Founding Managers definition
Examples of Founding Managers in a sentence
Additionally, while the Investor Units remain outstanding, the Company and each of the Founding Managers agrees to allow, and shall assist, the Investor in obtaining and maintaining its own key man coverage on each of the Founding Managers in the amount of no more than $2,000,000 per individual.
Notwithstanding the foregoing, the Founding Managers may continue to engage in the businesses described on Schedule 4.11, or in any other business venture approved in writing by the Manager appointed by the Investor, so long as the Founding Managers are able to fulfill their respective duties as set forth in their Employment Agreements (as such term is defined in the Purchase Agreement).
Executive shall be eligible to -------------------------- participate in the Founding Managers Incentive Compensation Plan as established by the Board of Directors.
The parties agree that the performance goals and potential incentive awards for Performance Periods during 1999 and 2000 under the Founding Managers' Incentive Compensation Plan shall be as set forth in Exhibit A hereto.
Executive shall be eligible to --------------------------- participate in the Founding Managers' Incentive Compensation Plan, or any successor plan established by the Board of Directors.
However, the Compensation Committee has the discretion to allow Founding Managers to elect what portion of any Incentive Award to receive in cash and what portion in restricted stock.
The Plan permits the Founding Managers to receive some or all of their incentive compensation in the form of Restricted Stock.
Any reduction in the number of Registrable Securities included in such registration shall be borne first by the Founding Managers pro rata based on the number of shares, if any, for which registration was requested by the Founding Managers, and then equally by the other Holders as a group pro rata based on the number of shares for which registration was requested by such Holders.
In May 1997, the Founding Managers were each awarded a 92,500 share Restricted Stock Award outside of the Company's Stock Option Plan.
Any Incentive Award amount up to 200% of a Founding Manager's base salary for the applicable year will be paid in cash.