Compensation During Consulting Period Clause Samples
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Compensation During Consulting Period. Subject to Executive signing and letting become effective the Release within the period of time specified therein:
(a) During the Consulting Period, the Company shall pay Executive an annualized amount of $500,000 per year, payable in monthly installments for the number of months the Consulting Period remains in effect but in no event beyond December 31, 2012; provided that the first payment shall be made on the first business day following the date that is six months after the Retirement Date pursuant to Section 14(a) hereof.
(b) The Company understands that Executive will no longer need office space as of the Retirement Date; however, the Company shall provide Executive with reasonable secretarial support from an employee of the Company during the Consulting Period. The Company intends that such support shall be provided by Executive’s current secretary for so long as she remains a Company employee.
(c) Effective immediately prior to the Retirement Date, Executive shall be granted a unit with respect to 125,000 shares of the Company’s common stock (the “New Equity Grant”), with each unit representing the right to receive (i) one share of Company common stock and (ii) the Fair Market Value on the vesting date of one share of Company common stock. The New Equity Grant shall be evidenced by a separate award agreement and, except as set forth herein, shall be subject to the Company’s standard terms and conditions. If Executive successfully implements a succession and transition plan by May 2010, performs effective consulting services throughout the Consulting Period and complies in all material respects with this Agreement, in each case as determined by the Board, then the New Equity Grant will vest during the Consulting Period in the following installments: 4,167 units on the last day of each month, starting June 30, 2010 through May 31, 2012; 3,570 units on the last day of each month, starting June 30, 2012 and ending on November 30, 2012; and 3,572 Units on December 31, 2012; provided that vested shares and cash payments, as applicable, will be delivered only on December 31 (or, if such date is not a business day, the immediately preceding business day) of each year. Any unvested portion of the New Equity Grant will be forfeited prior to the end of the Consulting Period in the event of (i) a Change in Control, as defined below, in which the acquiror does not assume this Agreement, (ii) Executive’s death or Disability (as defined below) or (iii) terminatio...
Compensation During Consulting Period. (i) Executive acknowledges that, following the Termination Date, Executive shall not be eligible to participate in any plan or program which, as a condition of eligibility for such plan or program, requires Executive to be an employee of the Company. For the avoidance of doubt, through the Termination Date, Executive shall be eligible to participate in the Company’s retirement savings plan under Section 401(k) of the Code and shall be eligible to receive Company matching contributions at the level applicable to senior executives of the Company through the Termination Date.
(ii) During the Consulting Period, the Company shall reimburse Executive for reasonable and pre-approved out-of-pocket business expenses incurred in connection with the performance of his services hereunder, subject to (i) such policies as the Company may from time to time establish, and (ii) Executive furnishing the Company with evidence in the form of receipts satisfactory to the Company substantiating the claimed expenditures. The Company agrees to reimburse Executive for amounts payable to the Executive under this Section 3(d)(ii) within thirty (30) days after receipt of satisfactory evidence from Executive. Notwithstanding the foregoing, any amounts payable to the Executive under this Section 3(d)(ii) shall be made in accordance with Treasury Regulation Section 1.409A-3(i)(1)(iv) and shall be paid on or before the last day of Executive’s taxable year following the taxable year in which Executive incurred the expenses. The amounts provided under this Section 3(d)(ii) during any taxable year of the Executive’s will not affect such amounts provided in any other taxable year of Executive’s, and Executive’s right to reimbursement for such amounts shall not be subject to liquidation or exchange for any other benefit.
Compensation During Consulting Period. In consideration of the services rendered by the Executive under this Agreement during the Consulting Period, the Company shall pay the Executive compensation (the "Consulting Compensation") at the rate of One Hundred Fifty Thousand Dollars ($150,000) per calendar year. The Consulting Compensation shall be paid in arrears in equal monthly installments.
Compensation During Consulting Period. For consulting services rendered by Executive during the Consulting Period, the Company shall pay Executive an annualized amount of $255,000 per year, payable in twelve (12) monthly installments in advance through May 12, 2017.
