Remaining Compensation definition

Remaining Compensation means the annual base salary payable to the Employee pursuant to Subsection 4 (a) at the time of termination plus an amount representing the value of all employee benefits including, without limitation, any unearned annual bonuses described in Subsection 4 (b), discretionary bonuses and incentive compensation under plans then in effect. For these purposes, the value of any unearned annual bonuses and all of such other employee benefits shall be deemed to be equal to 12 months base salary payable to the Employee pursuant to Subsection 4(a) at the time his employment is terminated.

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Remaining Compensation means the annual base salary payable to the Employee pursuant to Subsection 4 (a) at the time of termination plus an amount representing the value of all employee benefits including, without limitation, discretionary bonuses and incentive compensation under plans then in effect. For these purposes, the value of any unearned annual bonuses and all of such other employee benefits shall be deemed to be equal to 12 months base salary payable to the Employee pursuant to Subsection 4(a) at the time his employment is terminated.

Remaining Compensation means the annual base salary payable to the Employee for one calendar year pursuant to Subsection 4 (a) at the time of termination. For any termination for which the Remaining Compensation becomes due and payable to Employee or his estate, the Company will pay, for a period of twelve (12) months following the month in which the termination of employment occurs, for the Company's group health insurance coverage for Employee and any covered dependents as in effect on such date of termination, to the same extent as if the Employee had continued as an employee; provided, however, that the Company's obligation in this regard shall terminate at such earlier date as the Employee and the Employee's family members who are then under the Company's coverage have become eligible and qualified for comparable coverage (including any preexisting-condition requirements) under another employer's plan. To receive this coverage, the Employee must make a COBRA election in accordance with the Company's policy for COBRA elections. The Company may, in its sole discretion, and in lieu of accelerating the date that 33,333 shares of Common Stock become exercisable under the Stock Option pursuant to subsection 10 (ii) above, send a written notice to Employee on such date of termination that it will pay, and pay, within five (5) business days of such date of termination, the Employee an amount in a single lump sum in cash equal to the annual base salary payable to the Employee for one calendar year pursuant to subsection 4(a), which payment will be in addition to the Company's obligation to pay the Employee the Remaining Compensation.

Examples of Remaining Compensation in a sentence

For purposes of this Subsection 10.1, the "Remaining Compensation" shall mean the annual base salary payable to the Employee pursuant to Subsection 4 (a) at the time of termination plus an amount representing the value of all employee benefits including, without limitation, any unearned annual bonuses described in Subsection 4 (b), discretionary bonuses and incentive compensation under plans then in effect.
For purposes of this Subsection 10.1, the "Remaining Compensation" shall mean the annual base salary for one year only payable to the Employee pursuant to Subsection 4(a) at the time of termination plus an amount representing the value of all employee benefits including, without limitation, any unearned annual bonuses described in Subsection 4(b), discretionary bonuses and incentive compensation under plans then in effect.
If Employee violates the terms of, or otherwise fails to meet Employee’s obligations under, Section 8, 9, 10, or 12 at any time, then any obligation under this Section 6 for the Company to pay Employee any amount of Remaining Compensation shall terminate immediately.
Remaining Compensation shall be paid in accordance with the amounts set forth with respect to the Milestones.
For purposes of this Subsection 10.1, the "Remaining Compensation" shall mean the annual base salary for one year only payable to the Employee pursuant to Subsection 4(a) at the time of termination plus an amount representing any accrued and unpaid bonuses earned under Subsection 4(b).
If the Employee's employment with the Company is terminated pursuant to Subsection 9.1(c), then, within five days after the date of such termination, the Remaining Compensation (as herein defined) shall become due and payable and shall be paid to the Employee in a single lump sum in cash.
In the event that the Employer is acquired, merged with another company, or is a party to some other type of business reorganization prior to July 1, 1998, then the amount still due of the Remaining Compensation will be paid in cash on the date of consummation of such acquisition, merger, or reorganization.
You and the Company hereby agree that the aggregate amount of Remaining Compensation is equal to $255,000.
The Remaining Compensation shall be paid in accordance with the payment schedule set forth on Appendix K.
On the date you execute and deliver this Agreement, the Remaining Compensation and the Severance Payment (in each case net of withholding taxes) shall be deposited in a joint account with two signatures required (one from you and one from Lisa ▇.

More Definitions of Remaining Compensation

Remaining Compensation shall have the meaning set forth in Section 6.5.