Common use of Increases to Senior Executive Personnel Additional Benefit Pool Clause in Contracts

Increases to Senior Executive Personnel Additional Benefit Pool. In the event that approved Additional Benefits of Senior Executive Personnel during an Operating Year exceeds the Senior Executive Personnel Additional Benefit Pool for such Operating Year, then the Senior Executive Personnel Additional Benefit Pool for such Operating Year shall be increased by the amount by which the Additional Benefits exceeds the Senior Executive Personnel Additional Benefit Pool for such Operating Year, but in no event will such increase to the Senior Executive Personnel Additional Benefit Pool (a) exceed an amount which combined with the total Incentive Fee paid in such Operating Year exceeds 100% of the Fixed Fee plus the Senior Executive Personnel Additional Benefit Pool for such Operating Year; and (b) be based upon the profitability of the Facilities. Compensation to Senior Executive Personnel shall be payable solely from the Senior Executive Personnel Additional Benefit Pool and to the extent the Senior Executive Personnel Additional Benefit Pool is insufficient, such insufficiency shall be paid by the Operator.

Appears in 3 contracts

Samples: Golf Course Operating Agreement, Golf Course Operating Agreement, Golf Course Operating Agreement

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Increases to Senior Executive Personnel Additional Benefit Pool. In the event that approved Additional Benefits of Senior Executive Personnel during an Operating Year exceeds the Senior Executive Personnel Additional Benefit Pool for such Operating Year, then the Senior Executive Personnel Additional Benefit Pool for such Operating Year shall be increased by the amount by which the Additional Benefits exceeds the Senior Executive Personnel Additional Benefit Pool for such Operating Year, but in no event will such increase to the Senior Executive Personnel Additional Benefit Pool (a) exceed an amount which combined with the total Incentive Fee plus the Senior Executive Personnel Golf Lesson Pool (as described in Section 7.7) paid in such Operating Year exceeds 100% of the Fixed Fee plus the Senior Executive Personnel Additional Benefit Pool for such Operating Year; and (b) be based upon the profitability of the Facilities. Compensation to Senior Executive Personnel shall be payable solely from the Senior Executive Personnel Additional Benefit Pool and to the extent the Senior Executive Personnel Additional Benefit Pool is insufficient, such insufficiency shall be paid by the Operator.

Appears in 2 contracts

Samples: Golf Course Operating Agreement, Golf Course Operating Agreement

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