or any Group Company. It is agreed that the Executive will promptly reimburse GSK against any such costs that may be incurred by GSK. Further, the The Executive authorises the Company at any time to deduct from her his salary, or any other monies payable to her him by the Company, all sums which she he owes the Company. If this is insufficient, the Company will require repayment of the balance.
Appears in 1 contract
Salary, etc. 5.1 In consideration of the services to be rendered by the Executive under this Agreement the Executive shall be paid a salary at the rate of £1,003,000 550,000 per annum, annum payable in accordance with the frequency of payments adopted by the Company Company’s pay practices for its executives from time to time in force (but not less frequently than calendar monthly). The salary will be credited to the Executive’s bank account notified to the Company for the purpose. Salary shall be reviewed annually in accordance with the Company’s normal administrative practices for its executives and may be increased (but not reduced) by the Company by such amount (if any) as it shall think fit.
5.2 The Executive shall be entitled subject to Section 6.5 to participate
(i) in all such cash bonus plans and programmes as are made available from time to time to board level for executives of the Company generally of the same grade in the relevant jurisdiction in accordance with the Company’s policy (or GSK plc’s policy, as applicable); and
(ii) in respect of the salary provided by Section 5.1, in such incentive programmes as are made available from time to time to board level for executives of the Company and/or GSK plc generallygenerally who are of the same grade in the relevant jurisdiction, in each case subject to the terms and conditions of such bonus plans and programmes from time to time in force. Any grants grant of share options or awards of performance shares under such plans and programmes shall be granted subject to performance conditions as determined by the GSK Board. Any shares received under the GlaxoSmithKline Performance Share Plan concerning Target Awards granted in respect of any Performance Period must be held by the Executive for a period of 2 years following vesting. For the avoidance of doubt, the two year period commences the day next after the cessation of the Performance Period notwithstanding that the Executive may defer payment of such a Final Award in accordance with the rules of the plan. The Executive’s future participation in certain of these plans and programmes may be affected if she he does not satisfy the GSK plc’s Share Ownership Requirements (as amended from time to time). It is agreed that in the event of the Executive retiring from the Company, the Executive will retain the relevant number of shares (as set out in the Share Ownership Requirements) until at least one year after the earlier of (i) the Executive’s Retirement Date contemplated by Section 14 of this Agreement, or (ii) the date on which the Executive retires from the Company in accordance with the terms of any Company policy (as may be in force from time to time).
5.3 The Executive’s salary under Section 5.1 of this Agreement shall be inclusive of any fees or other remuneration to which the Executive may be entitled or receives as a Director, alternate Director, specialist adviser, consultant or by virtue of any other office or appointment in any Group Company. The Executive shall account to the Company for all such fees or other remuneration by paying over or procuring to be paid over the same to the Company.
5.4 GSK shall not be liable for any costs or expenses, including any costs or expenses pertaining to travel undertaken by the Executive, incurred as a result of any activity or Back to Contents participation in any role or capacity external to and unrelated to GSK or any Group Company. It is agreed that the Executive will promptly reimburse GSK against any such costs that may be incurred by GSK. Further, the Executive authorises the Company at any time to deduct from her his salary, or any other monies payable to her him by the Company, all sums which she he owes the Company. If this is insufficient, the Company will require repayment of the balance.
Appears in 1 contract
Salary, etc. 5.1 In consideration of the services to be rendered by the Executive under this Agreement the Executive shall be paid a salary at the rate of £1,003,000 $600,000 per annum, annum payable in accordance with the frequency of payments adopted by the Company Company’s pay practices for its executives from time to time in force (but not less frequently than calendar monthly). The salary will be credited to the Executive’s bank account notified to the Company for the purpose. Salary shall be reviewed annually in accordance with the Company’s normal administrative practices for its executives and may be increased (but not reduced) by the Company by such amount (if any) as it shall think fit.
