Executive Payments definition

Executive Payments means certain payments to be made by World Minerals, after the Closing, to the current Chief Executive Officer of World Minerals pursuant to the Letter Agreement.

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Executive Payments means all payments, liabilities or obligations (including any past, current, future or contingent liabilities or obligations), amounts, penalties, costs and expenses whatsoever (whether arising before, on or after the Effective Date) of Teachers, any member of Teachers Group, the Transferee or any member of the Transferee Group arising out of or in relation to the employment of or termination of employment of any of the Executives (including for the avoidance of doubt the enforcement of any of the provisions of any termination of employment agreement), PROVIDED THAT this shall not include any payments, liabilities or obligations, amounts, penalties, costs or expenses which arise as a result of a claim by David Furniss arising as a result of any unlawful act or omission of the Transferee or a member of the Transferee Group in respect of him in the period from the Effective Date to the effective date of termination of his employment which is not a claim in connection with the termination of his employment or the Transfer;

Executive Payments means the payments due under the agreement dated December 11, 2002 [▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇] listed in Schedule 3.7.

Examples of Executive Payments in a sentence

• If no election is made by Executive within such 20 day period, then Employer may elect which and how much of the Payments shall be eliminated or reduced (as long as after the election the aggregate present value of Executive Payments equals the Reduced Amount) and shall notify Executive promptly of the election.

• Notwithstanding the foregoing, it is understood that during the term hereof only, any Executive Payments derived from the Music Societies shall be assigned, and turned over to, the Company.

• Such payment shall reduce any lump sum Executive Payments payable to the Executive under Sections 8 or 9.

• In all events, Executive shall be paid all payments and benefits due him during the Employment Period, and FGI shall pay the Executive in a lump sum or provide to the Executive, as applicable, the Executive Payments on the condition that Executive executes a general release of claims on terms customarily and normally used by FGI at the time.

• In light of the foregoing acknowledgment, the parties acknowledge and agree that no later than 30 days following the Effective Time, the Surviving Corporation shall pay to each Executive his or her applicable Executives Payment in accordance with the terms of the employment agreement or change-in-control severance plan applicable to such Executive; provided that for the avoidance of doubt, any Executive Payments Excess shall reduce the Aggregate Cash Consideration as provided aforesaid.

• The amount of the monthly Executive Payments will start at an amount 2.5% more than the amount of the last of the Consulting Agreement payments, and will be increased by another 2.5% annually thereafter, for so long as the Executive is entitled to receive an Executive Benefit.

• If no election is made by Executive within the 20 day period, then Employer may elect which and how much of the Payments shall be eliminated or reduced (as long as after the election the aggregate present value of Executive Payments equals the Reduced Amount) and shall notify Executive promptly of the election.

• The Sellers shall cause any Executive Payments which are the obligation of the Companies or the Sellers to be paid by the Companies prior to Closing.

• SCC Bank shall pay one-half of the total Executive Payments prior to the Closing Date, and one-half of the total Executive Payments shall remain accrued and unpaid on the Closing Date to be paid unconditionally by the Surviving Corporation or its successor within one month after the Closing Date.

• One-half of the total of all Executive Payments shall have been paid by SCC Bank prior to the Closing Date, and one-half of the total of all Executive Payments shall remain unpaid as of the Closing Date.

More Definitions of Executive Payments

Executive Payments has the meaning set forth in Section 6.24.

Executive Payments means any change of control, transaction or similar bonuses payable in connection with the consummation of the Transactions, in each case, that is payable by any of the Companies to any officer, director, consultant or employee of any of the Companies in connection with the consummation of the Transactions (other than any payments or benefits (i) payable following the Closing as a result of Purchaser or its Affiliates offering, or Purchaser or its Affiliates causing any of the Companies to offer, any such payment or benefit to any officer, director or employee of any the Companies, (ii) in connection with the purchase of Incentive Units, and (iii) that have been paid or satisfied prior to the Closing).

Executive Payments means $3,650,000.