Retention and Severance Program Clause Samples
The Retention and Severance Program clause outlines the terms under which employees are offered incentives to remain with a company during periods of transition, such as mergers, acquisitions, or restructuring, and the conditions under which they may receive severance benefits if their employment is terminated. Typically, this clause details eligibility criteria, the amount and timing of retention bonuses, and the calculation and payment of severance packages. Its core practical function is to ensure workforce stability during uncertain times and to provide financial security to employees who may lose their jobs as a result of organizational changes.
Retention and Severance Program. Notwithstanding anything contained in this Agreement to the contrary, Executive shall be entitled to all benefits contained in the Company's Retention and Severance Program at such time as such Retention and Severance Program is adopted by the Board. In the event of any inconsistency between this Agreement and the Retention and Severance Program, the document containing the terms and conditions which are more favorable to Executive with respect to the issue in question, in Executive's sole discretion, shall supersede and control.
Retention and Severance Program. Prior to the Effective Time, Merry Land shall adopt a severance/bonus/Retention and Severance Program (the "Retention and Severance Program") attached hereto as Exhibit "G". The Retention and Severance Program shall allow for the payment of (i) cash severance and bonus payments ("Severance Payments") to be allocated among certain employees of Merry Land and the Merry Land Subsidiaries, in lieu of any and all other severance payments, but exclusive of and not in lieu of any bonus, ESOP, or other compensation accrued in the ordinary course of business with respect to services rendered in 1998 to the Effective Date, all in accordance with past practice, as compensation for A-31 194 remaining employed by Merry Land or a Merry Land Subsidiary until the Effective Time and (ii) retention payments ("Retention Payments") for entering into employment arrangements with EQR or a EQR Subsidiary subsequent to the Effective Time. Schedule 5.10 to the Merry Land Disclosure Letter sets forth those employees (the "Merry Land Schedule 5.10 Employees") who will be offered Severance Payments, as well as the amount of each such Severance Payment. The Surviving Trust shall maintain the Retention and Severance Program in accordance with the terms thereof. In no event shall Merry Land adopt or agree to any other severance or Retention and Severance Program in addition to the Retention and Severance Program, except as otherwise specifically set forth in this Agreement. Neither the Retention and Severance Program nor any other term of this Agreement shall require the Surviving Trust to continue the employment of any employee of Merry Land after the Effective Time. As a condition to receiving any payment under this Section 5.10(b), each Merry Land Schedule 5.10 Employee shall execute a release in the form provided in the Retention and Severance Program (an "Employment Release").