Special Bonus Pool. (i) The Executive shall participate in the Special Bonus Pool (as hereinafter defined). Within ninety (90) days after the end of the 2002 calendar year, Parent shall designate up to ten (10) executives and/or employees recommended by Xxxxxx X. Xxxxxxx who were employed by the Company prior to the consummation of the Merger (as defined in the Merger Agreement) to receive payments from the Special Bonus Pool; provided that Xxxxxx X. Xxxxxxx and the Executive shall be one of the executives and/or employees so designated; provided further that in order to be eligible to participate in the Special Bonus Pool, each executive and employee so designated shall be required to enter into an amendment to their employment agreement with the Company in substantially the form of this Amendment or otherwise agree in writing to be subject to the offset and reimbursement provisions of the Special Bonus Pool contained in Section 2(d)(ii) hereof. The number of executives and/or employees so designated, and the amount of money each is to receive, shall be determined by the Board of Directors of GlobalNet upon the recommendation of Xxxxxx X. Xxxxxxx. Subject to the Parent's right of offset and reimbursement set forth in Section 2(d)(ii) hereof and, if the conditions for the determination of the Special Bonus Pool shall have been met by the Company pursuant to Section 2(d)(iii) hereof, the entire amount of the Special Bonus Pool shall be awarded and no portion thereof withheld. Payments from the Special Bonus Pool shall be subject to all applicable employment withholding taxes.
Special Bonus Pool. The Executive will be eligible to participate in the Special Bonus Pool (the "Special Bonus Pool Award") pursuant to and in accordance with the terms established by the Compensation Committee. Except as otherwise provided in Section 6, it will be a condition precedent to the Executive’s earning and receiving payment of any Special Bonus Pool Award that she will have been actively employed on December 31, 2018 and be in good standing.
Special Bonus Pool. The Executive will be eligible to receive twenty percent (20%) of a special bonus pool, payable in January 2019. The value of such special bonus pool shall be the cost reduction achieved, as determined by the Board, based on current budgeted shore based overheads of OSG for fiscal year 2017 (“CB”) and 2018 GS&A actual overheads, excluding special costs. Each of CB and 2018 GS&A shall be expressed as a dollar per day per vessel number to adjust relative GS&A to the number of revenue generating assets, with the annualized reduction on GS&A determined by the difference between the CB and the 2018 GS&A per vessel day multiplied by the number of vessel days in 2018.
Special Bonus Pool. Prior to the Effective Date, the Executive has been granted a thirty-five (35%) participation interest in the Special Bonus Pool (the "Special Bonus Pool Award") pursuant to and in accordance with the terms established by the Compensation Committee. Except as otherwise provided in Section 6, a fifty percent (50%) portion of the Special Bonus Pool Award, if earned, shall be payable to the Executive in the first quarter of calendar year 2019 but in any event prior to March 15, 2019; provided that, the Executive remains actively employed with the Company and in good standing until December 31, 2018. In addition, except as otherwise provided in Section 6, the remaining fifty percent (50%) portion of the Special Bonus Pool Award, if earned, shall be payable to the Executive in the first quarter of calendar year 2020 but in any event prior to March 15, 2020; provided that, the Executive remains actively employed with the Company and in good standing until December 31, 2019.
Special Bonus Pool. To the extent not previously paid in full, the target amount of the Executive's Special Bonus Pool Award shall be paid on the first payroll date following the expiration of the Release Period.
Special Bonus Pool. In addition to the Compensation set forth in Section 3 of the Employment Agreement, the Executive will be eligible to participate in a special bonus pool, payable in January 2019. The value of such special bonus pool shall be the cost reduction achieved, as determined by the Board, based on current budgeted shore based overheads of OSG for fiscal year 2017 (“CB”) and 2018 GS&A actual overheads, excluding special costs. Each of CB and 2018 GS&A shall be expressed as a dollar per day per vessel number to adjust relative GS&A to the number of revenue generating assets, with the annualized reduction on GS&A determined by the difference between the CB and the 2018 GS&A per vessel day multiplied by the number of vessel days in 2018. Severance Benefits
Special Bonus Pool. The Company shall establish a special bonus plan with an aggregate bonus pool amount of $300,000 (the “Special Bonus Pool Amount”) which is to be used to supplement the Company’s current bonus pool to retain key employees of the Company after the Closing Date. The costs of the special bonus plan (including, without limitation, amounts paid into the special bonus plan and all applicable federal and state payroll and similar taxes) shall be borne equally (50% each) by the Company and the Shareholders, with the Shareholders’ portion of such costs to be deducted by Buyer from any Purchase Price earn outs owing to Shareholders. On the date that is two (2) years subsequent to the Closing, if the Company has achieved the Extended Earn Out (as defined in Exhibit 2.2), then the Special Bonus Pool Amount shall be paid. Additional terms of the special bonus plan are set forth in Exhibit 12.1. Any funds not expended pursuant to the special bonus plan shall revert to the Company. The key employees and allocation of the special bonus pool shall be determined by the Company’s board of directors as it will exist after the Closing.
