RESTRUCTURING BONUS Clause Samples

POPULAR SAMPLE Copied 2 times
RESTRUCTURING BONUS. You understand and agree that certain provisions of your current employment agreement including, but not limited to, terms relating to automatic renewal of the term of the agreement, terms relating to a Change in Control, and the effect and scope of restrictive covenants will be restructured in a New Agreement or by way of an Amendment (the "RESTRUCTURING"). As consideration for your prior agreement to the Restructuring, the Company will pay you $277,500.00 (the "RESTRUCTURING BONUS") on or before December 31, 2000, reduced by any applicable withholding taxes and withheld 401(k) deferrals. By accepting this Restructuring Bonus, you agree to cooperate with the Company in the good faith negotiation and prompt execution of a New Agreement or Amendment, which will include, but not be limited to, the Restructuring. In addition to repayment of the Retention Repayment Amount, as provided above, you agree to repay the "RESTRUCTURING BONUS AMOUNT" (defined to mean the Restructuring Bonus, net of taxes paid and/or withheld and withheld 401(k) deferrals) if you and the Company are unable to agree on a mutually acceptable New Agreement or Amendment by January 31, 2001, such repayment to be made no later than February 15, 2001.
View SourceView Similar (3)
RESTRUCTURING BONUS. If the Restructuring is completed on or prior to August 2, 2003, Executive shall be entitled to receive $40,000 (the “Restructuring Bonus”), payable as follows: Executive shall be entitled to receive $6,670 during the month the Restructuring is completed, and shall be entitled to receive an additional $6,666 in each of the five successive months. All compensation paid to Executive under this Agreement shall be subject to customary withholding and employment taxes as required by federal and state law, and shall be paid in accordance with Holdings’ standard payroll procedures. If there is a question as to whether the Restructuring has been completed so as to give rise to the Restructuring Bonus, the good faith determination of the Board of Directors of Holdings will be conclusive.
View SourceView Similar (2)
RESTRUCTURING BONUS. Together with Pet▇▇ ▇▇▇▇▇, Executive has assumed primary responsibility for obtaining the payment in its entirety of the Company's current bank debt of $29,198,715 (the "Debt"). If the Debt is so repaid, or if it is assumed, or if only ministerial steps remain to complete such repayment or assumption, during the twelve (12) month period beginning on the date this amended Agreement is approved by the bankruptcy court (the "Performance Measurement Period"), Executive shall be entitled to receive a payment ("Unenhanced Restructuring Bonus") equal to $125,000, provided Executive is employed under the Agreement at that time. Executive shall receive the following additional payments (individually and collectively referred to as "the Unsecured Creditor Bonus" and, together with the Unenhanced Restructuring Bonus, the "Restructuring Bonus") if amounts specified in the tiers below are made available for unsecured creditors at any time after this amended Agreement is approved by the Bankruptcy Court, provided the amounts are made available as a result of Executive's efforts, such as, by way of example and not limitation, as a result of a reorganization plan that was confirmed by the Bankruptcy Court at a time the Executive was employed by the Company: (i) $150,000 if a total of $5 million above the Debt is available for unsecured creditors; (ii) another $65,000 (in addition to the first $150,000) if a total of $7 million above the Debt is available for unsecured creditors; (iii) another $70,000 (in addition to the $150,000 and the $65,000) if a total of $9 million above the Debt is available for unsecured creditors; and (iv) in addition to the $150,000, $65,000 and $70,000 bonus amounts, up to another $320,000 more by calculating four percent (4%) of every dollar recovered in excess of $9 million up to $17 million total available to unsecured creditors. The Restructuring Bonus shall be increased by an additional $146,000 if the Debt is eliminated or assumed within the first three (3) months of the Performance Measurement Period, or by $73,000 if the Debt is eliminated or assumed thereafter, but within the first six (6) months of the Performance Measurement Period, both additions (individually a "Time Enhancement") to be conditioned upon availability of funds to unsecured creditors as follows: Executive will receive (i) 20 percent of the relevant Time Enhancement if $5 million total recovery is available to unsecured creditors; (ii) 30 percent of the relevant Time En...
View SourceView Similar (2)
