Compensation of Employee. Employer shall pay Employee, and Employee shall accept from Employer, in full payment for Employee's services hereunder, compensation as follows:
Compensation of Employee. Employer shall pay Employee, in full payment for Employee’s services and covenants under this Agreement, the following compensation:
Compensation of Employee. For all services rendered by the Employee under this Agreement, the Company shall compensate the Employee as follows:
Compensation of Employee. As compensation for the services provided by [Insert Name of Employee] under this Agreement, [Insert Name of Employer] will pay [Insert Name of Employee] an annual salary of $[Insert Amount] payable monthly on the [Insert Day of the Month] day of each month. Upon termination of this Agreement, payments under this paragraph shall cease; provided, however, that [Insert Name of Employee] shall be entitled to payments for periods or partial periods that occurred prior to the date of termination and for which [Insert Name of Employee] has not yet been paid, and for any commission earned in accordance with [Insert Name of Employer]’s customary procedures, if applicable. Accrued vacation will be paid in accordance with state law and [Insert Name of Employer]’s customary procedures. This section of the Agreement is included only for accounting and payroll purposes and should not be construed as establishing a minimum or definite term of employment.
Compensation of Employee. (a) As compensation for all services to be performed by Employee from and after the Commencement Date, Employer agrees to pay to Employee a base salary of Two Hundred Twenty-Five Thousand Dollars ($225,000.00) per annum. All such payments shall be prorated for any partial month or year and shall be payable in accordance with Employer’s customary payroll practices for Employees. Federal income taxes, social security taxes and other customary employee payroll deductions shall be deducted from all amounts paid to Employee as compensation under this Employment Agreement. Employer will review Employee’s performance annually at which time Employee’s base salary may subsequently be increased.
(b) Effective as of the Commencement Date, Employer shall grant Employee stock options for 150,000 shares of common stock under its stock option plan which will provide, among other things, for vesting in four equal annual increments over three years (37,500 shares at the commencement of employment, 37,500 at the end of the first year (11/5/13), 37,500 shares at the end of the second year (11/5/14), and 37,500 shares at the end of the third year (11/5/15)). Such option grant shall have a duration of 10 years. The stock option plan provides, inter alia, that unvested options shall be forfeited in the event that Employee is no longer an employee as of the vesting date.
(c) The Employee also qualifies for an annual bonus of at least 25% of his annual salary based on the criteria to be mutually determined with Employer in the first thirty (30) days of each employment year. Such annual bonus may be paid at least 50% in cash and at most 50% in equity of the Company. Employer shall review Employee’s performance annually with a view towards setting criteria for possible additional bonus arrangements.
(d) Employee shall be entitled to participate in such fringe benefit programs and in the same manner as Employer may offer to its senior employees generally, including family health and life insurance, at Employer’s expense. The Employer’s current health insurance plan also includes optical and dental coverage. However, Employer may amend, decrease or discontinue any benefit program at any time without advance notice to or consent of the Employee, consistent with the manner in which Employer changes the benefit programs for other similarly situated employees of Employer.
(e) Within forty-five (45) days of commencing employment, Employer will pay Employee a signing bonus of twenty thousa...
Compensation of Employee. During the term of employment provided for herein, the Employee shall be paid a minimum annual salary of $ 197,600 in U.S. dollars ("Base Salary"), which salary shall be paid to the Employee in equal biweekly installments in arrears. Any increases in the Base Salary will be recommended by the Compensation Committee and approved by the Board of Directors.
Compensation of Employee. The Corporation shall pay the Employee for all services to be performed under this Agreement as follows:
1. Effective as of the date of this Agreement, the Corporation will pay Employee an annual base salary of $400,000.00. Compensation shall be payable in equal monthly installments or more frequently if compensation is generally paid more frequently to other executive officers of the Corporation. Increases in the annual base compensation shall be considered annually by the Board of Directors for the Corporation and the Employee's compensation shall be subject to upward adjustment from time to time as determined by the Board of Directors of the Corporation. Increases in the Employee's compensation will be paid in conformity with the Corporation's practice for payment of other executive officers of the Corporation as such practice may be established or modified from time to time. The Employee's compensation may not be reduced.
2. The Corporation will pay the Employee bonuses consistent with standard practices of the Corporation in paying bonuses to other executive officers of the Corporation.
3. The Corporation will provide Employee employee benefits, such as group health insurance, including employee medical plan benefits, long term disability, accidental death and dismemberment, life insurance, the use of a company provided vehicle, a company provided cellular telephone and all expenses associated therewith, participation in retirement plans, profit sharing plans, 401 K plans, savings plans and all other fringe benefits upon the same terms as are or shall be granted or made available by the Corporation to its other executive officers.
4. The Employee is expected and encouraged from time to time to incur expenses for the promotion of the business of the Corporation. The Corporation shall timely reimburse the Employee for all reasonable and necessary expenses and disbursements incurred by Employee in the performance of his duties in keeping with past practices. The Employee shall, from time to time, but not more frequently than weekly, submit a report to the Vice President- Finance and Treasurer (or his designee) of the Corporation in a form with such detail as will constitute a proper record for tax deductible expenses together with necessary vouchers and receipts therefore. Expenses of a type which are typically reimbursed to other executive officers of the Corporation shall be timely paid or reimbursed by the Corporation.
Compensation of Employee. For all services rendered, you shall initially receive compensation as follows:
Compensation of Employee. During the term of this Agreement, Employee shall be entitled to a base monthly salary payable in arrears as follows:
Compensation of Employee. As the sole compensation for all of the Employee's services rendered hereunder to the Employer, the Employer hereby agrees to pay the Employee compensation and reimbursements as set forth in Exhibit "A" attached hereto and made a part hereof.
