Retention Arrangement Clause Samples
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Retention Arrangement. Not later than the close of business --------------------- on May 15, 2000, the Executive shall notify the Company substantially in the form of the notice attached hereto as Exhibit A that he has irrevocably elected one of the Retention Arrangements set forth therein. If the Executive fails to provide timely notice to the Company substantially in form of the notice attached hereto as Exhibit A, the Executive will be deemed to have elected Retention Arrangement No. 1 described in the form of notice attached as Exhibit A. Lump sum payments payable to the Executive hereunder shall be payable (subject to applicable withholding) as soon as practicable after the second anniversary of the Consummation Date (or, if later, after the second anniversary of the Effective Time), so long as the Executive has remained an employee of Merck-Medco through the entire Employment Period and is an employee of Merck- Medco on the second anniversary of the Consummation Date (or, if later, after the second anniversary of the Effective Time).
Retention Arrangement. To provide you with an incentive to remain with the Company following the Closing, you will be eligible for an aggregate cash retention award in an amount equal to $283,000 (the “Retention Bonus”). Your right to receive the Retention Bonus shall vest in two equal installments on each of the first and second anniversaries of the Closing (each anniversary, a “Retention Date”), subject to your continued engagement by the Company (or any of its subsidiaries, successors or affiliates, including Parent) from the Closing until the applicable Retention Date. Each installment will be payable within 40 days following the applicable Retention Date subject to your executing a general release substantially in the form enclosed as Exhibit A to this Letter (as may be reasonably updated by the Company, including to ensure enforceability, the “Release”) within 21 days following the applicable Retention Date and such Release becoming effective. Each installment of the Retention Bonus will be subject to any applicable withholding and deductions.
Retention Arrangement. In the event of the Property Dispute, the Purchaser shall be entitled to retain an amount equivalent to any reasonably estimated Claim amount arising from the Property Dispute or the Property Dispute Settlement amount (the ‘‘Retained Amount’’) upon the payment of the First Payment (the ‘‘Retention’’). The Retained Amount shall be payable by the Purchaser to the Seller in the following manner:
Retention Arrangement