Recognition and Retention Plan Clause Samples

A Recognition and Retention Plan clause outlines the terms under which an organization provides incentives to retain key employees and recognize their contributions. Typically, this clause details the types of awards or benefits offered, such as bonuses, stock options, or other forms of compensation, and specifies the conditions employees must meet to qualify, like length of service or achievement of performance goals. The core function of this clause is to motivate employees to remain with the organization and perform at a high level, thereby reducing turnover and ensuring continuity of talent.
Recognition and Retention Plan. (a) Not later than 120 days after the end of each Fiscal Year, the Partnership shall distribute the Incentive Bonus to those employees of the Partnership, former employees and former general partners (or any combination thereof) ("Distributees") as determined by the Managing Partner pursuant to the Recognition and Retention Plan. The aggregate distributions to the Distributees shall equal not less than 85% of the Incentive Bonus. That portion of the Incentive Bonus that is not distributed to the Distributees shall revert to the Partnership. If the Partnership does not have sufficient cash to pay the Incentive Bonus for a Fiscal Year, then the amount unpaid shall accrue and shall be paid in the next succeeding year. (b) The Managing Partner shall have the right to make amendments to the Recognition and Retention Plan, provided, that the Managing Partner shall not amend the Recognition and Retention Plan with respect to the following matters, except with the consent of the Limited Partners, as defined in Section 3.02(a): (i) an increase in the percentage of the profits of the Partnership constituting the Incentive Bonus to an amount in excess of 5%; or (ii) an increase of the percentage of the Incentive Bonus payable to the Managing Partner and its Affiliates if as a result of the increase, more than 20% of the Incentive Bonus would be paid to the Managing Partner and its Affiliates.
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Recognition and Retention Plan. Shares of UCBC Common Stock held in the Union Federal Recognition and Retention Plan (the “RRP”) which vest at the Effective Time shall be converted into the Merger Consideration to the extent provided in Article III and pursuant to Election Forms properly completed by or on behalf of the recipients of awards of such shares.
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Recognition and Retention Plan. The Employee shall be entitled to participate in and receive grants under the Statewide Financial Corp. Recognition and Retention Plan for Executive Officers and Employees (the "RRP"). Employee shall receive a grant of 23,012 shares of Restricted Stock (as that term is defined in the RRP). Such grant shall be subject to all of the terms and conditions, including vesting, contained in the RRP, and Employee shall be bound by all of the terms of the RRP with regard to the grant of such shares. This grant of shares may be increased from time to time in the sole discretion of Statewide Financial Corp.
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Recognition and Retention Plan. The existing RRP awards listed in Section 3.28(a) of the CFKY Disclosure Schedule will become earned and nonforfeitable upon the execution of this Agreement. No other awards shall be made under the RRP after the date of this Agreement. Prior to the Effective Time, CFKY shall terminate the RRP and shall direct the RRP committee and/or the trustee, if appropriate, to return any unawarded or forfeited CFKY Shares to CFKY and the committee and/or the trustee shall promptly effect such directive.
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Recognition and Retention Plan. Unvested Shares of CBI Common Stock issued pursuant to the 1996 Recognition and Retention Plan (the “RRP”) prior to the Effective Time shall be vested and converted into the Consideration to the extent provided in Article III. CBI shall take all necessary steps required to terminate the RRP as of the Effective Date. 6.18
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Recognition and Retention Plan. Prior to the Effective Time, Montgomery and MFC will take all necessary steps to provide that the a▇▇▇▇▇ ▇▇ ▇estricted stock made under the Montgomery Financial Corporation 1997 Recognition and Retention Pl▇▇ (▇▇▇ "1997 RRP") and the Montgomery Savings Management Recognition Plan and Trust Agreement (▇▇▇ "▇▇P") shall become fully vested, subject to any applicable bank regulatory requirements, automatically no later than the Effective Time. Such steps shall include any necessary amendments to the 1997 RRP to so provide. To the extent that recipients of awards under the 1997 RRP need to consent to any such actions, Montgomery shall obta▇▇ ▇▇▇▇ consents from the MFC directors who are ▇▇▇▇▇▇▇▇ts of those awards. Shares of MFC Common Stock held in the 1997 RRP or the MRP which vest at the Effective Time shall be converte▇ ▇▇▇▇ ▇he Consideration to the extent provided in Article III and pursuant to Elections made by or on behalf of the recipients of awards of such shares.
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Recognition and Retention Plan. At the Effective Time, Lincoln Savings Bank will assume the Citizens Savings Bank Recognition and Retention Plan and Trust (the "RRP Plan"). Prior to the Effective Time, Citizens Savings Bank will take the necessary steps to (i) cause any shares of Citizens Common Stock held in the Plan Share Reserve of the RRP Plan to be returned to Citizens and canceled and (ii) amend the RRP Plan, effective as of the Effective Time, (A) to define "Bank" to refer to Lincoln Savings Bank instead of to Citizens Savings Bank, (B) to define "Holding Company" to refer to Lincoln instead of to Citizens, (C) to define "Committee" to refer to the Compensation Committee of the Lincoln Board instead of to the Stock Compensation Committee of the Citizens Board, (D) to define "Common Stock" to refer to Lincoln Common Stock instead of to Citizens Common Stock, (E) to delete Sections 3.07, 5.01 and 5.02, (F) to provide in Section 5.03 that no further contributions may be made to the Trust, that shares of Lincoln Common Stock received as Per Share Stock Consideration for Citizens Common Stock shall be retained and held subject to the same Award to which such Citizens Common Stock was subject, and that cash received as Per Share Cash Consideration for Citizens Common Stock shall be applied to the purchase of shares of Lincoln Common Stock on the open market, which shares shall be retained and held subject to the same Award to which such Citizens Common Stock was subject, (G) to provide in Section 7.01 that service as an advisory director of Lincoln Savings Bank provided for in Section 6.13 above, service as a director or director emeritus of Lincoln Savings Bank, and service as a director of Lincoln shall each constitute "service as a Director or Director Emeritus" for purposes of determining the extent to which Plan Share Awards are earned, and (H) to provide in Section 9.02 that the power to amend or terminate shall not include the right to cancel outstanding Plan Share Awards or to require shares of Lincoln Common Stock or other assets subject to any outstanding Award to be released from the trust under the RRP Plan while the Award remains outstanding. In addition, prior to the Effective Time, Citizens Savings Bank may modify any or all outstanding RRP Plan Awards held by employees of Citizens and its Subsidiaries who became employees of Lincoln or its Subsidiaries on the Effective Date to provide that the Award shall become fully vested, subject to any applicable bank regulatory req...
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Related to Recognition and Retention Plan

