Common use of Unit Bonus Clause in Contracts

Unit Bonus. The unit portion of any bonus (“Bonus Units”) shall be issued to the COO effective as of the beginning of the fiscal year, subject to forfeiture to the Company. Certain Bonus Units will forfeit upon: (1) termination of employment for cause (Section 8(a)(4)); or (2) termination at COO’s election (Section 8(a)(6)) (“Forfeiture Event”). Within one year after the effective issuance of the Bonus Units, all of the Bonus Units are nontransferable, and shall forfeit back to the Company with no rights relating to the Bonus Units remaining with the COO if a Forfeiture Event occurs. One (1) year after the effective issuance of the Bonus Units, the forfeiture and nontransferability restrictions on one-third (1/3) of the Bonus Units terminate. After one (1) year and until two (2) years after the effective issuance of the Bonus Units, two-thirds (2/3) of the Bonus Units are nontransferable, and shall forfeit back to the Company with no additional rights relating to the forfeited Bonus Units remaining with the COO if a Forfeiture Event occurs. Two years after the effective issuance of the Bonus Units the forfeiture and nontransferability restrictions on an additional one-third (1/3) (two-thirds (2/3) of the Bonus Units in total) terminate. After two (2) years and until three (3) years after the effective issuance of Bonus Units, one-third (1/3) of the Bonus Units are nontransferable, and shall forfeit back to the Company with no rights relating to the forfeited Bonus Units remaining with the COO if a Forfeiture Event occurs. The forfeiture and nontransferability restrictions on the remaining Bonus Units held by the COO are terminated: (1) at the end of three years after the effective issuance of Bonus Units to the COO; (2) notwithstanding the restrictions above at any time a change of control of the Company resulting in a different group of owners obtaining governance rights to elect a majority of the Board of Directors occurs; or (3) notwithstanding the restrictions above, at any time, if the retirement of the COO occurs at age 59 ½ years of age or older. Except for the Equity Capital Markets Transaction Bonus, which shall be paid as provided in Exhibit A, the amount of units to be awarded as part of the bonus shall be based on the higher of book or market value of the units at the time the bonus is awarded. Book value shall be determined by the most recent year-end audited financial statements. Market value shall be determined by the average price of units that have traded in the secondary market during the preceding fiscal year.

Appears in 1 contract

Samples: Employment, Non Competition, and Severance Agreement (Golden Oval Eggs LLC)

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Unit Bonus. The unit portion of any bonus (“Bonus Units”) shall be issued to the COO CEO effective as of the beginning of the fiscal year, subject to forfeiture to the Company. Certain Bonus Units will forfeit upon: (1) termination of employment for cause (Section 8(a)(4)); or (2) termination at COOCEO’s election (Section 8(a)(6)) (“Forfeiture Event”). Within one year after the effective issuance of the Bonus Units, all of the Bonus Units are nontransferable, and shall forfeit back to the Company with no rights relating to the Bonus Units remaining with the COO CEO if a Forfeiture Event occurs. One (1) year after the effective issuance of the Bonus Units, the forfeiture and nontransferability restrictions on one-third (1/3) of the Bonus Units terminate. After one (1) year and until two (2) years after the effective issuance of the Bonus Units, two-thirds (2/3) of the Bonus Units are nontransferable, and shall forfeit back to the Company with no additional rights relating to the forfeited Bonus Units remaining with the COO CEO if a Forfeiture Event occurs. Two years after the effective issuance of the Bonus Units the forfeiture and nontransferability restrictions on an additional one-third (1/3) (two-thirds (2/3) of the Bonus Units in total) terminate. After two (2) years and until three (3) years after the effective issuance of Bonus Units, one-third (1/3) of the Bonus Units are nontransferable, and shall forfeit back to the Company with no rights relating to the forfeited Bonus Units remaining with the COO CEO if a Forfeiture Event occurs. The forfeiture and nontransferability restrictions on the remaining Bonus Units held by the COO CEO are terminated: (1) at the end of three years after the effective issuance of Bonus Units to the COOCEO; (2) notwithstanding the restrictions above at any time a change of control of the Company resulting in a different group of owners obtaining governance rights to elect a majority of the Board of Directors occurs; or (3) notwithstanding the restrictions above, at any time, if the retirement of the COO CEO occurs at age 59 ½ years of age or older. Except for the Equity Capital Markets Transaction Bonus, Bonus which shall be paid as provided in Exhibit AA and the 2004 Unit Bonus below, the amount of units to be awarded as part of the bonus shall be based on the higher of book or market value of the units at the time the bonus is awarded. Book value shall be determined by the most recent year-end audited financial statements. Market value shall be determined by the average price of units that have traded in the secondary market during the preceding fiscal year. The Unit Bonus for 2004, consisting of 96,084 units, shall be subject to this Section 4(b) and 96,084 units shall be issued with 64,056 units subject to forfeiture to the Company upon execution of this Agreement with the issuance effective as of September 1, 2004. If the Employment Term is terminated prior to the end of a fiscal year, bonuses shall be calculated based on the financial statements of the most recent fiscal quarters prior to the termination.

