Salary, Bonus and Benefits. For services rendered by the Employee on behalf of the Company during the Employment Term, the following salary, bonus and benefits shall be provided to the Employee by the Company:
(a) The Company shall pay to the Employee, in equal installments, according to the Company’s then current practice for paying its executive officers in effect from time to time during the Employment Term, the Annual Base Salary.
(b) The Employee shall participate in the Sealy Corporation Annual Bonus Plan (the “Bonus Plan”) in accordance with the provisions of that Plan as in effect as of the date of this Agreement based on the Target Annual Bonus Percentage.
(c) The Employee shall be eligible for participation in such other benefit plans, including, but not limited to, the Company’s Profit Sharing Plan and Trust, Executive Severance Benefit Plan, Benefit Equalization Plan, Short-Term and Long Term Disability Plans, Group Term Life Insurance Plan, Medical Plan or PPO, Dental Plan, the 401(k) feature of the Profit Sharing Plan and the 1998 Stock Option Plan, as the Board may adopt from time to time and in which the Company’s executive officers are eligible to participate. Such participation shall be subject to the terms and conditions set forth in the applicable plan documents. As is more fully set forth in Section 6 hereof, the Employee shall not be entitled to duplicative payments under this Agreement and the Executive Severance Benefit Plan.
(d) Without limiting the generality of Subsection 3(c) above, for so long as such coverage shall be available to the executive officers of the Company, the Employee shall be eligible to participate in the Company’s Group Term Life Insurance Plan with a death benefit to be provided at the level of one and one half (1 ½) times annual base salary at Company expense, plus extended coverage with a death benefit to be provided of at least the level in effect on the date of this Agreement for the Employee under such Plan at the Employee’s discretion and expense.
(e) The Employee shall be entitled to take, during each calendar year period during the Employment Term, vacation time equal to four (4) weeks per year.
(f) In addition, the Parties do hereby further confirm that any shares of Class A Common Stock of the Company (“Class A Shares”), and any options to purchase additional Class A Shares previously granted to Employee are in addition to, and not in lieu of, any shares or options which may be granted under any other plan or arrangement of th...
Salary, Bonus and Benefits. During the Employment Period, Employer will pay Executive a base salary (the “Annual Base Salary”) of $165,000 per annum, subject to any increases as determined by the Board based upon the Company’s achievements of budgetary and other objectives set by the Board. For any fiscal year, Executive shall be eligible for an annual bonus of up to 50% of the Executive’s then applicable Annual Base Salary based upon the achievement by the Company, Employer and their Subsidiaries of budgetary and other objectives set by the Board; provided that with respect to the first year for which Executive is eligible for a bonus, such bonus shall be paid on a pro rata basis based upon that portion of the year that remained after the date of this Agreement. In addition, during the Employment Period, Executive will be entitled to such other benefits approved by the Board and made available to the senior management of the Company, Employer and their Subsidiaries.
Salary, Bonus and Benefits. The Board shall make all decisions related to Executive’s base salary and the payment of bonuses, if any. Executive’s Annual Base Salary and other compensation will be reviewed by the Board at least annually.
Salary, Bonus and Benefits. For services rendered by the Employee on -------------------------- behalf of the Company during the Employment Term, the following salary, bonus and benefits shall be provided to the Employee by the Company:
(a) The Company shall pay to the Employee, in equal installments, according to the Company's then current practice for paying its executive officers in effect from time to time during the Employment Term, an annual base salary at the initial rate of One Hundred Ninety Thousand Dollars ($190,000). This salary shall be subject to annual review by the Human Resources Committee of the Board (the "Committee") and may be increased, but not decreased, to the extent, if any, that the Committee may determine.
(b) The Employee shall participate in the Sealy Corporation Annual Bonus Plan (the "Bonus Plan") in accordance with the provisions of that Plan as in effect as of the date of this Agreement. The Employee's Target annual bonus, as established by the Committee under the Bonus Plan as of the date of this Agreement, is thirty- five percent (35%) (his "Target Annual Bonus Percentage") of annual base salary, with a range of zero percent (0%) to seventy percent (70%) of annual base salary.
