Long Term Incentive Payment. The Executive has been granted an award with respect to 2,000 units (the “LTPP Units”) under MONY’s Long Term Performance Plan (the “LTPP”) for the 2001-2003 plan cycle. The Executive hereby waives the right to any payment of the LTPP Units under the terms of the LTPP, provided, however, that, if the Merger does not close before March 2004, the Company, in its sole discretion, may pay any earned amounts in respect of the LTPP Units. In lieu of such payment, subject to Section 4 hereof, the Executive shall receive a cash payment of $200,000.00 (less applicable tax withholdings) upon the Effective Time. In the event that, pursuant to the proviso in the second sentence of this paragraph 2, MONY elects, in its sole discretion, to make any payment in respect of the LTPP Units prior to the Effective Time, the amount of such cash payment upon the Effective Time shall be correspondingly reduced.
Long Term Incentive Payment. If the Employee is employed through December 31, 1999 or the Employee's employment is terminated prior to that date by the Company without Cause (as defined in the Retention Agreement), and if the Employee is participating in the Illinova Long Term Incentive Compensation Plan (the "Long-Term Incentive Plan"), the Company shall provide the Employee with an award for each of the three performance periods currently in effect (January 1, 1999 through December 31, 1999; January 1, 1999 through December 31, 2000; and January 1, 1999 through December 31, 2001). The determination of the performance for the periods will be determined near the end of 1999, and will be equal to the performance figures available as of the date of such determination, with such performance deemed to have continued through the end of the performance periods, as determined by the Compensation Committee of the Board of Directors of the Company. The amount of the benefit payable under this section A-2 to the Employee for each of these performance periods shall be equal to the amount that would be payable on such performance for the entire period, but subject to a pro-rata reduction to reflect the portion of the performance period after December 31, 1999, in accordance with the following schedule: -------------------------------------------------------------------------------------------------------------------- For the Performance Period: The following percent of the total award that is determined to be payable by the Company for the Performance Period shall be: -------------------------------------------------------------------------------------------------------------------- January 1, 1999 through December 31, 1999 100% -------------------------------------------------------------------------------------------------------------------- -------------------------------------------------------------------------------------------------------------------- January 1, 1999 through December 31, 2000 50% -------------------------------------------------------------------------------------------------------------------- January 1, 1999 through December 31, 2001 33% -------------------------------------------------------------------------------------------------------------------- Except as provided in this section A-2, the Employee shall not be entitled to any amounts with respect to the Long-Term Incentive Plan for any period.
Long Term Incentive Payment. The Executive shall be eligible for a one time, long term incentive payment at the conclusion of this three (3) year Agreement contingent upon the Company achieving certain cumulative EBITDA goals during the contract period as stated below. The long-term incentive payment, if any, shall be made as soon as administratively feasible but not later than February 15, 2011.
Long Term Incentive Payment. Executive shall be eligible to receive annual grants of stock options and/or restricted stock in amounts commensurate with his position at the Company, with the amount and the terms and conditions of any such grant(s) to be determined by the Company's Compensation Committee in its sole discretion.
Long Term Incentive Payment. (a) Executive will be eligible to receive a payment in the amount on Exhibit A (the “LTIP Payment”) in the event (i) the Company and/or one of its Affiliates terminates the Executive’s employment without Cause, (ii) a Change of Control occurs, (iii) the Executive dies or becomes Permanently Disabled, or (iv) the fifth anniversary of the Effective Date occurs (each, a “Triggering Event”), provided that he has remained actively employed with the Company and/or one of its Affiliates through the date of such Triggering Event.
Long Term Incentive Payment. The Executive shall be eligible for a one time long term incentive payment at the conclusion of this three (3) year Agreement contingent upon the Company achieving a minimum cumulative EBITDA of [*****] dollars during the three (3) year term of this Agreement along the following payment structure: (For purposes of calculating EBITDA under this section, any insurance proceeds received by the Company and/or recovery of money and/or assets due to the theft of Company money by any employee(s) prior to the time this Agreement is executed shall not be used in calculating EBITDA.)
Long Term Incentive Payment. The Executive has been granted an award with respect to 2,000 units (the “LTPP Units”) under MONY’s Long Term Performance Plan (the “LTPP”) for the 2001-2003 plan cycle. The Executive hereby waives the right to any payment of the LTPP Units under the terms of the LTPP. In lieu of such payment, subject to Section 4 hereof, the Executive shall receive a cash payment of $200,000 (less applicable tax withholdings) upon the Effective Time. In the event that any payment in respect of the LTPP Units is made at the sole discretion of MONY prior to the Effective Time, the amount of such cash payment upon the Effective Time shall be correspondingly reduced.
