Compensation Obligation definition

Compensation Obligation means the absolute and unconditional obligation of the Company, its successors and assigns, to pay the Executive, the Beneficiary, or the Executive's estate, whichever the case may be, the Compensation and Benefits throughout the Protected Period in accordance with Section 3 of this Agreement directly offset by any other severance or termination payments and benefits otherwise paid or payable to the Executive by the Company.
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Compensation Obligation. Has the meaning in Clause Six of this AGREEMENT. PARTIES: Are THE BUYER and THE SELLERS, jointly, in this AGREEMENT. LIABILITIES: Are the payment obligations which, after performing the DUE DILIGENCE, THE PARTIES or the INDEPENDENT AUDITOR, in case of discrepancy between THE PARTIES, determine THE COMPANY has with third parties, notwithstanding they are registered of the FINANCIAL STATEMENTS or qualify as UDECLARED LIABILITIES.
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Examples of Compensation Obligation in a sentence

  • For each month the Executive remains employed by the Company during the Protected Period, the Compensation Obligation of the Company is correspondingly reduced.

  • The payment of Compensation Obligation by the Company shall not preclude any rights the Executive may have under COBRA to elect continued health insurance at the Executive s cost and expense.

  • Effective as of the Effective Time, AINC hereby assigns and delegates to New Holdco, and New Holdco hereby assumes and agrees to perform, all rights and obligations of AINC pursuant to the AINC Plan, under each option agreement relating to AINC Stock Options outstanding under the AINC Plan immediately prior to the Effective Time and under each AINC Deferred Compensation Obligation outstanding immediately prior to the Effective Time.

  • Deferred Compensation Plan, a so-called “rabbi trust” (the “Rabbi Trust”), to be amended to the reasonable satisfaction of the Buyer to permit the assets of the Rabbi Trust to be used for the benefit of the Buyer in defraying the Deferred Compensation Obligation and shall cause the removal of the trustees of the Rabbi Trust and the appointment of a successor trustee or trustees designated by the Buyer in accordance with the terms of the existing Rabbi Trust.

  • The Buyer shall not be liable to any participant under the Deferred Compensation Plan for any insufficiency of the Rabbi Trust for payment of the Deferred Compensation Obligation.

  • This Section 9.5 shall not take effect, with respect to any participant, if such participant in the Deferred Compensation Plan has not entered into an agreement in writing with the Buyer assenting to the assumption of the Deferred Compensation Obligation, which relates to him or her, upon the terms set forth in this Section 9.5.

  • Subcontractors must grant a non-exclusive, unrestricted, unlimited, perpetual, irrevocable, world-wide, royalty-free license to the TWDB and, if desired by them, the CONTRACTOR may use any and all Subcontractor Works, including the right to sublicense use to third parties, with No Compensation Obligation.

  • Payment of the Deferred Compensation Obligation shall be limited to payment out of the Rabbi Trust.

  • The Buyer shall have no obligation to (a) pay any amount with respect to the Deferred Compensation Obligation from its assets or property other than from the assets or property of the Rabbi Trust, (b) make any contributions to the Rabbi Trust or (c) permit any Transferred Employee to make any deferral of income.

  • The TWDB and the CONTRACTOR each shall have full and unrestricted rights to use a CONTRACTOR Works with No Compensation Obligation.

Related to Compensation Obligation

  • Indemnification Obligation means any existing or future obligation of any Debtor to indemnify current and former directors, officers, members, managers, agents or employees of any of the Debtors who served in such capacity, with respect to or based upon such service or any act or omission taken or not taken in any of such capacities, or for or on behalf of any Debtor, whether pursuant to agreement, the Debtors’ respective memoranda, articles or certificates of incorporation or formation, corporate charters, bylaws, operating agreements, limited liability company agreements, or similar corporate or organizational documents or other applicable contract or law in effect as of the Effective Date, excluding any obligation to indemnify any of the foregoing parties with respect to any act or omission for or on behalf of the Debtors arising out of any act or omission determined by a Final Order to constitute actual fraud, willful misconduct, or gross negligence.

  • Indemnification Obligations means each of the Debtors’ indemnification obligations in place as of the Effective Date, whether in the bylaws, certificates of incorporation or formation, limited liability company agreements, other organizational or formation documents, board resolutions, management or indemnification agreements, or employment or other contracts, for their current and former directors, officers, managers, employees, attorneys, accountants, investment bankers, and other professionals and agents of the Debtors, as applicable.

  • Non-cash compensation means any form of compensation that is not cash compensation, including, but not limited to, health insurance, office rent, office support and retirement benefits.

  • Compensation Payment means a payment, whether in monetary form or in the form of a benefit or service, by or on behalf of an insurer to a complainant to compensate the complainant for a proven or estimated financial loss incurred as a result of the insurer’s contravention, non-compliance, action, failure to act, or unfair treatment forming the basis of the complaint, where the insurer accepts liability for having caused the loss concerned, but excludes any –

  • Cash Compensation means any discount, concession, fee, service fee, commission, sales charge, loan, override, or cash benefit received by a producer in connection with the recommendation or sale of an annuity from an insurer, intermediary, or directly from the consumer.