Special Incentive Bonus. If Employee remains in the employment of MEMC continuously throughout the Retention Period of April 1, 1998 through June 30, 1999, Employee shall be entitled to a Special Incentive Bonus in the amount of $250,000.
Special Incentive Bonus. Within 30 days after the date of this Agreement, the Employee and the Board, or its designee, will agree on the terms of a mutually acceptable special incentive bonus for the Employee.
Special Incentive Bonus. Upon signing of this Agreement, Executive will receive a one-time cash bonus equal to one month gross base compensation ($7,000).
Special Incentive Bonus. Executive will continue to be entitled to receive the Special Incentive Bonus as provided in Section 3 of the Agreement.
Special Incentive Bonus. The Executive shall receive a special incentive bonus (the “Special Incentive Bonus”). The Special Incentive Bonus shall equal $2,000,000 and shall vest in equal annual installments on each of the first five (5) anniversaries of the Effective Date, provided that the Executive must be employed by the Company on the respective anniversary (and if the Executive is not so employed on such date he shall not be considered to have earned any portion of the corresponding installment of the Special Incentive Bonus). Notwithstanding the foregoing, the Special Incentive Bonus shall immediately vest in full upon the Executive’s Involuntary Termination within twelve (12) months after a Change of Control. The first three installments of the Special Incentive Bonus shall be paid to the Executive on the third (3rd) anniversary of the Effective Date and the fourth (4th) and fifth (5th) installments of the Special Incentive Bonus shall be paid upon vesting; provided, however, that the Special Incentive Bonus, to the extent then vested and unpaid, shall be paid upon the Executive’s earlier Separation from Service (as defined in Section 5.5) for any reason.
Special Incentive Bonus. On the fourth anniversary of the Commencement Date (the "Special Incentive Bonus Determination Date"), if and only if Employee is then employed by the Company, a determination will be made regarding the amount realized (or then realizable) by Employee (the "Determination") with respect to (i) stock options granted to Employee by the Company, (ii) Pillowtex Common Stock owned by Employee at any time during the period between the Commencement Date and the Special Incentive Bonus Determination Date, (iii) stock appreciation rights granted to Employee by the Company or (iv) dividends or other distributions received by Employee with respect to Pillowtex Common Stock (the "Pillowtex Equity"). Such Determination will be made without consideration of taxes payable in connection with amounts realized or then realizable with respect to the Pillowtex Equity. The Determination will be made by a certified public accounting firm (the "Accounting Firm") mutually agreed upon by Employee and the Company. Such Determination will be made within thirty (30) days following the Special Incentive Bonus Determination Date. The Accounting Firm will furnish detailed supporting calculations to both Employee and the Company and, absent manifest error, the Determination will be final and binding upon Employee and the Company. All fees and expenses of the Accounting Firm related to making the Determination will be paid solely by the Company. If as of the Special Incentive Bonus Determination Date, Employee has not realized (or is not then able to realize) an aggregate of at least Three Million and 00/100 Dollars ($3,000,000.00) with respect to the Pillowtex Equity, the Company will make a lump sum payment to Employee in the amount of Two Million and 00/100 Dollars ($2,000,000.00) (the "Special Incentive Bonus"). If as of the Special Incentive Bonus Determination Date, Employee has realized (or is then able to realize) an aggregate amount in excess of Three Million and 00/100 Dollars ($3,000,000.00) but less than Nine Million and 00/100 Dollars ($9,000,000.00) with respect to the Pillowtex Equity, the Company will reduce the Special Incentive Bonus by $.33333 for every dollar realized or then realizable by Employee in excess of Three Million and 00/100 Dollars ($3,000,000.00). If Employee has realized or is then able to realize Nine Million and 00/100 Dollars ($9,000,000.00) or more with respect to the Pillowtex Equity on the Special Incentive Bonus Determination Date, the Company will ...
Special Incentive Bonus. Subject to the terms and conditions of this Agreement, and so long as Employee remains continuously employed as an employee by the Company through November 30, 2010, Company shall pay to Employee a one-time cash bonus in the amount of up to $275,000.00 (the “Incentive Bonus”). No Incentive Bonus shall be payable if Employee’s employment is terminated prior to November 30, 2010 for the following reasons: Employee’s death, Employee’s disability, termination by the Company with cause or voluntary termination by Employee.
Special Incentive Bonus. Provided that this Employment Agreement or Employee's employment hereunder shall not have been terminated for any reason during the period six (6) months after the Commencement Date, Employee shall be eligible for a special incentive bonus of up to $7,500 (the "Incentive Bonus"), based upon goals mutually agreeable to the Chairman and Employee, which Incentive Bonus shall be paid to Employee on the date that is six (6) months after the Commencement Date.
Special Incentive Bonus. As a special incentive bonus in connection with the Monetization Project, if successfully completed, you would be entitled to receive 5% of the aggregate gross monetization proceeds to the Company, the first one-third of which would be payable in the Company’s common shares (the “Special Bonus Shares”) issuable under the Company’s 2006 Equity Incentive Plan (the “Plan”). You will vest in the Special Bonus Shares upon the Company entering into a definitive agreement for the purposes of monetization, provided that you are providing services to the Company at the time such definitive agreement is entered into, and in that case such Special Bonus Shares will be earned and payable when vested. The number of Special Bonus Shares will be determined by dividing the cash equivalent of the one-third of the 5% of the gross monetization proceeds set forth in such definitive agreement or plan of arrangement by the closing trading price per share on the Nasdaq Capital Market (or such other market on which the Company’s common shares are then traded) on the day before the date of determination. The remaining two-thirds of the special incentive bonus will be payable in cash upon successful completion of the Monetization Project and the receipt by the Company of the total monetization proceeds in one or more tranches, pro rata, if such proceeds are received in one or more tranches by the Company. This remaining two-thirds cash portion of the special incentive bonus will be payable if you are continuing to perform services for the Company on the Monetization Project, even if you are not an employee at the time such total monetization proceeds are received, except in the event of your prior termination for Cause (as defined in the Plan). Notwithstanding anything else herein to the contrary, the vesting of the Special Bonus Shares (but not of any other portion of the special incentive bonus) will be accelerated by the Board of Directors in the event that the Board of Directors determines that, despite your efforts and contribution to the preparation, negotiation and implementation of the Monetization Project, the transaction is not completed and no definitive agreement or plan of arrangement is entered into, provided that all of the following conditions are met: (i) the definitive agreement is not executed due to an event or events outside of your control, such as changes in the applicable Canadian tax laws resulting in the inability to monetize tax losses, unforeseen bankrup...
Special Incentive Bonus. Executive shall be eligible to participate in the Special Incentive Bonus program attached hereto as Exhibit A.
