Common use of Return by Executive of Certain Payments Clause in Contracts

Return by Executive of Certain Payments. If the Executive shall terminate his employment pursuant to Section 5(e) or shall terminate his employment otherwise than in accordance with the terms of this Agreement, in either case prior to the completion of eighteen (18) months following the date of this Agreement, then he shall immediately forfeit and return to the Company: (i) the gross amount of all loans to him that were forgiven in anticipation of the Company’s initial public offering in April 2004 and the tax gross-up payment with respect thereto; and (ii) the amount paid on or about April 14, 2005, in consideration of the fact that the Executive will no longer participate in the Company’s previously existing cash management incentive compensation plans and in connection with the adoption of the Senior Executive Annual Incentive Plan. Failure by the Executive to make due repayment of such amount within ten (10) days of the Company’s demand for same shall authorize the Company to commence a civil proceeding for the same, in which event the Executive shall be liable for all reasonable costs and attorney’s fees incurred by the Company in connection herewith.

Appears in 2 contracts

Samples: Employment Agreement (Xerium Technologies Inc), Employment Agreement (Xerium Technologies Inc)

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Return by Executive of Certain Payments. If the Executive shall terminate his employment pursuant to Section 5(e) or shall terminate his employment otherwise than in accordance with the terms of this Agreement, in either case prior to the completion of eighteen (18) months following the date of this Agreement, then he shall immediately forfeit and return to the Company: (i) the gross amount of all loans to him that were forgiven in anticipation of the Company’s initial public offering in April 2004 and the tax gross-up payment with respect thereto; and (ii) the amount paid on or about April 14, 2005, 2005 in consideration of the fact that the Executive will no longer participate in the Company’s previously existing cash management incentive compensation plans and in connection with the adoption of the Senior Executive Annual Incentive Plan. Failure by the Executive to make due repayment of such amount within ten (10) days of the Company’s demand for same shall authorize the Company to commence a civil proceeding for the same, in which event the Executive shall be liable for all reasonable costs and attorney’s fees incurred by the Company in connection herewith.

Appears in 2 contracts

Samples: Employment Agreement (Xerium Technologies Inc), Employment Agreement (Xerium Technologies Inc)

Return by Executive of Certain Payments. If the Executive shall terminate his employment pursuant to Section 5(e) or shall terminate his employment otherwise than in accordance with the terms of this Agreement, in either case prior to the completion of eighteen (18) months following the date of this Agreement, then he shall immediately forfeit and return to the Company: (i) the gross amount of all loans monies paid to him that were forgiven as a transactional bonus in anticipation of connection with the Company’s initial public offering in April 2004 and the tax gross-up payment with respect theretooffering; and (ii) the amount paid on or about April 14, 2005, in consideration of the fact that the Executive will no longer participate in the Company’s previously existing cash management incentive compensation plans and in connection with the adoption of the Senior Executive Annual Incentive Plan. Failure by the Executive to make due repayment of such amount within ten (10) days of the Company’s demand for same shall authorize the Company to commence a civil proceeding for the same, in which event the Executive shall be liable for all reasonable costs and attorney’s fees incurred by the Company in connection herewith.

Appears in 2 contracts

Samples: Employment Agreement (Xerium Technologies Inc), Employment Agreement (Xerium Technologies Inc)

Return by Executive of Certain Payments. If the Executive shall terminate his employment pursuant to Section 5(e) or shall terminate his employment otherwise than in accordance with the terms of this Agreement, in either case prior to the completion second anniversary of eighteen (18) months following the date of this Agreement, then he shall immediately forfeit and return to the Company: (i) the gross amount of all loans to him that were forgiven in anticipation of the Company’s initial public offering in April 2004 and the tax gross-up payment with respect thereto; and (ii) the amount paid on or about April 14, 2005, 2005 in consideration of the fact that the Executive will no longer participate in the Company’s previously existing cash management incentive compensation plans and in connection with the adoption of the Senior Executive Annual Incentive Plan. Failure by the Executive to make due repayment of such amount within ten (10) days of the Company’s demand for same shall authorize the Company to commence a civil proceeding for the same, in which event the Executive shall be liable for all reasonable costs and attorney’s fees incurred by the Company in connection herewith.

Appears in 1 contract

Samples: Employment Agreement (Xerium Technologies Inc)

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Return by Executive of Certain Payments. If the Executive shall terminate his employment pursuant to Section 5(e) or shall terminate his employment otherwise than in accordance with the terms of this Agreement, in either case prior to the completion second anniversary of eighteen (18) months following the date of this Agreement, then he shall immediately forfeit and return to the Company: (i) the gross amount of all loans to him that were forgiven in anticipation of the Company’s initial public offering in April 2004 and the tax gross-up payment with respect thereto; and (ii) the amount paid on or about April 14, 2005, 2005 in consideration of the fact that the Executive will no longer participate in the Company’s previously existing cash management incentive compensation plans and in connection with the adoption of the Senior Executive Annual Incentive Plan. Failure by the Executive to make due repayment of such amount within ten (10) days of the Company’s demand for same shall authorize the Company to commence a civil proceeding for the same, in which event the Executive shall be liable for all reasonable costs and attorney’s fees incurred by the Company in connection herewith.

Appears in 1 contract

Samples: Employment Agreement (Xerium Technologies Inc)

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