Sale Bonus Sample Clauses

Sale Bonus. (a) If a Sale of the Company is consummated, then, subject to the terms and conditions of this Agreement, you shall be entitled to receive from the Company, or one of its Affiliates, a one-time cash payment (the “Sale Bonus”) in an aggregate amount equal to one half of one percent (0.5%) of the Net Equity Proceeds from such Sale of the Company. The Sale Bonus shall not be paid unless you remain continuously employed by Company or any of its subsidiaries from the date hereof until the date the Sale Bonus (or each component thereof) contemplated under this Agreement is paid.
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Sale Bonus. (a) After the completion of a "Sale Transaction," as defined below, the Company will pay Executive a "Sale Bonus," as described below, provided Executive remains as Vice President and Chief Operating Officer of the Company during the negotiation of and through the closing of the Sale Transaction. The Sale Bonus will be payable to Executive after all post-closing adjustments in connection with the Sale Transaction have been determined.
Sale Bonus. The last sentence of the first Paragraph of Article IV of the Agreement is amended and restated to read: “The Sale Bonus will be payable to Executive promptly upon consummation of the Sale Transaction.”
Sale Bonus. The Executive shall be paid a sale bonus ( the "Sale Bonus") if the Company is sold pursuant to a merger, sale of assets or sale of stock as a result of the Company's inability, after commercially reasonable efforts are made, to refinance the Company's indebtedness to the Lenders under the Credit Agreement, other than due to the Company's default under the Credit Agreement, by the initial maturity of the Credit Agreement (hereinafter, a "Sale Event"), as follows: if the Sale Event occurs subsequent to the initial maturity of the Credit Agreement,second anniversary of the Effective Date but prior to the expiration of the Initial Term or any renewal term of this Agreement, the executive management team of the Company shall be entitled to receive an amount equal to two and one-half percent (2 1/2%) of the gross sales price realized by the Company from the Sale Event (the "Management Bonus"), and the Executive shall be entitled to receive an amount equal to twenty-one and 43/100 percent (21.43%) of the Management Bonus at the closing of the Sale Event. For purposes hereof, the following individuals shall constitute the executive management team of the Company: Xxxx Xxxxxx, O.D.; Xxxxxx Xxxxxx; Xxxxx Xxxxxx; Xxxxxxx Xxxxx; and Xxxxxx Xxxxx, O.D. If any of such individuals cease to be employed by the Company, the Chief Executive Officer of the Company may allocate such individual's percentage of the Management Bonus to another individual, or reallocate the Management Bonus among the remaining members of the executive management team named in this Section 3 (d), subject to the approval of the Board of Directors or the appropriate committee thereof.
Sale Bonus. (a) In the event of a Sale of the Company (as ---------- hereinafter defined) during your employment by the Company pursuant to this Agreement and within the twelve-month period after the Effective Date (the "Sale Bonus Period"), you shall receive a sale bonus (the "Sale Bonus") equal to the Maximum Bonus Amount multiplied by two; provided, however, that in the event of your Involuntary Termination on or after September 1, 1999 and prior to a Sale of the Company, you shall receive the Sale Bonus in the event of a Sale of the Company in accordance with the terms of this Section 4 in the same manner as if your employment with the Company had continued. The Sale Bonus shall be paid to you in cash within five days following the closing date of the Sale of the Company; provided, however, that in no event shall the Sale Bonus be payable to you until the selling equity holders, which holders may be at the level of the Company, PTK Holdings, Inc., Supermarkets General Holdings Corporation or SMG-II Holdings Corporation (the "Sellers") shall have received the full amount of the cash and property paid by the buyer in consideration of the sale. The parties hereto acknowledge and agree that you shall be entitled to receive only one Sale Bonus under this Agreement in connection with the first Sale of the Company occurring during the Term and that in the event any additional Sale of the Company occurs during the Term you will not be entitled to any Sale Bonus as a consequence thereof.
Sale Bonus. The Executive shall be paid a sale bonus (the "Sale Bonus") if the Company is sold pursuant to a merger, sale of assets or sale of stock as a result of the Company's inability, after commercially reasonable efforts are made, to refinance the Company's indebtedness to the Banks under the New Credit Agreement, other than due to the Company's default under the New Credit Agreement, by the initial maturity of the New Credit Agreement (hereinafter, a "Sale Event"), as follows: if the Sale Event occurs subsequent to the initial maturity of the New Credit Agreement, the executive management team of the Company shall be entitled to receive an amount equal to two and one-half percent (2 1/2%) of the gross sales price realized by the Company from the Sale Event (the "Management Bonus"), and the Executive shall be entitled to receive an amount equal to twenty-one and 43/100 percent (21.43% )of the Management Bonus at the closing of the Sale Event. For purposes hereof, the following individuals shall constitute the executive management team of the Company: Mark Xxxxxx, X.D.; Andrxx Xxxxxx; Ellex Xxxxxx; Xxchxxx Xxxxx; xxd Howaxx Xxxxx, X.D. If any of such individuals cease to be employed by the Company, the Chief Executive Officer of the Company may allocate such individual's percentage of the Management Bonus to another individual, or reallocate the Management Bonus among the remaining members of the executive management team named in this Section 3 (d), subject to the approval of the Board of Directors or the appropriate committee thereof.
Sale Bonus. In recognition of Executive's service to the Company, Executive shall be eligible to receive a bonus in the event the Company is sold, subject to the terms set forth herein (the "Sale Bonus"). This Sale Bonus shall be determined based on the share price of the Company upon such sale, as follows: (i) if the shares are valued at least $0.20 per share, Executive shall receive a Sale Bonus of $20,000, (ii) if the shares are valued at $0.225 per share, a Sale Bonus of $35,000; or (iii) if the shares are valued at $0.25 per share, a Sale Bonus of $50,000. If in the event sale price exceeds $0.25 per share, Executive shall be eligible to receive the aforementioned $50,000 bonus, plus an additional $6,000 for every $0.01 above a share price of $0.25.