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  • RECOGNITION AND MEMBERSHIP 16 Section 1. The Hospital recognizes the Association as the collective bargaining 17 representative with respect to wage rates, hours of work, and other conditions of 18 employment for a bargaining unit composed of all categories of registered nurses 20 Hospital shall not challenge the status of bargaining unit nurses or assert that 21 bargaining unit nurses are supervisors.

  • Compensation and Related Matters During the Term of the Executive’s employment, as compensation and consideration for the performance by the Executive of the Executive’s duties, responsibilities and covenants pursuant to this Agreement, the Company shall pay the Executive and the Executive agrees to accept in full payment for such performance the amounts and benefits set forth below.

  • Cooperation and Records Retention Seller and Buyer shall (i) each provide the other with such assistance as may reasonably be requested by any of them in connection with the preparation of any return, audit, or other examination by any taxing authority or judicial or administrative proceedings relating to liability for Taxes, (ii) each retain and provide the other with any records or other information that may be relevant to such return, audit or examination, proceeding or determination, and (iii) each provide the other with any final determination of any such audit or examination, proceeding, or determination that affects any amount required to be shown on any tax return of the other for any period. Without limiting the generality of the foregoing, Buyer and Seller shall each retain, until the applicable statutes of limitations (including any extensions) have expired, copies of all tax returns, supporting work schedules, and other records or information, in a timely manner, as and that may be relevant to such returns for all tax periods or portions thereof ending on or before the Closing Date and shall not destroy or otherwise dispose of any such records without first providing the other party with a reasonable opportunity to review and copy the same.