Special Profits Interests Sample Clauses

Special Profits Interests. Pursuant to Section 5 of the Special Profits Amendment amending Section 9(i) of the Prior Employment Agreement for all periods on or after January 1, 2008, Employee is entitled to receive 2.5% of the Fund GP Net Special Profits Interests Allocations allocated to the Fund GP’s (as such terms are used in Section 3 of the Special Profits Amendment) during the period from January 1, 2008 until the last day of the “Term” (in this single instance, as “Term” is defined in the Prior Employment Agreement). As of April 30, 2009 the amount that would be allocable to Employee if each applicable Existing Fund had sufficient Net Increase to make such allocation is $532,850.97 with respect to Icahn Partners; $ 1,114,186.87 with respect to the Master Fund, $ 233,085.54 with respect to Master Fund II and $ 97,805.30 with respect to Master Fund III (each such amount, an “Accrued Amount”), it being understood that such Accrued Amount fluctuates from time to time because the amounts in each Special Profits Memorandum Account (as defined under the documents of each applicable Existing Fund) on which such Accrued Amount is based, are treated as if they are invested in the applicable Existing Fund and so fluctuate with the value of the investments of such fund. The dollar amount of each Accrued Amount at any particular time, after taking into account such fluctuations in value, and as reduced by any payments contemplated in the following paragraph (in each case to the extent attributable to such Accrued Amount) is referred to, individually herein as a “Employee Special Interest Amount.” Employee is and shall be deemed to be, 100% vested in such amounts. In satisfaction of the payments that would be payable under the Prior Employment Agreement as contemplated in this clause (c) above, Employee will be paid an amount equal to 2.5% of each of the Fund GP’s Net Special Profits Interests Allocations that are made by an Existing Fund with respect to an Employee Special Profits Interest Amount, until such Employee Special Profits Interest Amount is reduced to zero (with respect to each such Employee Profits Interest Amount, the “Accrued Special Profits End Point”). The parties acknowledge and agree that except for the fact that the dollar amount of the Accrued Amount may fluctuate after the date hereof due to investment profits and losses on such amount (and the reductions due to the payments to Employee contemplated in this clause (c)) no further Target Special Interest Amounts or oth...