Payments to Executives Clause Samples

The "Payments to Executives" clause defines the terms and conditions under which executives of a company are compensated. It typically outlines the types of payments executives may receive, such as salaries, bonuses, stock options, or severance packages, and may specify the timing, method, and criteria for such payments. This clause ensures that executive compensation is clearly structured and agreed upon, helping to prevent disputes and providing transparency regarding the company's financial obligations to its leadership.
Payments to Executives. (a) Whenever the Trustee shall be advised by the Board or the Employer that an Executive has become entitled to a Severance Payment, it shall distribute to such Executive the Severance Payment due in the amount and manner provided by the Agreement. (b) If an Executive is physically or mentally incapable of receiving and acknowledging a Severance Payment from the Agreement, the Trustee may, upon direction from the Board or the Employer, make the Severance Payment, without the interposition of a guardian, to such institution, trustee, conservator, committee or person who shall be entitled to receive such Severance Payment for the use, benefit or support of said incompetent. Such Severance Payment shall constitute a full acquittance of the Trustee and of all claims against the Trust Fund. (c) In the event that any dispute shall arise as to the persons to whom a Severance Payment and the delivery of any fund or property shall be made by the Trustee, or the amount thereof, the Trustees shall retain the Severance Payment and/or postpone such delivery until actual adjudication of such dispute shall have been made in a court of competent jurisdiction. (d) If the Employer determines that the amount in the Executive Account, and any earnings thereon, are not sufficient to distribute a Severance Payment in accordance with the terms of the Agreement, the Employer may correct this deficiency by making an additional irrevocable deposit to the Executive's Account out of its general assets. (e) If the Employer determines that the amount in the Executive Account exceeds the amount of the Severance Payment, the excess amount will be forfeited and returned to the Employer at the time of distribution. (f) The entitlement of an Executive to a Severance Payment under the Agreement shall be determined by the Employer or such party as it shall designate under the Agreement, and any dispute shall be adjudicated in a court of competent jurisdiction.
Payments to Executives. (a) Upon a Change of Control, within five (5) business days following such Change of Control, the Company shall deliver to the Trustee a schedule (the "Payment Schedule") that indicates the amounts payable in respect of each Executive, that provides a formula or other instructions acceptable to Trustee for determining the amounts so payable, the form in which such amount is to be paid (as provided for under the Contracts), and the time of commencement for payment of such amounts. Except as otherwise provided herein, the Trustee shall make payments to the Executives in accordance with such Payment Schedule. The Trustee shall make provision for the reporting and withholding of any federal, state or local taxes that may be required to be withheld with respect to the payment of benefits pursuant to the terms of the Contracts and shall pay amounts withheld to the appropriate taxing authorities or determine that such amounts have been reported, withheld and paid by the Company. (b) The entitlement of an Executive to benefits under a Contract shall be determined by the Company or such party as it shall designate, and any claim for such benefits shall be considered and reviewed under procedures determined by the Company and uniformly applied. (c) The Company may make payment of benefits directly to Executives as they become due under the terms of the Contracts. The Company shall notify the Trustee of its decision to make payment of benefits directly prior to the time amounts are payable to Executives. In addition, if the principal of the Trust, and any earnings thereon, are not sufficient to make payments of benefits in accordance with the terms of the Contracts, the Company shall make the balance of each such payment as it falls due. The Trustee shall notify the Company where principal and earnings are not sufficient.
Payments to Executives. (a) Upon a Change of Control, within five (5) business days following such Change of Control, the Company shall deliver to the Trustee a schedule (the "Payment Schedule") that
Payments to Executives 

