KERP Agreement Sample Clauses
A KERP (Key Employee Retention Plan) Agreement is a contractual provision designed to incentivize key employees to remain with a company during periods of transition, such as mergers, acquisitions, or restructuring. Typically, it outlines specific retention bonuses or benefits that employees will receive if they stay with the company for a defined period or until certain milestones are achieved. The core practical function of a KERP Agreement is to ensure business continuity and stability by reducing the risk of losing essential personnel during critical organizational changes.
KERP Agreement. Under the terms your Key Employee Retention Bonus letter agreement with the Company dated October 2, 2018 (the “KERP Agreement”), you will not be required to repay any portion of the bonus paid to you pursuant to the KERP Agreement.
KERP Agreement. Under the terms your Key Employee Retention Bonus letter agreement with the Company dated September 1, 2017 (the “KERP Agreement”), upon your voluntary termination of employment prior to December 31, 2018 you are required to repay to the Company (i) the first installment of $437,500 previously paid to you under the KERP Agreement, and (ii) an additional penalty amount of $437,500. The Company hereby waives its rights to such payments under the KERP Agreement, subject to your timely execution, delivery and non-revocation of the Release of Claims attached hereto as Exhibit A.