Bonus Fund Sample Clauses

Bonus Fund. Buyer or Buyer Subsidiary shall (a) establish a transaction completion bonus fund equal to 1% of the Fund (but aggregating not more than $450,000, the "Bonus Fund") and, as provided in Section 1.8, deposit 33.33% of the Bonus Fund with the Disbursing Agent, (b) pay to Northstar's four executive officers other than Xxxxx Xxxxxxxx (the "Executive Officers"), at Closing an aggregate of 33.33% of the Bonus Fund, and (c) pay to the Executive Officers (on a proportionate basis as described below) 33.33% of the Bonus Fund on the first anniversary of the Closing Date and the remaining 33.33% of the Bonus Fund on the second anniversary of the Closing Date, provided in each case that such Executive Officer either (i) is still employed with the Surviving Corporation or its successor on such dates, or (ii) is not employed on such dates as a result of death, total disability, retirement, termination without cause or a change of control, all as provided in said executives' employment agreements with Buyer. Each Executive Officer's proportionate share of the Bonus Fund payable at the Closing and on the anniversary dates of the Closing is calculated as the percentage by which each person's 1999 base salary bears to the collective 1999 base salaries of such executives. This Section 5.9 and the obligations of Buyer hereunder shall survive the closing of the transactions contemplated hereby, are intended to benefit Executive Officers (each of whom shall be entitled to enforce this Section against Buyer) and shall be binding on all successors and assigns of Buyer.
Sample 1
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Bonus Fund. Northstar shall (a) establish a transaction completion bonus fund equal to one percent (1%) of the sum of the aggregated Merger Consideration and the aggregated Net Stock Option Consideration (but aggregating not more than $450,000, the "Bonus Fund"), and (b) as provided in Section 1.8(f), pay to Northstar's four executive officers other than Xxxxx Xxxxxxxx (the "Executive Officers"), at Closing an aggregate of 33.33% of the Bonus Fund, and the Surviving Corporation shall (c) pay to the Executive Officers (on a proportionate basis as described below) 33.33% of the Bonus Fund on the first anniversary of the Closing Date and the remaining 33.33% of the Bonus Fund on the second anniversary of the Closing Date, provided in each case that such Executive Officer either (i) is still employed with the Surviving Corporation or its successor on such dates, or (ii) is not employed on such dates as a result of death, total disability, retirement, termination without cause or a change of control, all as provided in said executives' employment agreements with Buyer. Each Executive Officer's proportionate share of the Bonus Fund payable at the Closing and on the anniversary dates of the Closing is calculated as the percentage by which each person's 1999 base salary bears to the collective 1999 base salaries of such executives. This Section 5.9 and the obligations of Buyer hereunder shall survive the closing of the transactions contemplated hereby, are intended to benefit Executive Officers (each of whom shall be entitled to enforce this Section against Buyer) and shall be binding on all successors and assigns of Buyer.
Sample 1

Related to Bonus Fund

  • Annual Bonus Compensation In addition to your Salary, during the Employment Term you shall be eligible to earn an annual bonus for each whole or partial calendar year during the Employment Term, determined and payable as follows (the “Bonus”):

  • Bonus Compensation The Executive shall not receive any bonus payment whatsoever pursuant to Section 3.02 or the Bonus Plan except such bonus which is already earned and due to be paid up to and including the Termination Date, notwithstanding any period following the Termination Date during which the Executive may receive any payments or benefits under the terms of the Agreement.

  • Bonus and Incentive Compensation Executive shall be entitled to equitable participation in incentive compensation and bonuses in any plan or arrangement of the Bank or the Company in which Executive is eligible to participate. Nothing paid to Executive under any such plan or arrangement will be deemed to be in lieu of other compensation to which Executive is entitled under this Agreement.

  • Annual Bonus Opportunity Your annual target bonus opportunity following the Effective Date will be 50% of your annual base salary (the “Target Bonus”). The Target Bonus shall be subject to review and may be adjusted based upon the Company’s normal performance review practices. Your actual bonuses shall be based upon achievement of performance objectives to be determined by the Board in its sole and absolute discretion. Bonuses will be paid as soon as practicable after the Board determines that such bonuses have been earned, but in no event will a bonus be paid to you after the later of (i) the fifteenth (15th) day of the third (3rd) month following the close of the Company’s fiscal year in which such bonus is earned or (ii) March 15 following the calendar year in which such bonus is earned.

  • Incentive Bonus Compensation The Executive shall be eligible for incentive bonus compensation for each Fiscal Year in an amount to be determined by the Board of Directors or any committee thereof ("INCENTIVE BONUS COMPENSATION").

  • Recovery of Bonus and Incentive Compensation Any bonus and incentive compensation paid to you during a CPP Covered Period is subject to recovery or “clawback” by the Company if the payments were based on materially inaccurate financial statements or any other materially inaccurate performance metric criteria.

  • Annual Incentive Compensation (a) The Executive shall be eligible to receive annual bonus compensation, if any, as may be determined by, and based on performance measures established by, the Board of Directors upon the recommendation of the Compensation Committee of the Board of Directors (the “Committee”) consistent with the Employer’s strategic planning process and in consultation with the Executive, pursuant to any incentive compensation program as may be adopted from time to time by the Board of Directors, based on recommendations by the Committee (an “Annual Bonus”).

  • Cash Incentive Compensation During the Term, the Executive shall be eligible to receive cash incentive compensation as determined by the Board or the Compensation Committee from time to time. The Executive’s initial target annual cash incentive compensation shall be 40 percent of the Executive’s Base Salary. Except as otherwise provided herein, to earn cash incentive compensation, the Executive must be employed by the Company on the day such cash incentive compensation is paid.

  • Cash and Incentive Compensation For clarification, it is understood by all parties that other than as specified herein, the Company is not obligated to award any future grants of stock options or other form of equity compensation to Executive during Executive's employment with the Company.

  • Incentive and Bonus Compensation The Executive shall be eligible to participate in the Company’s existing and future bonus and stock option plans and other incentive compensation programs for similarly situated executives (collectively, “Plans”), to the extent that the Executive is qualified to participate in any such Plan under the generally applicable provisions thereof in effect from time to time. Such eligibility is not a guarantee of participation in or of the receipt of any award, payment or other compensation under any Plan. To the extent the Executive does participate in a Plan and the Plan does not expressly provide otherwise, the Chief Executive Officer and/or the Board, as appropriate, may determine all terms of participation (including, without limitation, the type and size of any award, payment or other compensation and the timing and conditions of receipt thereof by the Executive) in the Chief Executive Officer’s or the Board’s sole and absolute discretion. Nothing herein shall be deemed to prohibit the Company or the Board from amending or terminating any and all Plans in its sole and absolute discretion. Except as otherwise provided herein, the terms of each Plan shall govern the Executive’s rights and obligations thereunder during the Executive’s employment and upon the termination thereof. Without limiting the generality of the foregoing, the definition of “Cause” hereunder shall not supersede the definition of “cause” in any Plan (unless the Plan expressly defers to the definition of “cause” under an executive’s employment agreement) and any rights of the Executive hereunder upon and subsequent to the termination of the Executive’s employment shall be in addition to, and not in lieu of, any right of the Executive under any Plan then in effect upon or subsequent to a termination of employment.

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