Related to Payments to Executives

  • Payments to Consultant A. The total amount to be paid by the COUNTY under this Contract for all services and materials including, if applicable, "out of pocket" expenses (specified in paragraph C below) shall not exceed a total contract amount of Dollars ($ ). The CONSULTANT shall notify the COUNTY's representative in writing when 90% of the "not to exceed amount" has been reached. The CONSULTANT will ▇▇▇▇ the COUNTY on a monthly basis, or as otherwise provided, at the amounts set forth in Exhibit "B" for services rendered toward the completion of the Scope of Work. Where incremental ▇▇▇▇▇▇▇▇ for partially completed items are permitted, the total ▇▇▇▇▇▇▇▇ shall not exceed the estimated percentage of completion as of the billing date. B. Invoices received from the CONSULTANT pursuant to this Contract will be reviewed and approved by the COUNTY's representative, to verify that services have been rendered in conformity with the Contract. Approved invoices will then be sent to the Finance Department for payment. Invoices will normally be paid within thirty (30) days following the COUNTY representative's approval. C. Out-of-pocket" expenses will be reimbursed up to an amount not to exceed Dollars ($ ), and in accordance with the list of the types and amounts of expenditures eligible for reimbursement as set forth in Exhibit "B". All requests for payment of "out-of-pocket" expenses eligible for reimbursement under the terms of this Contract shall include copies of paid receipts, invoices, or other documentation acceptable to the Palm Beach County Finance Department. Such documentation shall be sufficient to establish that the expense was actually incurred and necessary in the performance of the Scope of Work described in this Contract. Any travel, per diem, mileage, meals, or lodging expenses which may be reimbursable under the terms of this Contract will be paid in accordance with the rates and conditions set forth in Section ll2.06l, Florida Statutes.

  • Payments to Company Except as provided in Section 3 hereof, after the Trust has become irrevocable, Company shall have no right or power to direct Trustee to return to Company or to divert to others any of the Trust assets before all payment of benefits have been made to Plan participants and their beneficiaries pursuant to the terms of the Plan.

  • Compensation Other Than Severance Payments 4.1 If the Executive’s employment shall be terminated for any reason following a Change in Control, the Company shall pay the Executive’s full salary to the Executive through the Date of Termination at the rate in effect immediately prior to the Date of Termination or, if Section 18(n)(ii) is applicable as an event or circumstance constituting Good Reason, the rate in effect immediately prior to such event or circumstance, together with all compensation and benefits payable to the Executive through the Date of Termination under the terms of the Company’s compensation and benefit plans, programs or arrangements as in effect immediately prior to the Date of Termination (or, if more favorable to the Executive, as in effect immediately prior to the first occurrence of an event or circumstance constituting Good Reason). In addition, if the Executive’s employment is terminated for any reason following a Change in Control other than (a) by the Company for Cause and (b) by the Executive without Good Reason, then the Company shall pay a pro-rata portion of the Executive’s annual bonus for the performance year in which such termination occurs to the Executive on the later of (x) the date that annual bonuses are generally paid to other senior executives and (y) the date that is the first business day after the date that is six months after the Date of Termination. This pro-rata bonus shall be determined by multiplying the amount the Executive would have received based upon actual financial performance through such termination, as reasonably determined by the Company, by a fraction, the numerator of which is the number of days during such performance year that the Executive is employed by the Company and the denominator of which is 365. 4.2 If the Executive’s employment shall be terminated for any reason following a Change in Control, the Company shall pay to the Executive the Executive’s normal post-termination compensation and benefits as such payments become due. Such post-termination compensation and benefits shall be determined under, and paid in accordance with, the Company’s retirement, insurance and other compensation or benefit plans, programs and arrangements as in effect immediately prior to the Date of Termination or, if more favorable to the Executive, as in effect immediately prior to the occurrence of the first event or circumstance constituting Good Reason.

  • Payments to Recipients The Distributor is authorized under the Plan to pay Recipients (1) distribution assistance fees for rendering distribution assistance in connection with the sale of Shares and/or (2) service fees for rendering administrative support services with respect to Accounts. However, no such payments shall be made to any Recipient for any period in which its Qualified Holdings do not equal or exceed, at the end of such period, the minimum amount (“Minimum Qualified Holdings”), if any, that may be set from time to time by a majority of the Independent Trustees. All fee payments made by the Distributor hereunder are subject to reduction or chargeback so that the aggregate service fee payments and Advance Service Fee Payments do not exceed the limits on payments to Recipients that are, or may be, imposed by the FINRA Rules. The Distributor may make Plan payments to any “affiliated person” (as defined in the ▇▇▇▇ ▇▇▇) of the Distributor if such affiliated person qualifies as a Recipient or retain such payments if the Distributor qualifies as a Recipient.

  • Recovery of Bonus and Incentive Compensation Any bonus and incentive compensation paid to you during a CPP Covered Period is subject to recovery or “clawback” by the Company if the payments were based on materially inaccurate financial statements or any other materially inaccurate performance metric criteria.