Payment of Accrued Compensation. (1) Upon termination of this Agreement pursuant to preceding subsection (a), you (or your estate or heirs, as the case may be) will be entitled to receive all Base Salary, Incentive Compensation, expense reimbursements, vacation pay, and similar amounts accrued and unpaid as of the date of such termination. The obligations of Xxxxxx Mac under this subsection (b) will survive any termination of this Agreement.
(2) In the event of your voluntary termination of employment hereunder, Xxxxxx Mac will not be obligated to make any further compensation payments to you beyond those accrued prior to the effective date of such termination.
Payment of Accrued Compensation. The Executive shall also be entitled to all amounts earned or accrued through the date of Termination but not paid as of such date, including base salary, reimbursement for reasonable and necessary expenses incurred by the Executive on behalf of the HDI Group during the period ending on the date of Termination, vacation pay, and sick leave (collectively, “Accrued Compensation”). All Accrued Compensation shall be paid to the Executive within ten (10) days following Termination.
Payment of Accrued Compensation. If at the Effective Date any compensation payable to Executive has been accrued and unpaid and from and after the Effective Date any such compensation is accrued, Executive shall be entitled to payment of such accrued compensation in the following manner:
(i) If the Company recieves an equity or equity-linked investment in the amount of Twelve Million Dollars ($12,000,000) or greater, Company shall pay Executive all accrued compensation in full.
(ii) If the Company receives an capital investment which is strategic in nature (and therefore does not require the issuance of equity), of Eight Million Dollars ($8,000,000) or more, Company shall pay Exeutive any accrued compensaton in full. This includes, but is not limited to, the proceeds from the sale of any significant portion of the assets of the Company other than inventory in the ordinary course of business.
(iii) If the Company acheives EBITDA of One Million Dollars ($1,000,000) or more, Company shall pay Exeutive on a monthly basis an amount equal to two times Executive’s monthly Base Salary until any accrued compensation has been paid in full. EBITDA shall be measured at each fiscal quarter end and any salary adjustements shall begin on the first pay cycle of the following fiscal quarter. The final month’s remuneration may be adjusted as needed to prevent Executive from receiving more than the amount to which he/she is so entitled.
Payment of Accrued Compensation. (i) Upon termination of the Executive’s employment pursuant to preceding subsection (a) or upon termination of the Executive’s employment upon expiration of the Term, the Executive (or his estate or heirs, as the case may be) shall be entitled to receive all Base Salary, expense reimbursements, vacation pay (up to the limit for the payment of accrued vacation pay set forth from time to time in Xxxxxx Mac’s employment-related policies, which is currently four (4) weeks), and similar amounts accrued and unpaid as of the date of termination. For the avoidance of doubt, these accrued and unpaid amounts shall not include any accrued Incentive Salary. These accrued and unpaid amounts shall be in addition to any amounts that may be due under subsection (c), (d), or (e) of this Section 8. The obligations of Xxxxxx Mac under this subsection (b) shall survive any termination of this Agreement.
(ii) In the event of the Executive’s voluntary termination of employment hereunder (other than pursuant to Section 8(e) below), Xxxxxx Mac shall not be obligated to make any further compensation payments to Executive beyond those accrued prior to the effective date of such termination, and shall not be required to pay any accrued Incentive Salary.
Payment of Accrued Compensation. PrimePlayer Incorporated acknowledges that Xxxx X. Xxxxxxx, M.D. is entitled to compensation which accrued beginning November 8, 2002 through December 31, 2001 in the sum of approximately $24,000, which remains unpaid. It is agreed that this back salary may be compensated under the Employee Compensation Agreement presently being adopted by the corporation by the issuance of 75,000 common shares of PrimePlayer Incorporated, one mil ($0.001), on the condition that the shares be registered under the Securities Act of 1933 on Form S-8 so that they may be issued as unrestricted shares which may be resold or traded by Xxxx Xxxxxxx without restrictions except those imposed on affiliates of the issuing entity by SEC Rule 144 under the Act.
Payment of Accrued Compensation. (i) Upon termination of the Employee's employment pursuant to preceding subsection (a), the Employee (or his estate or heirs, as the case may be) shall be entitled to receive all Base Salary, annual incentive payments, expense reimbursements, vacation pay, and similar amounts accrued and unpaid as of the date of such termination. With respect to annual incentive payments, the term “accrued” means that the amount of the payment to the Employee has been definitively determined by Xxxxxx Mac but the payment has not been made. The obligations of FAMC under this subsection (b) shall survive any termination of this Agreement.
(ii) In the event of the Employee’s voluntary termination of employment hereunder, other than pursuant to Section 9(e) below, FAMC shall not be obligated to make any further compensation payments to Employee beyond those accrued prior to the effective date of such termination.
Payment of Accrued Compensation i) If this Agreement is terminated pursuant to this Section 8(a)(i) or 8(a)(ii), any accrued but unpaid compensation due under Sections 6 or 7 hereof as of the effective date of termination shall be prorated, if necessary, through the effective date of termination and the amount so determined to be due and payable hereunder shall be paid within thirty (30) days after
Payment of Accrued Compensation. (i) Upon termination of the Executive’s employment pursuant to preceding subsection (a) or upon termination of the Executive’s employment upon expiration of the Term, the Executive (or his estate or heirs, as the case may be) shall be entitled to receive all Base Salary, Incentive Salary, expense reimbursements, vacation pay, and similar amounts accrued and unpaid as of the date of termination, except that Incentive Salary shall not be paid upon termination of the Executive’s employment pursuant to subsection (a)(ii) above or upon the Executive’s resignation from employment for any reason other than material breach of this Agreement in accordance with Section 8(e) below. With respect to Incentive Salary, the term “accrued” means an amount equal to the Executive’s annual Incentive Salary Target prorated for the number of days he was employed by Xxxxxx Mac during the year in which termination occurred. The obligations of Xxxxxx Mac under this subsection (b) shall survive any termination of this Agreement.
Payment of Accrued Compensation. (i) Upon termination of the Employee's employment pursuant to preceding subsection (a), the Employee (or his estate or heirs, as the case may be) shall be entitled to receive all Base Salary, Incentive Salary, expense reimbursements, vacation pay, and similar amounts accrued and unpaid as of the date of termination, except that Incentive Salary shall not be paid upon termination of the Employee’s employment pursuant to subsection (a)(ii) above. With respect to Incentive Salary, the term “accrued” means an amount equal to the Employee’s annual Incentive Salary Target prorated for the number of months he was employed by Xxxxxx Mac during the year in which termination occurred. The obligations of FAMC under this subsection (b) shall survive any termination of this Agreement.
Payment of Accrued Compensation. (1) Upon termination of this Agreement pursuant to preceding subsection (a), you (or your estate or heirs, as the case may be) will be entitled to receive all Base Salary, Incentive Compensation, expense reimbursements, vacation pay, and similar amounts accrued and unpaid as of the date of such termination. The obligations of Farmer Mac under this subsection (b) will survive any txxxxxxtion of this Agreement.
(2) In the event of your voluntary termination of employment hereunder, Farmer Mac will not be obligated to make any further xxxxxnsation payments to you beyond those accrued prior to the effective date of such termination.
