Guaranteed Compensation definition
Examples of Guaranteed Compensation in a sentence
No part of such Advance Compensation and no part of such Guaranteed Compensation shall be repayable to Licensee in any event, except as is expressly provided for herein.
The Guaranteed Compensation shall be paid as provided in Schedule E except to the extent that paid Advance Compensation and annual cumulative payments of Percentage Compensation shall theretofore have offset all or a portion of the total of such Guaranteed Compensation.
Notwithstanding the foregoing, no part of Percentage Compensation which may be attributable to premium sales (as defined hereunder) of the Licensed Product(s) shall serve to offset any part of the Total Guaranteed Compensation specified in Schedule E.
If the audit discloses a deficiency of less than three percent (3%) between the amount found to be due to Licensor and the amount actually paid or credited to Licensor, and if the amount actually paid or credited to Licensor plus the deficiency exceeds the Guaranteed Compensation for the period covered by the deficiency, then Licensee shall pay Licensor the amount of the deficiency plus interest as calculated above.
Licensee agrees to pay Licensor the sums specified in Schedule E attached hereto, as advance minimum compensation (herein called "Advance Compensation") and as guaranteed minimum compensation (herein called "Guaranteed Compensation").
During the Guaranteed Compensation Period, the Employee shall cease to actively participate in all other retirement and welfare benefit plans.
In addition, the Employee shall be entitled to receive proportionate payment for any partial Plan Year under the MACIBP that falls within the Employee's Guaranteed Compensation Period.
During the Guaranteed Compensation Period, the Executive shall participate fully (and at a level at least substantially equivalent to that of comparable senior executives of Key) in each and every stock option and stock appreciation right plan in which similarly situated executives of Key and its Subsidiaries generally participate.
For these purposes, “a proportionate part” means the full number of Common Shares in the restricted stock grant multiplied by a fraction, the numerator of which is the number of days between (x) January 1 of the calendar year in which the restricted stock grant was made and (y) the last day of the Guaranteed Compensation Period, inclusive, and the denominator of which is 1095 (i.e., 365 times three).
The guaranty set forth in the immediately preceding sentence (the “Incentive Compensation Guaranty”) establishes a minimum amount of incentive compensation that must be paid to the Executive with respect to the Executive’s employment during the Guaranteed Compensation Period.