(c) The Employee shall be eligible for participation in such other benefit plans, including, but not limited to, the Company's Profit Sharing Plan and Trust, Executive Severance Benefit Plan, Benefit Equalization Plan, Short-Term and Long Term Disability Plans, Group Term Life Insurance Plan, Medical Plan or PPO, Dental Plan, the 401(k) feature of the Profit Sharing Plan and the 1998 Stock Option Plan, as the Board may adopt from time to time and in which the Company's executive officers are eligible to participate. Such participation shall be subject to the terms and conditions set forth in the applicable plan documents. As is more fully set forth in Section 7 hereof, the Employee shall not be entitled to duplicative payments under this Agreement and the Executive Severance Benefit Plan.
(d) Without limiting the generality of Subsection 3(c) above, for so long as such coverage shall be available to the executive officers of the Company, the Employee shall be eligible to participate in the Company's Group Term Life Insurance Plan with a death benefit to be provided at the level of one and one half (1 1/2) times annual base salary at Company expense, plus extended coverage with a death benefit to be provided of at least the level in effect on the date of this Agreement for the ...
Salary, Bonus and Benefits. Effective upon a Change in Control Termination, the Executive shall be entitled to the following:
(A) a lump sum payment in an amount equal to one times his base salary plus his target bonus, such salary to be the highest annual salary (excluding any bonuses) in effect with respect to the Executive during the six-month period immediately preceding the Executive’s termination and such target bonus to be the highest target bonus in effect with respect to the Executive for (1) the fiscal year in which the Change in Control occurs, (2) the fiscal year following the year in which the Change in Control occurs, or (3) the fiscal year in which the Change in Control Termination occurs, whichever is highest, payable within forty-five (45) days after the termination date; and
(B) continued participation in the Benefit Plans, subject to the terms and conditions of the respective plans and applicable law, for a period of one year following the termination date; provided that, to the extent that any of the Benefit Plans does not permit such continuation of the Executive’s participation following his termination or any such plan is terminated, the Company shall pay the Executive an amount which is sufficient for him to purchase equivalent benefits, such amount to be paid quarterly in advance; provided, further, however, that to the extent the Executive becomes eligible to receive medical, dental, vision and/or basic life insurance benefits under a plan provided by another employer, the Executive’s entitlement to participate in the corresponding Benefit Plans or to receive such corresponding alternate payments shall cease as of the date the Executive is eligible to participate in such other plan, and the Executive shall promptly notify the Company of his eligibility under such plan.
Salary, Bonus and Benefits a. From the Commencement Date through July 31, 2008, and retroactively to February 18, 2007, Employee shall be paid an annual base salary of Two Hundred Thousand Dollars ($200,000.00), for the period January 1, 2007 through February 17, 2007, Employee shall be paid an annual base salary of One Hundred Seventy-Seven Thousand Six Hundred Seventy Five Dollars ($177,675.00) paid in the same intervals as other Employees of the Company; and if employed through October 31, 2007, Employee will be eligible to receive an executive bonus in accordance with the terms and conditions of the executive bonus program and/or the individual performance bonus program authorized by the Board of Directors of the Company (the “Board”) for other comparable senior vice president-level employees of the Company for fiscal year 2007, with a bonus in a range of percentages, but with a target bonus of 40% of Employee’s base salary.
b. During the second fiscal year of this Agreement, Employee will receive an annualized base salary of no less than Two Hundred Thousand Dollars ($200,000), and will also be eligible to participate in an executive bonus program and/or in an individual performance bonus program that applies to other comparable senior vice-president level employees of the Company as authorized by the Board, up to a target bonus of 45% of Employee’s base salary. Employee will not, however, be eligible to participate in the Company’s non-executive bonus program. Employee acknowledges receipt of any bonuses or incentives applicable to fiscal years 2005 and 2006 and any equity grants promised to Employee in her Letter Agreement with the Company, dated June 17, 2005. Employee also acknowledges receipt of 5,000 restricted shares on July 17, 2007, in anticipation of this Agreement.
c. Any stock options or restricted stock units granted at any time to Employee shall vest in accordance with the terms and conditions set forth in the applicable grant by the Board and, as otherwise may be applicable, with any relevant terms and conditions of the 2004 Equity Incentive Plan as amended (the “Plan”). Employee acknowledges that any option grants are at the sole discretion of the Board.
d. Employee’s salary is set in the expectation that (except for vacation days and holidays) Employee’s full time will be devoted to Employee’s duties hereunder.
e. During Employee’s employment with the Company, the Company will promptly pay or reimburse Employee for reasonable travel, entertainment and other exp...