RESTRUCTURING BONUS. Sections 3.2 (“Bonuses”) of the Agreement is amended to add the following three paragraphs at the end of such Section. “Without limiting the foregoing as it may apply to other bonuses for performance, the Company shall pay, at the times and subject to the following provisions, a restructuring bonus to Executive equal to $450,000 (the “Restructuring Bonus”) in recognition of the separation of the Company from AremisSoft Corporation pursuant to that certain First Amended Plan of Reorganization of AremisSoft Corporation Jointly Proposed by the Debtor and SoftBrands, Inc. and effective August 2, 2002. Such Restructuring Bonus shall be subject to, and shall not be paid until, completion of a financing transaction by the Company acceptable to the Board of Directors (an “Acceptable Financing Transaction”). Upon completion of an Acceptable Financing Transaction, the Company shall pay the Executive $100,000 of the Restructuring Bonus and such amount of the remaining $350,000 of the Restructuring Bonus as is equal to $9,722.22 multiplied by the number of full months elapsed after October 1, 2002. The balance of the Restructuring Bonus shall be paid in equal monthly installments of $9,722.22 on the first day of each month thereafter until paid in full; provided, however, that the right of Executive to receive any further payments of the Restructuring Bonus shall terminate in the event that the Executive’s employment is terminated, other than by the Company “without cause” (as set forth in Section 4.3) or by the Executive for “good reason” (as set forth in Section 4.7). For purposes of Section 4.6 of this Agreement, the Restructuring Bonus shall be deemed declared as of the date hereof, but not yet paid.”
View Source
RESTRUCTURING BONUS. You understand and agree that certain provisions of your current employment agreement including, but not limited to, terms relating to automatic renewal of the term of the agreement, terms relating to a Change in Control, and the effect and scope of restrictive covenants will be restructured in a New Agreement or by way of an Amendment (the "RESTRUCTURING"). As consideration for your prior agreement to the Restructuring, the Company will pay you $277,500.00 (the "RESTRUCTURING BONUS") on or before January 15, 2001, reduced by any applicable withholding taxes and withheld 401(k) deferrals. By accepting this Restructuring Bonus, you agree to cooperate with the Company in the good faith negotiation and prompt execution of a New Agreement or Amendment, which will include, but not be limited to, the Restructuring; PROVIDED, however, that neither the New Agreement nor the Amendment shall adversely affect your current compensation (except as required to give effect to the terms of this Agreement), title, responsibilities, or duties. The New Agreement or Amendment shall include both the "Special Severance Program" and the "Special Deal Compensation," as described in the letter to you dated December 13, 2000 from ▇▇▇▇▇▇ ▇.
View Source
RESTRUCTURING BONUS. For the Company's fiscal year ending 2002, the Company shall pay Executive a restructuring bonus in the minimum amount of One Hundred Fifty Thousand Dollars ($150,000) payable promptly after the earlier of: (i) the close of such fiscal year provided that Executive remains employed by the Company through the end of such fiscal year; and (ii) the completion of a bank restructuring involving the Company (as determined by the Committee) provided that Executive remains employed by the Company through the date of such completion. For the subsequent fiscal year, Executive may receive a restructuring and/or performance bonus in the amount determined at the sole discretion of the Committee. Any bonus shall be subject to such deductions and withholdings as are required by law.
View Source
RESTRUCTURING BONUS. The Executive will receive a bonus ("Restructuring Bonus") payable in cash upon the occurrence of a Conversion Event consisting of (A) a lump sum payment of cash in an amount equal to thirty percent (30%) of the Executive's Base Salary in effect at such time, and (B) an aggregate of one and eight-tenths (1.8%) of the equity in the entity resulting from such Conversion Event (calculated on a fully diluted basis as of the effective date of such Conversion Event), in the form of restricted stock grants or warrants with a nominal exercise price (the specific terms and conditions of which shall be set forth in a separate agreement to be entered into between the Company and the Executive at such time). The Executive shall not be entitled to receive a Restructuring Bonus if his employment is terminated prior to the occurrence of a Conversion Event either (i) by the Company with Cause, or (ii) by the Executive (regardless of cause or reason). It is understood and agreed that for income tax purposes, the Restructuring Bonus shall not be deemed to be income of the Executive until actually received by the Executive.
View Source
RESTRUCTURING BONUS 
View SourceView Similar (3)

