Buyout Payment. Upon a Buyout Termination pursuant to this Section 7, the Executive shall be entitled to all earned but unpaid Base Salary and all accrued but unpaid benefits provided under this Agreement or pursuant to any Company plan or program. In addition to the foregoing, the Company shall pay the Executive a Buyout Payment in an amount equal to twelve (12) months of Executive’s Base Salary in effect at the time of the Buyout Payment. One hundred percent (100%) of the foregoing payment shall be made by the Company to the Executive in a lump sum once the Company receives all funds owed it under the Change in Control, and upon satisfaction of the conditions set forth in Section 8.3.
Buyout Payment. Upon a Buyout Termination pursuant to this Section 12, the Executive shall be entitled to:
(i) a lump sum payment equal to the Base Salary due to the Executive for the remainder of the Term of Employment or $500,000.00, whichever is larger, which shall be paid within ten (10) business days of the effective date of the Buy-Out Termination;
(ii) any performance or other bonus earned for a fiscal period already completed but not yet paid;
(iii) reimbursement for expenses incurred but not yet reimbursed by the Company;
(iv) any deferred compensation, in accordance with the terms and provisions of the applicable program;
(v) any variable compensation, in accordance with the terms and provisions of the Variable Compensation Pool Plan; and
(vi) any other compensation and benefits to which the Executive may be entitled under applicable plans, programs and agreements of the Company.
Buyout Payment. To the extent permitted by the Governing Athletics Rules and the University Rules, ICAA agrees to be responsible for the buyout obligation under Coach’s previous employment agreement with Coach’s previous institution (the “Institutional Buyout Payment”). If Coach terminates this Agreement at any time prior to June 30, 2025, Coach will be responsible for the repayment of the Institutional Buyout Payment to ICAA. ICAA acknowledges that a necessary element of inducing Coach to accept employment with ICAA is ICAA’s commitment to pay the Institutional Buyout Payment that Coach would incur as a result of terminating Coach’s contract with Coach’s previous institution and commencing employment with ICAA. ICAA has authorized Coach’s reimbursement for the payment of this Institutional Buyout Payment under its accountable plan (as described in section 1.62-2 of the Treasury regulations) and will pay said sum directly to Coach’s previous institution. ICAA will treat the payment of this Institutional Buyout Payment as a reimbursement to Coach. ICAA has authorized this amount to be paid as Coach’s reimbursable employee business expense and does not consider it compensation. ICAA acknowledges that payment of the Institutional Buyout Payment was necessary to obtain Coach’s services, and therefore substantially benefits
Buyout Payment. Upon a Buyout Termination pursuant to this Section 7, the Executive shall be entitled to all earned but unpaid Base Salary and all accrued but unpaid benefits, bonus, or otherwise provided under this Agreement or pursuant to any Company plan or program. In addition to the foregoing, the Company shall pay the Executive a Buyout Payment in an amount equal to the annual Base Salary plus an amount equal to the Annual Calendar Year Bonus. One hundred percent (100%) of the foregoing payment shall be made by the Company to the Executive in a lump sum upon satisfaction of the conditions set forth in Section 8.3.
Buyout Payment. To the extent permitted by applicable law and the University Rules, WSU agrees to be responsible for the lesser of (a) Athletic Director’s obligation under his previous employment agreement with his current institution in an amount not to exceed $100,000.00, or (b) a lesser amount negotiated by and between Athletic Director and his current institution (the “Buyout Payment”). WSU shall pay the Buyout Payment directly to Athletic Director’s current institution. WSU shall pay to Athletic Director an amount equal to any tax liability incurred by Athletic Director due to the payment of the Buyout Payment to Athletic Director’s current institution. Notwithstanding the foregoing, WSU shall not be liable for any penalties, interest, fines, late fees, etc. that Athletic Director may incur as a result of the Buyout Payment. Should Athletic Director terminate this Agreement at any time prior to June 30, 2025, Athletic Director shall be responsible for repayment of the Buyout Payment to WSU. Repayment of the Buyout Payment by Athletic Director shall be made before the last day of the month following the month in which Athletic Director terminated this Agreement (e.g., if the Agreement is terminated by Athletic Director on October 15, then the Buyout Payment would be due on or before November 30).
Buyout Payment. Upon a Buyout Termination pursuant to this Section 7, the Executive shall be entitled to all accrued but unpaid compensation, benefits, bonus, or otherwise provided under this Agreement or pursuant to any Company plan or program, and, in addition to the foregoing, the Company shall pay the Executive a buyout payment in an amount equal to the greater of (a) Five Hundred Thousand Dollars ($500,000.00); or (b) if applicable, 1% of the sale price of the stock or assets of the Company, as applicable, calculated as follows: 1% of [sale price - (long-term debt + $30,000,000.00)] (the “Buyout Payment”). Unless otherwise provided for in this Agreement, the Executive’s rights upon a Change in Control to benefits under programs, plans and policies of the Company shall be determined according to the terms and conditions of such programs, plans and policies. All other non-compensation terms and conditions of this Agreement shall remain in full force and effect.
Buyout Payment. Upon the earlier of (i) Closing, (ii) the termination of this Agreement and (iii) June 1, 1998, Buyer agrees to pay Sellers an amount equal to Fifty Thousand Dollars ($50,000) (the "Buyout Payment") by wire transfer of immediately available funds to such bank or other financial institution as shall be designated by Sellers in consideration of Sellers' lost revenue in respect of Sellers' existing national and local advertising contracts which would have run on the Station after the date hereof.
Buyout Payment. The Buyout Payment.
Buyout Payment. Upon a Buyout Termination pursuant to this Section 12, the Executive shall be entitled to:
Buyout Payment. CERTAIN INFORMATION IN THIS EXHIBIT HAS BEEN OMITTED AND WILL BE FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A CONFIDENTIAL TREATMENT REQUEST.
(a) Parent hereby agrees to pay the Company Securityholders ONE HUNDRED FIFTEEN MILLION U.S. DOLLARS (U.S.$115,000,000) (the “Cash Payment”). Within five (5) Business Days of the Effective Date, Parent will deposit with the Paying Agent a one-time payment, in immediately available funds, in an amount equal to the Cash Payment, subject to Section 2(b) below.
(b) Parent hereby agrees to release the Indemnity Escrow Fund to the Company Securityholders. Within five (5) Business Days of the Effective Date, the Parent and the Stockholder Representative will jointly execute and deliver to the Escrow Agent a written notice instructing the Escrow Agent to release to the Paying Agent the Indemnity Escrow Fund, consisting of THIRTY-FIVE MILLION U.S. DOLLARS (U.S.$35,000,000) plus any interest accrued or income otherwise earned thereon as of the Effective Date (collectively with the Cash Payment, the “Buyout Payment”).
