Tax Incentives Total Compensation Reduction Sample Clauses

Tax Incentives Total Compensation Reduction. If at any time prior to the end of the Term, any Person (including Owner or Owner’s Lender, parent, or other Affiliate) realizes any economic or monetary benefit with respect to the Project from Energy Storage Incentive Legislation or other federal or state incentives enacted after the Effective Date (“Economic Benefit”), which Owner shall diligently pursue in accordance with Section 4.1(u), the Total Compensation Amount shall be reduced by an amount equal to seventy percent (70%) of the realized Economic Benefit (the “Reduction Amount”). Owner shall provide Notice to CHGE within seven (7) Business Days of realizing any Economic Benefit. If Owner fails to provide such Notice within the seven (7) Business Days period, the Reduction Amount shall be increased by applying the Default Interest Rate to the Reduction Amount for each Calendar Day after the end of the seven (7) Business Days period and before the Calendar Day Owner provides the notice. If the Economic Benefit is realized on or before the Commercial Operation Date, then the Total Compensation Amount shall be reduced automatically by the Reduction Amount with immediate effect. If the Economic Benefit is realized after the Commercial Operation Date, then the remaining Annual Post-Commercial Operation Payments shall be reduced by applying the Reduction Amount to each payment in the order of their respective due dates. In the event that the Reduction Amount is greater than the sum of the remaining Annual Post- Commercial Operation Payments, Owner shall pay CHGE the amount of such excess within thirty (30) Calendar Days of providing the Notice to CHGE required under Section 3.6(b)(ii). For purposes of determining when an Economic Benefit is realized under Section 3.6(b)(ii), realization will be deemed to have occurred upon the earliest occurrence of any of the following: (A) the closing of any Tax Equity Financing for the Project by Owner, Owner’s parent or other Affiliate, (B) a transfer of any income tax credits generated as a result of Energy Storage Incentive Legislation, (C) the use of any income tax credits on the federal income tax return (on the date such return is filed) of any entity, or (D) the date upon which Owner realizes an Economic Benefit not otherwise listed in this Section 3.6(b)(iv).
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Related to Tax Incentives Total Compensation Reduction

  • Total Compensation Contractor shall include Total Compensation in XXX for each of its five most highly compensated Executives for the preceding fiscal year if: 4.1. The total Federal funding authorized to date under the Award is $25,000 or more; and 4.2. In the preceding fiscal year, Contractor received:

  • Maximum Total Compensation Subsection 10.1 is amended to Increase Decrease the Maximum Total Compensation from $ to $ .

  • Final Compensation Final Compensation for an employee, who is employed by the State for the first time and becomes a member of CalPERS prior to January 15, 2011, is based on the highest average monthly pay rate during twelve (12) consecutive months of employment. Final Compensation for an employee, who is employed by the State for the first time and becomes a member of CalPERS on or after January 15, 2011, is based on the highest average monthly pay rate during thirty-six (36) consecutive months of employment.

  • Annual Compensation The Executive's "Annual Compensation" for purposes of this Agreement shall be deemed to mean the highest level of base salary paid to the Executive by the Employers or any subsidiary thereof during any of the three calendar years ending during the calendar year in which the Date of Termination occurs.

  • Annual Bonus Compensation Executive shall be eligible to receive a bonus each Contract Year (“Annual Bonus”) as the Compensation Committee of the Board of Directors shall determine. Executive’s Annual Bonus shall be determined in accordance with the Company’s executive compensation policies as in effect from time to time during the Term and shall be based, in part, on his achieving his individual performance goals for the year and, in part, on the Company’s achieving its performance goals for the year.

  • Basic Compensation (a) SALARY. Executive will be paid an annual base salary of $115,000.00, subject to adjustment as provided below (the "Salary"), which will be payable in equal periodic installments according to Employer's customary payroll practices, but no less frequently than monthly. The Salary will be reviewed by the Board of Directors not less frequently than annually, and shall be increased on each anniversary of the Effective Date during the term hereof by an amount equal to not less than ten percent (10%) of the prior year's base salary.

  • Bonus Compensation During the term hereof, the Executive shall participate in the Company’s Senior Executive Annual Incentive Plan, as it may be amended from time to time pursuant to the terms thereof (the “Plan,” a current copy of which is attached hereto as Exhibit A) and shall be eligible for a bonus award thereunder (the “Bonus”). For purposes of the Plan, the Executive shall be eligible for a Bonus, and the Executive’s specified percentage (the “Specified Percentage”) for such Bonus shall initially be fifty percent (50%) of Base Salary and shall thereafter be established annually by the Board of Directors (the “Board”) or, if the Board delegates the Specified Percentage determination process to a Committee of the Board, by such Committee. In the event the Board or Committee does not approve the Executive’s Specified Percentage within 90 days of the beginning of a fiscal year, such Specified Percentage shall be the same as the immediately preceding year. Whenever any Bonus payable to the Executive is stated in this Agreement to be prorated for any period of service less than a full year, such Bonus shall be prorated by multiplying (x) the amount of the Bonus otherwise earned and payable for the applicable fiscal year in accordance with this Sub-Section 4.2 by (y) a fraction, the denominator of which shall be 365 and the numerator of which shall be the number of days during the applicable fiscal year for which the Executive was employed by the Company. Executive agrees and understands that any prorated Bonus payments will be made only after determination of the achievement of the applicable Performance Measures (as defined in the Plan) in accordance with the terms of the Plan. Any compensation paid to the Executive as Bonus shall be in addition to the Base Salary.

  • Maximum Compensation There is a maximum compensation for this Agreement and a separate maximum compensation for each Approved Service Order.

  • Salary Benefits and Bonus Compensation 3.1 BASE SALARY. Effective July 1, 2000, as payment for the services to be rendered by the Employee as provided in Section 1 and subject to the terms and conditions of Section 2, the Employer agrees to pay to the Employee a "Base Salary" at the rate of $180,000 per annum, payable in equal bi-weekly installments. The Base Salary for each calendar year (or proration thereof) beginning January 1, 2001 shall be determined by the Board of Directors of Avocent Corporation upon a recommendation of the Compensation Committee of Avocent Corporation (the "Compensation Committee"), which shall authorize an increase in the Employee's Base Salary in an amount which, at a minimum, shall be equal to the cumulative cost-of-living increment on the Base Salary as reported in the "Consumer Price Index, Huntsville, Alabama, All Items," published by the U.S. Department of Labor (using July 1, 2000, as the base date for computation prorated for any partial year). The Employee's Base Salary shall be reviewed annually by the Board of Directors and the Compensation Committee of Avocent Corporation.

  • 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.

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