Compensation During Consulting Period. As compensation for Executive’s Services during the Consulting Period and as consideration for the Restrictive Covenants set forth in Section 8, the Company shall pay Executive a consulting fee in the amount of Three Hundred Fifty Thousand Dollars ($350,000) per month (the “Monthly Consulting Fee”), which shall be prorated for any partial month of services provided by Executive during the Consulting Period. The Monthly Consulting Fee shall be paid monthly in arrears no later than ten (10) days after the end of each applicable month. The monthly compensation shall be payable to Executive as Form 1099 income as an independent contractor and not Form W-2 income as an employee, and Executive shall be solely responsible for payment of any and all income, employment or other taxes owing with respect to compensation paid under this Section 6. The Company shall also (i) reimburse Executive for all reasonable and necessary out-of-pocket business and travel expenses incurred by Executive at the direction and with the prior approval of the Company, and (ii) pay or reimburse Executive for his COBRA premiums, if any, during the Consulting Period.
Compensation During Consulting Period. (i) During the Consulting Period, Executive shall be paid a monthly retainer as follows: $28,000 per month for the period commencing on June 1, 2012 and ending on November 30, 2012, and $1,750 per month for the period commencing on December 1, 2012 and ending on June 30, 2013, payable monthly in arrears.
(ii) Executive acknowledges that, following the Termination Date, Executive shall not be eligible to participate in any plan or program which, as a condition of eligibility for such plan or program, requires Executive to be an employee of the Company. During the Consulting Period, Executive shall comply, at his expense, with all applicable provisions of worker’s compensation laws, unemployment compensation laws, federal Social Security laws and all other applicable federal, state, and local laws, regulations and codes relating to terms and conditions of employment required to be fulfilled by independent contractors.
(iii) During the Consulting Period, the Company shall reimburse Executive for reasonable and pre-approved out-of-pocket business expenses incurred in connection with the performance of his services hereunder, subject to (a) such policies as the Company may from time to time establish, and (b) Executive furnishing the Company with evidence in the form of receipts satisfactory to the Company substantiating the claimed expenditures.
Compensation During Consulting Period. During the Consulting Period, with the understanding that ▇▇▇▇▇ will not accept full-time employment with any third party until April 1, 2004, Centex Corporation shall pay ▇▇▇▇▇ as follows:
i. $400,000 per year for the first 24 months. Such amounts shall be paid as depicted on the schedule described in section 2. c. iii. below.
ii. ▇▇▇▇▇ ▇▇▇▇▇ ▇▇, ▇▇▇▇ ▇▇▇▇▇▇ Corporation shall provide ▇▇▇▇▇ with such medical and dental coverages as were being provided to ▇▇▇▇▇ as an employee of Centex Corporation at March 31, 2002. The provision of such coverage will be subject to any changes of general application in the programs which provide such coverages to employees of Centex Corporation.
iii. Prior to the conclusion of fiscal year 2001 ▇▇▇▇▇ and Centex Corporation agreed that, with respect to such year, payment of ▇▇▇▇▇'▇ annual bonus and payment of cash to ▇▇▇▇▇ in lieu of his annual stock option award would be deferred until April 2002, and such deferred payments would accrue interest at the rate of 7% per annum. The parties further agreed that commencing April 2002, for a period of five years, Centex Corporation would make amortizing monthly payments to ▇▇▇▇▇ of such deferred amounts, together with interest thereon at the rate of 7% per annum. As of the Effective Date the amount of such deferred bonus is $2,889,000 and the amount of such deferred cash in lieu of options is $1,797,600. Attached to this agreement is a schedule which describes the dates and monthly payments of said deferred amounts, and the consulting payments described in section 2. c. i. above. Centex Corporation will make these payments as scheduled, subject to all appropriate deductions.
iv. It is anticipated that ▇▇▇▇▇ will be awarded a bonus and cash in lieu of stock option grant for the fiscal year concluded March 31, 2002. Such awards will be determined and approved by the Compensation Committee in its May 2002 meeting. ▇▇▇▇▇ had elected, prior to March 31, 2002, to defer the receipt of such bonus and cash in lieu of stock option grant for a period of time not to exceed eighty-four (84) months from the Effective Date. Interest will accrue on the amount of compensation so deferred at the rate of 7% per annum commencing with the Effective Date. ▇▇▇▇▇ may elect during any calendar year, beginning in the calendar year 2002, to receive a distribution of some portion or all of the deferred compensation, provided that such distribution will not be made, or will not commence if paid in installments,...
