Payment of Accrued Bonuses. On the day following the Closing, the Buyer will cause the Company to pay the Specially Designated Employee an amount equal to the Specially Designated Employee's pro-rata portion (through the date of termination of employment) of the Company's accrued 2003 bonus (provided such annualized bonus does not exceed $50,000) as of the Closing Date (the "Special Bonus Payment"). The Special Bonus Payment shall not constitute a Transaction Expense and shall not result in any reduction to the Purchase Price. Other than the Special Bonus Payment that will be made pursuant to the previous sentence, the Company is not required to pay any employee any portion of the Company's accrued 2003 bonus at or prior to the Closing; however, Buyer agrees that it shall cause the Company to pay such accrued 2003 bonuses (to the extent accrued as of the Closing) to the Company's current employees following the end of the 2003 fiscal year in the Ordinary Course of Business but not later than 70 days following the Closing Date. Buyer shall consult with Sellers' Representative with respect to the allocation of such payments to such employees.
Payment of Accrued Bonuses. As of the Effective Time, the annual bonus for the fiscal year ending June 30, 2001, for each Employee shall accrue in full and be payable by the Company to the extent not previously paid by the Company. Parent shall cause the Surviving Corporation to pay such bonuses as soon as practicable after the Effective Time.
Payment of Accrued Bonuses. 64 12.6 Indemnification of Directors and Officers . . . . . . . . 65 ARTICLE XIII TERMINATION . . . . . . . . . . . . . . . . . . . . . . . . . 65 13.1 Termination . . . . . . . . . . . . . . . . . . . . . . . 65
Payment of Accrued Bonuses. CU shall be entitled on or prior to the Closing Date to pay employee bonuses accrued in the ordinary course of business through the end of the month immediately preceding the Closing Date pursuant to bonus arrangements which are disclosed on the CU Schedules, in amounts that are consistent with CU's historical compensation practices.
Payment of Accrued Bonuses. 55 ss.6.7 Removal of the Seller from Personal Guarantees............................................ 55 ss.6.8 Payment Due Seller Upon Occurrence of Certain Event......................................... 56 ARTICLE VII CONDITIONS TO THE PURCHASERS' OBLIGATIONS........................................... 57 ss.7. Conditions to the Purchasers' Obligations............... 57
Payment of Accrued Bonuses. The Company shall pay all bonuses accrued on the Actual Closing Net Working Capital Statement to its employees, independent contractors and directors on or before March 15, 1996, in accordance with the Company's past practice.
Payment of Accrued Bonuses. On or before the Closing Date, the Canadian Vendors shall cause to be paid out and be fully satisfied all accrued bonus or incentive obligations owing by the Aitec Subsidiaries to Canadian Employees and US Employees up to the Closing Date. The Canadian Vendors understand that the Canadian Purchaser and US Purchaser intend to implement new incentive compensation plans effective immediately following the Closing Date. The Canadian Vendors agree to hold each of the Canadian Purchaser, the US Purchaser, and the Aitec Subsidiaries harmless from any liability for payments or obligations relating to bonus or incentive compensation up to the Closing Date, other than as reflected on the Closing Balance Sheet. To the extent such accrued amounts cannot be so paid, they shall be properly accrued and reflected on the Closing Balance Sheet. In addition, the Purchasers shall cause all profit from the Aitec Holdings Group (other than the US Subsidiaries) in respect of the period from October 1st to the Closing Date to be paid by way of bonus to the Individual Shareholders as soon as possible following final completion of the Closing Balance Sheet, provided such amounts are reflected as additional payroll obligations on the Closing Working Capital.
Payment of Accrued Bonuses. After the Closing, the Buyer shall cause the Company and its Subsidiaries to pay to Xxxx X. Xxx Xxxxxxxxxx and to the applicable employees of the Company and its Subsidiaries the amount of their respective bonuses accrued in the ordinary course as of the Closing Date in the aggregate amount set forth on the Company’s and its Subsidiaries’ financial statements as of the Closing Date and reflected in the calculation of the Closing Date Net Assets, which such bonus payments will be paid at such time as bonus payments for the current fiscal year of the Company and its Subsidiaries are payable under the terms of the applicable bonus or incentive program documents, agreements or plans as in effect on the date hereof; provided, however, that Buyer shall only be required to cause the Company and its Subsidiaries to make such bonus payments to the extent such bonus payments are actually earned in accordance with the terms of the applicable bonus or incentive program documents, agreements or plans as in effect on the date hereof.
Payment of Accrued Bonuses. The Purchaser agrees that it shall cause the Surviving Corporation to pay to the Retained Employees, no later than June 15, 2012, the amount of any year-end performance bonuses payable to such Retained Employees which are accrued in the finally determined Closing Net Working Capital.
Payment of Accrued Bonuses. As of the Effective Time, the -------------------------- annual bonus for the fiscal year ending June 30, 2001, for each Employee shall accrue in full and be payable by the Company to the extent not previously paid by the Company. Parent shall cause the Surviving Corporation to pay such bonuses as soon as practicable after the Effective Time.
