Base Salary. As of the Effective Date, the Company will pay Executive an annual base salary equal to the sum of $300,000 plus the Adjustment pursuant to [Section 2(b)],if any (such annual salary, as is then effective, to be referred to herein as “Base Salary”). All compensation paid to Executive will be paid periodically in accordance with the Company’s normal payroll practices and be subject to the usual, required withholdings. Unpaid compensation will be paid in lump sum, however if cash is unavailable the Executive at his election can elect to receive unrestricted stock in accordance with issuance limitations and priced at floor prices agreed with creditors for all officers and directors.
Base Salary. As compensation for all services rendered under this Agreement, the Company will pay to the Employee and the Employee will accept from the Company a base salary of $275,000 (CAD) per annum. The base salary will be paid semi-monthly, in arrears, in equal instalments, less statutory and other authorized deductions.
Base Salary. During the Employment Period, the Executive shall receive an annual base salary (the “Annual Base Salary”) at an annual rate at least equal to 12 times the highest monthly base salary paid or payable, including any base salary that has been earned but deferred, to the Executive by the Company and or the applicable Affiliated Entity in respect of the one-year period immediately preceding the month in which the Effective Date occurs. The Annual Base Salary shall be paid at such intervals as the Company or the applicable Affiliated Entity pays executive salaries generally. During the Employment Period, the Annual Base Salary shall be reviewed at least annually, beginning no more than 12 months after the last salary increase awarded to the Executive prior to the Effective Date. Any increase in the Annual Base Salary shall not serve to limit or reduce any other obligation to the Executive under this Agreement. The Annual Base Salary shall not be reduced after any such increase and the term “Annual Base Salary” shall refer to the Annual Base Salary as so increased.
Base Salary. As of [[Organization A:Organization]] Effective Date, [[Organization A:Organization]] agrees to pay Employee an annualized base salary of $345,000.00 ([[Organization A:Organization]] “Base Salary”), which Base Salary will be earned by Employee on a pro rata basis as Employee performs services and which shall be paid according to [[Organization A:Organization]]’s normal payroll practices. Employee shall be eligible for a merit-based increase of [[Organization A:Organization]] Base Salary payable under this Section 4.1 on or about July 1, 2018 and on or about July 1 of each year during [[Organization A:Organization]] Term thereafter, with any adjustment to Employee’s Base Salary subject to approval by [[Organization A:Organization]] Board.
Base Salary. Base Salary in [section 2(b)(i)] is hereby amended to $500,000 effective January 1, 2016 and will remain so for a period of three (3) years.
Base Salary. Your annualized gross salary will be $170,000 ($7,083.33 bi-monthly gross). We are paid on the 15th and last day of the month.
Individual Performance Bonus: A target bonus based on 25% of Executives actual paid out salary during the period will be the basis for calculation (Individual Bonus Base). The Individual Performance Bonus will be determined by the Compensation Committee, in its sole discretion, based on performance criteria that will be mutually agreed to by Executive and CEO, and approved in advance by the Compensation Committee, at or before the start of each applicable period. The Individual Performance Bonus will range for 0% to 100% of the Individual Bonus Base.
You will also be eligible to participate in our annual discretionary performance bonus program. Your standard bonus opportunity is 50% of your annual base salary. In a typical year, your bonus percent can range from 0% to 100% of your annual base salary depending on Company and individual performance. Bonuses are determined after year-end and are normally paid out in February. Contingent on your employment beginning by no later than August 27, 2018, your bonus for 2018 will be guaranteed at $162,500 to be paid in February of 2019.
Annual Discretionary Incentive Bonus Opportunity. Employee will have a graduated annual, cash incentive bonus opportunity of 100% of Base Salary for performance at target (and less or no bonus for performance less than target) and up to 200% of Base Salary (or such higher percentage as the Compensation Committee may determine) for performance in excess of target. Performance will be measured against annual financial targets approved by the Compensation Committee which, in the Compensation Committees discretion, may be intended to qualify the cash incentive bonus as performance-based compensation under Code Section 162(m). Actual bonus amounts paid for particular levels of performance will be as determined by the Compensation Committee, and such bonus amounts will be paid in cash within 2-1/2 months after the end of each fiscal year.
The target bonus percentage under the program is 110% for the CEO, 100% for the President, 50% for Executive Vice President, 35% for Senior Vice Presidents, 17.5% for Vice Presidents, and 8.75% for Assistant Vice Presidents. The maximum bonus percentage under the Program is 150% for the CEO, 130% for the President, 65% for Executive Vice President, 45.00% for Senior Vice Presidents, 22.50% for Vice Presidents, and 11.25% for Assistant Vice Presidents. The targeted weighting of the total bonus percentage for the CEO (applied to Base Salary (as defined below)) is 27.25% for sales performance, 27.25% for expense management performance, and 45.50% for profitability. The targeted weighting of the total bonus percentage for the President (applied to Base Salary (as defined below)) is 30% for sales performance, 30% for expense management performance, and 40% for profitability. The targeted weighting of the total bonus percentage for EVP, SVP and below (applied to Base Salary (as defined below)) is 25% for sales performance, 25% for expense management performance, and 50% for profitability. Actual results will be compared to the target grids and can either increase or decrease each of the individual performance factor bonus percentages as explained in the following sections. For purposes of the Program, the Base Salary of each Participant is his annual base salary for 2023 (prorated for Participants who are not employed by the Company for the entire 2023 performance period from January 1, 2023 through December 31, 2023) as certified by the Committee in its sole discretion.
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