Management Incentive. In addition to the Base Salary, the Executive will be eligible to receive an annual MIP Target payment under DeVry’s annual Management Incentive Plan, as in effect from time to time, upon the achievement of specific DeVry-wide and personal performance goals that will be determined each fiscal year by the Executive’s direct supervisor and/or the Compensation Committee as necessary and appropriate to comply with DeVry policy; provided, however, the MIP Award may be based on a higher or lower percentage of the MIP Target for performance which is in excess of target goals or below target goals, respectively. Any MIP Award due and owing hereunder with respect to any fiscal year shall be paid no later than the fifteenth day of the third month following the end of DeVry’s fiscal year in which the MIP Award was earned.
Management Incentive. PLAN (MIP) - EMPLOYEE shall be eligible to participate in EMPLOYER's Management Incentive Plan as such plan may be in effect or amended from time to time.
Management Incentive. Plan Management of the Company acceptable to the Majority Second Lien Noteholder Supporting Parties and the CEO shall each receive: (a) Common Shares in an amount to be determined; and (b) a new management incentive plan ((a) and (b) collectively, the “Management Incentive Plan”), in each case, as determined by the Majority Second Lien Noteholder Supporting Parties and the CEO prior to the Effective Date.
Management Incentive. Plan On the Closing Date, the Company shall adopt a management incentive plan (the “Management Incentive Plan”), which shall reserve 10%, on a fully diluted basis, of the total shares of common stock outstanding as of the Closing Date (the “MIP Shares”) for distribution to covered employees on terms to be agreed with senior management. The Management Incentive Plan shall supersede any prior management or employee stock compensation plan of the Company in effect on the Closing Date. Senior management shall receive 60% of the MIP Shares on the Closing Date, of which 1/3 shall vest on each of (1) the earlier of (a) the first anniversary of the Closing Date and (b) the date the Company shall have received Alaskan tax credit certificates in a face amount of at least $25 million (the “Tax Credit”), and (2) each anniversary of the Closing Date for the two years thereafter in the form of:
Management Incentive. (a) Unless Incentive Shares have previously been delivered pursuant to Section 2(b) below, immediately prior to the consummation of a Sale Transaction, in consideration of the value Xxxxxxx shall have brought to the business of the Company, the Company shall deliver to Xxxxxxx the Incentive Shares. In the event that at any time following consummation of such Sale Transaction, there shall be any reduction of the purchase price, or the Stockholders or the Company are required to make any indemnification or similar payment in respect of such Sale Transaction, then within five business days of such reduction or indemnification payment, Xxxxxxx shall pay to each of Xxxx and, if applicable, Foxtrot, such amount as shall be necessary to ensure that the net amount that each Stockholder receives in respect of such Sale Transaction (after giving effect to any such reduction or indemnification payment) is equal to the amount such Stockholder would have received had the Incentive Payment Amount and Raymond’s Incentive Shares been calculated based on an Equity Value equal to the original Equity Value less the amount of such reduction or indemnification payment (the “Trued-up Amount”), provided, however, that in no event shall Xxxxxxx be required to pay an aggregate amount that would result in Xxxxxxx receiving less than its Trued-up Amount.
Management Incentive. (a) (i) Immediately prior to the closing of a Qualified Financing, or (ii) in the event that the Company has already completed an initial public offering, immediately after the day when the valuation of the Company is no less than US$2,472,850,866 based on the closing sales prices of Company’s public traded Shares on the relevant stock exchanges, whichever is earlier, the Company may reserve certain number of additional shares for issuance pursuant to the ESOP (the “New ESOP”) of the Company that accounts for 5% of the share capital of the Company immediately after such reservation on an as converted and fully diluted basis and the Investors shall vote in favor of the adoption of the New ESOP when any of the abovementioned condition has been satisfied. Fifth Amended and Restated Shareholders’ Agreement
Management Incentive. On the Effective Date, a new long-term stock incentive program (the "TMAR LTIP") will be approved and implemented. The TMAR LTIP will provide options to purchase up to 7.5% of the New TMAR Stock, on a fully diluted basis. The options shall be granted in accordance with the allocations set forth on Exhibit A, attached hereto, and incorporated herein by reference, and shall be subject to the vesting schedule also set forth on Exhibit A. All options will be exercisable for a period of seven years after issuance. The per share exercise price of all options granted at the Effective Date will be the per share value of the New TMAR Stock at the Effective Date.
Management Incentive. A sworn employee who has attained the POST Management Certificate is eligible for a sixteen percent (16%) increase in base salary.
Management Incentive. Plan As promptly as reasonably practicable following the Plan Effective Date, Reorganized Xxxxxxx will implement a management incentive plan (the “MIP”), which shall reserve for its participants PIK Preferred Stock having an initial liquidation value of $5 million and cash-settlement restricted stock units, which shall economically represent 5% of the value of the Common Equity as of the Plan Effective Date. The MIP shall include terms and conditions acceptable to the Reorganized Xxxxxxx Board. The members of the Xxxxxxx MBE Group and the management team that are or become employees of Reorganized Xxxxxxx will be entitled to participate in the MIP. Interest Payment The parties acknowledge and agree that the Company has not made and will not make the interest payment on the Secured Notes due on January 1, 2017. During the time the RSA is in effect, the Consenting Noteholders agree to forbear from exercising any remedy under the Indenture or otherwise on account of such non-payment, and, to the extent necessary, shall direct the Indenture Trustee not to exercise any such remedy under the Indenture or otherwise. Further, the holders of the Secured Notes shall receive the consideration set forth herein in full and final satisfaction of all unpaid principal and interest (including, for the avoidance of doubt, the interest payment due on January 1, 2017). Cash Collateral During the Chapter 11 Cases, the Consenting Noteholders shall consent to the Company’s access to and use of cash collateral in accordance with an order acceptable to the Company and the Required Consenting Noteholders in all respects. SEC Reporting As soon as reasonably practicable after the RSA Effective Date, the Company shall make all necessary filings to cease to be subject to the public reporting requirements under the Securities Exchange Act of 1934, the Xxxxxxxx-Xxxxx Act, the Xxxx-Xxxxx Xxxx Street Reform and Consumer Protection Act of 2010, and other applicable securities rules and regulations. Once the Company is no longer subject to SEC reporting requirements, the Company will provide comparable reporting to the indenture trustee to the New Notes and the administrative and collateral agent of the Amended Credit Facility, including by providing information and reports substantially similar to those required in SEC Forms 10-K and 10-Q for a reporting company of similar size to the Company and by providing information regarding the occurrence of any event which would have required the Co...
Management Incentive. (a) Immediately prior to the consummation of each Incentive Option Trigger Event, if any, in consideration of the value Huntsman Group shall have brought to the business of the Company, the Company shall pay to Huntsman Group or its designee, an amount in cash equal to the Incentive Payment Amount for such Incentive Option Trigger Event. The Company shall have the right, but not the obligation, to deliver to Huntsman Group or its designee, as partial or full payment of any Incentive Payment Amount, a number of Units equal to the Incentive Factor for such Incentive Option Trigger Event or, in lieu of such number of Units, the Company may deliver stock appreciation rights, phantom equity or such other contract rights as shall convey the practical economic benefit of the ownership of such number of Units to Huntsman Group or its designee, provided that any such alternative to Units shall provide that, at any time the beneficiary of such alternative shall be entitled to elect to have the Company's obligation thereunder settled in Units.
