Retention Payment Sample Clauses

Retention Payment. If Employee remains employed by Company or its subsidiaries on the first anniversary of the Closing Date, then Company shall pay to Employee in a lump sum within five (5) business days thereafter, an amount equal to $515,000 (the “Retention Payment”).

Retention Payment. 6.4.1 There are two situations in which an employee may be eligible to receive a retention payment. These are total facility closures and relocation of work units. 6.4.2 All employees accepting retention payments must agree to leave the Agency without priority rights. 6.4.3 An individual who has received a retention payment and, as applicable, is either re-appointed to that portion of the Public Service of Canada specified from time to time in Schedule I, Part I or II of the Public Service Labour Relations Act, or is hired by the new employer within the six (6) months immediately following his or her resignation, shall reimburse the Receiver General for Canada by an amount corresponding to the period from the effective date of such re-appointment or hiring, to the end of the original period for which the lump sum was paid. 6.4.4 The provisions of 6.4.5 shall apply in total facility closures where Agency jobs are to cease, and: (a) such jobs are in remote areas of the country, or (b) retraining and relocation costs are prohibitive, or (c) prospects of reasonable alternative local employment (whether within or outside the Agency) are poor.

Retention Payment. Subject to the terms and conditions of this Agreement, the Company shall pay to Executive the Retention Payment, less withholding for all applicable taxes, in a single lump sum within thirty (30) days following the Retention Date, provided that, except as otherwise provided in Section 2 and Section 3 hereof, Executive is employed by the Company on the Retention Date.

Retention Payment. (a) A practitioner employed in Levels 1 – 12, at the completion of each 12 months service or the completion of a fixed term contract, whichever is earlier, shall be paid a Retention Payment equal to 2% of their base salary at the time of payment for the relevant period. (b) The entitlement to a retention payment is extinguished on and from 1 July 2006 provided that a practitioner who would otherwise have been entitled to payment after 1 July 2006 will be paid on a pro rata basis for the applicable service up to and including 30 June 2006.

Retention Payment. Subject to your compliance with Sections 6 and 7 of this letter agreement, if you remain an active full-time employee of the Company, Parent or any of their respective subsidiaries through the expiration of the 12-month period following the Closing, you will receive cash payments equal to the aggregate amount described in the first sentence of the second paragraph of the “Severance Benefits in connection with Change in Control” section of the Employment Agreement (the “Retention Bonus”), which will be paid to you in accordance with the Company’s normal payroll practices for six months following the Release Effective Date (as defined below) in addition to your normal base salary. For the avoidance of doubt, you will be entitled to continue to receive the Retention Bonus payments specified in the immediately preceding sentence in the event your employment is terminated for any reason following the Release Effective Date. You hereby agree that the Employment Agreement and any other agreement between you and the Company providing for severance or separation benefits are hereby amended to provide that, if you become entitled to payment of the Retention Bonus, you will not be entitled to the Termination Compensation or any severance payments or benefits under the Employment Agreement (including under the “Severance Benefits in connection with Change in Control” and “Severance Benefits not in connection with Change in Control” sections) or under any such other agreement, and all of your rights under each such agreement will immediately terminate. In no event will you receive the Retention Bonus if your employment is terminated for any reason prior to the expiration of the 12-month period following the Closing.

Retention Payment. (a) In the event, if ever, on or after the Effective Date, the Company executes an engagement agreement with an investment banking firm or other business brokerage firm for the purposes that include exploring a transaction the consummation of which would constitute a Change In Control (“Engagement Date”), and, subject to the other provisions of this Section 8, if Executive is still employed with the Company on the date which is twenty-four (24) months from the Engagement Date, the Company shall pay Executive a retention payment in an amount equal to fifty percent (50%) of his then current Base Salary plus fifty percent (50%) of his then current Target Bonus (calculated assuming that Executive and the Company had achieved all objectives set by the Company with respect thereto), which payment shall be made on the next regular pay day following such date (“Retention Payment”). Notwithstanding the foregoing, no such retention payment shall be paid if Executive previously has received a payment under Section 7(a) within the above-referenced twenty-four (24) month period. (b) Additionally, in the event a Change in Control occurs during the period beginning twenty-four (24) months following the Engagement Date and ending thirty-six (36) months following the Engagement Date (the “Reduction Period”), then any payment otherwise payable to Executive under Section 7(a) shall be reduced, pro rata, based on the number of days remaining in the Reduction Period. By way of example, if a Change in Control occurs ninety (90) days into the Reduction Period, the payment otherwise payable to Executive under Section 7(a) shall be reduced by 275/365, or seventy-five percent (75%). (c) Notwithstanding anything in this Section 8 to the contrary, if the Board determines that, after giving effect to the Retention Payment and to any other retention payments to be made under any other employment agreements between the Company and other employees, a default could occur under any financing facility or loan between the Company and any Company lender, the Retention Payment shall be made in fully vested Company shares of common stock under the Company’s 2006 Equity Incentive Plan.

Retention Payment. Company shall pay to Employee $100,000 (the “Retention Payment”) if Employee remains employed in Good Standing (as defined below) by Company during the entirety of the Retention Period through the Vesting Date and complies with all other conditions set forth in this Agreement. The Retention Payment shall be paid in a lump sum cash payment on the first regularly scheduled payroll date of Company following the Vesting Date, except as otherwise provided in Section 4(a) or Section 4(b) of this Agreement. The Retention Payment shall be subject to applicable tax withholding, including all federal, state and local taxes due. The Retention Payment will be earned only if all conditions set forth in this Agreement are satisfied as of the Vesting Date.

Retention Payment. A. Provided that Employee shall have remained continuously employed as an active fulltime employee of Company from the Effective Date through the Completion Date (“Retention Period”), and provided that Employee continues to perform Employee’s duties during the Retention Period in a highly effective manner, as determined by the key executives (“Management”) of the Company (“Performance Requirement”), the Company shall pay Employee a cash retention bonus of $1,000,000, less all applicable withholding taxes and other required deductions on such payment, in a lump sum within seven business days following the Completion Date (“Retention Payment”). B. If Employee incurs a Qualifying Termination (as defined below) prior to the end of the Retention Period and Employee has met the Performance Requirement through Employee’s termination date, the Company shall pay Employee (or in the event of Employee’s death, Employee’s estate) a cash payment equal to a “pro-rata amount” of the Retention Payment, less all applicable withholding taxes and other required deductions on such payment, in a lump sum within seven business days following Employee’s Qualifying Termination date (the “Pro-rated Amount”). The Pro-rated Amount shall be determined based on the number of days Employee is employed during the Retention Period over the total number of days in the Retention Period. A “Qualifying Termination” means Employee’s employment with the Company and its Company Affiliates is terminated prior to the Completion Date (i) due to Employee’s death or Disability (as defined below), or (ii) by the Company other than for Cause (as defined below). Employee’s Qualifying Termination must constitute a “separation from service”, as such term is defined by the Treasury Regulations under Section 409A of the Internal Revenue Code of 1986, as amended (“Section 409A”).

Retention Payment. Company and Employee acknowledge that Employee has fully vested in his or her right to receive payments under the Retention Incentive Agreement dated September 1, 2001 entered into by IITRI and Employee, attached as Exhibit A to this Agreement, and that such Retention Incentive Agreement has been assigned to, and assumed by, the Company and remains in effect in its original form and is incorporated herein by reference.