Compensation; Reimbursement Sample Clauses
The Compensation; Reimbursement clause establishes the obligation for one party to pay the other for services rendered or expenses incurred under the agreement. Typically, it outlines the types of compensation, such as fees or hourly rates, and details the process for submitting and approving reimbursement requests for costs like travel or materials. This clause ensures that parties are fairly compensated and reimbursed for their contributions, preventing disputes over payment and clarifying financial responsibilities.
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Compensation; Reimbursement. The Company shall compensate ▇▇▇▇▇▇▇▇▇▇ as follows:
Compensation; Reimbursement. (a) During the Term of Employment, the Corporation (or at the Corporation's option, any subsidiary or affiliate thereof) shall pay to the Employee an annual base salary ("Base Salary") of One Hundred Seventy-Eight Thousand and Eight Dollars ($178,008.00), payable in installments as is the policy of the Corporation with respect to employees of the Corporation at substantially the same employment level as the Employee, but in no event less frequently than once per month. Thereafter, the Base Salary shall be reviewed annually (with the first review effective April 1, 1998) and shall be subject to increase at the option and in the sole discretion of the Board of Directors of the Corporation.
(b) Employee shall be eligible for an annual bonus as determined by the Board of Directors of the Corporation based on the Corporation's performance. The Bonus payment to Employee for a calendar year is contingent upon the Employee being retained as an employee of the Corporation at the time such payments are made.
(c) Employee shall be eligible for an annual stock option grant consistent with the Corporation's Stock Option Plan with said grant being determined by the Board of Directors of the Corporation based on the Corporation's performance.
(d) During the Term of Employment, the Employee shall be entitled to such fringe benefits as are made available from time to time to the employees of the Corporation at substantially the same employment level as the Employee, including, without limitation, 4 weeks paid vacation.
(e) The Corporation shall reimburse Employee, in accordance with the practice from time to time for other officers of the Corporation, for all reasonable and necessary traveling expenses, disbursements and other reasonable and necessary incidental expenses incurred by him for or on behalf of the Corporation in the performance of his duties hereunder upon presentation by the Employee to the Corporation of appropriate vouchers, receipts and reports.
Compensation; Reimbursement. Employer shall pay employee and employee agrees to accept from employer, in full payment for employee's services hereunder, compensation at the rate of (16) Dollars ($ ) per annum, payable (17) . In addition to the foregoing, employer will reimburse employee for any and all necessary, customary, and usual expenses incurred by him while traveling for and on behalf of the employer pursuant to employer's directions.
Compensation; Reimbursement. (a) Employer shall pay to Employee as compensation for all services rendered by Employee during the Employment Period a base annual salary of $1350,000 per year (the "Basic Salary"), or such other amount as the parties may agree on from time to time, payable in equal monthly installments or in other more frequent installments, as determined by Employer. The board of directors of Employer (the "Board of Directors") shall have the right to increase Employee's compensation from time to time by action of the Board of Directors. In addition, the Board of Directors, in its sole discretion, may, with respect to any year during the Employment Period, award a bonus or bonuses to Employee in addition to the bonus provided for in Section 3(b).
(b) In addition to the Basic Salary paid pursuant to Section 3(a), Employer agrees to pay as incentive compensation a one time $33,750.00 "signing bonus", as well as an annual bonus in an amount in accordance with the bonuses paid to other senior officers of Employer, after the initial twelve (12) month employment period, based upon Employee's performance, as determined each year by the Board of Directors of Employer.
(c) Employer shall reimburse Employee for all reasonable expenses incurred by Employee in the performance of his duties under this Agreement; provided, however, that Employee must furnish to Employer an itemized account, satisfactory to Employer, in substantiation of such expenditures.
(d) Employee shall be entitled to the use of a corporate vehicle, or $500 per month car allowance, and such fringe benefits, including, but not limited to, medical, dental and other insurance benefits, as may be provided from time to time by Employer to other senior officers of Employer. Employee shall also be entitled to participate in Employer's 401(k) plan.
