Xxxxx on Expiration of CARES Act Compensation Limitations Sample Clauses

Xxxxx on Expiration of CARES Act Compensation Limitations. As a recipient of financial support under the Coronavirus Aid, Relief, and Economic Security Act of 2020 (the “CARES Act”), the Company is subject to certain restrictions on executive compensation for employees who made over $425,000 in 2019. These restrictions will continue to apply until at least March 24, 2022 and possibly longer. At such time as the Company is no longer subject to the restrictions on executive compensation under the CARES Act, the Company shall grant to Executive an additional seven thousand five hundred (7,500) shares of restricted stock (the “Additional Restricted Stock”) under the Company’s 2016 Long-Term Incentive Plan provided that the Executive remains actively employed as of such date. The Additional Restricted Stock will vest on the first anniversary of the date of grant. In the event a Change of Control transaction is consummated prior to the forfeiture of the Additional Restricted Stock, any unvested Additional Restricted Stock shall automatically vest. The Additional Restricted Stock will be subject to the terms of a Restricted Stock Agreement to be entered into between the Company and Executive to evidence this grant. From and after grant, Executive shall be entitled to vote all vested and unvested shares of the Additional Restricted Stock and to receive all dividends paid thereon, until and unless such time as such shares of Additional Restricted Stock are forfeited in accordance with the terms of the Restricted Stock Agreement evidencing such grant.
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Xxxxx on Expiration of CARES Act Compensation Limitations. As a recipient of financial support under the Coronavirus Aid, Relief, and Economic Security Act of 2020 and subsequent payroll support programs (collectively, the “PSPs”), the Company is subject to certain restrictions on executive compensation for employees who made over $425,000 in 2019. These restrictions will continue to apply until at least April 1, 2023 and possibly longer. At such time as the Company is no longer subject to the restrictions on executive compensation under the PSPs, the Company shall grant to Executive an additional 10,000 shares of restricted stock (the “PSP Expiration Grant”) under the Company’s LTIP provided that the Executive remains actively employed as of such date. The PSP
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Xxxxx on Expiration of CARES Act Compensation Limitations. As a recipient of financial support under the Coronavirus Aid, Relief, and Economic Security Act of 2020 and subsequent payroll support programs (collectively, the “PSPs”), the Company is subject to certain restrictions on executive compensation for employees who made over $425,000 in 2019. These restrictions will continue to apply until at least April 1, 2023 and possibly longer. At such time as the Company is no longer subject to the restrictions on executive compensation under the PSPs, the Company shall grant to Executive an additional 7,500 shares of restricted stock (the “PSP Expiration Grant”) under the Company’s LTIP provided that the Executive remains actively employed as of such date. The PSP Expiration Grant will vest on the first anniversary of the date of grant. The PSP Expiration Grant will be subject to the terms of a Restricted Stock Agreement to be entered into between the Company and Executive to evidence this grant. From and after grant, Executive shall be entitled
Sample 1
Xxxxx on Expiration of CARES Act Compensation Limitations. As a recipient of financial support under the Coronavirus Aid, Relief, and Economic Security Act of 2020 and subsequent payroll support programs (collectively, the “PSPs”), the Company is subject to certain restrictions on executive compensation for employees who made over $425,000 in 2019. These restrictions will continue to apply until at least April 1, 2023 and possibly longer. At such time as the Company is no longer subject to the restrictions on executive compensation under the PSPs, the Company shall grant to Executive an additional $225,000 of restricted stock (the “PSP Expiration Grant”) under the Company’s LTIP provided that the Executive remains actively employed as of such date. The restricted stock will be valued at the closing stock price of the Company’s stock on the date of grant. The PSP Expiration Grant will vest on the first anniversary of the date of grant. The PSP Expiration Grant will be subject to the terms of a Restricted Stock Agreement to be entered into between the Company and Executive to evidence this grant. From and after grant, Executive shall be entitled to vote all vested and unvested shares of the Additional Restricted Stock and to receive all dividends paid thereon, until and unless such time as such shares of the PSP Expiration Grant are forfeited in accordance with the terms of the Restricted Stock Agreement evidencing such grant.
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Related to Xxxxx on Expiration of CARES Act Compensation Limitations

  • Limitation on Compensation Failure or delay on the part of any Lender or any Issuing Bank to demand compensation pursuant to this Section 2.15 shall not constitute a waiver of such Lender’s or such Issuing Bank’s right to demand such compensation; provided that the Borrowers shall not be required to compensate a Lender or an Issuing Bank pursuant to this Section 2.15 for any increased costs or reductions incurred more than one hundred eighty (180) days prior to the date that such Lender or such Issuing Bank, as the case may be, notifies the Parent Borrower of the Change in Law giving rise to such increased costs or reductions and of such Lender’s or such Issuing Bank’s intention to claim compensation therefor; provided, further that, if the Change in Law giving rise to such increased costs or reductions is retroactive, then the 180-day period referred to above shall be extended to include the period of retroactive effect thereof.

  • Survival of Compensation Rates All rights of compensation under this Agreement for services performed as of the termination date shall survive the termination of this Agreement.

