One Percent (1%) Penalty Sample Clauses

One Percent (1%) Penalty. In the event the Registration Statement referred to in Section 5.1 above is not declared effective by the SEC on or before the expiration of 180 days after the Closing Date (or the next business day thereafter if the 180th day falls on a Saturday, Sunday or legal holiday), the Company agrees to pay to the Subscriber. as liquidated damages and not as a penalty, an amount equal to one percent (1%) of the product of (a) the number of shares of Series 17 Preferred then outstanding times (b) $1,000, payable in cash or in shares of Common Stock, at the election of the Company. The Company agrees that for each full month thereafter which terminates without the Registration Statement being declared effective by the SEC before 5:00 p.m. Eastern Daylight Savings Time on the last day of such month (or the next business day thereafter if such day is a Saturday, Sunday or legal holiday), the Company shall pay to the Subscriber a penalty in an amount equal to one percent (1%) of the product of (a) the number of shares of Series 17 Preferred then outstanding times (b) $1,000, payable in cash or in shares of Common Stock, at the election of the Company. If the Company elects to deliver such payment in Common Stock of the Company, the number of shares of Common Stock to be issued to the Subscriber shall be determined by dividing the amount of the payment by the average closing bid price of the Company's Common Stock as reported on the NASDAQ, or if the Common Stock is not listed for trading on the NASDAQ but is listed for trading in a national securities exchange, the average closing price of the Common Stock as quoted in such national securities exchange, for the five (5) trading days immediately prior to the date on which the damages are imposed.
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Related to One Percent (1%) Penalty

  • Are There Penalties for Early Distribution from a Xxxx XXX As indicated above, earnings on your contributions, as well as amounts contributed to a Xxxx XXX as a rollover from a Traditional IRA, that are distributed before certain events are subject to various taxes. Please see IRS Publication 590 for further information about Xxxx XXX rules and restrictions.

  • Six Month Delay for Specified Employees If any payment, compensation or other benefit provided to the Executive in connection with his employment termination is determined, in whole or in part, to constitute “nonqualified deferred compensation” within the meaning of Section 409A and the Executive is a “specified employee” as defined in Section 409A, no part of such payments shall be paid before the day that is six months plus one day after the Executive’s date of termination or, if earlier, the Executive’s death (the “New Payment Date”). The aggregate of any payments that otherwise would have been paid to the Executive during the period between the date of termination and the New Payment Date shall be paid to the Executive in a lump sum on such New Payment Date. Thereafter, any payments that remain outstanding as of the day immediately following the New Payment Date shall be paid without delay over the time period originally scheduled, in accordance with the terms of this Agreement.

  • Six-Month Delay Notwithstanding anything to the contrary in this Agreement, no compensation or benefits, including without limitation any severance payments or benefits payable under this Section 4, shall be paid to the Executive during the six-month period following the Executive’s Separation from Service if the Company determines that paying such amounts at the time or times indicated in this Agreement would be a prohibited distribution under Section 409A(a)(2)(B)(i) of the Code. If the payment of any such amounts is delayed as a result of the previous sentence, then on the first day of the seventh month following the date of Separation from Service (or such earlier date upon which such amount can be paid under Section 409A without resulting in a prohibited distribution, including as a result of the Executive’s death), the Company shall pay the Executive a lump-sum amount equal to the cumulative amount that would have otherwise been payable to the Executive during such period.

  • Civil Penalty Payment Method Xxxxxx shall pay the civil penalty by check, credit card, wire transfer, or portal, payable to CARB, using instructions provided separately by CARB in a Payment Transmittal Form. Xxxxxx is responsible for all payment processing fees. Payments shall be accompanied by the Payment Transmittal Form to ensure proper application. CARB shall deposit the civil penalty amount into the Air Pollution Control Fund for the purpose of carrying out CARB’s duties and functions to ensure the integrity of its air pollution control programs. Should payment instructions change, CARB will provide notice to Xxxxxx in accordance with Paragraph 12 (Notices).

  • Thirty Day Payments Upon receipt of a billing statement that complies with all invoice requirements set forth in this Article, the State shall make a good faith effort to pay the amount which is due and payable within thirty

  • Shift Differential Pay SECTION 1: In addition to compensation provided by the wage schedule, employees working between the hours of 3:00 P.M. and 7:00 A.M. shall be paid a shift differential premium of $.45 (forty-five cents) per hour in addition to the regular pay for those hours. SECTION 2: Employees must work a minimum of 3 (three) hours in order for shift differential to apply.

  • Automatic Renewal Limitation for TIPS Sales No TIPS Sale may incorporate an automatic renewal clause that exceeds month to month terms with which the TIPS Member must comply. All renewal terms incorporated into a TIPS Sale Supplemental Agreement shall only be valid and enforceable when Vendor received written confirmation of acceptance of the renewal term from the TIPS Member for the specific renewal term. The purpose of this clause is to avoid a TIPS Member inadvertently renewing an Agreement during a period in which the governing body of the TIPS Member has not properly appropriated and budgeted the funds to satisfy the Agreement renewal. Any TIPS Sale Supplemental Agreement containing an “Automatic Renewal” clause that conflicts with these terms is rendered void and unenforceable.

  • Salary Rate Upon Employment The hiring rate of pay for a new employee shall not be higher than the rate of pay for an existing employee in the same classification with similar work experience, training and education.

  • Indemnity Limitation for TIPS Sales Texas and other jurisdictions restrict the ability of governmental entities to indemnify others. Vendor agrees that if any "Indemnity" provision which requires the TIPS Member to indemnify Vendor is included in any TIPS sales agreement/contract between Vendor and a TIPS Member, that clause must either be stricken or qualified by including that such indemnity is only permitted, "to the extent permitted by the laws and constitution of [TIPS Member's State]” unless the TIPS Member expressly agrees otherwise. Any TIPS Sale Supplemental Agreement containing an "Indemnity" clause that conflicts with these terms is rendered void and unenforceable.

  • Distributions Upon Income Inclusion Under Section 409A of the Code Upon the inclusion of any portion of the benefits payable pursuant to this Agreement into the Executive’s income as a result of the failure of this non-qualified deferred compensation plan to comply with the requirements of Section 409A of the Code, to the extent such tax liability can be covered by the Executive’s vested accrued liability, a distribution shall be made as soon as is administratively practicable following the discovery of the plan failure.

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