Compensation for Employment Sample Clauses
Compensation for Employment. (a) The basic annual compensation of the Employee for his employment services to Tufco and to all of its affiliated companies during the Employment Term shall be $150,000 (the "Salary"), which Tufco shall pay to the Employee in accordance with its normal payroll policy. Tufco may adjust the Salary upward on an annual basis as the Board may determine, but the Salary shall not be decreased.
(b) Commencing as of October 1, 1996, (the "Bonus Starting Date") and continuing during the Employment Term, Tufco shall pay the Employee a bonus in accordance with this paragraph (b). For each fiscal year during the Employment Term, the Board, in its sole discretion, shall establish a budget for pre-tax income in accordance with generally accepted accounting principles consistently applied ("GAAP") and the Employee's bonus will vary as a percentage of Salary in relation to the percentage achievement of that budget as follows: 2 Percentage of Percentage of Salary Budget Attained Earned as Bonus --------------- --------------- Less than 90% 40% 100% 50% 110% 60% 120% 70% 130% 80% 140% 90% 150% 100% For a percentage of budget achievement between the benchmarks, the percentage of Salary shall be linearly interpolated, provided that no bonus shall be paid for achievement less than 90% of budget and the maximum bonus shall be 100% of Salary in any event. In the case of a partial fiscal year, Tufco shall adjust the bonus to correspond to Tufco's budget and the salary for the portion of the applicable fiscal year that shall be included in the Employment Term. Notwithstanding the foregoing, the Employee's initial bonus period (the "Initial Bonus Period") shall be the period starting with October 1, 1996, and ending September 30, 1997, and Tufco shall use its budget for that period to determine the Employee's eligibility for a bonus, and then apply the applicable bonus percentage to that portion of the Employee's annual Salary that relates to the Initial Bonus Period. The Employee's second bonus period shall be the period beginning October 1, 1997 and ending with the last day of Tufco's fiscal year, and Tufco shall prepare a budget for that period and determine the Employee's eligibility for a bonus in the manner described for the Initial Bonus Period.
(c) During the Employment Term, Tufco shall also provide the Employee with those fringe benefits that are specified on Exhibit "A" hereto (the "Fringe Benefits"). Tufco shall also reimburse the Employee for any reasonable business e...
Compensation for Employment. (a) The basic annual rate of compensation of the Employee for his employment services to the Company during the Employment Term shall be $325,000 (such amount is referred to herein as the "Salary"), which the Company shall pay to the Employee in equal installments in accordance with the normal payroll policies of the Company. The Salary will be reviewed at least one time each calendar year by the Compensation Committee of the Board for possible increases, taking into account such matters as the Employee's responsibilities, the profitability of the Company, the compensation of other executives of the Company, increases in cost of living and other factors deemed pertinent by the Committee. In light of such review, the Company, in its sole discretion, may increase the Salary but shall not decrease the Salary during the Employment Term.
(b) The Employee shall be eligible to receive annual performance bonuses (such amounts are referred to herein as the "Bonus") in such amounts as approved by the Compensation Committee of the Board of Directors and participate in such bonus programs as are established for executive officers of the Company. For the first 12 months of this Agreement, the Employee shall receive a guaranteed Bonus of $300,000. After the first 12 months of this Agreement, the target Bonus shall equal 100% of the then existing Salary.
(c) On the date hereof, the Company shall grant Employee a stock option (the "Base Option") to purchase 1,000,000 shares of the Company's common stock, par value $.01 per share (the "Common Stock"). The Base Option will contain such terms as contained in the form of Grant Letters attached as "Exhibit "A" hereto, including immediate vesting with respect to 100,000 shares and vesting in three equal 300,000 share increments on the first, second and third anniversaries of the date of grant. The Base Option shall provide that a maximum number of shares be qualified as "Incentive Stock Options" under applicable law and the regulations of the U.S. Internal Revenue Service. In addition, on the date hereof, the Company shall grant Employee a stock option (the "Performance Option") to purchase 500,000 shares of Common Stock. The Performance Option will include such terms as contained in the form of Grant Letter attached as Exhibit "B" hereto, including the following vesting schedule:
(i) 166,667 shares if the closing price of the Common Stock on Nasdaq reaches $11.00 per share for ten consecutive trading days beginning prior to th...
Compensation for Employment. (a) The basic annual rate of compensation of the Employee for his employment services to the Company during the Employment Term shall be $200,000 (such amount is referred to herein as the "Salary"), which the Company shall pay to the Employee in equal installments in accordance with the normal payroll policies of the Company. The Salary shall be reviewed at least one time each calendar year by the Compensation Committee of the Board for possible increases, taking into account such matters as the Employee's responsibilities, the profitability of the Company, the compensation 2 of other executives of the Company, increases in cost of living and other factors deemed pertinent by the Compensation Committee. In light of such review, the Company, in its sole discretion, may increase the Salary but shall not decrease the Salary during the Employment Term.