Salary, Bonus and Benefits. During the Employment Period, Employer will pay Executive a base salary of $425,000 per annum (the "ANNUAL BASE SALARY"). The existing Medtech/Denorex bonus program will continue through the fiscal year ending March 31, 2004. Beginning with fiscal year 2005, the Board shall develop a new bonus program which may incorporate subjective and objective criteria for bonus achievement different from the criteria contained in the existing Medtech/Denorex bonus program; PROVIDED, HOWEVER, THAT the maximum bonus payment potentials to Executive will not be decreased from those provided in the existing Medtech/Denorex bonus program. In addition, during the Employment Period, Executive will be entitled to such other benefits approved by the Board and made available to the senior management of the Company, Employer and their Subsidiaries, which shall include no less than four (4) weeks paid vacation per calendar year and medical, dental, life and disability insurance. The Board, on a basis consistent with past practice, shall review the Annual Base Salary of Executive and may increase the Annual Base Salary by such amount as the Board, in its sole discretion, shall deem appropriate. The term "Annual Base Salary" as used in this Agreement shall refer to the Annual Base Salary as it may be so increased.
Salary, Bonus and Benefits. (i) The Company shall pay Executive a base salary in the annual amount of $235,000 payable bi-weekly or in such other manner as is consistent with the Company’s normal payroll practices.
(ii) The Company shall (subject to the review and approval by the compensation committee of the board of directors) establish a performance based program pursuant to which Executive shall receive, if performance targets are met, an additional annual cash payment of up to seventy-five percent (75%) of Executive’s then current base salary (or such higher amount as the compensation committee may approve).
(iii) The Company shall offer to Executive a benefits package equivalent to that provided to the Company’s other employees and senior-level executives (including, without limitation, participation in the Company’s medical, dental, vision, life and disability insurance programs, the Company’s 401(k) plan, the Company’s stock purchase program, and such other plans or programs as may be made available). In addition, the Company shall maintain a life insurance policy on the life of Executive and payable upon death of the Executive to a beneficiary or beneficiaries designated by Executive, in an amount not less than $500,000.
(iv) For so long as this Agreement is renewed, the compensation committee of the board of directors shall each year on or before the anniversary date of this Agreement review the Executive’s base salary and bonus payment in light of the performance of Executive and the Company, and may increase (but not decrease) such base salary and bonus payment by an amount it determines to be appropriate.
Salary, Bonus and Benefits. During the Employment Period, Employer will pay Executive a base salary (the "Annual Base Salary") of $200,000 per annum, subject to any increase as determined by the Board based upon the Company's achievements of budgetary and other objectives set by the Board. Following the consummation of the Base Acquisition, for any fiscal year, Executive shall be eligible for an annual bonus of up to 35% of Executive's then-applicable Annual Base Salary based upon the achievement by the Company, Employer and their Subsidiaries of budgetary and other objectives set by the Board; provided that in any partial year in which Executive is eligible for a bonus, such bonus shall be paid on a pro rata basis based upon that portion of the year that the Executive worked for the Employer. In addition, during the Employment Period, Executive will be entitled to the benefits set forth on the Executive Benefits Supplement attached to this Agreement and such other benefits approved by the Board and made available to the senior management of the Company, Employer or their Subsidiaries.
Salary, Bonus and Benefits. The Company will pay Executive a base salary to be determined by the Chief Executive Officer, subject to any annual increase during the Employment Period as determined by the Chief Executive Officer based upon the Company's achievements of budgetary and other objectives set by the Board (the "ANNUAL BASE SALARY"). Executive shall also be eligible to receive a bonus (the "BONUS") determined in accordance with the Company's compensation plan, as established from time to time by the compensation committee of the Board, and the Executive shall be eligible to participate in the Company's split-dollar insurance policy in accordance with SECTION 1(c) below. Executive's Annual Base Salary and Bonus for any partial year will be prorated based upon the number of days elapsed in such year. In addition, during the Employment Period, Executive will be entitled to such other benefits approved by the Chief Executive Officer and made available to the Company's senior executives, including, but not limited to, vacation time, tuition reimbursement, reimbursement of business expenses, car allowance and healthcare benefits.