Appears in 1 contract

Samples: And Severance Agreement (Golden Oval Eggs LLC)

Unit Bonus. The unit portion of any bonus (“Bonus Units”) shall be issued to the COO CFO effective as of the beginning of the fiscal year, subject to forfeiture to the Company. Certain Bonus Units will forfeit upon: (1) termination of employment for cause (Section 8(a)(4)); or (2) termination at COOCFO’s election (Section 8(a)(6)) (“Forfeiture Event”). Within one year after the effective issuance of the Bonus Units, all of the Bonus Units are nontransferable, and shall forfeit back to the Company with no rights relating to the Bonus Units remaining with the COO CFO if a Forfeiture Event occurs. One (1) year after the effective issuance of the Bonus Units, the forfeiture and nontransferability restrictions on one-third (1/3) of the Bonus Units terminate. After one (1) year and until two (2) years after the effective issuance of the Bonus Units, two-thirds (2/3) of the Bonus Units are nontransferable, and shall forfeit back to the Company with no additional rights relating to the forfeited Bonus Units remaining with the COO CFO if a Forfeiture Event occurs. Two years after the effective issuance of the Bonus Units the forfeiture and nontransferability restrictions on an additional one-third (1/3) (two-thirds (2/3) of the Bonus Units in total) terminate. After two (2) years and until three (3) years after the effective issuance of Bonus Units, one-third (1/3) of the Bonus Units are nontransferable, and shall forfeit back to the Company with no rights relating to the forfeited Bonus Units remaining with the COO CFO if a Forfeiture Event occurs. The forfeiture and nontransferability restrictions on the remaining Bonus Units held by the COO CFO are terminated: (1) at the end of three years after the effective issuance of Bonus Units to the COOCFO; (2) notwithstanding the restrictions above at any time a change of control of the Company resulting in a different group of owners obtaining governance rights to elect a majority of the Board of Directors occurs; or (3) notwithstanding the restrictions above, at any time, if the retirement of the COO CFO occurs at age 59 ½ years of age or older. Except for the Equity Capital Markets Transaction Bonus, which shall be paid as provided in Exhibit A, the amount of units to be awarded as part of the bonus shall be based on the higher of book or market value of the units at the time the bonus is awarded. Book value shall be determined by the most recent year-end audited financial statements. Market value shall be determined by the average price of units that have traded in the secondary market during the preceding fiscal year. If the Employment Term is terminated prior to the end of a fiscal year, bonuses shall be calculated based on the financial statements of the most recent fiscal quarters prior to the termination.

Appears in 1 contract

Samples: And Severance Agreement (Golden Oval Eggs LLC)