  • Limitation on Benefits (a) It is the intention of the Executive and of the Employers that no payments by the Employers to or for the benefit of the Executive under this Agreement and/or any other agreement or plan pursuant to which the Executive is entitled to receive payments or benefits shall be non-deductible to the Employers by reason of the operation of Section 280G of the Code relating to parachute payments. Accordingly, and notwithstanding any other provision of this Agreement or any such agreement or plan, if by reason of the operation of said Section 280G, any such payments exceed the amount which can be deducted by the Employers in the aggregate, such payments shall be reduced to the maximum amount which can be deducted by the Employers. To the extent that payments exceeding such maximum deductible amount have been made to or for the benefit of the Executive, such excess payments shall be refunded to the Employers with interest thereon at the applicable Federal Rate determined under Section 1274(d) of the Code, compounded annually, or at such other rate as may be required in order that no such payments shall be non-deductible to the Employers by reason of the operation of said Section 280G. To the extent that there is more than one method of reducing the payments to bring them within the limitations of said Section 280G, the Executive shall determine which method shall be followed, provided that if the Executive fails to make such determination within forty-five days after the Employers have sent him written notice of the need for such reduction, the Employers may determine the method of such reduction in their sole discretion.

  • Effective Period, Termination and Amendment; Interpretive and Additional Provisions This Custodian Agreement shall become effective as of the date hereof, shall continue in full force and effect until terminated as hereinafter provided, and may be amended at any time by mutual agreement of the parties hereto. This Custodian Agreement may be terminated by either party by written notice to the other party, such termination to take effect no sooner than sixty (60) days after the date of such notice. Notwithstanding the foregoing, if Ally Financial resigns as Servicer under the Basic Documents or if all of the rights and obligations of the Servicer have been terminated under the Servicing Agreement, this Custodian Agreement may be terminated by the Issuing Entity or by any Persons to whom the Issuing Entity has assigned its rights hereunder. As soon as practicable after the termination of this Custodian Agreement, the Custodian shall deliver the Receivable Files described herein to the Issuing Entity or the Issuing Entity’s agent at such place or places as the Issuing Entity may reasonably designate.

  • Limitation on Rights; No Right to Future Grants; Extraordinary Item of Compensation By accepting this Agreement and the grant of the Restricted Units contemplated hereunder, the Participant expressly acknowledges that (a) the Plan is discretionary in nature and may be suspended or terminated by the Corporation at any time; (b) the grant of Restricted Units is a one-time benefit that does not create any contractual or other right to receive future grants of restricted units, or benefits in lieu of restricted units; (c) all determinations with respect to future grants of restricted units, if any, including the grant date, the number of Shares granted and the restricted period, will be at the sole discretion of the Corporation; (d) the Participant’s participation in the Plan is voluntary; (e) the value of the Restricted Units is an extraordinary item of compensation that is outside the scope of the Participant’s employment contract, if any, and nothing can or must automatically be inferred from such employment contract or its consequences; (f) grants of restricted units are not part of normal or expected compensation for any purpose and are not to be used for calculating any severance, resignation, redundancy, end of service payments, bonuses, long-service awards, pension or retirement benefits or similar payments, and the Participant waives any claim on such basis; and (g) the future value of the underlying Shares is unknown and cannot be predicted with certainty. In addition, the Participant understands, acknowledges and agrees that the Participant will have no rights to compensation or damages related to restricted unit proceeds in consequence of the termination of the Participant’s employment for any reason whatsoever and whether or not in breach of contract.

  • Exclusion from Compensation Calculation By acceptance of this Agreement, you shall be deemed to be in agreement that the Units covered hereby shall be considered special incentive compensation and will be exempt from inclusion as “wages” or “salary” in pension, retirement, life insurance and other employee benefits arrangements of the Company and its Affiliates, except as determined otherwise by the Company. In addition, each of your beneficiaries shall be deemed to be in agreement that all such shares be exempt from inclusion in “wages” or “salary” for purposes of calculating benefits of any life insurance coverage sponsored by the Company or any of its Affiliates.

  • Compensation During Disability or Upon Termination (i) If, during the Protected Period, Employee fails to perform Employee's normal duties as a result of incapacity due to physical or mental illness, Employee shall continue during the period of such disability to receive Employee's full Base Salary and any awards, deferred and nondeferred, payable during such period under the Bonus Plan, less any amounts paid to Employee during such period of disability pursuant to the Company's short term disability or sick-leave program(s) until Employee's employment is terminated or such Disability ends. This Section 4(i) shall not reduce or impair Employee's rights to terminate employment for a Good Reason as otherwise provided herein.

  • Payments Subject to Section 409A Subject to this Exhibit C, severance payments or benefits under this Agreement shall begin only on or after the date of the Employee’s “separation from service” (determined as set forth below), which occurs on or after the termination of the Employee’s employment. The following rules shall apply with respect to distribution of the payments and benefits, if any, to be provided to the Employee under this Agreement:

  • Effect of Termination on Compensation In the event this Agreement is terminated prior to the completion of the Employment Period or any period of renewal, Employee shall be entitled to the compensation earned by him prior to the date of termination as provided for in this Agreement computed pro rata up to and including that date. Employee shall be entitled to no further compensation as of the date of termination.

  • Survival of Compensation Rights All rights of compensation under this Agreement for services performed as of the termination date shall survive the termination of this Agreement.

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