ECOELECTRICA BONUS Sample Clauses

ECOELECTRICA BONUS. An EcoElectrica bonus (the "EcoElectrica Incentive") shall be paid to the Executive as follows. The EcoElectrica Incentive shall be determined with reference to Distributable Cash (as defined below) resulting from the transactions in which the Employers directly or indirectly sell, transfer or otherwise dispose of all or substantially all of the EcoElectrica Interest and shall not exceed six million dollars ($6,000,000) in an aggregate amount to be shared by the Executive, Xxxxx X. Xxxxxx and Xxxxx X. Xxxxxx. "Distributable Cash" means cash and or cash equivalents distributable or available for distribution by the Company and the Subsidiaries, to the Parent (including all cash paid, advanced, or distributed to the Parent and its affiliates after the date hereof) net of (a) amounts due under the Loan Agreement, dated as of August 30, 1996, by and between Lyon Credit Corporation and KES Penuelas Holdings, Inc., (b) liabilities known to the Company and those actually known by the Executive (other than nonrecourse debt or obligations) arising from the Company's ownership of Hartford Hospital, Chateaugay, Pepperell and other Company assets (other than the EcoElectrica Interest), (c) direct and approved costs of sale of EcoElectrica Interest, (d) up to $10 million in the aggregate in respect of the provision or payment of taxes payable by the Parent (on a consolidated basis) arising from the sale of the EcoElectrica Interest and/or amounts, if any, paid or provided by the Parent to reduce or settle intercompany claims or debts within the Parent's family as certified by the Chief Financial Officer, or other authorized officer of the Parent as of the date of such distribution (including crossclaims involving KENETECH Windpower, Inc. ("KWI")) and (e) Gross Sales Proceeds (as defined below) with respect to which Other Asset Incentive (as defined below) is paid. Distributable Cash is not reduced by (a) payments with respect to the EcoElectrica Incentive and the Other Asset Incentive or (b) costs or fees associated with bankruptcy filings, if any, by the Parent and/or affiliates. The Executive shall be entitled to receive a forty percent (40%) share (the "Share") of the EcoElectrica Incentive. The Share shall be paid to the Executive (the "Share Payments") as and when payments are made to the holders of the Secured Notes (the "Note Payments") in the same proportion each Note Payments bear to the lesser of (x) amounts of principal and interest remaining due on the Secu...
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Related to ECOELECTRICA BONUS

  • Longevity Bonus After twenty (20) years of continuous service, an employee will receive a longevity bonus of seven hundred dollars ($700) per year, payable in one lump sum by the second pay period following the employee's anniversary date.

  • Short-Term Incentive Compensation In addition to the foregoing Base Salary, the Executive shall be eligible during the Term to receive cash short-term incentive compensation, determined and payable in the discretion of the Compensation Committee of the Board. At least annually, the Compensation Committee shall consider awarding short-term incentive compensation to the Executive.

  • Long-Term Incentive Compensation Subject to the Executive’s continued employment hereunder, the Executive shall be eligible to participate in any equity incentive plan for executives of the Firm as may be in effect from time to time, in accordance with the terms of any such plan.

  • Separation Compensation In exchange for your agreement to the general release and waiver of claims and covenant not to sue set forth below and your other promises herein, the Company agrees to provide you with the following:

  • Travel Compensation The Contractor shall not be compensated or reimbursed for travel time, travel expenses, meals, or lodging.

  • Standard Company Benefits Executive shall be entitled to participate in all employee benefit programs for which Executive is eligible under the terms and conditions of the benefit plans that may be in effect from time to time and provided by the Company to its employees. The Company reserves the right to cancel or change the benefit plans or programs it offers to its employees at any time.

  • Cash and Incentive Compensation (a) All payments referenced in this Agreement are subject to applicable tax withholdings and authorized or required deductions.

  • Living Away From Home Allowance When Employees are to be engaged on a Project requiring them to live away from home, the provisions of Appendix I will apply in determining their entitlement and the conditions whilst they are living away from home.

  • Sick Leave Bonus ‌ For every six (6) months of perfect sick leave attendance after July 1, 1987, the employee will receive eight (8) hours of bonus time. This bonus time will be prorated for part-time employees. Such bonus time can be used for any leave purpose covered by this Agreement. Such bonus time shall be counted as vacation leave credits for purposes of determining eligibility for carry- over and cash payments.

  • Annual Incentive Compensation Executive shall be eligible to receive an annual bonus (“Annual Bonus”) with respect to each fiscal year ending during the Employment Period. The Annual Bonus shall be determined under the 2006 Omnibus Incentive Plan (the “Omnibus Plan”) or such other annual incentive plan maintained by the Company for similarly situated employees that the Company designates, in its sole discretion (any such plan, the “Bonus Plan”), in accordance with the terms of such plan as in effect from time to time. For each such fiscal year, Executive shall be eligible to earn a target Annual Bonus equal to seventy percent (70%) of Executive’s Base Salary for such fiscal year, if the Company achieves the target performance goals established by the Board for such fiscal year in accordance with the terms of the Bonus Plan. If the Company does not achieve the threshold performance goals established by the Board for a fiscal year, Executive shall not be entitled to receive an Annual Bonus for such fiscal year. If the Company exceeds the target performance goals established by the Board for a fiscal year, Executive may be entitled to earn an additional Annual Bonus for such year in accordance with the terms of the applicable Bonus Plan. The Annual Bonus for each year shall be payable at the same time as bonuses are paid to other senior executives of the Company in accordance with the terms of the applicable Bonus Plan, but in no event later than two and a half (21/2) months following the end of the applicable fiscal year in which such Annual Bonus was earned. Executive shall be entitled to receive any Annual Bonus that becomes payable in a lump-sum cash payment, or, at his election, (A) up to fifty percent (50%) of the Annual Bonus in the form of a grant of restricted stock units of Common Stock (as defined below) or (B) in any form that the Board generally makes available to the Company’s executive management team, provided that any such election is made by Executive in compliance with Section 409A of the Code and the regulations promulgated thereunder.

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