Employee Compensation Programs. The compensation system employed by an Ameriquest Party may not provide incentives that encourage its employees: (1) to include a Prepayment Penalty provision in a Loan, (2) to quote a Potential Borrower an interest rate inconsistent with the Same Rate Available provision of this Settlement Agreement, or (3) to otherwise increase compensation based on Loan fees or Closing costs.
Employee Compensation Programs. The Contractor shall establish compensation programs for Incumbent Employees and Non- Incumbent Employees, as set forth in paragraphs (a) and (b) below and consistent with any applicable law, provided, however, that employees scheduled to work fewer than 20 hours per week receive only those benefits required by law. Employees are eligible for benefits, subject to the terms, conditions, and limitations of each benefit program.
Employee Compensation Programs. 5 1.9 Dissenting Shares. 6 1.10 Escrow. 7 1.11 Surrender of Certificates. 7 1.12 No Further Ownership Rights in Company Stock. 8 1.13 Lost, Stolen or Destroyed Certificates. 9
Employee Compensation Programs. (a) In addition to the payment of the Total Consideration, subject to and following the consummation of the Merger, an aggregate of $2,500,000 in equity or cash or a combination thereof at Acquiror’s election will be offered to current or future employees of the Company or its Subsidiaries in an incentive retention program (the “Retention Program”). All amounts payable under the Retention Program shall vest over a three year period such that one-third of the amount of the Retention Program allocated to any participant will be paid on each of the first, second and third anniversaries of the Closing, provided that, in each case, the disbursement of such amounts to a participant will be contingent upon the achievement by such Table of Contents participant of individual performance goals and objectives for such participant as established by the Acquiror for each of such one year periods following the Closing and shall be further contingent upon the continued employment of the participant at each vesting date. Any amount allocated to any Retention Program participant who is no longer employed by the Company or Acquiror as of the date of any disbursement will be retained by Acquiror and will not be reallocated among other Retention Program participants or otherwise paid in connection with such disbursement or any subsequent disbursement. Any amount allocated to any Retention Program participant who fails to achieve the applicable performance goals and objectives with respect to which such amount has been allocated will be retained by Acquiror and will not be reallocated among other Retention Program participants or otherwise paid in connection with any subsequent disbursement. The principle participants in the Retention Program will be determined by the Acquiror and the Company prior to the date hereof. The determination of whether the payments under the Retention Program will be made in cash or equity will be made by Acquiror at or prior to each vesting date. For purposes of the Retention Program, the value of any equity compensation shall be equal to the number of shares of Acquiror common stock subject to the restricted stock, restricted stock unit, or other similar “full value” equity award (other than stock options) multiplied by the closing price of the Acquiror’s common stock on the date of the award.