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Sale Bonus. If (i) the Company has consummated a Sale Transaction (as defined below) within eighteen (18) months after the Effective Date, (ii) the Sale Proceeds (as defined below) are in excess of $45,000,000, (iii) the Executive remains actively employed with the Company through the consummation of the Sale Transaction, (iv) the Executive is otherwise in compliance with the terms of this Agreement as may be amended at any time in the future, and (v) the Executive complies with, and uses commercially reasonable efforts to take such actions as are necessary to cause the Company to comply with, the terms and conditions of agreements entered into by the Executive or the Company effecting or otherwise relating to the Sale Transaction, the Executive will be eligible to receive a sale bonus in connection with such Sale Transaction equal to the product of 0.025 and the Sale Proceeds; provided, that for the purposes of such calculation the amount of Sale Proceeds shall be deemed to not exceed $200,000,000 (the “Sale Bonus”). The Sale Bonus shall be subject to any applicable tax and payroll deductions required by law. The benefit described in this Section 3(c) shall be payable in a single lump sum as soon as practicable, but not more than ten (10) business days following the consummation of the Sale Transaction (or receipt of Sale Proceeds which are not Contingent Sale Proceeds (as defined below) sufficient to trigger the Company’s obligation to pay a Sale Bonus); provided that any Sale Bonus amount the Executive is entitled to receive pursuant to this Section 3(c), shall not be payable to the Executive until such time as the Company’s stockholders have received payment with respect to their equity interests pursuant to the terms of the agreement to engage in the Sale Transaction. In the event that: (x) any portion of the Sale Proceeds is required by the terms of the Sale Transaction to be placed into escrow, retained or held back by the buyer, or the payment thereof is otherwise subject to contingencies based upon the occurrence of future events (“Contingent Sale Proceeds”), the Company will not pay the Executive the portion of the Sale Bonus attributable to the Contingent Sale Proceeds until such time as, and only to the extent that, the Contingent Sale Proceeds are released from escrow, no longer are retained or held back by the buyer, or otherwise no longer are subject to payment contingencies, as the case may be (“Released Sale Proceeds”); and (y) the aggregate amount of...
Sale Bonus. If, during the Period of Employment while you are the Chief Executive Officer of the Company and in all cases on or before the date that is thirty six (36) months after the Effective Date, Francisco Partners (which term includes its affiliated funds for purposes of this Section 3.4) sells (other than to one of its affiliates or a fund managed by it or one of its affiliates) all or any portion of its interest in Holding, the Company will pay Executive a sale bonus as follows: (1) if 100% of Francisco Partners’ equity interests in Holdings are so sold, the sale bonus shall the amount of the Bonus Opportunity (determined as set forth below), and (2) if less than 100% of Francisco Partners’ equity interests in Holdings are so sold, the sale bonus shall equal the amount of the Bonus Opportunity (determined as set forth below) multiplied by the percentage of Francisco Partners’ equity interests in Holdings that are so sold. For purposes of these calculations, the percentage of Francisco Partners’ equity interests in Holdings that are sold shall be determined with reference to Francisco Partners’ equity interests in Holdings as of the Effective Date (such that if Francisco Partners’ sells 50% of its equity interests in Holdings in one transaction, and then sells the remaining 50% of its equity interests in Holdings in a second transaction, the portion of Francisco Partners’ equity interests sold in the second transaction shall be 50% for purposes of this calculation even though, at the time of the second sale after giving effect to the first sale, the percentage of such interests sold in the second sale constituted all of such interests outstanding immediately prior to the second sale). Any sale bonus due to Executive pursuant to this Section 3.4 with respect to any sale of equity interests by Francisco Partners shall be paid no later than two and one-half months after such sale. The amount of the Bonus Opportunity for purposes of this Section 3.4 is determined with reference to whether the value of the entire Company on a consolidated basis as of the Grant Date, as determined by the Board for purposes of establishing the per share exercise price of the Option (the “Enterprise Value”), is more than FOUR HUNDRED AND SEVENTY FIVE MILLION DOLLARS ($475,000,000) as follows: (a) if the Enterprise Value as of the Grant Date is less than or equal to $475,000,000, then the amount of such Bonus Opportunity is ONE MILLION DOLLARS ($1,000,000); or (b) if the Enterprise Valu...
Sale Bonus. If during the Period of Employment or, if the Period of Employment terminates before March 26, 2007 as a result of a termination by the Company without Cause (as defined in Section 5.5) or due to the Executive's death or Disability (as defined in Section 5.5), within nine (9) months following such termination, either (i) all or substantially all of the Company's assets are sold ("Asset Sale"), (ii) the Company closes a public offering pursuant to an effective registration statement under the Securities Act of 1933, as amended, covering the offer and sale of Common Stock for the account of the Company to the public and the Common Stock becomes listed or quoted on a national security exchange or in the Nasdaq National Market Quotation System (an "IPO"), or (iii) at least a majority of the Company's then outstanding common stock is sold in a single transaction or series of substantially related transactions, and unless otherwise approved by the Company's Board, for cash or marketable securities ("Stock Sale") (any of an Asset Sale, IPO or Stock Sale is referred to as a "Trigger Event"), and the Terminal Equity Value (defined below) of the Company at the Trigger Event is less than [the minimum Terminal Equity Value], the Company will pay the Executive a bonus (the "Sale Bonus") of $200,000 at the time of the consummation of the transaction; provided, however, that a conversion of debt to equity by the Company's creditors shall not, in and of itself, constitute a Trigger Event.
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