Common use of Schedule of Additional Benefits Clause in Contracts

Schedule of Additional Benefits. As part of the annual budgeting process, the Operator shall deliver to the City a Schedule of Additional Benefits (as defined below) it proposes to pay to the Senior Executive Personnel, it being understood that each such schedule shall set forth the names of each of the Senior Executive Personnel and the amount of the Additional Benefits compensation budgeted for each Senior Executive Personnel, and the method for calculating the Additional Benefit (the “Schedule of Additional Benefits”). The amount of the Schedule of Additional Benefits shall be computed on a basis comparable to the compensation generally paid to similarly situated employees at other comparable facilities based upon the performance of such other comparable facilities. If the Schedule of Additional Benefits varies from the amount of the Senior Executive Personnel Additional Benefit Pool for such Operating Year by more than 5%, the City and the Operator shall meet to discuss such variance and may mutually agree to amend the amount of the Senior Executive Personnel Additional Benefit Pool set forth in Section 7.6.1 above; provided however, that neither party shall be obligated to agree to any such amendment. For purposes of this Agreement, the term Additional Benefits shall mean “Annual compensation paid to Senior Executive Personnel that is based upon the performance of the Facilities, based upon a predefined formula (and excluding, for avoidance of doubt, (1) base salary, (2) participation in employee benefit plans and programs (including any equity-based plans (to the extent based on equity in the Operator generally and not the Facilities specifically)), and (3) relocation and severance payments).”