5.2 The Executive shall be entitled entitled, subject to Section 6.5 6.4, to participate
(i) in all such cash bonus plans and programmes as are made available from time to time to board level for executives of the Company generally of the same grade in the relevant jurisdiction in accordance with the Company’s policy (or GSK plc’s policy, as applicable); and
(ii) in respect of the salary provided by Section 5.1, in such incentive programmes as are made available from time to time to board level for executives of the Company and/or GSK plc generallygenerally who are of the same grade in the relevant jurisdiction, in each case case, subject to the terms and conditions of such bonus plans and programmes from time to time in force. Any grants grant of share options or awards of performance shares under such plans and programmes shall be granted subject to performance conditions as determined by the GSK Board. Any shares received under the Performance Share Plan- US concerning Target Awards granted in respect of any Performance Period commencing on or after 1st January 2006 must be held by the Executive for a period of 2 years following vesting. For the avoidance of doubt, the two year period commences the day next after the cessation of the Performance Period, notwithstanding that the Executive may defer payment of such a Final Award in accordance with the rules of the plan. The Executive’s future participation in certain of these plans and programmes may be affected if she the Executive does not satisfy the Share Ownership Requirements (as amended from time to time). It is agreed that in the event of the Executive retiring from the Company, the Executive will retain the relevant number of shares (as set out in the Share Ownership Requirements) until at least one year after the earlier of (i) the Executive’s Retirement Date contemplated by Section 14 of this Agreement, or (ii) the date on upon which the Executive retires from the Company in accordance with the terms of any Company policy (as that may be in force from time to time), or (ii) the date on which the Executive’s employment is terminated pursuant to Section 3.2(iv) of this Agreement.
5.3 The Executive’s salary under Section 5.1 of this Agreement shall be inclusive of any fees or other remuneration to which the Executive may be entitled or receives as a Director, alternate Director, specialist adviser, consultant or by virtue of any other office or appointment in any Group Company. The Executive shall account to the Company for all such fees or other remuneration by paying over or procuring to be paid over the same to the Company.
5.4 GSK shall not be liable for any costs or expenses, including any costs or expenses pertaining to travel undertaken by the Executive, incurred as a result of any activity or participation in any role or capacity external to and unrelated to GSK or any Group Company. It is agreed that the Executive will promptly reimburse GSK against any such costs that may be incurred by GSK. Further, the Executive authorises the Company at any time to deduct from her his salary, or any other monies payable to her him by the Company, all sums which she he owes the Company. If this is insufficient, the Company will require repayment of the balance.
Appears in 1 contract
Salary, etc. 5.1 In consideration of the services to be rendered by the Executive under this Agreement the Executive shall be paid a salary at the rate of £1,003,000 660,000 per annum, annum payable in accordance with the frequency of payments adopted by the Company Company’s pay practices for its executives from time to time in force (but not less frequently than calendar monthly). The salary will be credited to the Executive’s bank account notified to the Company for the purpose. Salary shall be reviewed annually in accordance with the Company’s normal administrative practices for its executives and may be increased (but not reduced) by the Company by such amount (if any) as it shall think fit.
5.2 The Executive shall be entitled subject to Section 6.5 to participate
(i) in all such cash bonus plans and programmes as are made available from time to time to board level for executives of the Company generally of the same level in the relevant jurisdiction in accordance with the Company’s policy (or GSK plc’s policy, as applicable); and
(ii) in respect of the salary provided by Section 5.1, in such incentive programmes as are made available from time to time to board level for executives of the Company and/or GSK plc generallygenerally who are of the same level in the relevant jurisdiction, in each case subject to the terms and conditions of such bonus plans and programmes from time to time in force. Any grants of share options or awards of performance shares under such plans and programmes shall be granted subject to performance conditions as determined by the GSK Board. The Executive’s future participation in certain of these plans and programmes may be affected if she he does not satisfy the Share Ownership Requirements (as amended from time to time). It is agreed that in the event of the Executive retiring from the Company, the Executive will retain the relevant number of shares (as set out in the Share Ownership Requirements) until at least one year after the earlier of (i) the Executive’s Retirement Date contemplated by Section 14 of this Agreement, or (ii) the date on which the Executive retires from the Company in accordance with the terms of any Company policy (as may be in force from time to time).
5.3 The Executive’s salary under Section 5.1 of this Agreement shall be inclusive of any fees or other remuneration to which the Executive may be entitled or receives as a Director, alternate Director, specialist adviser, consultant or by virtue of any other office or appointment in any Group Company. The Executive shall account to the Company for all such fees or other remuneration by paying over or procuring to be paid over the same to the Company.
