Ongoing Compensation definition

Ongoing Compensation means, (i) an annual base salary (“Annual Base Salary”), paid in accordance with the Company’s usual and customary payroll practices, equal to the base salary in effect immediately prior to the Change in Control Event. Pending the vesting of the Replacement Award, the Participant’s Annual Base Salary shall be reviewed at least annually and shall be adjusted at any time and from time to time as shall be consistent with adjustments in base salary generally awarded in the ordinary course of business to other peer executives of the Company. Annual Base Salary shall not be reduced after any such increase, and, after any such increase, the term “Annual Base Salary” shall refer to the Annual Base Salary as so increased; (ii) eligibility for annual and long term bonuses in accordance with the Company’s then existing incentive plans; (iii) eligibility (including for the Participant’s family, as the case may be) to participate in and receive benefits under, all incentive, savings, retirement and welfare plans, practices, policies, and programs generally applicable to other peer executives of the Company, but in no event shall such plans, practices, policies, and programs provide the Participant (or the Participant’s family) with incentive opportunities, savings opportunities, retirement benefits opportunities or welfare benefits that are, in each case, less favorable, in the aggregate, than the most favorable of the corresponding opportunities that were provided by the Company for the Participant under such plans, practices, policies, and programs as were in effect at any time during the 120-day period immediately preceding Change of Control Event; (iv) prompt reimbursement for all reasonable business expenses incurred by the Participant in accordance with the practices, policies, and procedures of the Company; and (v) paid vacation in accordance with the most favorable plans, practices, policies, and programs of the Company as were in effect for the Executive at any time during the 120-day period immediately preceding the Change in Control Event.

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Ongoing Compensation means, in connection with the CIC Period, (i) an annual base salary paid in accordance with the Company’s usual and customary payroll practices, equal to the base salary in effect immediately prior to the Change in Control Event. Executive’s annual base salary shall be reviewed at least annually and shall be adjusted at any time and from time to time as shall be consistent with adjustments in base salary generally awarded in the ordinary course of business to the Other Executives. Executive’s annual base salary shall not be reduced after any such increase, and, after any such increase, the term “annual base salary” shall refer to the annual base salary as so increased; (ii) eligibility for annual and long term bonuses in connection with the Company’s then existing incentive plans; (iii) eligibility (including for Executives’ family, as the case may be) to participate in and receive benefits under, all incentive, savings, retirement and welfare plans, practices, policies, and programs generally applicable to the Other Executives, but in no event shall such plans, practices, policies, and programs provide Executive’s (or Executive’s family) with incentive opportunities, savings opportunities, retirement benefits opportunities or welfare benefits that are, in each case, less favorable, in the aggregate, than the most favorable of the corresponding opportunities that were provided by the Company for Executive under such plans, practices, policies, and programs as were in effect at any time during the 120-day period immediately preceding the Change in Control Event; (iv) prompt reimbursement for all reasonable business expenses incurred by Executive in accordance with the practices, policies and procedures of the Company; and (v) paid vacation in accordance with the most favorable plans, practices, policies and programs of the Company as were in effect for Executive at any time during the 120-day period immediately preceding the Change in Control Event.

Ongoing Compensation level: (applies to investments held 13 months or longer -- paid quarterly) --------------------------------------------------------

Examples of Ongoing Compensation in a sentence

In the event that a Merchant terminates or is in default of its obligations under a Merchant Agreement, no Ongoing Compensation shall be paid with respect to said Merchant.
In the event that a Merchant terminates or is in default of its obligations under a Merchant Agreement, no Ongoing Compensation shall be paid in respect of such Merchant.
If during the terms of the Merchant Agreement a Merchant ceases procuring services from a Bestline Business Funding designated credit-card processor, Ongoing Compensation, as defined in Schedule “A”, shall terminate with respect to that Merchant.
If during the terms of the Merchant Agreement a Merchant ceases procuring services from a Yellowstone-designated credit-card processor, Ongoing Compensation, as defined in Schedule “A”, shall terminate with respect to that Merchant.
If a Merchant has an Event of Default, as defined in the Merchant Agreement, (the “Defaulting Merchant”) within 30 days of executing the Merchant Agreement then UFS shall be entitled to clawback any compensation paid to the Agent with respect to the Defaulting Merchant and any Ongoing Compensation, as defined in Schedule A, shall terminate.
If during the terms of the Merchant Agreement a Merchant ceases procuring services from a Queen Funding LLC-designated credit- card processor, Ongoing Compensation, as defined in Schedule “A”, shall terminate with respect to that Merchant.
If a Merchant has an Event of Default, as defined in the Merchant Agreement, (the “Defaulting Merchant”) within 30 days of executing the Merchant Agreement then Cedar shall be entitled to clawback any compensation paid to the Agent with respect to the Defaulting Merchant and any Ongoing Compensation, as defined in Schedule A, shall terminate.
In the event that a Merchant terminates or isin default of its obligations under a Merchant Agreement, no Ongoing Compensation shall bepaid in respect of such Merchant.
In the event that a Merchant terminates or is in default of its obligations under a Merchant Agreement, no further Compensation (including Ongoing Compensation) shall be paid in respect of such Merchant.
If a Merchant ceases procuring services from a SYMPLIFI-designated credit card processor or designated bank account, Ongoing Compensation to Agent, as defined in Addendum A, shall terminate with respect to that Merchant.

More Definitions of Ongoing Compensation

Ongoing Compensation means, in connection with the CIC Period, (i) an annualized base salary paid in accordance with the Company’s usual and customary payroll practices, equal to the annualized base salary in effect immediately prior to the Change in Control Event; (ii) eligibility for annual and long term bonuses in connection with the Company’s then existing incentive plans; (iii) eligibility (including for Executive’s family, as the case may be) to participate in and receive benefits under, all incentive, savings, retirement and welfare plans, practices, policies, and programs generally applicable to the other similarly situated executives, but in no event shall such plans, practices, policies, and programs provide Executive’s (or Executive’s family) with incentive opportunities, savings opportunities, retirement benefits opportunities or welfare benefits that are, in each case, less favorable, in the aggregate, than the most favorable of the corresponding opportunities that were provided by the Company for Executive under such plans, practices, policies, and programs as were in effect at any time during the 120-day period immediately preceding the Change in Control Event; (iv) prompt reimbursement for all reasonable business expenses incurred by Executive in accordance with the practices, policies and procedures of the Company; and (v) paid vacation in accordance with the most favorable plans, practices, policies and programs of the Company as were in effect for Executive at any time during the 120-day period immediately preceding the Change in Control Event.

Ongoing Compensation. In consideration for Executive’s ongoing