Compensation; Reimbursement. During the Term, the Company shall pay or provide to the Executive, in full satisfaction for his services provided hereunder, the following:
Compensation; Reimbursement. The Managers may not receive compensation for their services; however, the Company may reimburse the Managers for all direct out-of-pocket expenses incurred by them in managing the Company.
Compensation; Reimbursement. (a) In consideration for the Services to be performed hereunder by P▇▇▇, Client shall pay PINE the fees listed in Appendix B attached hereto within thirty (30) days after the date of Client’s receipt of an invoice, which shall be paid by Client monthly in advance of services rendered. Client understands and agrees that to the extent, subsequent to the execution of this Agreement, Client hires either internal or external resources to provide services duplicative of those listed in Appendix A hereto, such activity will in no way: (i) excuse any payment obligation of Client for fees due under this Agreement as detailed in Appendix B hereto, or (ii) affect in any way the terms of this Agreement unless this Agreement is terminated prior to the expiration of the Term in accordance with Section 12 below.
(b) During the Term, Client shall reimburse PINE for all reasonable and necessary travel and lodging expenses and other out-of-pocket expenses incurred by PINE in connection with the performance of the duties of the CCO and/or PFO hereunder upon presentation of appropriate receipts and other reasonable documentation as the Client may request.
(c) To the extent that Appendix B sets forth escalating fees by year, P▇▇▇’s fees will increase to the rates set forth on Appendix B for the applicable year effective as of January 1st of the stated year. On January 1st of each year subsequent to the year period(s) set forth on Appendix B (as applicable, the “Fee Adjustment Date”), the fees in effect for the previous calendar year shall be increased by an amount equal to the percentage increase in the US Consumer Price Index – All Urban Consumers – U.S. City Average – All Items compiled by the US Bureau of Labor Statistics (“CPI-U”), as published thirty (30) days prior to the Fee Adjustment Date, for the preceding twelve (12) month period. In the absence of CPI-U being published, the Parties shall agree in writing to use another index that most closely resembles CPI-U.
Compensation; Reimbursement. At the closing of each Offering (each, a “Closing”), the Company shall compensate ▇▇▇▇▇▇▇▇▇▇ as follows:
Compensation; Reimbursement. At the closing of the Public Offering (the “Closing”), the Company shall compensate W▇▇▇▇▇▇▇▇▇ as follows:
Compensation; Reimbursement. (a) During the Term, the Company (or, at the Company's option, any subsidiary of the Company) shall pay to the Executive an annual salary (the "Base Salary") of not less than $160,000, payable in accordance with the Company' normal payroll practices. Such Base Salary shall be reviewed periodically by the Board of Directors at their convenience, but no less frequently than annually, for increase by the Board of Directors in their sole discretion and in accordance with the Company's established policies. At a minimum, the Base shall be adjusted by the annual change in the United States Consumer Price Index. Such Base as so adjusted shall than constitute Executive's "Base" for purposes of this Agreement.
(b) During the Term and to the extent available to employees of the Company (including any of its subsidiaries) shall be entitled to participate in all benefit plans, pension, welfare and retirement plans, directors' and officers liability insurance, life insurance, hospitalization and surgical and major medical coverages, sick leave, vacation and holiday policies, long-term disability coverage and such other standard fringe benefits maintained or sponsored by the Company or its subsidiaries.
(c) The Company shall promptly reimburse the Executive, in accordance with the published guidelines of the Company, for all reasonable and necessary traveling expenses, disbursements and other reasonable and necessary incidental expenses incurred by him for or on behalf of the Company in the performance of his duties hereunder upon presentation by the Executive to the Company of appropriate receipts and documentation. Additionally, during the Initial Term the Company shall reimburse the Executive for office expenses at the rate of $500 per month.
(d) Following the expiration or termination of the Term for any reason, the Executive shall have the right to maintain any (i) health and life insurance benefits provided by the Company to the extent provided under applicable law an (ii) any life insurance benefits provided byte Company so long as the Executive makes the premium payments relating to such life insurance and is allowed to do so per the respective life insurance company.
(e) The Executive shall be entitled to participate in an equitable manner with other executive officers of the Company and its subsidiaries in such discretionary bonus payments or awards as may be authorized, declared, and paid by the Board of Directors to the Company's executives. More specificall...