As referenced in this Super-Bonus Plan Agreement:
United Retail Group, Inc – covenants and obligations hereinafter set forth, the parties hereto, intending to be legally bound, hereby agree as follows:
1.
Definitions.
(a)
Operating Income shall mean the consolidated operating income of United Retail Group, Inc . and its subsidiaries determined in accordance with generally accepted accounting principles and audited by independent auditors.
(b)
Protected Information shall mean designs, trade secrets, confidential or proprietary information, and
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United Retail Group, Inc – shall not include information that shall become generally known to the public or the trade without violation of Section 5(b).
(c)
Sales shall mean the consolidated net sales of United Retail Group, Inc . and its subsidiaries determined in accordance with generally accepted accounting principles and audited by independent auditors.
(d)
Unauthorized shall mean: (i) in contravention of the Companys policies or procedures; (
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United Retail Group, Inc – shall have been employed by the Company and shall have been either at work, on vacation or receiving temporary disability benefits for a condition other than Permanent Disability (Employed);
(iv)
United Retail Group, Inc . shall not have made corporate acquisitions after the date of this Agreement for total consideration in excess of $50 million; and
(v)
United Retail Group, Inc. shall not have
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United Retail Group, Inc – Permanent Disability (Employed);
(iv)
United Retail Group, Inc. shall not have made corporate acquisitions after the date of this Agreement for total consideration in excess of $50 million; and
(v)
United Retail Group, Inc . shall not have merged or consolidated with another corporation.
The Initial Bonus Amount shall be payable in three equal installments, without interest: one-third three months after the end
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United Retail Group, Inc – Initial Bonus Amount in full, the Executive shall be paid an additional cash bonus in the amount of $333,333.33 in the event that during the Fiscal Year of United Retail Group, Inc . commencing immediately after the second Fiscal Year referred to in Section 3 Operating Income shall increase to at least $**** million and Sales shall increase at least a further ****%.
(b)
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dt 1549736