Common use of Retention Benefit Clause in Contracts

Retention Benefit. To the extent that the Executive is employed by the Company on a date on which the Retention Payment (as defined herein) (or any portion thereof) is payable by the Company to the Executive hereunder or is terminated by the Company without Cause prior to a date on which the Retention Payment (or any portion thereof) would otherwise payable to the Company hereunder, the Company shall pay to the Executive the Retention Payment (or such portion). The Company shall not pay to the Executive any Retention Payment (or any portion thereof) (a) to the extent that the Executive has terminated his employment on or before the date on which the Retention Payment (or such portion) would otherwise be payable or (b) to the extent that the Company has terminated the employment of the Executive for Cause (as defined herein) on or prior to the date on which the Retention Payment (or such portion) would otherwise be payable. The Retention Payment shall (a), in the event of a Restructuring (as defined herein) be equal to 120% of the base annual salary of the Executive as of the date of this Agreement and (b), in the event of a Liquidation (as defined herein) or a termination by the Company other than for Cause, be equal to 100% of the base annual salary of the Executive as of the date of this Agreement; provided, however, if, on or prior to January 15, 2002, the Board of Directors of the Company votes, for any reason, to liquidate the Company, the Retention Payment shall be equal to 60% of the base annual salary of the Executive as of the date of this Agreement. The Company shall pay to the Executive (a) 40% of the Retention Payment (as though a Restructuring were occurring) on January 15, 2002, and (b) the balance of the Retention Payment shall be paid on, (i), in the case of a Restructuring, the effective date of the plan of reorganization confirmed by the Bankruptcy Court or (ii), in the case of a Liquidation, on the completion of the Liquidation (as determined by the Board of Directors of the Company).

Retention Benefit. To the extent that the Executive is employed by the Company on a date on which the Retention Payment (as defined herein) (or any portion thereof) is payable by the Company to the Executive hereunder or is terminated by the Company without Cause prior to a date on which the Retention Payment (or any portion thereof) would otherwise payable to the Company hereunder, the Company shall pay to the Executive the Retention Payment (or such portion). The Company shall not pay to the Executive any Retention Payment (or any portion thereof) (a) to the extent that the Executive has terminated his employment on or before the date on which the Retention Payment (or such portion) would otherwise be payable or (b) to the extent that the Company has terminated the employment of the Executive for Cause (as defined herein) on or prior to the date on which the Retention Payment (or such portion) would otherwise be payable. The Retention Payment shall (a), in the event of a Restructuring (as defined herein) be equal to 120173% of the base annual salary of the Executive as of the date of this Agreement and (b), in the event of a Liquidation (as defined herein) or a termination by the Company other than for Cause, be equal to 100% of the base annual salary of the Executive as of the date of this Agreement; provided, however, if, on or prior to January 15, 2002, the Board of Directors of the Company votes, for any reason, to liquidate the Company, the Retention Payment shall be equal to 6086.5% of the base annual salary of the Executive as of the date of this Agreement. The Company shall pay to the Executive (a) 40% of the Retention Payment (as though a Restructuring were occurring) on January 15, 2002, and (b) the balance of the Retention Payment shall be paid on, (i), in the case of a Restructuring, the effective date of the plan of reorganization confirmed by the Bankruptcy Court or (ii), in the case of a Liquidation, on the completion of the Liquidation (as determined by the Board of Directors of the Company).

Retention Benefit. To the extent that the Executive is employed by the Company on a date on which the Retention Payment (as defined herein) (or any portion thereof) is payable by the Company to the Executive hereunder or is terminated by the Company without Cause prior to a date on which the Retention Payment (or any portion thereof) would otherwise payable to the Company hereunder, the Company shall pay to the Executive the Retention Payment (or such portion). The Company shall not pay to the Executive any Retention Payment (or any portion thereof) (a) to the extent that the Executive has terminated his her employment on or before the date on which the Retention Payment (or such portion) would otherwise be payable or (b) to the extent that the Company has terminated the employment of the Executive for Cause (as defined herein) on or prior to the date on which the Retention Payment (or such portion) would otherwise be payable. The Retention Payment shall (a), in the event of a Restructuring (as defined herein) be equal to 120% of the base annual salary of the Executive as of the date of this Agreement and (b), in the event of a Liquidation (as defined herein) or a termination by the Company other than for Cause, be equal to 100% of the base annual salary of the Executive as of the date of this Agreement; provided, however, if, on or prior to January 15, 2002, the Board of Directors of the Company votes, for any reason, to liquidate the Company, the Retention Payment shall be equal to 60% of the base annual salary of the Executive as of the date of this Agreement. The Company shall pay to the Executive (a) 40% of the Retention Payment (as though a Restructuring were occurring) on January 15, 2002, and (b) the balance of the Retention Payment shall be paid on, (i), in the case of a Restructuring, the effective date of the plan of reorganization confirmed by the Bankruptcy Court or (ii), in the case of a Liquidation, on the completion of the Liquidation (as determined by the Board of Directors of the Company).