Security for Performance Incentive Payments Sample Clauses

Security for Performance Incentive Payments. (a) In the event Customer does not order the Ground Spare Satellite, Contractor and Customer agree that, as assurance of the payment of Incentive Amounts as such amounts may be earned by Contractor and become payable by Customer, Customer must demonstrate to Contractor, no later than four (4) months prior to the Launch of the first Satellite, that Customer has a minimum of [***] in liquid assets (e.g., cash, cash equivalents and current receivables), or, at Contractor's option, non-current assets (e.g., property, plant, equipment) with a market value of at least [***] and a reasonable expectation that such market value can be realized within one hundred eighty (180) Calendar Days of a decision to liquidate. In the case of non-current assets, Customer shall also grant to Contractor a perfected security interest in such non-current assets, up to a maximum interest in the amount of [***], and shall cause all appropriate documents and financial statements to be filed in order to give effect to such security interest. Contractor's perfected security interest in such non-current assets, if granted, shall be released by Contractor if Customer performs its obligations with respect to payment of all earned Incentive Amounts, including interest thereon, in accordance with the terms of this Contract, for a period of twenty-four (24) months commencing upon the date that the first Quarterly Incentive Payment Amount is due with respect to the first Launched Satellite. In the event the first Satellite is a Constructive Total Loss or Total Loss, the requirements of this paragraph (a) shall apply to the second Satellite.
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Related to Security for Performance Incentive Payments

  • Annual Performance Bonus In the discretion of the Company's Compensation Committee, the Executive shall be eligible to receive an annual performance bonus payable in cash for each full or partial fiscal year of the Company during the Employment Period in accordance with the Company's performance-based bonus program for Executive Officers.

  • Incentive Payments (i) Amount in the Event of a Termination Pursuant to Sections 7(a) or 7(c). In the event of a termination pursuant to Sections 7(a) or 7(c) of this Agreement, Employee shall be offered the opportunity to receive Incentive Payments in a total amount equal to 0.500 times the sum of Employee’s most recent annual base salary and target bonus, payable in equal installments on the same pay schedule in effect at the time of termination over a period of twelve (12) months from the date of termination.

  • Performance Bonuses The Executive will be eligible to receive an annual cash bonus at an annualized rate of up to 40% of his base salary, based on the achievement of reasonable individual and Company performance targets to be established by the Company and Parent.

  • Incentive Payment During the period of Executive's employment under this Agreement, the Executive shall be eligible to participate in an incentive compensation program implemented by the Board (the "Annual Incentive Bonus").

  • Annual Incentive Payment The Executive shall participate in the Company's Management Incentive Plan (or such alternative, successor, or replacement plan or program in which the Company's principal operating executives, other than the Chief Executive Officer, generally participate) and shall have a targeted incentive thereunder of not less than $240,000 per year; provided, however, that the Executive's actual incentive payment for any year shall be measured by the Company's performance against goals established for that year and that such performance may produce an incentive payment ranging from none to 200% of the targeted amount. The Executive's incentive payment for any year will be appropriately pro-rated to reflect a partial year of employment.

  • Performance Bonus If Employee's employment is terminated by Employee with cause, or by Bank without cause, Employee shall be paid, in addition to the amounts payable under Sections 3.5 and 3.6 of the Agreement: (i) all non-forfeitable deferred compensation, if any; and (ii) unpaid performance bonus payments, if any, payable under Section 4.2 of the Agreement, which shall be declared earned and payable based upon performance up to, and shall be pro-rated as of, the date of termination. Employee shall not be entitled to such unpaid performance bonus payments if Employee's employment is terminated by Bank with cause, or by Employee without cause.

  • Bonus Payments In addition to Base Salary, Executive shall be entitled, during the Employment Term, to participate in and receive payments from all bonus and other incentive compensation plans (as currently in effect, as modified from time to time, or as subsequently adopted) of the Company; provided, however, that nothing contained herein shall grant Executive the right to continue in any bonus or other incentive compensation plan following its discontinuance by the Board (except to the extent Executive had earned or otherwise accumulated vested rights therein prior to such discontinuance).

  • Recovery of Bonus and Incentive Compensation Any bonus and incentive compensation paid to you during a CPP Covered Period is subject to recovery or “clawback” by the Company if the payments were based on materially inaccurate financial statements or any other materially inaccurate performance metric criteria.

  • Payment of Bonuses The Bonus payable to an Executive for any Fiscal Year shall be paid in accordance with the following provisions:

  • Long-Term Incentive Awards The Executive shall participate in any long-term incentive awards offered to senior executives of the Company, as determined by the Compensation Committee.

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