World Kinect Corporation V.INT

RE: "The 8% Clause"

[DrEd]

Excellent Observation Blue. I'll repost it below as somehow all this spam suddenly arrvied on the BB pushing thought provoking posts like this further down.....don't know why that happens. :)

 

The employment agreement also provides that Mr. Lucatch may be eligible for a liquidation bonus equal to 8% of the Net Proceeds (as defined below) from the Divestiture (as define below), payable directly by the entity being divested. The granting of and the amount of any liquidation bonus shall be in the sole discretion of the Board of Directors and based on achieving the following terms, conditions and objectives established by the Board of the Directors. 
These terms include: (i) annual approval by the Board of the Directors of a strategic business plan and budget of the Corporation and all operating division/subsidiaries; and (ii) the Divestiture would add significant value for the shareholders. “Divestiture” means the sale of the Corporation or a subsidiary of the Corporation that results in Net Proceeds greater than $10,000,000. “Net Proceeds” means the gross proceeds from a Divesture less costs incurred to divest assets or shares.