Unit Bonus. The unit portion of any bonus (“Bonus Units”) shall be issued to the COO CFO effective as of the beginning of the fiscal year, subject to forfeiture to the Company. Certain Bonus Units will forfeit upon: (1) termination of employment for cause (Section 8(a)(4)); or (2) termination at COOCFO’s election (Section 8(a)(6)) (“Forfeiture Event”). Within one year after the effective issuance of the Bonus Units, all of the Bonus Units are nontransferable, and shall forfeit back to the Company with no rights relating to the Bonus Units remaining with the COO CFO if a Forfeiture Event occurs. One (1) year after the effective issuance of the Bonus Units, the forfeiture and nontransferability restrictions on one-third (1/3) of the Bonus Units terminate. After one (1) year and until two (2) years after the effective issuance of the Bonus Units, two-thirds (2/3) of the Bonus Units are nontransferable, and shall forfeit back to the Company with no additional rights relating to the forfeited Bonus Units remaining with the COO CFO if a Forfeiture Event occurs. Two years after the effective issuance of the Bonus Units the forfeiture and nontransferability restrictions on an additional one-third (1/3) (two-thirds (2/3) of the Bonus Units in total) terminate. After two (2) years and until three (3) years after the effective issuance of Bonus Units, one-third (1/3) of the Bonus Units are nontransferable, and shall forfeit back to the Company with no rights relating to the forfeited Bonus Units remaining with the COO CFO if a Forfeiture Event occurs. The forfeiture and nontransferability restrictions on the remaining Bonus Units held by the COO CFO are terminated: (1) at the end of three years after the effective issuance of Bonus Units to the COOCFO; (2) notwithstanding the restrictions above at any time a change of control of the Company resulting in a different group of owners obtaining governance rights to elect a majority of the Board of Directors occurs; or (3) notwithstanding the restrictions above, at any time, if the retirement of the COO CFO occurs at age 59 ½ years of age or older. Except for the Equity Capital Markets Transaction Bonus, which shall be paid as provided in Exhibit A, the amount of units to be awarded as part of the bonus shall be based on the higher of book or market value of the units at the time the bonus is awarded. Book value shall be determined by the most recent year-end audited financial statements. Market value shall be determined by the average price of units that have traded in the secondary market during previous 30 days (of when the preceding Bonus Units are issued) or if 3 trades are not made within 30 days, the most recent 3 trades. If the Employment Term is terminated prior to the end of a fiscal year, bonuses shall be calculated based on the financial statements of the most recent fiscal quarters prior to the termination.

Appears in 1 contract

Samples: Employment, Non Competition, and Severance Agreement (Golden Oval Eggs LLC)

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Unit Bonus. The unit portion of any bonus (“Bonus Units”) shall be issued to the COO VPSC effective as of the beginning of the fiscal year, subject to forfeiture to the Company. Certain Bonus Units will forfeit upon: (1) termination of employment for cause (Section 8(a)(4)); or (2) termination at COOVPSC’s election (Section 8(a)(6)) (“Forfeiture Event”). Within one year after the effective issuance of the Bonus Units, all of the Bonus Units are nontransferable, and shall forfeit back to the Company with no rights relating to the Bonus Units remaining with the COO VPSC if a Forfeiture Event occurs. One (1) year after the effective issuance of the Bonus Units, the forfeiture and nontransferability restrictions on one-third (1/3) of the Bonus Units terminate. After one (1) year and until two (2) years after the effective issuance of the Bonus Units, two-thirds (2/3) of the Bonus Units are nontransferable, and shall forfeit back to the Company with no additional rights relating to the forfeited Bonus Units remaining with the COO VPSC if a Forfeiture Event occurs. Two years after the effective issuance of the Bonus Units the forfeiture and nontransferability restrictions on an additional one-third (1/3) (two-thirds (2/3) of the Bonus Units in total) terminate. After two (2) years and until three (3) years after the effective issuance of Bonus Units, one-third (1/3) of the Bonus Units are nontransferable, and shall forfeit back to the Company with no rights relating to the forfeited Bonus Units remaining with the COO VPSC if a Forfeiture Event occurs. The forfeiture and nontransferability restrictions on the remaining Bonus Units held by the COO VPSC are terminated: (1) at the end of three years after the effective issuance of Bonus Units to the COOVPSC; (2) notwithstanding the restrictions above at any time a change of control of the Company resulting in a different group of owners obtaining governance rights to elect a majority of the Board of Directors occurs; or (3) notwithstanding the restrictions above, at any time, if the retirement of the COO VPSC occurs at age 59 ½ years of age or older. Except for the Equity Capital Markets Transaction Bonus, which shall be paid as provided in Exhibit A, the amount of units to be awarded as part of the bonus shall be based on the higher of book or market value of the units at the time the bonus is awarded. Book value shall be determined by the most recent year-end audited financial statements. Market value shall be determined by the average price of units that have traded in the secondary market during the preceding fiscal year. If the Employment Term is terminated prior to the end of a fiscal year, bonuses shall be calculated based on the financial statements of the most recent fiscal quarters prior to the termination.

Appears in 1 contract

Samples: Employment, Non Competition, and Severance Agreement (Golden Oval Eggs LLC)

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