Alternate Payment. The Executive agrees that up to 100% of such Compensation payable in accordance with Article 4.1 above may, at the discretion of the Executive, be paid in the form of common stock of the Corporation representing a value at the time of payment equal to at least the value of such unpaid (cash) Compensation (“Stock Based Payment”). For greater certainty, any securities issued to the Executive in connection with the Stock Based Payment shall be priced at the lowest closing bid price of the Corporation’s securities over the ten (10) trading days prior to the issuance of securities under such Stock Based Payment mechanism.
Alternate Payment. In the event a bargaining unit member will not, for reasons of religious objection as provided for in Government Code section 3546.3, pay the service fee to the Union, he/she shall not be required to join, maintain membership in or financially support the Union as a condition of employment, except that such bargaining unit member shall be required, in lieu of the service fee, to pay a sum equal to such service fee to the Santa Xxx Schools Foundation. Such payment must be made within thirty (30) days of the effective date of this agreement or within thirty (30) days from the date of commencement of assigned duties with the bargaining unit whichever is later. Proof of payment shall be made on a monthly basis to the Union and District as a condition of continued exemption from the provisions of Section 1 and 2 above. Proof of payment shall be in the form of receipts and/or cancelled checks indicating the amount paid, date of payment, and to whom payment was made, in lieu of the service fee payment. Such proof of payment shall be made on or before the last day of the month in which the bargaining unit member works.
Alternate Payment. In the event an employee cannot, for reasons of religious objection as provided for in Government Code Section 2546.3, pay the service fee to the Union he/she shall not be required to join, maintain membership in, or financially support the Union as a condition of employment, except that such said employee shall be required, in lieu of the service fee, to pay a sum equal to such service fee to either Santa Cruz County United Way, Schools Plus, or the Pediatric AIDS Foundation. Such payment shall be made within thirty (30) days of the effective date of this Agreement, or within thirty (30) days from the date of commencement of assigned duties within the bargaining unit. Proof of payment shall be made in the form of receipts and/or cancelled checks indicating the amount paid, date of payment, and to whom payment, in lieu of the service fee, has been made. Such proof shall be presented on or before October 1 of each school year to the union.
Alternate Payment. The Executive agrees that up to 1/2 of such Compensation payable in accordance with Article 4.1 above may, at the discretion of the Board of Directors, be paid in the form of freely-tradable securities of the Corporation representing a value at the time of payment equal to at least the value of such unpaid (cash) Compensation (“Stock Based Payment”). For greater certainty, any securities issued to the Executive in connection with the Stock Based Payment shall be freely-tradable, and shall be priced at the lowest closing bid price of the Corporation’s securities over the ten (10) trading days prior to the issuance of securities under such Stock Based Payment mechanism.
Alternate Payment. If the Closing occurs, the Seller shall have the right to pay all or any portion of the outstanding loans under the Credit Facility and accrued interest thereon by reducing the number of Perk Common Shares included in the Initial Perk Shares and applying such Perk Common Shares to the repayment of the Credit Facility. For each Perk Common Share not included in the Perk Common Shares payable at Closing, the Seller shall be deemed to have repaid a portion of the outstanding principal of all loans under the Credit Facility and accrued interest thereon equal to $7.69230769231. Any such deemed payment shall be applied first to principal and then to accrued interest. In the event that One Hundred Thirty Thousand (130,000) Perk Common Shares are deducted from the Initial Perk Shares and applied to the repayment of the Credit Facility, all principal and interest owed by the Seller pursuant to the Credit Facility shall be deemed paid in full.
Alternate Payment. If the Closing occurs and the Borrower exercises its right pursuant to Section 2.8 of the Asset Purchase Agreement to repay the entire outstanding principal of the Loan and accrued interest thereon by deducting One Hundred Thirty Thousand (130,000) Park Common Shares from the Initial Park Shares, all principal and interest owed by the Seller pursuant to the Credit Facility shall be deemed paid in full.
Alternate Payment. If an amount equal to 50% of Revenue in FY 2008 in excess of $30,000,000 exceeds the sum of (A) all payments previously made pursuant to Sections 1.3(c)(i)(A) and 1.3(c)(i)(B) plus (B) the payment that would, but for the operation of this 1.3(c)(ii), be payable pursuant to Section 1.3(c)(i)(C), then an Alternate Payment shall be earned in respect of FY 2008 in lieu of any amount that would otherwise be due and payable pursuant to Section 1.3(c)(i)(C). The "Alternate Payment" shall be in an amount equal to (X) 50% of Revenue in FY 2008 in excess of $30,000,000, less (Y) the sum of all payments previously made pursuant to Sections 1.3(c)(i)(A) and 1.3(c)(i)(B).
