Forfeiture Amount definition
Forfeiture Amount. As a result of SCB’s conduct set forth in the 2012 Factual Statement attached as Exhibit A and count one of the Superseding Information, the parties agreed on December 10, 2012 that the Offices could institute a civil and/or criminal forfeiture action against certain funds held by SCB and that such funds would be forfeitable pursuant to Title 18, United States Code, Sections 981 and 982. SCB acknowledged that at least $227,000,000 was involved in transactions described in the 2012 Factual Statement, and that such conduct violated IEEPA. In lieu of a criminal prosecution and related forfeiture, SCB agreed to pay to the United States the sum of $227,000,000 (the “2012 Forfeiture Amount”) as substitute res for the purpose of forfeiture to the United States pursuant to Title 18, United States Code, Sections 981 and 982, and SCB released any and all claims it may have had to such funds. SCB’s obligations with respect to the 2012 Forfeiture Amount have been fully satisfied as of the execution of this Agreement.
Forfeiture Amount means an amount determined by the Committee in its sole and absolute discretion, up to the sum of:
Forfeiture Amount has the meaning given such expression in Section 4.4(d);
Examples of Forfeiture Amount in a sentence
Any Forfeiture Amount shall be paid by the Participant within sixty (60) days of receipt from the Corporation of written notice requiring payment of such Forfeiture Amount.
Any Forfeiture Amount shall be paid by the Participant within 60 days of receipt from the Company of written notice requiring payment of such Forfeiture Amount.
Any Forfeiture Amount shall be paid by the Participant within sixty (60) days of receipt from the Company of written notice requiring payment of such Forfeiture Amount.
The Offices are collecting the Forfeiture Amount in this manner to make the funds available to compensate victims of the fraud scheme described in the Statement of Facts, pursuant to 18 U.S.C. § 981(e)(6), under the Petition for Remission and/or Mitigation procedures of the United States Department of Justice or any other manner within the United States Attorney General’s discretion.
The Company shall pay $146.5 million of the Forfeiture Amount plus any associated transfer fees within five (5) business days of the date on which this Agreement is signed, pursuant to payment instructions provided by the Offices in their sole discretion.
More Definitions of Forfeiture Amount
Forfeiture Amount means, calculated in accordance with the Company Earn-Out Accounting Principles, the sum of (a) the product of the Acquisition Multiple multiplied by the EBITDA Deficiency, plus (b) subject to Section 2.19(d), the aggregate amount of any Post-Closing Debt minus (c) any Net Pre-Closing Tax Refund which is required to be applied to this calculation pursuant to Section 6.12 at the time of calculation. Exhibit K, which is included solely for illustrative purposes, sets forth an illustrative calculation of the Forfeiture Amount (the “Forfeiture Amount Worksheet”).
Forfeiture Amount means, calculated in accordance with the Earn-Out Accounting Principles, the sum of (a) the product of the Acquisition Multiple multiplied by the EBITDA Deficiency, minus (b) the product of (i) 0.75 multiplied by (ii) any Existing Investment Gains, plus (c) the product of (i) 0.75 multiplied by (ii) any Existing Investment Losses, plus (d) subject to Section 2.19(d), the aggregate amount of any Post-Closing Debt, minus (e) the amount of any Cash remaining in the Stockholder Representative Expense Fund, and minus (f) any Net Pre-Closing Tax Refund which is required to be applied to this calculation pursuant to Section 6.12 at the time of calculation. Exhibit L, which is included solely for illustrative purposes, sets forth an illustrative calculation of the Forfeiture Amount (the “Forfeiture Amount Worksheet”).
Forfeiture Amount means, calculated in accordance with the Company Earn-Out Accounting Principles, the sum of (a) the product of the Acquisition Multiple multiplied by the EBITDA Deficiency, plus (b) subject to Section 2.19(d), the aggregate amount of any Post-Closing Debt, minus (c) the amount of any Cash remaining in the Stockholder Representative Expense Fund minus (d) any Net Pre-Closing Tax Refund which is required to be applied to this calculation pursuant to Section 6.12 at the time of calculation. Exhibit K, which is included solely for illustrative purposes, sets forth an illustrative calculation of the Forfeiture Amount (the “Forfeiture Amount Worksheet”).
Forfeiture Amount shall have the meaning as attributed to the term in clause 6.6 of this Agreement.
Forfeiture Amount shall equal thirty million dollars ($30,000,000); provided, however, that, on each of the first five (5) annual anniversaries of the Closing Date, the Forfeiture Amount shall be reduced by six million dollars ($6,000,000) until the Forfeiture Amount equals zero ($0) on the fifth (5th) anniversary of the Closing Date; provided, however, in the event Executive is terminated pursuant to (x) Section 6(b) prior to the fifth (5th) anniversary of the Closing Date, the Forfeiture Amount shall equal zero ($0) on the date of such termination or (y) Section 6(d) prior to the fifth (5th) anniversary of the Closing Date, subject to the Release becoming effective and Executive’s continued compliance with Section 5, 7, 8, 9 and 10 of this Agreement, the Forfeiture Amount shall equal zero (0) on the last day of the Covenant Period. Executive may satisfy such transfer requirement by paying to the Company an amount in cash equal to the Forfeiture Amount, determined as of the last day of the month immediately preceding the date on which Executive breaches Sections 7 or 10 or materially breaches Sections 5, 8 or 9 of this Agreement or his employment terminates under Section 6(c), as applicable. For purposes of the foregoing, in order for Executive to be found to be in breach of Sections 7 or 10 of this Agreement or in material breach of Sections 5, 8 or 9 of this Agreement, in each case, prior to his termination of employment for any reason (other than in respect of an alleged material breach of Section 5 which shall remain subject to cure following a termination of employment), the Company must first notify Executive in writing, specifying the event alleged to constitute such breach or material breach, as applicable, within ninety (90) days after the Company first becomes aware of the occurrence of the event the Company believes constitutes a breach or material breach. Executive will have a period of thirty (30) days after the receipt of such notice in which to cure any acts constituting such breach or material breach, except for a material breach which, by its nature, cannot reasonably be expected to be cured (provided that any alleged breach of Section 5 shall be deemed capable of being cured). If the Company is required to provide notice because such breach is prior to termination of employment and the breach or material breach is cured within this period, Executive will be deemed to be in compliance with Sections 5, 7, 8, 9 or 10 of this Agreement, as applicable.
Forfeiture Amount means the sum to be returned to the Company by the Eligible Executive, as provided in Section 2.2, upon a breach of a Covenant Agreement or by reference to a clawback provision, in each case measured by the Cash Severance previously paid to the Eligible Executive, net of any amounts withheld in respect of federal or state taxes.
Forfeiture Amount means, with respect to each Executive who is employed by one or more of the Companies immediately after the Closing but is not employed by one or more of the Companies on January 1, 2006, the result obtained when (i) the quotient obtained when the number of calendar days during the Earnout Period that such Executive was employed by one or more of the Companies is divided by the total number of calendar days in the Earnout Period is multiplied by (ii) the amount obtained when the number of Restricted Shares that such Executive would have been awarded by GPEG pursuant to the applicable Restricted Stock Award Agreement if such Executive had been employed by one or more of the Companies on the Award Date (as defined in the applicable Restricted Stock Award Agreement) is divided by the Exchange Rate; provided, however, that the Forfeiture Amount shall be deemed to be zero dollars ($0) with respect to any Executive who does not execute a Restricted Stock Award Agreement.