Distribution of Bonuses and Employee Reserved Shares Clause Samples

Distribution of Bonuses and Employee Reserved Shares. The Company may pay an Employee Bonus to employees of the Company and its subsidiaries, in such aggregate amount as the Company deems appropriate, and may issue all or any portion of the Employee Reserved Shares, provided: 4.1.1 the Employee Bonus shall only be paid from funds which constitute the Operating Profit for the applicable fiscal year; 4.1.2 the aggregate of all Employee Bonuses declared for the applicable fiscal year shall not exceed 12% of the Base Amount (as defined below) and shall be determined as follows: (a) Employee Bonuses shall be paid to all employees of the Company, other than Spencer, Gelbart, and ▇▇▇▇▇▇▇▇▇, in an aggregate amount which is 9% of the Base Amount; (b) Employee Bonuses may, at the sole discretion of the Company's management, be paid to any employees of the Company, other than Spencer, Gelbart, and ▇▇▇▇▇▇▇▇▇, in an aggregate amount which is no greater than 3% of the Base Amount; (c) for purposes of this Section 4.1.2, the Base Amount in any fiscal year shall be an amount equal to: (i) Operating Profit, less (ii) 12% of Average Shareholders Equity. 4.1.3 the Employee Reserved Shares may only be allotted and issued with the consent of a majority of the Company's Board of Directors.
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Related to Distribution of Bonuses and Employee Reserved Shares

  • Transfer of Incentive Distribution Rights The General Partner or any other holder of Incentive Distribution Rights may transfer any or all of its Incentive Distribution Rights without the approval of any Limited Partner or any other Person.

  • Award Distribution In the event Lessor accepts Lessee's offer to purchase the Leased Property, or to substitute a new property for the Leased Property, as described in clause (b) of Section 15.4, the entire Award shall belong to Lessee provided no event of default is continuing and Lessor agrees to assign to Lessee all of its rights thereto. In any other event, the entire Award shall belong to and be paid to Lessor, except that, if this Lease is terminated, and subject to the rights of the Facility Mortgagee, Lessee shall be entitled to receive from the Award, if and to the extent such Award specifically includes such items, the following: (a) A sum attributable to the Capital Additions for which Lessee would be entitled to reimbursement at the end of the Term pursuant to the provisions of Section 10.2(c) and the value, if any, of the leasehold interest of Lessee under this Lease; and (b) A sum attributable to Lessee's Personal Property and any reasonable removal and relocation costs included in the Award. If Lessee is required or elects to restore the Facility, Lessor agrees that, subject to the rights of the Facility Mortgagees, its portion of the Award shall be used for such restoration and it shall hold such portion of the Award in trust, for application to the cost of the restoration.

  • Incentive, Savings and Retirement Plans During the Employment Period, the Executive shall be entitled to participate in all incentive, savings and retirement plans, practices, policies and programs applicable generally to other peer executives of the Company and its affiliated companies, but in no event shall such plans, practices, policies and programs provide the Executive with incentive opportunities (measured with respect to both regular and special incentive opportunities, to the extent, if any, that such distinction is applicable), savings opportunities and retirement benefit opportunities, in each case, less favorable, in the aggregate, than the most favorable of those provided by the Company and its affiliated companies for the Executive under such plans, practices, policies and programs as in effect at any time during the 120-day period immediately preceding the Effective Date or if more favorable to the Executive, those provided generally at any time after the Effective Date to other peer executives of the Company and its affiliated companies.

  • FORFEITURE ALLOCATION The amount of a Participant's Accrued Benefit forfeited under the Plan is a Participant forfeiture. The Advisory Committee will allocate Participant forfeitures in the manner specified by the Employer in its Adoption Agreement. The Advisory Committee will continue to hold the undistributed, non-vested portion of a terminated Participant's Accrued Benefit in his Account solely for his benefit until a forfeiture occurs at the time specified in Section 5.09 or if applicable, until the time specified in Section 9.14. Except as provided under Section 5.04, a Participant will not share in the allocation of a forfeiture of any portion of his Accrued Benefit.

  • Participant Contributions If Participant contributions are permitted, complete (a), (b), and (c). Otherwise complete (d).