Emergence Bonus. If the Bankruptcy Court confirms and approves a plan of reorganization for the Company (the "Plan") and Executive is employed with the Company on the date the Bankruptcy Court approves the Plan, Executive shall receive a bonus of Two Hundred Thousand and 00/100 Dollars ($200,000.00) (the "Emergence Bonus"), subject to customary withholdings for taxes. The Company, in its sole discretion, may pay the Emergence Bonus using a combination of cash (the "Cash Component") and new equity securities of the Company after confirmation of the Plan (the "Stock Component"); provided, however, in no event shall the Cash Component be less than forty percent (40%) of the Emergence Bonus. The Stock Component shall be valued in accordance with terms of the Plan. In the event recoveries are being provided through a transaction described in the Plan where cash or securities of another company are being distributed, payment to Executive will be made in like manner, but in no event shall the Cash Component of the Emergence Bonus be less than forty percent (40%) of such amount. Payment of any withholdings for taxes as a result of the Emergence Bonus shall be deducted from the Cash Component. 4.4
Emergence Bonus. If the Bankruptcy Court confirms and approves a plan of reorganization for the Company (the "Plan") and Executive is employed with the Company: (i) on the date the Bankruptcy Court enters an order confirming the Plan; and (ii) on the date the Bankruptcy Court enters an order finding substantial consummation of the Plan (the "Emergence Date"), Executive shall receive a bonus of Five Hundred Thousand and 00/100 Dollars ($500,000.00) (the "Emergence Bonus"), subject to customary withholdings for applicable taxes. 4.3.1
Emergence Bonus. The Executive shall be paid $500,000 if the Company’s emergence from bankruptcy (the “Emergence”) pursuant to a Plan (as defined in the Restructuring Support Agreement dated as of May 9, 2016) occurs on or before October 31, 2016 (a “Qualifying Emergence”) and either (i) the Executive remains employed with the Company through the Qualifying Emergence or (ii) the Executive was terminated by the Company without Cause before the Qualifying Emergence. The Emergence Bonus, if any, will be paid within fifteen (15) days following the date of the Qualifying Emergence. For the avoidance of doubt, no Emergence Bonus will be payable if a Qualifying Emergence does not occur.
Emergence Bonus. On the Effective Date, the Company shall pay to the Executive a bonus in the amount required to allow the Executive to retain $600,000 after the payment of all income and employment taxes thereon, and after taking into account the value of any loss by the Executive of tax deductions on account of the receipt of such bonus. The parties acknowledge and agree that the Company's payment of such bonus is contingent upon the Executive using a sufficient amount of the proceeds of such bonus to fully satisfy Wachovia Bank's outstanding loan to the Executive. Immediately following the payment of such bonus, the Executive shall pay to Wachovia Bank a sufficient amount of the bonus to fully satisfy Wachovia Bank's outstanding loan to the Executive.
Emergence Bonus. You will be paid a "Chapter 11 emergence bonus," as specified by this paragraph (your "Emergence Bonus"). The total amount of your Emergence Bonus will be $1,750,000 -- $750,000 of that amount will be paid 6 months after the Company emerges from Chapter 11, and the remaining $1,000,000 will be paid to you 18 months after such emergence; or, if the Company does not emerge from Chapter 11 within 36 months of it (or another party) filing an initial plan of reorganization with the Bankruptcy Court, you will instead be paid your Emergence Bonus as follows: $750,000 will be paid 36 months after the filing of an initial plan of reorganization with the Court, and $1,000,000 will be paid 48 months after such filing (even if the Company emerges from Chapter 11 after such 36 month, but before such 48 month, period). Notwithstanding the foregoing, you shall not be entitled to any payment described in the immediate prior paragraph, if you are not employed by the Company as of the date the payment is scheduled to be made as described above; except as specified in the next sentence. Notwithstanding the prior provisions of this paragraph, if your employment is terminated by the Company without "Cause" (as defined above) or by you as a result of "Constructive Discharge" (as defined above) or as a result of your death (or because you become entitled to disability income payments under the "Grace LTD Plan" and/or the "ESP Plan" mentioned below), and such event occurs after the Company emerges from Chapter 11 but before you actually receive all payments of your Emergence Bonus, then you (or your beneficiary, if applicable)will be paid the total remaining, unpaid amount of your Emergence Bonus no later than 30 days after your last date of employment with the Company.
Emergence Bonus. Xx. Xxxxxx and Xx. Xxxxxx will each be paid an emergence bonus equal to $500,000, if Emergence occurs on or by 10/31/16 (a “Qualifying Emergence”) and either (i) he or she remains employed with the Company through the Qualifying Emergence or (ii) he or she was terminated by the Company without “cause” before the Qualifying Emergence.
Emergence Bonus. Upon the occurrence of the Emergence Date, Executive will receive a one-time bonus equal to 100% of his Base Salary as in effect on the such date (the "Emergence Bonus").
Emergence Bonus. (a) Upon the effective date (“Effective Date”) of the Company’s plan of reorganization (either in its current form or as the same may be amended after the date hereof), the Company will be obligated to pay the Executive a bonus (the “Emergence Bonus”) in the amount of $350,000 of which $175,000 shall be paid immediately following the Effective Date and of which $175,000 shall be paid 60 days after the Effective Date.
Emergence Bonus. Within five (5) business days after Mirant's emergence from bankruptcy (or the first paydate thereafter, pursuant to Mirant's payroll policy, if later), Mirant shall pay an emergence bonus ("EMERGENCE BONUS") to Executive in a cash lump sum equal to not less than 200% of Executive's then-current Annual Base Salary, provided that Executive has been continuously employed by Mirant through the date of such emergence. For purposes of this Agreement, "emergence" shall occur when a plan of reorganization that is confirmed by the Bankruptcy Court becomes effective, as a result of which the business of Mirant is maintained on an ongoing basis, whether maintained by Mirant, the reorganized debtor or by an entity that has acquired all or substantially all of Mirant's or the debtor in possession's assets. Executive shall also be eligible to receive an additional cash payment in an amount equal to Executive's then-current Annual Base Salary subject to the same terms and conditions as are applicable to Mirant's Chief Executive Officer and Management Council for receipt of bonuses under Mirant's Key Employee Retention Program as may be approved by the Bankruptcy Court.
Emergence Bonus. On the Effective Date, the Company shall pay to the Executive a bonus in the amount required to allow the Executive to retain $1.45 million after the payment of all income and employment taxes thereon, and after taking into account the value of any loss by the Executive of tax deductions on account of the receipt of such bonus. The parties acknowledge and agree that the Company's payment of such bonus is contingent upon the Executive demonstrating to the reasonable satisfaction of the Company that Wachovia Bank has agreed to accept $1.45 million in full satisfaction of its outstanding loans to the Executive. Immediately following the payment of such bonus, the Executive shall pay $1.45 million to Wachovia Bank in accordance with such agreement.
