Common use of Key Employee Plans Clause in Contracts

Key Employee Plans. No Credit Party shall (i) (a) enter into any key employee or executive incentive or retention plan, other than such plans in effect as of the Petition Date, or (b) amend or modify any existing key employee retention plan and incentive plan in a manner that increases benefits payable thereunder, unless such plan, amendment or modification, as applicable, is either consistent with the terms of the RSA or reasonably satisfactory to the Required Lenders; and (ii) other than (a) the payments of salary or wages and (b) the retention payments made by certain Credit Parties prior to the Closing Date, in each case to managers, officers, and management- or executive-level employees of any of the Credit Parties, make any grant or payment after the Closing Date (including pursuant to a key employee or executive incentive or retention plan or other similar agreement or arrangement) to any director, manager, officer, or management- or executive-level employee of any of the Credit Parties.

Key Employee Plans. No Credit Party shall (i) (aa)(i) enter into any key employee or executive incentive or retention plan, other than such plans in effect as of the Petition Date, Date or (bii) amend or modify any existing key employee retention plan and incentive plan in a manner that increases benefits payable thereunder, unless such plan, amendment or modification, as applicable, is either consistent with the terms of the RSA or reasonably satisfactory to the Required Lenders; Lenders and (iib) other than (ai) the payments of salary or wages and (bii) the retention payments made by certain Credit Parties prior to the Closing Effective Date, in each case to managers, officers, and management- or executive-level employees of any of the Credit Parties, make any grant or payment after the Closing Effective Date (including pursuant to a key employee or executive incentive or retention plan or other similar agreement or arrangement) to any director, manager, officer, or management- or executive-level employee of any of the Credit Parties.;