Stay Bonus definition
Examples of Stay Bonus in a sentence
All compensation payable pursuant to this Agreement, including without limitation severance compensation and any Stay Bonus, shall be subject to reduction by all applicable withholding, social security and other federal, state and local taxes and deductions.
The Executive has carefully read the provisions of this Section 8 and (i) understands and acknowledges that such provisions are a material inducement on the part of the Company to pay the Stay Bonus and the Severance Payment, and (ii) agrees that the restrictions set forth in this Section 8 are reasonable and reasonably required for the protection of the Company and its stockholders.
In the event that the Executive breaches any of his material covenants and agreements under Section 8A hereof, and after notice fails to cure any such breach within five (5) business days, then in addition to, and not in lieu of, any and all other remedies that may be available to the Company with respect to such breach, the Executive shall not be entitled to the Stay Bonus or the Severance Payment.
Notwithstanding the foregoing, in the event that the Company terminates Executive’s employment for “Cause” (as defined below) prior to December 31, 2013, or Executive delivers to Company, prior to January 1, 2014, notice of voluntary resignation pursuant to paragraph 7.5, then in either instance Executive shall not be entitled to the Stay Bonus.
The Stay Bonus shall be payable to Executive on the first bi-weekly pay period following December 31, 2013, provided Executive has been continuously employed by Company through December 31, 2013, except as provided in paragraph 5.4.2 below.