Liquidation Task definition
Examples of Liquidation Task in a sentence
If the independent accountants confirm that they have received all reasonably requested information (or fail to respond to such inquiry within twenty (20) calendar days), then this Liquidation Task shall be deemed completed.
If the independent accountants reasonably request additional information, then this Liquidation Task shall be deemed completed upon delivery of such additional information.
After Executive has provided such information as he reasonably determines satisfies this Liquidation Task, the Company shall in writing make a final inquiry of its independent accountants regarding their need for additional information.
A "Liquidation Task" shall mean one of the tasks described below in Section 3(c)(i) through (vii), each of which the Company believes is critical to the consummation of the Liquidation (collectively, the "Liquidation Tasks").
Following the Effective Date, upon completion of each applicable Liquidation Task (as defined below) prior to Executive's termination of employment, the Company shall, on the first regular payroll date following the completion of such Liquidation Task, pay to Executive a portion of the remaining target performance bonus in a lump-sum payment equal to the amount described below.
On the date the Company completes the final termination of Company employees, other than those employees necessary to assist in the consummation of the Liquidation as determined in good faith by Executive, the Company shall pay to Executive $3,500, less applicable withholding (with payment due on the first regular payroll date following the completion of this Liquidation Task).
On the date the Company reaches a final written agreement with the landlord for its facilities at ▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇ ▇▇▇▇, ▇▇▇▇▇▇▇▇▇▇ with respect to the Company's obligations under the lease for such facility, the Company shall pay to Executive $3,500, less applicable withholding (with payment due on the first regular payroll date following the completion of this Liquidation Task).
On the date the Company makes its initial distribution of assets to the Company's stockholders in connection with the Liquidation (the "Initial Distribution"), the Company shall pay to Executive $12,500, less applicable withholding (with payment due on the first regular payroll date following the completion of this Liquidation Task).
On the date the Company mails to its stockholders the proxy statement for the special meeting of stockholders at which the Company's stockholders will consider a proposal to approve the Liquidation, the Company shall pay to Executive $5,000, less applicable withholding taxes (with payment due on the first regular payroll date following the completion of this Liquidation Task).
On the date the Company completes the final termination of Company employees, other than those employees necessary to assist in the consummation of the Liquidation as determined in good faith by Executive, the Company shall pay to Executive $5,000, less applicable withholding (with payment due on the first regular payroll date following the completion of this Liquidation Task).