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

  • 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.

  • 1Base Salary During the Period of Employment, the Company shall pay the Executive a base salary (the “Base Salary”), which shall be paid biweekly or in such other installments as shall be consistent with the Company’s regular payroll practices in effect from time to time. The Executive’s Base Salary shall be at an annualized rate of Seven Hundred Thousand dollars ($700,000.00). The Compensation Committee of the Board (the “Compensation Committee”) will review the Executive’s rate of Base Salary on an annual basis and may, in its sole discretion, increase (but not decrease) the rate then in effect.

  • 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:

  • 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.

  • Long-term Incentive Compensation Programs During the Employment Period, the Executive shall participate in all long-term incentive compensation programs (including, without limitation, programs providing for the grant of stock options and other equity-based awards) for key executives at a level that is commensurate with the Executive's participation in such plans immediately prior to the Effective Date, or, if more favorable to the Executive, at the level made available to the Executive or other similarly situated officers at any time thereafter.

  • 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 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.

  • 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”).

  • Car Allowance During the Employment Period, Executive shall be paid a monthly car allowance in the gross amount of $850.00.

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