Unpaid Compensation definition
Examples of Unpaid Compensation in a sentence
On the Closing Date, (a) the Company shall deliver the Preferred Shares to the Holder and (b) the Unpaid Compensation shall no longer be due and owed by the Company to the Holder and such debt shall be extinguished.
The parties acknowledge and agree that the Preferred Shares shall be issued to the Holder in exchange for the Unpaid Compensation without the payment of any additional consideration.
On the Closing Date (as defined below), the Holder shall, and the Company shall, pursuant to Section 3(a)(9) of the Securities Act, exchange (a) the Preferred Shares for the Unpaid Compensation (collectively, the “Exchange”).
In such event ▇▇▇▇▇▇▇▇▇▇ shall receive his Accrued but Unpaid Compensation as provided for in paragraph 7 and, in addition, ▇▇▇▇▇▇▇▇▇▇ shall be paid a severance payment equal to five months of his Base Salary in effect on the date prior to his termination without cause.
Upon the termination of ▇▇▇▇'▇ employment with the Corporation, the Corporation shall pay and provide to ▇▇▇▇ (i) his earned but unpaid Base Salary through the date of termination and (ii) the benefits, if any, to which he is entitled as a former full time employee under the Corporation's employee plans and programs and compensation plans and programs described in Section 5 ("Accrued but Unpaid Compensation").
All compensation and benefits shall cease on and as of the date of any such termination for cause and ▇▇▇▇ shall only receive his Accrued but Unpaid Compensation.
If at any time during a calendar year, the Unpaid Compensation is greater than $500,000, the Executive shall convert $100,000 of Unpaid Compensation into the Company’s Common Stock during such calendar year.
In such event ▇▇▇▇ shall receive his Accrued but Unpaid Compensation as provided for in paragraph 7 and, in addition, ▇▇▇▇ shall be paid a severance payment equal to six month of his base salary in effect on the date prior to his termination without cause.
Payment is to compensate for the return of the Shares to CipherLoc, certain fees and expenses, and the Unpaid Compensation Claims.
If the Board does not approve the conversion, the Company must pay the Executive 120% of the Unpaid Compensation within five business days of the written conversion notice.