5.4 GSK shall not be liable for any costs or expenses, including any costs or expenses pertaining to travel undertaken by the Executive, incurred as a result of any activity or participation in any role or capacity external to and unrelated to GSK or any Group Company. It is agreed that the Executive will promptly reimburse GSK against any such costs that may be incurred by GSK. Further, the Executive authorises the Company at any time to deduct from her his salary, or any other monies payable to her him by the Company, all sums which she he owes the Company. If this is insufficient, the Company will require repayment of the balance.
Appears in 1 contract
Salary, etc. 5.1 In consideration of the services to be rendered by the Executive under this Agreement the Executive shall be paid a salary at the rate of £1,003,000 per annum, payable in accordance with the frequency of payments adopted by the Company for its executives from time to time (but not less frequently than calendar monthly). The salary will be credited to the Executive’s bank account notified to the Company for the purpose. Salary shall be reviewed annually in accordance with the Company’s normal administrative practices for its executives and may be increased (but not reduced) by the Company by such amount (if any) as it shall think fit.
5.2 The Executive shall be entitled subject to Section 6.5 to participate
(i) in all such cash bonus plans and programmes as are made available from time to time to board level executives of the Company in accordance with the Company’s policy (or GSK plc’s policy, as applicable); and
(ii) in respect of the salary provided by Section 5.1, in such incentive programmes as are made available from time to time to board level executives of the Company and/or GSK plc generally, in each case subject to the terms and conditions of such bonus plans and programmes from time to time in force. Any grants of share options or awards of performance shares under such plans and programmes shall be granted subject to performance conditions as determined by the GSK Board. The Executive’s future participation in certain of these plans and programmes may be affected if she does not satisfy the Share Ownership Requirements (as amended from time to time). It is agreed that in the event of the Executive retiring from the Company, the Executive will retain the relevant number of shares (as set out in the Share Ownership Requirements) until at least one year after the earlier of (i) the Executive’s Retirement Date contemplated by Section 14 of this Agreement, or (ii) the date on which the Executive retires from the Company in accordance with the terms of any Company policy (as may be in force from time to time).
5.3 The Executive’s salary under Section 5.1 of this Agreement shall be inclusive of any fees or other remuneration to which the Executive may be entitled or receives as a Director, alternate Director, specialist adviser, consultant or by virtue of any other office or appointment in any Group Company. The Executive shall account to the Company for all such fees or other remuneration by paying over or procuring to be paid over the same to the Company.
5.4 GSK shall not be liable for any costs or expenses, including any costs or expenses pertaining to travel undertaken by the Executive, incurred as a result of any activity or participation in any role or capacity external to and unrelated to GSK or any Group Company. It is agreed that the Executive will promptly reimburse GSK against any such costs that may be incurred by GSK. Further, the Executive authorises the Company at any time to deduct from her salary, or any other monies payable to her by the Company, all sums which she owes the Company. If this is insufficient, the Company will require repayment of the balance.
Appears in 1 contract
Samples: Service Agreement
Salary, etc. 5.1 In consideration of the services to be rendered by the Executive under this Agreement the Executive shall be paid a salary at the rate of £1,003,000 850,000 per annum, annum payable in accordance with the frequency of payments adopted by the Company Company’s pay practices for its executives from time to time in force (but not less frequently than calendar monthly). The salary will be credited to the Executive’s bank account notified to the Company for the purpose. Salary shall be reviewed annually in accordance with the Company’s normal administrative practices for its executives and may be increased (but not reduced) by the Company by such amount (if any) as it shall think fit.
5.2 The Executive shall be entitled subject to Section 6.5 to participate
(i) in all such cash bonus plans and programmes as are made available from time to time to board level executives of the Company in accordance with the Company’s policy (or GSK plc’s policy, as applicable); and
(ii) in respect of the salary provided by Section 5.1, in such incentive programmes as are made available from time to time to board level executives of the Company and/or GSK plc generally, in each case subject to the terms and conditions of such bonus plans and programmes from time to time in force. Any grants of share options or awards of performance shares under such plans and programmes shall be granted subject to performance conditions as determined by the GSK Board. The Executive’s future participation in certain of these plans and programmes may be affected if she does not satisfy the Share Ownership Requirements (as amended from time to time). It is agreed that in the event of the Executive retiring from the Company, the Executive will retain the relevant number of shares (as set out in the Share Ownership Requirements) until at least one year after the earlier of (i) the Executive’s Retirement Date contemplated by Section 14 of this Agreement, or (ii) the date on which the Executive retires from the Company in accordance with the terms of any Company policy (as may be in force from time to time).
