Employee Bonus Pool. At the Closing, $800,000 of the Consideration shall not be paid to Xxxx Xxxxxx but shall instead be placed in a separate Flotek bank account (or with respect to non-cash Consideration, in such form as Xxxxxx shall direct), the disbursement of which shall be governed by a Bonus Pool Agreement substantially identical in form to Exhibit 1.4. Flotek and Xxxx Xxxxxx shall enter into such Bonus Pool Agreement at the Closing, and shall mutually agree regarding the form of the Consideration subject to the Bonus Pool Agreement.
Employee Bonus Pool. 40 ARTICLE VII. CONDITIONS TO EACH PARTY'S OBLIGATION TO CLOSE . . . . . . . . . . . . . 40 7.01
Employee Bonus Pool. Purchaser acknowledges and agrees that Company may, in its discretion, pay employee bonuses prior to the Closing Date using Company's $200,000 reserve established for such purpose.
Employee Bonus Pool. 40 Section 9.03
Employee Bonus Pool. (a) The Purchaser Parties shall cause to be established a bonus pool for the employees of the Companies and the purchaser of the assets of STD USA pursuant to the U.S. Agreement (such purchaser and the Companies being referred to collectively as "New STD") to which contributions shall be accrued as follows:
(i) 15% of the net after-tax earnings of New STD for the period from the Contract Date through December 31, 1995, bonuses therefrom to be payable at such time as New STD determines but in no event earlier than January 1, 1996 nor later than March 30, 1996; plus
(ii) US$500,000, bonuses therefrom to be payable at such time as New STD determines but in no event earlier than January 1, 1999 nor later than March 30, 1999; plus
(iii) one-third of the cumulative net after-tax earnings of New STD for the period from January 1, 1996 through December 31, 1998 (the "Initial Period"), such bonus not to exceed US$5.0 million in the aggregate, bonuses therefrom to be payable at such time as New STD determines but in no event earlier than January 1, 1999 nor later than March 30, 1999; plus
(iv) An additional 20% of the cumulative net after-tax earnings of New STD for the Initial Period over US$15 million, bonuses therefrom to be payable at such time as New STD determines but in no event earlier than January 1, 1999 nor later than March 30, 1999; plus
(v) 20% of the cumulative net after-tax earnings of New STD for the period from January 1, 1999 through December 31, 2000, bonuses therefrom to be payable at such time as New STD determines but in no event earlier than January 1, 2001 nor later than March 30, 2001.
(b) For purposes of Section 9.02(a), "after-tax earnings" shall mean the net earnings of New STD on a combined basis after imposition of taxes which will then be paid or are required to be accrued, computed in accordance with US GAAP but as if the payments made pursuant to Section 9.02
Employee Bonus Pool. At the Second Closing, Purchaser shall -------------------- make available a pool of 700,000 shares of Purchaser Stock in a non-statutory stock option plan for the benefit of certain employees of the Cotton Group Entities designated by the Sellers, with an exercise price not to exceed an amount per share equal to (a) the Market Price of the Purchaser Stock on the Closing Date, less the lesser of (i) $2.50 or (ii) 30% of the Market Price. ----
Employee Bonus Pool. A pool of shares of Purchaser Stock (not to --------------------- exceed 1,000,000 shares) shall be made available in an incentive stock option plan for the benefit of certain employees of the Corporation designated by the Seller, with an excercise price not to exceed $6.00 per share.
Employee Bonus Pool. Subject to and following the consummation of the Merger, Acquirer shall set aside an aggregate of $1.5 million (the “Employee Bonus Pool”) to establish an employee bonus program to be offered to certain employees of the Company who become employees of Acquirer following the Closing. Acquirer will determine, in consultation with the Company, the structure of such employee bonus program and the allocation of the Employee Bonus Pool. All bonus payments made pursuant to this Section 6.15 shall be subject to the collection of all applicable federal and state income and employment withholding taxes.
Employee Bonus Pool. A pool of shares of Purchaser Stock (not to -------------------- exceed 700,000 shares) shall be made available in a non-statutory stock option plan for the benefit of certain employees of the Cotton Group Entities designated by the Sellers, with an exercise price not to exceed an amount per share equal to (a) the Market Price of the Purchaser Stock on the Closing Date, less (b) $2.50. ----
Employee Bonus Pool. At the Closing, Copano will fund the Employee Bonus Pool to the Partnership and immediately following the Closing, Copano shall cause the Partnership to distribute the Employee Bonus Pool to those employees of the Partnership or the Contributors, as applicable, and in the amounts, identified on Schedule 3.5 attached hereto; provided, however, that, the distribution of such amounts to such employees shall be net of all applicable Tax and employment withholding requirements; and provided, further, however, that as a condition of receiving his or her respective amount of the Employee Bonus Pool identified on Schedule 3.5, net of applicable Tax and employment withholding requirements, each employee identified on Schedule 3.5 shall be required to execute a form of release reasonably acceptable to Copano and the Contributors releasing Copano, the Partnership, the Contributors, and their respective Affiliates and Subsidiaries from and against all claims to bonus, profit sharing, equity participation and similar interests in the Partnership, the Subsidiaries, and their respective Affiliates.