Related to RESTRUCTURING BONUS

  • Signing Bonus The Company will pay the Executive a one-time signing bonus in the gross amount of eighty thousand dollars ($80,000.00), payable on the next regular payroll date following the Commencement Date.

  • Cash Incentive Bonus The pro rata share of any Cash Incentive Bonus that would have been paid to the Executive had the Executive not been terminated Without Cause based on the extent to which performance standards are met on the last day of the year in which the Executive is terminated Without Cause.

  • Transaction Bonus In addition, in the event of a transaction involving a Change in Control, in a transaction approved by the Company’s Board of Directors, which transaction results in the receipt by the Company’s stockholders of consideration with a value representing, in the sole judgment of the Board of Directors, a significant premium over the average of the closing prices per share of the Company’s common stock as quoted on the Nasdaq National Market for 20 trading days ending one day prior to the public announcement of such transaction (a “Change in Control Transaction”), Executive shall be paid a Transaction Bonus at the closing of such a transaction in the amount equal to one (1) times 50% of Executive’s Base Salary in effect immediately preceding the closing of such a transaction. Executive shall also be paid said Transaction Bonus if the Company enters into a transaction approved by the Board of Directors which is not a Change in Control Transaction, but which, nonetheless, involves a significant change in the ownership of the Company or the composition of the Board of Directors of the Company, and which results in significant additional value for the Company’s stockholders, as determined by the Board of Directors in its sole discretion and as specifically designated a significant event by the Board of Directors (a “Significant Event”). In the event Executive receives a Transaction Bonus, no Achievement Bonus will be paid to Executive in the year in which such Transaction Bonus is paid. If the Company enters into a transaction which is a Change in Control Transaction, then all of the Executive’s stock options received before the date of the transaction shall become exercisable in full and all of the shares of the common stock of the Company awarded to Executive under the Company’s 1997 Stock Incentive Plan (or any subsequent plan) shall become fully vested. If the Company enters into a transaction which is not a Change in Control Transaction but which is a Significant Event, then the Board of Directors may, in its sole discretion, determine that all, or a portion, of the Executive’s stock options received before the effective date of the transaction shall become exercisable in full and all, or a portion, of the shares of the common stock of the Company awarded to Executive under the Company’s 1997 Stock Incentive Plan (or any subsequent plan) shall become fully vested.

  • Special Bonus In addition to the Annual Base Salary and Annual Bonus payable as hereinabove provided, if the Executive remains employed with the Company or its affiliated companies through the first anniversary of the Effective Date, the Company shall pay to the Executive a special bonus (the "Special Bonus") in recognition of the Executive's services during the crucial one-year transition period following the Change of Control in cash equal to the sum of (A) the Executive's Annual Base Salary and (B) the Highest Annual Bonus. The Special Bonus shall be paid no later than 30 days following the first anniversary of the Effective Date.

  • Bonus Amount For purposes of this Agreement, "Bonus Amount" shall mean the greater of (a) the target annual bonus payable to the Executive under the Incentive Plan in respect of the fiscal year during which the Termination Date occurs or (b) the highest annual bonus paid or payable under the Incentive Plan in respect of any of the three full fiscal years ended prior to the Termination Date or, if greater, the three (3) full fiscal years ended prior to the Change in Control.