Payments to Xxxxxxx. 1.1 In full settlement of any and all claims by Xxxxxxx against the Company, the Company shall cause to be paid to Xxxxxxx the following:
(i) Cash Payments. $210,000.00 payable in twenty four (24) bi-monthly payments of $8,750.00 on the 15th and the last day of each month or on the next business day if a payment date falls on either a weekend or holiday beginning following the date that this Agreement is no longer revocable as provided in Section 19 hereof. The Company agrees to direct deposit these payments to a bank account specified by Xxxxxxx in writing to the Company.
Payments to Xxxxxxx. In exchange for the services rendered by Xxxxxxx in connection with this Agreement, VR Holdings shall issue to Xxxxxxx, promptly after the Closing of this Agreement, (a) 10,008,343 shares of the VR Holdings Common Stock, (b) 10,045 shares of the VR Holdings Class A Convertible Preferred Stock, and
Payments to Xxxxxxx. Borrowers shall not directly or indirectly make any payment to or for the benefit of Xxxxxxx until the Additional Contingent Claims shall be finally determined and paid in full except for (i) payments made pursuant to and as permitted by the Xxxxxxx Subordination Agreement, (ii) payments made in respect of Xxxxxxx'x taxes, salary and as reimbursement for reasonable expenses, in each case, if and to the extent permitted under the Facility Agreements, and (iii) payments made to Affiliates that are required under the Cooperation Agreement or any other arm's-length agreement entered into with an Affiliate, provided that nothing contained herein shall be deemed to permit any such payment to or for the benefit of Xxxxxxx if such payment shall be otherwise prohibited or restricted under any other provision of this Agreement (including, without limitation, subsections 7.5 or 7.10) or any other agreement or document.
Payments to Xxxxxxx. Subject to Xxxxxxx’x compliance with the terms and conditions of this Agreement, the Company has agreed to compensate Xxxxxxx as follows:
(a) On the Effective Date, the Company shall pay Xxxxxxx $110,000.00.
(b) For the period following the Termination Date and through December 31, 2004, the Company shall progressively accrue a total obligation to Xxxxxxx of $110,000 for his consulting services (described below and regardless of the extent to which the Company utilizes said consulting services) and shall first report such wages (for tax purposes) to Xxxxxxx in the year paid. Such payment for consulting services shall be made in a single lump sum amount on January 3, 2005, or earlier in the event of a change of control of the Company as defined in the January 1, 2003 Agreement referred to in paragraph 7 (ii) herein, at which time the Company shall immediately pay Xxxxxxx $110,000. However, these payments shall cease accruing upon the Early Termination of Xxxxxxx’x Consulting Period.
(c) The payment described in paragraphs 2(a) and (b) shall be subject to all of the normal withholdings for taxes, insurance, flexible spending, and 401(k) contributions, as well as normal employer paid benefits such as 401(k) matching and insurance subsidies which shall continue through the Consulting Period in the same manner as if the Termination had not occurred.
(d) The Company shall provide Xxxxxxx with the health, dental, life and disability benefits available to Xxxxxxx as an employee on the Termination Date for a period equal to the lesser of (i) the eighteen (18) months following the Termination Date, or (ii) the date that is sixty (60) days after the Early Termination of Xxxxxxx’x Consulting Period. Xxxxxxx shall pay for such benefits at the same rate as he pays on the Termination Date.
Payments to Xxxxxxx. (a) Kaiser shall continue to pay Xxxxxxx his base compensation at the current rate of $235,000 per annum through November 30, 2004.
(b) During the period of December 2004 through December 2005 (the “Consulting Period”), Kaiser shall pay Xxxxxxx $2,000.00 per month (less applicable payroll taxes and similar deductions). If, during the Consulting Period, Xxxxxxx is requested to consult with Kaiser for in excess of 10 hours in any month he shall be compensated for hours in excess of 10 hours at the rate of $250.00 per hour (less applicable payroll taxes and similar deductions). If Xxxxxxx incurs out-of-pocket expenses in connection with consulting on behalf of Kaiser, Kaiser shall reimburse such expenses (to the extent reasonable) in accordance with normal Kaiser practices.
(c) Under the terms of paragraph 3 of the Executive Agreement, upon achieving certain performance objectives, Xxxxxxx is entitled to an additional bonus payment of $250,000. In respect of this obligation, and provided that Xxxxxxx observes the provisions of this Agreement during the period between the Effective Date and January 15, 2005, Kaiser shall pay to Xxxxxxx the sum of $250,000 (less applicable payroll taxes and similar deductions and less the amounts referred to on Exhibit C) on or before January 15, 2005.
(d) Provided that Xxxxxxx submits proper documentation according to Kaiser procedures by November 1, 2004, Kaiser shall reimburse Xxxxxxx for all reasonable expenses incurred in connection with Xxxxxx’x business operations by November 15, 2004.
