The "No Compensation" clause specifies that a party, typically the employee or service provider, will not receive additional payment or financial remuneration outside what has already been agreed upon in the main contract. This clause often clarifies that any activities or duties performed beyond the initial scope do not warrant extra compensation unless explicitly stated.
No compensation, fees or payment obligations contemplated by this Agreement will accrue until the date that the Agreement is executed by the Distributor.
Effectiveness of Payment Obligations, No compensation, fees or payment obligations contemplated by this Amendment will accrue until the date that the Amendment is executed by the Distributor.
No compensation received for this conversion other than the common stock noted in Table 1.
The Independent Trustees receive compensation for their services as Trustee and attendance at meetings of the Board of Trustees or committees thereof. Officers of the Trust receive no compensation from the Trust for performing the duties of their offices, except the Trust may compensate its Chief Compliance Officer.
Accordingly, no compensation expense will be recognized on the modification date, and the modification date fair value will be determined using an appropriate valuation model. If, at a future date (in conjunction with a secondary offering), we determine that it is probable the employees will vest in the modified awards, we will recognize compensation cost equal to the fair value of the vested awards as determined at the modification date.
Officers of the Trust receive no compensation from the Trust for performing the duties of their offices, except the Trust may compensate its Chief Compliance Officer.
Mr. Bakshi was appointed as a director and as the Company’s Chief Operating Officer and Senior Vice President on December 31, 2020, following the effective time of the Company’s acquisition of ANA, and received no compensation from the Company for services as a director for the fiscal year ended December 31, 2020, as shown in the table below:
Effective as of the date hereof, you agree to forfeit, for no compensation, 3,000 of the RSUs subject to the RSU Award (the “Forfeited RSUs”) so that the shares otherwise subject to the Forfeited RSUs may be allocated to other participants in the Plan. Furthermore, effective as of the date hereof, you agree to forfeit, for no compensation, a portion of the Option with respect to 6,000 shares of Company common stock subject to the Option (the “Forfeited Option Portion”) so that the shares otherwise subject to the Forfeited Option Portion may be allocated to other participants in the Plan.
No compensation will be paid on any premium that is waived.
No Compensation will be paid on any Policy or Contract issued as a result of the conversion of group life insurance.
Notwithstanding any provision of this Agreement to the contrary, if the transaction is subject to the jurisdiction of the New York Insurance Department, no Compensation in excess of the compensation limits established by the Insurance Law of the State of New York will be due or payable by the Company to Broker-Dealer.
No Compensation is payable on any extra war risk premium which may be charged in connection with any Contract or Policy.
No compensation shall be paid, and any compensation previously paid shall be returned to the Company or Distributor on request, if the Company or Distributor, in its sole discretion, determines not to issue the Contract(s) or Policy(s) applied for, refunds the premium paid pursuant to any request by the Contract or Policy owner, refunds any premium paid as the result of a complaint by the Contract or Policy owner, or determines that any person or entity required to be licensed for the solicitation of Contracts or Policies is not duly licensed to sell such Contracts or Policies in the appropriate jurisdictions.
“No compensation” is a term used in legal and contractual contexts to indicate that a party will not receive any monetary or other forms of recompense for certain actions, omissions, or events. This condition might be specified in contracts, agreements, or policies. It is often employed to clarify expectations and responsibilities between parties.
You should use a “no compensation” clause in situations where:
When drafting a “no compensation” clause, it should clearly state:
Example:
No Compensation Clause: The Volunteer acknowledges that their services are offered freely and voluntarily, and in the capacity provided, no compensation will be provided for time expended, services rendered, or any associated expenses incurred.
The “no compensation” clause can be found in a variety of contracts, including but not limited to:
By carefully considering the use and implications of “no compensation,” parties can create agreements that clarify expectations and protect their interests.
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Dive deeper into the world of clauses and learn more about these other clauses that are used in real contracts.
The "No Hire" clause is a contractual provision that restricts one party from hiring employees of another party for a specified period during or after the term of the agreement. This clause is intended to protect businesses from losing key personnel to partners or competitors and to maintain a stable workforce.
A "No Liens" clause indicates that the contractor or party providing goods and services agrees not to place any liens or claims against the property involved in the contract. This clause protects the property owner from potential legal claims by subcontractors or suppliers seeking payment.
The "No Partnership or Agency" clause stipulates that the agreement does not create a partnership, joint venture, or agency relationship between the parties involved. This clause clarifies that each party remains independent and has no authority to bind or represent the other in any manner.
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