Cpi adjustment clause samples

“Adjusted Base Year Net Terminal Income” means, for the first Subsequent Year, the product of (a) the Net Terminal Income at Lincoln Park for the twenty-four (24) calendar months ending on the last day of the calendar month preceding the opening of a new Gaming Facility in Rhode Island, divided by two (2), and (b) one (1) plus the CPI Adjustment. For each Subsequent Year after the first Subsequent Year, the Adjusted Base Year Net Terminal Income shall be the product of (x) the Adjusted Base Year Net Terminal Income for the previous Subsequent Year and (y) one (1) plus the CPI Adjustment.

The Flood Employment Agreement has a term of five years and will automatically renew thereafter unless 12 months’ written notice is provided by either party. This employment agreement includes customary non-compete/solicitation language for a period of 12 months after termination of employment, and in the event of a change in control, the Company may request that Mr. Flood continue employment with thenew control entity.On January 1, 2017, the Company increased his salary by the CPI Adjustment and provided an additional bonus of up to 25% of his base salary based upon achieving a certain leverage ratio. In December 2017, upon the reorganization of the Company and departure of Mr. Briand, Mr. Flood’s title was changed to Chairman and he assumed the roles of Chief Executive Officer and President of the Company. On January 1, 2018 the Company increased his salary by the CPI Adjustment. All other terms of Mr. Flood’s employment agreement remained unchanged.

On February 5, 2016, the Company entered into an employment agreement (the “Faiman Employment Agreement”) with David Faiman that appointed him as the Company’s Chief Financial Officer effective March 1, 2016. Mr. Faiman was later appointed the Company’s Treasurer and Executive Vice President. Under the Faiman Employment Agreement, Mr. Faiman received an annual base salary of $275. Annually, Mr. Faiman’s salary will be adjusted for the CPI Adjustment. Mr. Faiman also received a grant of 10,000 restricted shares of the Company’s common stock, which vest as follows: (i) 5,000 shares on the first-year anniversary, and (ii) 5,000 shares on the second anniversary of Mr. Faiman’s employment start date. Annual adjustments to salary, as well as bonus and additional stock option awards will be granted at the discretion of the Board based on meeting personal and corporate objectives each year. His annual bonus target will be 50% of annual base salary, based upon reaching certain financial milestones, with the potential additional 25% based on the Company’s ending leverage ratio. On January 1, 2017 the Company increased Mr. Faiman’s salary by the CPI adjustment to an annualized salary of $280. On January 1, 2018 the Company increased his salary to an annualized salary of $320.

On January 27, 2017, the Company entered into an employment agreement (the “Lutzo Employment Agreement”) with Christopher Lutzo that appointed him as the Company’s General Counsel effective February 13, 2017. Mr. Lutzo was later appointed the Company’s Secretary and Executive Vice President. Under the Lutzo Employment Agreement, Mr. Lutzo received an annual base salary of $220. Annually, Mr. Lutzo’s salary will be adjusted for the CPI Adjustment. Mr. Lutzo also received a grant of 10,000 restricted shares of the Company’s common stock, which vest as follows: (i) 5,000 shares on the first-year anniversary, and (ii) 5,000 shares on the second anniversary of Mr. Lutzo’s employment start date. Annual adjustments to salary, as well as bonus and additional stock option awards will be granted at the discretion of the Board based on meeting personal and corporate objectives each year. His annual bonus target will be 50% of annual base salary, based reaching certain financial milestones. On January 1, 2018 the Company increased Mr. Lutzo’s salary by the CPI adjustment to annualized salary of $224.

