KECP definition

KECP means the Key Employee Compensation Program as such term is defined in the order entered by the Bankruptcy Court on April 4, 2005 (docket no. 450).
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Examples of KECP in a sentence

  • This Agreement, together with the KECP which is incorporated herein by reference, constitute the entire agreement of the parties hereto with respect to the subject matter hereof, supersedes all prior agreements and undertakings, both written and oral, and may not be modified or amended in any way except in writing by the parties hereto.

  • In the event that the terms of the KECP as they relate to the Executive conflict with the terms of this Agreement, then the terms of the KCEP shall govern.

  • In the event that the terms of the KECP as they relate to the Executive conflict with the terms of this Agreement, then the terms of the KECP shall govern.

  • SPL acquires a 31.53% interest in KeySpan Energy Canada Partnership ("KECP") from KEDC (NS) in exchange for cancellation of the KEDC Note, the $25 mm note dated October 12, 2000 and the $9 mm note owed by KEDC (NS) to SPL.

  • KEDC (NS) contributes the $91 mm loan previously made by KEDC (NS)to KECP as capital contribution to KECP (to maintain percentage interest in KECP).

  • Subject to Bankruptcy Court approval of the KECP, during the Employment Term, the Executive shall be entitled to participate in the Company's incentive bonus plan, the terms and conditions of which shall be determined by the Board or a committee thereof.

  • Subject to Bankruptcy Court approval of the KECP, upon Emergence, the Executive shall be entitled to receive a cash bonus equal to Seven Hundred Thousand dollars ($700,000) which payment shall become payable as follows (A) fifty percent (50%) on the date of Emergence (the "Emergence Date"), (ii) twenty-five percent (25%) on the six-month anniversary of the Emergence Date and (iii) twenty-five percent (25%) on the one-year anniversary of the Emergence Date.

  • Subject to Bankruptcy Court approval of the KECP, upon the effective date of a plan of reorganization under chapter 11 of the United States Bankruptcy Code as approved by the Bankruptcy Court (the "Plan of Reorganization) (the "Emergence"), the Executive shall be entitled to receive a grant of stock options equal to 1.75% of the total amount of New ▇▇▇▇▇▇▇▇'▇ Common Stock (as defined the Company's Plan of Reorganization) (the "Emergence Grant").