Compensation Related Matters Sample Clauses
The COMPENSATION/RELATED MATTERS clause defines the terms and conditions under which payment and other financial benefits are provided to a party, typically in an employment or service agreement. It outlines specifics such as salary, bonuses, commissions, expense reimbursements, and any additional benefits or allowances that may be applicable. By clearly detailing the structure and timing of compensation, this clause ensures both parties understand their financial obligations and entitlements, thereby reducing the risk of disputes over payment and related matters.
Compensation Related Matters. (a) Employee shall receive a salary for his services hereunder at the rate of $200,000 per annum, payable in accordance with the Company's normal payroll procedure for executive employees.
(b) In addition to the Employee's salary, the Employee:
(i) May receive a bonus of up to $60,000, as follows:
(A) up to $30,000 pursuant to the terms of a quantitative senior management plan under development; and
(B) up to an additional $30,000, at the discretion of the Company's Chief Executive Officer and President; and
(ii) Employee shall receive an "override" on all bookings generated by Employee during the first six (6) months of the Term that are a direct result of Employee's existing business relationships on the Commencement Date ("Bookings"), such "override" to be computed as follows: 5% of the first $250,000 in Bookings, 4% of Bookings between $250,000 and $750,000, and 3% of Bookings above $750,000. Payment of such "override" shall be made to Employee within 10 days after the end of the month during which the revenues from such Bookings are received by the Company.
(c) On an annual basis beginning December 2002, the Company shall review the Employee's performance and other relevant factors relating to salary and bonus. Any increase in salary and/or bonus at such time shall be at the discretion of the Company's Chief Executive Officer and President.
3.2 The Company shall reimburse the Employee for all reasonable expenses incurred by him in connection with the business of the Company, provided Employee shall submit proper supporting documentation for such expenses.
3.3 Employee shall be eligible, to the extent he qualifies, for participation in any health or other group insurance plan of the Company and shall also be entitled to participate in any employee benefit programs of the Company for its key employees or for its employees generally.
3.4 Employee shall be entitled to a four (4) week paid vacation annually, to be taken at such times as are consistent with the needs of the Company and the convenience of the Employee, plus such other holidays, personal days or other days as may be determined in accordance with the Company's policies as in effect from time to time.
(a) In the event the Employee's employment by the Company is terminated for "cause" pursuant to Section 2.1(c) hereof, or by virtue of Section 2.1(d) hereof because the Employee voluntarily leaves the employ of the Company, the Employee shall be entitled to (i) the compensation provided for by Sec...
Compensation Related Matters. 3.1 The Employee shall be compensated for his services hereunder as follows:
(a) Upon execution of this Employment Agreement, the Employee shall receive, under the Company's 1996 Stock Option Plan, five year options to purchase 750,000 shares of the Company's common stock, par value $.001 per share (the "Common Stock"), which options shall vest as to 150,000 upon the date of grant and as to 150,000 on each of the next four anniversary dates hereof. The option exercise price per share shall be the fair market value of the Common Stock on the date hereof. Said options shall be deemed "incentive" stock options to the maximum extent permitted by the Internal Revenue Code of 1986, as amended.
(b) A base salary at the rate of $125,000 per annum payable in accordance with the Company's normal payroll procedures for executive employees; provided, however, that on December 1 of each year during an Additional Term, commencing December 1, 1997, the base salary shall be adjusted for a cost of living increase based on the Consumer Price Index for New York City for the twelve month period immediately preceding such December 1 date. The Employee shall also be entitled to additional increases in base salary as may be determined from time to time by the Board of Directors or any compensation committee appointed by the Board of Directors.
(i) A bonus equal to a percentage of the Pre-tax Profits of the Company, for each one year period constituting the Term and each Additional Term during which Employee is employed by the Company under this Agreement, as follows: Pre-Tax Profits Bonus --------------- ----- $150,000-$500,000 6% $500,001-$1,000,000 12% $1,000,001-$6,000,000 15% over $6,000,000 18%
(ii) Such bonus shall be paid no later than four months after the end of the applicable Term or Additional Term. At the option of the Employee, and subject to compliance with relevant securities and other laws, the bonus payable in Section 3.1(c)(i) above shall be paid in restricted shares of the Common Stock, based upon the fair market value of the Common Stock on the last day of the applicable Term or Additional Term.
Compensation Related Matters