(e) The parties agree and acknowledge that Xxxxxxx remains employed by Kaiser and is entitled to continue to participate in Xxxxxx’x 401(k) plan through and including December 31, 2005. However, from and after November 30, 2004 Xxxxxxx shall not be entitled to any “match” or other contribution by Kaiser, whether now or hereafter in effect.
(f) In the event that Xxxxxxx dies before December 31, 2005, Kaiser shall pay to Xxxxxxx’x estate (i) all remaining payments of base compensation to which Section 5(a) refers, (ii) the additional bonus payment to which Section 5(c) refers, and (iii) any expense reimbursements to which Section 5(d) refers. In addition, in the event of Xxxxxxx’x death prior to December 31, 2005, Xxxxxxx’x family will continue to have the health benefits referred to in Section 6 through December 31, 2005.
Payments to Xxxxxxx x. Xxxxxxx shall receive a Guaranteed Bonus of Thirty Thousand Dollars for the calendar year ending December 31, 2000 to be paid on or before December 31, 2000. In addition, Company will pay Xxxxxxx a Guaranteed Bonus of Thirty Thousand Dollars for the calendar year ending December 31, 2001 to be paid on or before December 31, 2001 provided: (1) That Xxxxxxx`s employment is not terminated for cause by the Company prior to December 31, 2001; and (2) That Xxxxxxx does not resign his employment with the Company prior to December 31, 2001. These Guaranteed Bonuses are in lieu of any other claims to a Bonus that Xxxxxxx might otherwise assert under the Original Employment Agreement or under any other agreements between the parties hereto.
x. Xxxxxxx has previously asserted that he has not received all of the cost of living adjustments to which he is entitled pursuant to the terms of the Original Employment Agreement. The Company has asserted that Xxxxxxx has received all of the cost of living adjustments to which he is entitled pursuant to the terms of the Original Employment Agreement. In settlement of all disputes between Xxxxxxx and the Company relating to Xxxxxxx`s claims concerning the cost of living adjustments pursuant to the terms of the Original Employment Agreement, the Company shall pay Xxxxxxx the sum of $5000 on or before December 31, 2001.
c. In addition to the Guaranteed Bonus and the cost of living adjustment referenced in Sections 3a and 3b above, and except as provided in Sections 3a and 3b above, Xxxxxxx shall be entitled to all salary and employee benefits to which he would otherwise be entitled pursuant to the Original Employment Agreement through the Effective Date.
Payments to Xxxxxxx. Invoices for fees and other charges shall be prepared in accordance with XXXXXXX’ standard invoicing practices and shall be submitted to CLIENT not more frequently than monthly for all services rendered as the work progresses, and the net amount shall be due within 30 days at XXXXXXX’ offices in Chicago, Illinois, and CLIENT’s obligation to pay under this Agreement. Payments on invoices submitted by XXXXXXX for services performed shall not be delayed, postponed or otherwise withheld pending completion or success of construction, or receipt of funding from lending institutions, government grants or other sources. Invoices for payment shall not be offset by any claims for withholding or deductions by CLIENT unless XXXXXXX agrees or has been finally determined liable for such amounts. Invoices are due and payable within 30 days of receipt. If CLIENT fails to pay XXXXXXX’ invoice within 30 days after receipt, the amounts due XXXXXXX shall accrue interest at the rate of one and one-half percent (1.5%) per month (or the maximum rate of interest permitted by law, if less) after the 30 days. In the event any portion of the account remains unpaid 60 days after billing, the Client shall pay all costs of collection, including reasonable attorney’s fees. Records of XXXXXXX’ direct and indirect costs and expenses pertinent to its compensation under this Agreement shall be kept in accordance with generally accepted accounting practices and applicable federal, state, or local laws and regulations.
Payments to Xxxxxxx. During the Term of the Agreement, EES agrees to pay Xxxxxxx the following amounts within seven days of the occurrence of the contingencies set forth below:
(i) $200,000 at signing of this Agreement,
(ii) $100,000 after written certification by Xxxxxxx that (A) all three of the individuals based in Germany with respect to the Xxxxxxx European Infrastructure (as referred to in Section 4.08 hereof) have commenced full-time employment with Xxxxxxx, and (B) an authorized representative of EES Europe certifies that Xxxxxxx has a reasonable inventory of service spare parts located in Europe, and
(iii) $300,000 upon the 1st day of the Second Half of the Initial Term if an Event of Default has not occurred. These amounts are one time payments.
Payments to Xxxxxxx. With respect to each Receivable transferred to Seller under the Receivables Sale Agreement, Seller has given reasonably equivalent value to Xxxxxxx in consideration therefor and such transfer was not made for or on account of an antecedent debt. No transfer by Xxxxxxx of any Receivable under the Receivables Sale Agreement is or may be voidable under any section of the Bankruptcy Reform Act of 1978 (11 U.S.C. §§ 101 et seq.), as amended.
Payments to Xxxxxxx