Pursuant to the terms of the employment agreement with David Faiman, dated February 5, 2016 (the “Faiman Employment Agreement”), Mr. Faiman was appointed as the Company’s Chief Financial Officer effective March 1, 2016 and will receive an annual base salary of $275,000. Mr.Faiman’s salary may be increased (but not decreased) annually by the CPI Adjustment. Mr. Faiman also received a grant of 50,000 restricted shares of the Company’s common stock, which will vest as follows: (i) 25,000 shares on the first year anniversary, and (ii) 25,000 shares on the second anniversary of Mr. Faiman’s employment start date. Annual adjustments to salary, as well as bonus and additional stock option awards will be granted at the discretion of the Board based on meeting personal and corporate objectives each year. His annual bonus target will be 50% of annual base salary. Pursuant to the agreement, Mr. Faiman was paid $68,750 in fiscal 2016. The Company also recorded a bonus accrual of $57,292 in 2016, of which $0 has been paid as of May 31, 2016. In addition, Mr. Faiman received 50,000 shares of restricted common stock in 2016 valued at $2.40 per share for a total value of $120,000. In the form of other income, Mr. Faiman received $3,554 of tax gross-up payment for medical insurance premiums. During the Transition Period, Mr. Faiman received a salary of $160,417 and accrued for bonus of $80,208. All other compensation for the Transition Period includes medical insurance of $8,292 and 401K matching contributions of $3,533.

On January 3, 2014, in connection with the acquisition of Initio, the Company entered into the Flood Employment Agreement with Brendan Flood. Pursuant to the Flood Employment Agreement, Mr. Flood will serve as Executive Chairman of the Board, as well as, Chief Executive Officer of Initio. Mr. Flood will be paid a salary of £192,000 ($286,994) per annum, less statutory deductions, plus other benefits including reimbursement for reasonable expenses, paid vacation and insurance coverage for his roles with both the Company and Staffing (UK). Mr. Flood’s salary will be adjusted (but not decreased) annually the CPI Adjustment. Mr. Flood will also be entitled to an annual bonus of up to 50% of his annual base salary based reaching certain financial milestones. Additionally, Mr. Flood is entitled to Gross Profit Appreciation Participation, which entitles the participants to 10% of Initio’s Excess Gross Profit, which is defined as the increase in Initio gross profits in excess of 120% of the base year’s gross profit, up to $400,000. Mr. Flood’s participating level is 62.5%. On May 29, 2015, the Gross Profit Appreciation Bonus associated with this employment agreement was converted into Series A Preferred Stock. The Flood Employment Agreement has a term of five years and will automatically renew thereafter unless 12 months written notice is provided by either party. This employment agreement includes customary non-compete/solicitation language for a period of 12 months after termination of employment.Effective September 18, 2015, the Board appointed Brendan Flood, the Company’s Executive Chairman, to serve as the interim Chief Financial Officer while the Company actively searched for a permanent Chief Financial Officer. Mr. Flood did not receive additional compensation for his role as interim Chief Financial Officer. On January 1, 2016, the Company amended the employment agreement with Mr. Brendan Flood which provided that he will receive a salary of £270,000 ($403,585), a car allowance of £15,000 ($22,421) per annum and a pension contribution of £6,000 ($8,969) per annum. All other terms of Mr. Flood’s employment agreement will remain unchanged. On January 1, 2017, the Company increased Mr. Flood’s salary by 1.9% for cost of living increases per the CPI Adjustment.

On February 5, 2016, the Company entered into the Faiman Employment Agreement with David Faiman.Pursuant to the Faiman Employment Agreement, Mr. Faiman was appointed as Chief Financial Officer effective March 1, 2016 and will receive a base salary of $275,000 per annum. Mr. Faiman’s salary will be adjusted (but not decreased) annually the CPI Adjustment. Mr. Faiman also received a grant of 50,000 restricted shares of the Company’s common stock, which will vest as follows: (i) 25,000 shares on the first year anniversary, and (ii) 25,000 shares on the second anniversary of Mr. Faiman’s employment start date. Annual adjustments to salary, as well as bonus and additional stock option awards will be granted at the discretion of the Board based on meeting personal and corporate objectives each year. His annual bonus target will be 50% of annual base salary. On January 1, 2017, the Company increased Mr. Faiman’s salary by 1.9% for cost of living increases.