Examples of Supplemental Compensation Agreement in a sentence
The Company and the Executive recognize that determinations and interpretations may be required in connection with this Supplemental Compensation Agreement.
To the extent that it is determined by the Board of Directors that such a court-supervised proceeding is necessary or appropriate, the Company shall, as expeditiously as possible consistent with the best interests of the creditors and the shareholders of the Company, seek the approval of the arrangements contemplated by the Change in Control Agreement, the Severance Agreement and this Supplemental Compensation Agreement.
To the extent that the Company pursues a Restructuring, the Company shall pay to the Executive an amount equal to the difference between (a) the Retention Payment set forth on the signature page of this Supplemental Compensation Agreement minus (b) the bonus, if any, which the Executive receives under the Bonus Program with respect to the Fiscal Year.
To the extent that the Company pursues a Restructuring and to the extent that the Company successfully closes a Restructuring, the Company shall pay to the Executive the Success Incentive set forth on the signature page of this Supplemental Compensation Agreement, subject to reduction as provided in this Section 2, no later than 120 calendar days after the date on which the Company successfully closes the Restructuring.
If the Executive dies while in the active service of the Bank, the Bank shall pay to the Executive’s beneficiary the present value of the stream of payments the Executive would have received under the First National Bank of Northern California Amended and Restated Executive Supplemental Compensation Agreement (the “ESCA”), dated ________________________, between the Executive and the Bank, as if the Executive had reached full retirement benefit status under the ESCA while in the active service of the Bank.
Notwithstanding anything else contained herein, all determinations and all interpretations by the Board of Directors shall be consistently applied to all persons with whom the Company enters into a supplemental compensation arrangement of the type embodied in this Supplemental Compensation Agreement.
It is the intention of the Company and the Executive that the Change in Control Agreement, the Severance Agreement and the Supplemental Compensation Agreement form a consistent compensation package to encourage the continued provision by the Executive of services to the Company.
To the extent that the Company pursues a Liquidation/Sale, the Company shall pay to the Executive the difference between (a) the Retention Payment set forth on the signature page of this Supplemental Compensation Agreement minus (b) the bonus, if any, which the Executive receives under the Bonus Program with respect to the Fiscal Year.
Should the Executive be Terminated for Cause or should he Voluntarily resign his positions as an Executive before the Early Retirement Age specified in Insured’s Executive Supplemental Compensation Agreement, as amended, the beneficiary(ies) will receive a total of the lesser of Twenty-Five Thousand Dollars ($25,000) in death benefits or One Hundred Percent (100%) of the Net-at-Risk portion of the proceeds under the Policy at the time of Insured’s death.
Should the Executive be involuntarily terminated before the Early Retirement Age specified in his Executive Supplemental Compensation Agreement, as amended then this Agreement shall terminate in accordance with Paragraph 9 and no benefits provided by this Agreement shall be paid to Insured or Insured’s beneficiary(ies).