(b) The Employee shall be eligible to receive annual performance bonuses (such amounts are referred to herein as the "Bonus") in accordance with the following schedule:
(i) If the Company earns $45 million or more of EBITDA (as defined below) in 2001, the Company shall pay the Employee a Bonus for 2001 of $200,000.
(ii) If the Company earns between $40 million and $45 million of EBITDA (as defined below) in 2001, the Compensation Committee of the Board, in its discretion, may award the Employee a Bonus for 2001 of up to one-half (1/2) of the Bonus described in paragraph (i) above.
(iii) If the Company earns less than $40 million of EBITDA (as defined below) in 2001, the Employee shall not be paid a Bonus for 2001.
(iv) After 2001, the Employee shall be eligible to receive annual performance Bonuses in such amounts as approved by the Compensation Committee of the Board and participate in such bonus programs as are established for executive officers of the Company.
Compensation for Employment. (a) The basic annual rate of compensation of the Employee for his services to the Company during the Employment Term shall be $200,000 (such amounts are referred to herein as the "Salary"), which the Company shall pay to the Employee in equal proportional installments in accordance with the normal payroll policies of the Company.
(b) The Employee shall be eligible to receive annual bonuses (such amounts are referred to herein as the "Bonus") in such amounts as approved by the Compensation Committee of the Board of Directors and participate in such bonus programs as are established for executive officers of the Company.
(c) During the Employment Term, the Company shall provide the Employee with fringe benefits that are substantially equivalent to the fringe benefits specified on Exhibit "A" (the "Fringe Benefits") at such levels that are provided to the senior officers of the Company.
(d) All amounts payable by the Company under Sections 3(a) and (b) and the Fringe Benefits allowed under Section 3(e) shall be subject to proration based upon the number of days in each such year that the Employee was employed by the Company hereunder.
Compensation for Employment a) The basic annual rate of compensation of Employee for his employment services during the Employment term shall be One Hundred Twenty-Five Thousand and no/100 Dollars ($125,000.00) (such amount, as adjusted in accordance with this Section 4(a), is referred to herein as the "Salary"), which the Bank shall pay to Employee in equal installments in accordance with the normal payroll policies of the Bank. The Salary may be adjusted upward on an annual basis as the Board of Directors may approve, in its sole discretion, but the Salary shall not be decreased.
b) During the Employment Term, the Bank shall reimburse Employee for reasonable expenses incurred in connection with the performance of his services hereunder and the Bank shall provide Employee with fringe benefits that are substantially equivalent, but not limited to the fringe benefits specified in "Exhibit A" hereto (the "Fringe Benefits").
Compensation for Employment. (a) The basic annual rate of compensation of the Employee for his employment services to the Company hereunder shall be $96,305 (the "Salary"), which the Company shall pay to the Employee in equal installments in accordance with the Company's payroll payment schedule in effect from time to time. The Salary may be adjusted upward as the Board of Directors of the Company (the "Board") may approve, in its sole discretion, from time to time, but the Salary shall not be decreased.
(b) Commencing January 1, 1996, the Employee shall be entitled to a bonus or such other incentive compensation as may be provided under any plan or program established from time to time by the Board, in its sole discretion. Through December 31, 1995, the Employee shall be entitled to an annual bonus payable in accordance with the terms of the Company's Executive Committee Incentive Program - 1993, with the following modification: for the period January 1 through December 31, 1995, the Board, in its sole discretion, shall establish a budget for pre-tax income in accordance with generally accepted accounting principles consistently applied and the Employee's bonus will vary as a percentage of Salary in relation to the percentage achievement of that budget as follows: Percentage of Percentage of Salary Budget Attained Earned as Bonus --------------------------------------------- <90% 0% 90% 10% 100% 20% 110% 30% 125% 35% For percentage of budget achievement between the benchmarks, the percentage of Salary shall be linearly interpolated, provided that no bonus shall be paid for achievement less than 90% of budget and the maximum bonus shall be 35% of Salary in any event.
(c) During the Employment Term, the Company shall provide, the Employee with fringe benefits that are substantially equivalent to the fringe benefits specified on Exhibit "A" (the "Fringe Benefits").
