Schedule of Compensation. As part of the annual budgeting process, the Operator shall deliver to the City a schedule of Performance Compensation (as defined below) it intends to pay to Senior Executive Personnel, it being understood that each such schedule shall set forth the names of each of the Senior Executive Personnel and the amount of the Performance Compensation budgeted for each of the Senior Executive Personnel (the “Schedule of Performance Compensation”). The amount of the Schedule of Performance Compensation shall be computed on a basis comparable to the compensation generally paid to similarly situated employees of the Operator at other comparable facilities managed based upon the performance of such other comparable facilities. If the Schedule of Performance Compensation varies from the amount of the Senior Executive Personnel Performance Compensation Pool for such Operating Year by more than 5%, the City and the Operator shall meet to discuss such variance and may mutually agree to amend the amount of the Senior Executive Personnel Performance Compensation Pool set forth in 6.7.1 above; provided however, that neither party shall be obligated to agree to any such amendment. For purposes of this Agreement, the term Performance Compensation shall mean: “Annual compensation paid to Senior Executive Personnel that is based upon the performance of the Facility, whether discretionary or based upon a predefined formula (and excluding, for avoidance of doubt, (1) base salary, (2) participation in employee benefit plans and programs (including any equity-based plans (to the extent based on equity in the Operator generally and not the Facility specifically)), and (3) relocation and severance payments).”
Appears in 3 contracts
Sources: Convention Center Operating Agreement, Convention Center Operating Agreement, Convention Center Operating Agreement