Compensation; Reimbursement. At the closing of each Offering (each, a “Closing”), the Company shall compensate Xxxxxxxxxx as follows:
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. (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. (a) During the Employment Period, the Company (or at the Company's option, any subsidiary or affiliate thereof) shall pay to the Employee an annual salary (the "Base Salary") of not less than $190,000, payable semi-monthly. Such Base Salary will be reviewed at least annually and may be increased by the Board or the Board's designee (excluding the Employee if he should be a member of the Board at the time of such determination) in its sole discretion. Effective as of any such increase, the Base Salary as so increased shall be considered the new Base Salary for all purposes of this Agreement and may not thereafter be reduced.
(b) The Employee shall be eligible to receive an annual bonus of no less than seventy-five thousand dollars ($75,000) during each calendar year of the Employment Period (pro-rated for partial calendar years of employment by the Company with such pro ration for the year 2000 to be made as if the calendar year 2000 began on May 1, 2000) based upon his achievement of performance criteria mutually agreed upon by the Employee and the Company, which performance criteria shall not be more stringent than those established for the President and the Chief Operating Officer for a similar period of time. The performance criteria for the first year of the Employment Period shall be satisfied in the event that the Company achieves gross revenue of $15 million for calendar year 2000. With respect to subsequent calendar years, it is expected that the performance criteria will be based on increasing gross revenue targets to be agreed upon within thirty (30) days after each anniversary of this Employment Agreement and that such targets shall be consistent with and no higher than the performance targets established for the Chief Executive Officer of the Company for such calendar year.
(c) During the Employment Period and to the extent available to senior executive officers of the Company, the Employee shall be entitled to participate in all of the Company's benefit plans, pension and retirement plans, life insurance, hospitalization and surgical and major medical coverages, sick leave, vacation and holiday policies, long-term disability coverage and such other fringe benefits enjoyed by other senior executive officers of the Company. Notwithstanding anything to the contrary contained in this Section 5(c), at no time during the Employment Period shall the long-term disability coverage and life insurance benefits that the Company provides to the Employee be...
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 two hundred thousand dollars ($200,000.00 USD) per annum, payable weekly. In addition to the foregoing, Employer will reimburse Employee for any and all necessary, customary, and usual expenses and travel expenses incurred by him in furtherance and performance of his duties on behalf of the Employer.
Compensation; Reimbursement. (a) During the Employment Period, the Company (or at the Company's option, any subsidiary or affiliate thereof) shall pay to the Employee an annual salary (the "Base Salary") of not less than $175,000, payable semi-monthly. Such Base Salary will be reviewed at least annually and may be increased by the Board or the Board's designee (excluding the Employee if he should be a member of the Board at the time of such determination) in its sole discretion. Effective as of any such increase, the Base Salary as so increased shall be considered the new Base Salary for all purposes of this Agreement and may not thereafter be reduced.
(b) The Employee shall be eligible to receive an annual bonus of no less than one hundred fifty thousand dollars ($150,000) during each calendar year of the Employment Period based upon his achievement of performance criteria mutually agreed upon by the Employee and the Company. The performance criteria for the first year of the Employment Period shall be satisfied in the event that the Company achieves gross revenue of $15 million for calendar year 2000. With respect to subsequent calendar years, it is expected that the performance criteria will be based on increasing gross revenue targets to be agreed upon within thirty (30) days after each anniversary of this Employment Agreement and that such targets shall be consistent with and no higher than the performance targets established for the President of the Company for such calendar year.
(c) During the Employment Period and to the extent available to senior executive officers of the Company, the Employee shall be entitled to participate in all of the Company's benefit plans, pension and retirement plans, life insurance, hospitalization and surgical and major medical coverages, sick leave, vacation and holiday policies, long-term disability coverage and such other fringe benefits enjoyed by other senior executive officers of the Company. Notwithstanding anything to the contrary contained in this Section 5(c), at no time during the Employment Period shall the long-term disability coverage and life insurance benefits that the Company provides to the Employee be reduced to a level below that being provided to the Employee as of the Start Date.
(d) The Company shall reimburse the Employee, in accordance with the practice from time to time for other senior executive officers of the Company, for all reasonable and necessary traveling expenses, disbursements and other reasonable and necessary ...
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 and Seventy Thousand and Forty Dollars ($170,040), 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 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 Employee'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. No compensation shall be payable by the Partnership to any Partner or to an Affiliate of any Partner unless permitted pursuant to the AGHC Prospectus and Section 5.
Compensation; Reimbursement. Each Fund shall compensate JCM for the services it provides pursuant to this Agreement and/or shall reimburse JCM for the reasonable costs incurred by JCM, its officers, employees and delegates, in providing services pursuant to this Agreement. Compensation and/or reimbursement to be provided to JCM is limited to that set forth on Schedule B. Such compensation/reimbursement shall be paid monthly unless otherwise reflected on Schedule B. Nothing in this Agreement shall obligate JCM to pay for the services of third parties, including but not limited to, attorneys, auditors, printers, pricing services, third party administrators, or others, engaged directly by the Trust and/or a Fund to perform services on behalf of the Trust or a Fund. However, JCM or its affiliates may make payments to such third parties on behalf of the Trust and/or a Fund and subsequently seek reimbursement of such payments from the Trust and/or the Fund. Such reimbursement shall be paid on a monthly basis, or at such time as the parties may agree. To the extent JCM contracts with others to provide the services it is obligated to provide pursuant to this Agreement, fees paid to the third party shall be borne by JCM, unless the Board of Trustees of the Trust agrees that the Trust and/or a Fund shall pay such fees. From time to time, JCM may waive all or a portion of its compensation or determine not to seek reimbursement of its costs or payments it is obligated to pay to others as provided for hereunder, or the Board of Trustees may request such a waiver of compensation or reimbursement. JCM shall pay all expenses resulting from regulatory or legal changes impacting the services to be provided to the Trust and/or a Fund pursuant to this Agreement, but such expenses may be paid by the Trust and/or the Fund if such payments are expressly approved by the Board of Trustees of the Trust. The Trust and/or a Fund may be obligated to pay other costs and expenses pursuant to other agreements between the Trust and/or a Fund and JCM, or as otherwise approved by the Trust’s Board of Trustees.
Compensation; Reimbursement. For all services rendered by Executive under this Agreement during the Employment Term, the Company shall pay Executive the compensation set forth in Section 3.1 hereof, and shall provide the other benefits and reimbursement of expenses set forth elsewhere in this Article 3.