5.3 The Executive’s salary under Section 5.1 of this Agreement shall be inclusive of any fees or other remuneration to which the Executive may be entitled or receives as a Director, alternate Director, specialist adviser, consultant or by virtue of any other office or appointment in any Group Company. The Executive shall account to the Company for all such fees or other remuneration by paying over or procuring to be paid over the same to the Company.
5.4 GSK shall not be liable for any costs or expenses, including any costs or expenses pertaining to travel undertaken by the Executive, incurred as a result of any activity or participation in any role or capacity external to and unrelated to GSK or any Group Company. It is agreed that the Executive will promptly reimburse GSK against any such costs that may be incurred by GSK. Further, the Executive authorises the Company at any time to deduct from her salary, or any other monies payable to her by the Company, all sums which she owes the Company. If this is insufficient, the Company will require repayment of the balance.
Appears in 1 contract
Salary, etc. 5.1 In consideration of the services to be rendered by the Executive under this Agreement the Executive shall be paid a salary at the rate of £1,003,000 $800,000 per annum, annum payable in accordance with the frequency of payments adopted by the Company Company’s pay practices for its executives from time to time in force (but not less frequently than calendar monthly). The salary will be credited to the Executive’s bank account notified to the Company for the purpose. Salary shall be reviewed annually in accordance with the Company’s normal administrative practices for its executives and may be increased (but not reduced) by the Company by such amount (if any) as it shall think fit.
5.2 The Executive shall be entitled entitled, subject to Section 6.5 6.4, to participate
(i) in all such cash bonus plans and programmes as are made available from time to time to board level for executives of the Company generally of the same grade in the relevant jurisdiction in accordance with the Company’s policy (or GSK plc’s policy, as applicable); and
(ii) in respect of the salary provided by Section 5.1, in such incentive programmes as are made available from time to time to board level for executives of the Company and/or GSK plc generallygenerally who are of the same grade in the relevant jurisdiction, in each case case, subject to the terms and conditions of such bonus plans and programmes from time to time in force. Any grants grant of share options or awards of performance shares under such plans and programmes shall be granted subject to performance conditions as determined by the GSK Board. Any shares received under the Performance Share Plan-US concerning Target Awards granted in respect of any Performance Period must be held by the Executive for a period of 2 years following vesting. For the avoidance of doubt, the two year period commences the day next after the cessation of the Performance Period, notwithstanding that the Executive may defer payment of such a Final Award in accordance with the rules of the plan. The Executive’s future participation in certain of these plans and programmes may be affected if she the Executive does not satisfy the Share Ownership Requirements (as amended from time to time). It is agreed that in the event of the Executive retiring from the Company, the Executive will retain the relevant number of shares (as set out in the Share Ownership Requirements) until at least one year after the earlier of (i) the Executive’s Retirement Date contemplated by Section 14 of this Agreement, or (ii) the date on upon which the Executive retires from the Company in accordance with the terms of any Company policy (as that may be in force from time to time), or (ii) the date on which the Executive’s employment is terminated pursuant to Section 3.2(iv) of this Agreement.
5.3 The Executive’s salary under Section 5.1 of this Agreement shall be inclusive of any fees or other remuneration to which the Executive may be entitled or receives as a Director, alternate Director, specialist adviser, consultant or by virtue of any other office or appointment in any Group Company. The Executive shall account to the Company for all such fees or other remuneration by paying over or procuring to be paid over the same to the Company.
5.4 GSK shall not be liable for any costs or expenses, including any costs or expenses pertaining . Back to travel undertaken by the Executive, incurred as a result of any activity or participation in any role or capacity external to and unrelated to GSK or any Group Company. It is agreed that the Executive will promptly reimburse GSK against any such costs that may be incurred by GSK. Further, the Executive authorises the Company at any time to deduct from her salary, or any other monies payable to her by the Company, all sums which she owes the Company. If this is insufficient, the Company will require repayment of the balance.Contents
Appears in 1 contract
