Payment to Executive. Except as provided in Section 18(a) hereof, in the event any dispute or controversy arising under or in connection with any provision of this Agreement other than Section 8 hereof is resolved on the merits in favor of Executive pursuant to an arbitration award or final judgment, order or decree of a court of competent jurisdiction (the time for appeal therefrom having expired and no appeal having been perfected), the Bank shall be obligated to pay Executive, within thirty (30) days after the date on which such judgment becomes final and not subject to further appeal, all reasonable costs and legal fees paid or incurred by Executive in connection with such dispute or controversy.
Payment to Executive. (a) Upon the execution of this Release, and after expiration of the revocation period specified in Section 9 of this Release, Corporation will commence payment of the applicable Monthly Severance Payments described in Section 6 or 7 of Executive’s Amended and Restated Employment Agreement dated effective March 30, 2010 (the “Employment Agreement”), less normal deductions and withholdings.
Payment to Executive. The payment to Executive upon the exercise of the SARs shall be made solely in shares of Common Stock. Upon the exercise of the SARs, the Executive shall receive an amount from the Company which is equal to (i) the excess of the Fair Market Value of a share of Common Stock on the date of exercise over the Initial Value times (ii) the number of SARs exercised. Such amount shall be divided by the Fair Market Value of a share of Common Stock on the date of exercise to determine the number of shares to be issued.
Payment to Executive. Following the eighth day after the execution of this Release by Executive, the Company agrees to pay to Executive the Severance Payments and reimburse Executive for COBRA premiums as provided under Section 5 of that certain Employment Continuity Agreement between Executive and the Company effective as of , less all required payroll tax withholdings. Executive agrees and acknowledges that these payments constitute consideration in addition to anything of value to which he or she would otherwise have been entitled absent the execution of this Agreement. Other than the payment of said amounts and any benefits due to Executive under existing retirement and fringe benefits plans in which Executive is a participant, in accordance with the terms of such plans, Executive shall not be entitled to any other payments or benefits from the Company.
Payment to Executive. In consideration of the negative covenants provided for the benefit of the Corporation hereunder, the Corporation will pay the Executive a single lump sum cash amount equal to $5,150,000 as soon as practicable after the date hereof, but in no event later than December 31, 1997. Any amount payable hereunder shall be subject to any and all applicable Federal income and employment tax withholding required at law to be withheld therefrom.
Payment to Executive. Subject to the terms of this Agreement, the Company agrees to pay to Executive an aggregate amount of $888,605 ("the Principal Amount"), together with accrued interest. This amount shall be paid in three annual installments, with one-third of the Principal Amount, plus accrued interest, paid on the first business day following each of January 1, 2002, January 1, 2003 and January 1,
Payment to Executive. If the Executive's employment by the Company is terminated solely as a result of the Company giving written notice of its intention not to extend the Executive's term of employment, as provided for in Section 2.3 above, the Company shall pay to the Executive within sixty (60) days after the date of termination an amount equal to the Executive's annual Base Salary (at the rate in effect on the date of such termination). The Executive shall have no further right to receive any other compensation or benefits after such termination of employment except as determined in accordance with the terms of the employee benefit plans of the Company.
Payment to Executive. Less than or equal to $[**] per share 1% of the Total Deal Consideration Greater than $[**] but less than or equal to $[**] per share 2.5% of the Total Deal Consideration Greater than $[**] but less than or equal to $[**] per share 3.0% of the Total Deal Consideration Greater than $[**] per share but less than $[**] per share 3.5% of the Total Deal Consideration Greater than or equal to $[**] per share 4.2% of the Total Deal Consideration For purposes of this Schedule I, “Deal Consideration Per Share” for any transaction shall be determined by dividing the Total Deal Consideration by the number of shares of Common Stock issued and outstanding (or deemed to be issued and outstanding) immediately prior to the consummation of such transaction.
Payment to Executive. (a) Upon the execution of this Release, and after expiration of the revocation period specified in Paragraph 10 of this Release, Corporation will make the payment described in Section 6.1(b) of Executive’s Employment Agreement dated , 2009 (the “Employment Agreement”), less normal deductions and withholdings.
Payment to Executive. In consideration of the Executive's agreement to resign as Chairman of the Board of Directors and Chief Executive Officer of the Company, and in consideration of the Executive's agreement to be bound by the nondisclosure provisions in Section 8 and the assignment of inventions provisions in Section 9, the Company shall pay the Executive Three Hundred Eighty Thousand Dollars (US $380,000.00) in the aggregate, payable in (i) an initial payment of Thirty Thousand Dollars (US $30,000.00) (the "Initial Payment") (and Nine Thousand Three Hundred Thirty-Two Dollars and 69/100 (US $9,332.69) which shall be for all unpaid reimbursable expenses previously incurred by the Executive through the date hereof and submitted to the Company), and (ii) Three Hundred Fifty Thousand Dollars (US $350,000.00) pursuant to the terms of that certain Promissory Note, substantially in the form of Exhibit "B" attached hereto (the "Promissory Note"). The Initial Payment shall be payable within sixty (60) days of the date hereof in cash. In the event the Company does not make the Initial Payment within such sixty (60) day period, such Initial Payment shall bear interest at the IRS Midterm Rate plus five percent (5%). The parties agree that failure to make the Initial Payment within such sixty (60) day period does not constitute a breach of this Agreement. In addition, in the event the Company fails to make any installment payment of principal or interest due under the Promissory Note which is not promptly paid by the tenth (10th) calendar day following the applicable due date, the Company shall grant to the Executive a three (3) year, fully vested and immediately exercisable option to purchase ten thousand (10,000) shares of the Company's Common Stock at a purchase price per share equal to the closing price of the Company's Common Stock as of the date such installment payment was due.