Compensation for Employment. 3.1 Base Salary and One-Time Bonus. The base annual compensation of ------------------------------ the Employee for all of his employment services to the Company under this Agreement shall be $160,000, which the Company shall pay to the Employee in equal installments and in accordance with the normal payroll policies of the Company. The base annual compensation may be increased at the sole discretion of the Board of Directors of the Company. If the Employee does not receive the maximum Annual Bonus (as defined in paragraph 3.2) for fiscal year 2001, he will be paid a one-time bonus of $25,000, or that amount which is greater under 3.2 under the Annual Bonus Plan, less applicable taxes, in first quarter of the fiscal year 2002 so long as he remains employed by the Company at the time the bonus is paid.
Compensation for Employment. (a) The basic annual rate of compensation of the Employee for his employment services to the Company during the Employment Term shall be $200,000 (such amount is referred to herein as the "Salary"), which the Company shall pay to the Employee in equal installments in accordance with the normal payroll policies of the Company.
(b) The Employee shall be eligible to receive annual bonuses (such amounts are referred to herein as the "Bonus") in such amounts as approved by the Compensation Committee of the Board of Directors and participate in such bonus programs as are established for executive officers of the Company.
(c) On the date hereof, the Company shall grant Employee stock options (the "Base Options") to purchase an aggregate of 1,500,000 shares of the Company's common stock, par value $.01 per share (the "Common Stock"). The Base Options will contain such terms as contained in the forms of Grant Letter attached as "Exhibits A and B" hereto, including vesting in three equal amounts (each representing 33.33% of the shares underlying such option) beginning on the one year anniversary of the date of grant and on the next two successive annual anniversary dates of the date of grant In addition, on the date hereof, the Company shall grant Employee a stock option (the "Performance Option") to purchase 500,000 shares of Common Stock. As soon as reasonably practicable after the date of this Agreement, the Company shall register the shares of Common Stock underlying the Base and Performance Options, to the extent not already so registered, under the Securities Act of 1933, as amended, pursuant to a Registration Statement on Form S-8. The Performance Option will include such terms as contained in the form of Grant Letter attached as "Exhibit C" hereto, including the following vesting schedule:
(i) 166,667 shares if the closing price of the Common Stock on Nasdaq reaches $8.00 per share for ten consecutive trading days prior to the 18 month anniversary of this Agreement;
(ii) 166,667 shares if the closing price of the Common Stock on Nasdaq reaches $12.00 per share for ten consecutive trading days prior to the 27 month anniversary of this Agreement;
(iii) 166,666 shares if the closing price of the Common Stock on Nasdaq reaches $18.00 per share for ten consecutive trading days prior to the 36 month anniversary of this Agreement; and
(iv) if not vested by the fourth anniversary of the date of this Agreement, then all shares underlying the Performance Option shall ...
Compensation for Employment. (a) The Employee shall not be entitled to receive a salary or other base pay for his employment services to the Company during the Employment Term.
(b) The Employee shall be eligible to receive annual performance bonuses (such amounts are referred to herein as the "Bonus") in accordance with the following schedule:
(i) If the Company earns $45 million or more of EBITDA (as defined below) in 2001, the Company shall pay the Employee a Bonus for 2001 of $750,000.
(ii) If the Company earns between $40 million and $45 million of EBITDA (as defined below) in 2001, the Compensation Committee of the Board, in its discretion, may award the Employee a Bonus for 2001 of up to one-half (1/2) of the Bonus described in paragraph (i) above.
(iii) If the Company earns less than $40 million of EBITDA (as defined below) in 2001, the Employee shall not be paid a Bonus for 2001.
(iv) After 2001, the Employee shall be eligible to receive annual performance Bonuses in such amounts as approved by the Compensation Committee of the Board and participate in such bonus programs as are established for executive officers of the Company.
Compensation for Employment. COMPANY agrees to pay to S▇▇▇▇▇▇ all of his wages (including accrued and unused vacation time) accrued through the Termination Date by no later than the business day after the Termination Date. S▇▇▇▇▇▇ agrees that payment on such date is sufficiently timely. The parties agree that this amount is $ for accrued and unused paid-time-off and $ for other wages, each before applicable tax withholding. Except as expressly provided in this Section 1, S▇▇▇▇▇▇ hereby waives and renounces any and all other amounts which are or may become due to him under his Employment Agreement dated November 26, 2001, and under any other written or oral compensation arrangement. S▇▇▇▇▇▇ acknowledges that effective upon his employment termination he will be unable to continue his participation in COMPANY’s 401(k) plan or employee stock purchase plan or, except as allowed by COBRA or as specified in this Agreement, any other COMPANY perquisite, employee benefit plan or fringe benefit plan. The Vested Options shall in accordance with their terms remain exercisable until the earlier of a Corporate Transaction or , 200 . The Parties acknowledge and agree that none of the Unvested Options shall ever become exercisable or ever vest, and that S▇▇▇▇▇▇ does not hold or have any right to receive any other COMPANY stock options, or have any right to receive any other COMPANY stock.