Supplemental Compensation - Restructuring Sample Clauses

Supplemental Compensation - Restructuring. To the extent that the Company pursues a Restructuring, the Company shall pay to the Executive an amount equal to the difference between (a) the Retention Payment set forth on the signature page of this Supplemental Compensation Agreement minus (b) the bonus, if any, which the Executive receives under the Bonus Program with respect to the Fiscal Year. The Company shall pay such amount to the Executive on the earlier of (a) the termination by the Company of the employment of such Executive and (b) April 15, 2002. The Company shall not be obligated to pay such amount to the Executive if the Executive terminates his employment by the Company prior to the date on which such amount would otherwise be required to be paid. The Company shall also not be required to pay such amount to the Executive if the Company terminates the employment of the Executive for Cause (as defined in the Severance Agreement) prior to the date on which the amount would otherwise be required to be paid. To the extent that the Company pursues a Restructuring and to the extent that the Company successfully closes a Restructuring, the Company shall pay to the Executive the Success Incentive set forth on the signature page of this Supplemental Compensation Agreement, subject to reduction as provided in this Section 2, no later than 120 calendar days after the date on which the Company successfully closes the Restructuring. To the extent that the employment of the Executive is terminated in connection with the Restructuring, the Success Payment shall be reduced by the payments, if any, which the Executive receives under the Change in Control Agreement and the Severance Agreement. The determination whether the Company has successfully closed a Restructuring and the date on which such successful closing occurred shall be made by the Board of Directors; provided, however, to the extent that the Board of Directors has not previously determined that a Restructuring has been successfully closed, a Restructuring shall be conclusively deemed to have been successfully closed on the date on which the Company executes and delivers documentation which restructures the subordinated notes of the Company outstanding on the date of this Supplemental Compensation Agreement.
AutoNDA by SimpleDocs

Related to Supplemental Compensation - Restructuring

  • Additional Compensation During the Term, in addition to the foregoing, the Executive shall be eligible to receive such other compensation as may from time to time be awarded him by either the Board or the Compensation Committee in its sole discretion.

  • Supplemental Retirement Benefits The terms and conditions for the payment of supplemental retirement benefits are set forth in a separate written agreement between the parties.

  • Compensation; Employment Agreements; Etc Enter into or amend or renew any employment, consulting, severance or similar agreements or arrangements with any of its directors, officers or employees or those of its subsidiaries or grant any salary or wage increase or increase any employee benefit (including incentive or bonus payments), except (1) for normal individual increases in compensation to employees (other than executive officers or directors) in the ordinary course of business consistent with past practice, (2) for other changes that are required by applicable law and (3) to satisfy Previously Disclosed contractual obligations.

  • Supplemental Retirement Plan During the Contract Period, if the Executive was entitled to benefits under any supplemental retirement plan prior to the Change in Control, the Executive shall be entitled to continued benefits under such plan after the Change in Control and such plan may not be modified to reduce or eliminate such benefits during the Contract Period.

  • ADDITIONAL COMPENSATION AND BENEFITS The Executive shall receive the following additional compensation and welfare and fringe benefits:

  • Termination Compensation Termination Compensation equal to two (2) times the Executive's Base Period Income shall be paid to the Executive in a single sum payment in cash on the thirtieth (30th) business day after the later of (a) the Control Change Date and (b) the date of the Executive's employment termination; provided that if at the time of the Executive's termination of employment the Executive is a Specified Employee, then payment of the Termination Compensation to the Executive shall be made on the first day of the seventh (7th) month following the Executive's employment termination.

  • SUPPLEMENTAL BENEFITS The Reinsurer will receive a proportionate share of any premiums for additional benefits as shown in Schedule I, as well as for any extra premiums the Ceding Company may collect for the coverage of special risks (traveling, climate, occupation, etc.). This share will be based on the ratio between the amount at risk and the total initial benefits insured and will remain constant throughout the entire period of premium payment.

  • Compensation; Employment Agreements 16 5.15 Noncompetition, Confidentiality and Nonsolicitation Agreements; Employee Policies...... 16 5.16

  • Deferred Compensation Plan Manager shall be eligible to participate in the First Mid-Illinois Bancshares, Inc. Deferred Compensation Plan in accordance with the terms and conditions of such Plan.

  • Incentive Compensation Plans The occurrence of any of the following: (i) a material reduction by the Corporation in the Executive’s (A) annual incentive compensation target or maximum opportunity, or (B) long-term incentive compensation target or maximum opportunity (measured based on grant date fair value of any equity-based awards), in each case, as in effect immediately prior to the Change in Control, or (ii) a change in the performance conditions, vesting, or other material terms and conditions applicable to annual and/or long-term incentive compensation awards granted to Executive after the Change in Control which would have the effect of materially reducing the Executive’s aggregate potential incentive compensation from the level in effect immediately prior to the Change in Control; or

Time is Money Join Law Insider Premium to draft better contracts faster.