Key Employee Plans. No Debtor shall (a) enter into any key employee retention plan and incentive plan, other than such plans in effect as of the Petition Date or (b) amend or modify any existing key employee retention plan and incentive plan, unless such plan, amendment or modification, as applicable, is satisfactory to the Agent and Majority Lenders.
Key Employee Plans. No Credit Party shall (i) (a) enter into any key employee or executive incentive or retention plan, other than such plans in effect as of the Petition Date, or (b) amend or modify any existing key employee retention plan and incentive plan in a manner that increases benefits payable thereunder, unless such plan, amendment or modification, as applicable, is either consistent with the terms of the RSA or reasonably satisfactory to the Required Lenders; and (ii) other than (a) the payments of salary or wages and (b) the retention payments made by certain Credit Parties prior to the Closing Date, in each case to managers, officers, and management- or executive-level employees of any of the Credit Parties, make any grant or payment after the Closing Date (including pursuant to a key employee or executive incentive or retention plan or other similar agreement or arrangement) to any director, manager, officer, or management- or executive-level employee of any of the Credit Parties.
Key Employee Plans. No Loan Party shall (a)(i) enter into any key employee or executive incentive or retention plan, other than such plans in effect as of the Petition Date or (ii) amend or modify any existing key employee retention plan and incentive plan in a manner that increases benefits payable thereunder, unless such plan, amendment or modification, as applicable, is satisfactory to the Required Lenders and (b) other than the payments of salary, wages or expense reimbursements, in each case as to directors, officers, and management- or executive-level employees of any of the Loan Parties, make any grant or payment after the Petition Date (including pursuant to a key employee or executive incentive or retention plan or other similar agreement or arrangement) to any director, officer, or management- or executive-level employee of any of the Loan Parties outside the ordinary course of business. [Credit Agreement]
Key Employee Plans. (a) Enter into any key employee incentive plan or key employee retention plan, other than such plans as in effect as of the Petition Date.
Key Employee Plans. (i) No existing key employee retention plan or incentive plan shall have been amended or modified, (ii) no new key employee retention plan or incentive plan shall have been entered into, and (iii) no payment of any bonus, incentive, retention, severance, change of control or termination payments shall have been paid to any member of management, in each case within the seven (7) days prior to the Interim Facility Effective Date, except for a single one-time bonus paid to a member of management disclosed to the Administrative Agent prior to the date hereof in an amount that does not exceed $10,000. The Administrative Agent shall notify the Borrower and the Lenders of the Interim Facility Effective Date, and such notice shall be conclusive and binding.
Key Employee Plans. Other than as contemplated by the Restructuring Support Agreement, no Debtor shall, and shall not permit any Group Member to, (a) enter into any key employee retention plan or incentive plan, (b) amend or modify any existing key employee retention plan or incentive plan or (c) pay any bonus, incentive, retention, severance, change of control or termination payments to any member of management, unless such plan, amendment, modification or payment is reasonably satisfactory to the Administrative Agent.
