Special Incentive Compensation. The Executive agrees that the award of the Restricted Stock hereunder is special incentive compensation and that it, any dividends paid thereon (even if treated as compensation for tax purposes) and any other RS Property will not be taken into account as "salary" or "compensation" or "bonus" in determining the amount of any payment under any pension, retirement or profit-sharing plan of the Company or any life insurance, disability or other benefit plan of the Company.
Special Incentive Compensation. The Participant agrees that the award of the Restricted Stock under the Agreement is special incentive compensation and that it, any dividends paid thereon (even if treated as compensation for tax purposes) and any other property received on account of such Restricted Stock will not be taken into account as “salary” or “compensation” or “bonus” in determining the amount of any payment under any pension, retirement or profit-sharing plan of the Company or any life insurance, disability or other benefit plan of the Company.
Special Incentive Compensation. You agree that the award of the RSUs is special incentive compensation and that the RSUs will not be taken into account as “salary” or “compensation” or “bonus” in determining the amount of any payment under any pension, retirement or profit-sharing plan of the Company or any life insurance, disability or other benefit plan of the Company, except as specifically provided in any such plan.
Special Incentive Compensation. The Executive is also a participant in the Special Incentive Program (SIP) covered under a separate agreement, which will terminate on August 1, 2003 unless mutually extended.
Special Incentive Compensation. Executive shall participate in an additional performance-based cash incentive plan for three years: 2008, 2009, and 2010, more fully described in this Section 5(d) and subject however to the terms of Section 6 (such compensation being sometimes hereinafter referred to as “SIC” and such plan or program as the “SIC Program”). Executive is eligible to earn cash of $140,000 annually upon Employer achieving in calendar year 2008, 2009 and 2010 the Earnings Before Income Tax, Depreciation, and Amortization (“EBITDA”) Targets set forth in Sections 3.2(c), 3.2(g) and 3.2(k), respectively, of Executive’s Restricted Stock Agreement (defined in Section 5(e) below). For calendar years 2008 and 2009, Executive shall receive guaranteed payouts of SIC, regardless of meeting the EBITDA Targets for such calendar years described above, of at least 75% and 50% of $140,000, respectively. Payouts of SIC in calendar years 2008 and 2009 shall be made on a quarterly basis, in advance, equal to 25% of the guaranteed payout for that calendar year. For calendar year 2010, payouts of $35,000 shall be made on a quarterly basis, in advance. For calendar years 2008, 2009 and 2010, a final payment of SIC shall be made following the close of that calendar year to reflect any additional payment due under this SIC Program once the EBITDA has been determined for that calendar year. In the event Executive fails to meet the EBITDA target for calendar year 2010, any quarterly payout made during that calendar year shall be subject to set-off against any other payment due Executive. Employer and Executive understand and agree that neither the award of SIC, nor the description of payment on a quarterly basis, nor the “without Cause,” “Good Reason” or other similar qualifications herein, affect the employment at-will status provided in Section 1, and therefore, does not create a presumption that employment is for any definite period of time.
Special Incentive Compensation. The Participant agrees that the award of the PRSUs is special incentive compensation and that it, any dividend equivalents paid thereon (even if treated as compensation for tax purposes) and any other property received on account of such PRSUs will not be taken into account as “salary” or “compensation” or “bonus” in determining the amount of any payment under any pension, retirement or profit-sharing plan of the Company or any life insurance, disability or other benefit plan of the Company.
Special Incentive Compensation. By acceptance of an award hereunder, each Participant shall be deemed to have agreed that such award is special incentive compensation that will not be taken into account, in any manner, as salary, compensation or bonus in determining the amount of any payment under any pension, retirement, life insurance, disability, severance or other employee benefit plan of the Company or any of its Affiliates. In addition, each beneficiary of a deceased Participant shall be deemed to have agreed that such award will not affect the amount of any life insurance coverage, if any, provided by any Person on the life of the Participant which is payable to such beneficiary under any life insurance plan covering employees.
Special Incentive Compensation. You agree that the award of the PSUs is special incentive compensation and that the PSUs will not be taken into account as “salary” or “compensation” or “bonus” in determining the amount of any payment under any pension, retirement, or profit-sharing plan of the Company or any life insurance, disability, or other benefit plan of the Company, except as specifically provided in any such plan.
Special Incentive Compensation. In recognition of Executive's efforts in helping the Company achieve certain strategic objectives, the Company shall pay to Executive $75,000 within ten (10) days of the execution and delivery of this Agreement. In addition, the Company shall pay Executive a $25,000 bonus in the event the Company sells or otherwise disposes of substantially all of its assets deployed in the automotive fabrics business of the Chatham Division of the Company in one or more transactions approved by the Board of Directors of the Company. For the avoidance of doubt, to be entitled to the full bonus, substantially all of the assets associated with the woven fabrics automotive business, the circular knit fabrics automotive business and the woven velour fabrics automotive business must all be sold or otherwise disposed of. Notwithstanding the foregoing, the Board of Directors of the Company shall consider paying and may in its discretion agree to pay Executive a portion of the bonus upon completion of the sale of less than substantially all of the aforementioned assets. Payment of any amount due under this paragraph shall be made within fifteen (15) days of the completion of such transaction or transactions regarding such sale or disposition.
Special Incentive Compensation. In the event that the revenues of the Company derived from fees charged to clients for the calendar year ending December 31, 1997 are at least $1.1 million, a special incentive compensation of $40,000 shall be awarded to Employee.