Compensation During Consulting Period. (i) During the Consulting Period, in consideration for the Release and his continued compliance with Section 4 below, Executive shall be entitled to receive a cash retainer of $200,000 per year, payable in twelve (12) equal monthly installments on the first day of each calendar month during the Consulting Period. For purposes of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), and the Treasury Regulations thereunder, Executive’s right to the series of installment payments hereunder shall be treated as a right to a series of separate payments.
(ii) Executive acknowledges that, following the Termination Date, Executive shall not be eligible to participate in any plan or program which, as a condition of eligibility for such plan or program, requires Executive to be an employee of the Company.
(iii) During the Consulting Period, the Company shall reimburse Executive for reasonable and pre-approved out-of-pocket business expenses incurred in connection with the performance of his services hereunder, subject to (i) such policies as the Company may from time to time establish, and (ii) Executive furnishing the Company with evidence in the form of receipts satisfactory to the Company substantiating the claimed expenditures
Compensation During Consulting Period. The Company shall pay ▇▇▇▇▇▇▇ an aggregate of Thirty Five Thousand Six Hundred Seventy Dollars ($35,670) for his consulting services during the period from the Termination Date through December 31, 2003 (the “Initial Consulting Period”). Should ▇▇▇▇▇▇▇ elect to continue group health benefits under COBRA during the Initial Consulting Period, the Company will pay for ▇▇▇▇▇▇▇’ COBRA coverage costs during the Initial Consulting Period. Thereafter, the only compensation which will be due to ▇▇▇▇▇▇▇ during the Consulting Period shall be the continued vesting set forth in Paragraph 4 of this Agreement.
Compensation During Consulting Period. Subject to Executive signing and letting become effective the Release within the period of time specified therein:
(a) During the Consulting Period, the Company shall pay Executive an annualized amount of $200,000 per year, payable in monthly installments of $16,666 on the last business day of the month without any withholdings or deductions. Payments will not be considered “wages” and will not be eligible for benefit consideration or tax withholding and will be reported on a Form 1099 at the end of the year. All tax liability will be Employee's responsibility.
(b) In consideration for Executive's services as a consultant for the fiscal year ending September 30, 2013, Executive shall be entitle to receive an amount equal to such target bonus as may be determined by the Company's Compensation Committee, adjusted at the end of fiscal 2013 after taking account of such factors as may be prescribed by the Company's Compensation Committee. . Such bonus shall be subject to final approval by the Compensation Committee and may be paid up to three months after the expiration of the Consulting Period, payable all in cash and not restricted stock. If Executive terminates this Agreement pursuant to 4(d), such bonus amount as may have been awarded for the full 2013 fiscal year shall be pro-rated accordingly. If the Company terminates the Consulting Period pursuant to 4(d), the bonus shall be calculated as if the Consulting Period had ended on September 30, 2013.
(c) Executive will continue to use his current office space in Kansas City, at the Company's expense, for consulting work to be done by Executive pursuant to this Agreement; and the Company shall provide Executive with secretarial support from an employee of the Company during the Consulting Period. The Company intends that such support shall be provided by Executive's current secretary for so long as she remains a Company's employee.
(d) During the Consulting Period, the Company shall pay or reimburse Executive for all reasonable out-of-pocket expenses incurred in connection with Executive's performance of the Consulting Services, upon presentation of written documentation thereof in accordance with Company expense reimbursement policies.
(e) During the Consulting Period, Executive shall continue to have access to the Company's airplanes, as appropriate and subject to the Company's policy in relation to use of the airplanes.
(f) Executive agrees to waive any fees or restricted stock award that would in the norm...