Retention Bonus Clause Samples
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Retention Bonus. (a) Subject to Sections 2(b), 2(c) and 2(d) below and your continued employment through the Determination Date (as defined below), you will be eligible to receive a Retention Bonus equal to the annual bonus you would have been eligible to receive under the Company’s Annual Incentive Plan based on the Company’s actual performance for 2023, as determined by the Compensation Committee of the Board of Directors (the “Committee”) following the completion of 2023, had you been a participant in the Annual Incentive Plan with a target bonus opportunity of up to 40% of your base salary (such amount as determined by the Committee, the “Retention Bonus”), which determination shall occur between January 1, 2024 and March 15, 2024 (the date of such determination, the “Determination Date”). The Retention Bonus, if any, will be paid in cash in a lump sum between January 1, 2025 and March 15, 2025. You will continue to be considered an employee of the Company for purposes of this letter agreement if you are on a Company- approved leave of absence.
(b) In the event of a Change in Control during 2024, subject to your continued employment through the earlier of: (1) the Determination Date; or (2) the date of the Change in Control, you will be eligible to receive your Retention Bonus in cash in a lump sum within 10 days following the date of the Change in Control.
(c) In the event of your Involuntary Termination (as defined in the Employment Agreement) on or after the Determination Date but on or prior to the date you have received the Retention Bonus, you will be eligible to receive your Retention Bonus in cash in a lump sum within 10 days following the effective date of your Release (as defined below). As a condition to your receipt of the Retention Bonus pursuant to this Section 2(c), you shall execute and not revoke a general release of all claims in favor of the Company and its affiliates (the “Release”) in the form attached to the Employment Agreement as Exhibit A. In the event the Release does not become effective within the 55-day period following the date of your Involuntary Termination, you shall not be entitled to the Retention Bonus.
(d) If your employment terminates prior to the Determination Date for any reason, then this letter agreement will terminate, and you will forfeit any right you may have to receive the Retention Bonus.
Retention Bonus. As additional incentive to retain ▇▇. ▇▇▇▇▇▇ throughout the Period of Employment, and in consideration of ▇▇. ▇▇▇▇▇▇’▇ agreement to serve as Employer’s Manager – Engineering on the terms and conditions set forth in this Agreement, Employer shall pay ▇▇. ▇▇▇▇▇▇, a lump sum of $46,800, less lawful withholdings, provided he remains employed throughout the Period of Employment and for one year later on a reduced hour basis of approximately 30 hours per week. Notwithstanding any other provision of his Agreement, ▇▇. ▇▇▇▇▇▇’▇ eligibility for this Bonus will not be forfeited if he is terminated prior to the end of the period that ends one year after the end of the Period of Employment by the Employer without cause as provided in paragraph ((4)(a) below), or by Employee for Good Reason as provided in paragraph ((4)(f) below). This retention bonus, if earned, will be paid within 30 days following the earlier of ▇▇. ▇▇▇▇▇▇’▇ termination of employment under the circumstances described in the preceding sentence or June 30,2014.
Retention Bonus. If (i) the Executive remains continuously employed by the Company or its Affiliates or the continuing or surviving corporation in the case of Section 1.4 hereof on a full-time basis through the date that is six months following a Change of Control Date or (ii) the Executive's employment with the Company is terminated (a) by the Company without Cause or (b) by the Executive for Good Reason, in each case before the date that is six months following a Change of Control Date, the Company shall pay to the Executive a gross lump sum cash amount equal to three (3) months of the Executive's then current Base Salary (the "Retention Bonus"). In accordance with the preceding sentence, such payments, if any, shall be made to the Executive within 10 days following the date that is six months following a Change of Control Date. Any payment of the Retention Bonus shall be paid net of any applicable withholding required under federal, state or local law.
Retention Bonus. In the event that Executive’s employment continues for two (2) years after a Change in Control (as such term is defined in Appendix A), Executive shall be entitled to a lump sum cash retention bonus equal to one (1) times Executive’s annual salary then in effect. Such retention bonus shall be paid to Executive within ten (10) business days following the second anniversary of the Change in Control.
Retention Bonus. In consideration of, and subject to, your continued employment with the Company during the period beginning on the Effective Date and continuing through each Payment Date, the Company will pay you a Retention Bonus equal to 20%, 25%, 25% and 30%, respectively, of the annual rate of your base salary as in effect on the Effective Date. The Company will pay each Retention Bonus to you in a lump sum cash amount as soon as practicable after each Payment Date where you remain in the continued employ of the Company, but in no event shall such payment be made more than thirty days thereafter. Notwithstanding the above, if you are in the employ of the Company and there is a Change in Control following a Triggering Event during the term of this Letter Agreement, any remaining Retention Bonuses will be paid to you as soon as practicable, but in no event later than thirty days, following such Change in Control.
Retention Bonus. (a) Subject to the provisions set forth in Section 1(c) and 1(d) below, the Company agrees to pay the Executive a retention bonus (the “Retention Bonus”) as set forth in Exhibit 1.
(b) Executive’s entitlement to a Retention Bonus pursuant to this Agreement is in addition to any compensation and/or benefits to which Executive is entitled pursuant to the Employment Agreement. Notwithstanding anything to the contrary in this Agreement, Executive’s employment with the Company remains subject to the terms and conditions of the Employment Agreement. Company and Executive agree that nothing in this Agreement shall amend, alter or otherwise modify any of the terms in the Employment Agreement. In the event of a conflict between this Agreement and the Employment Agreement, the terms of the Employment Agreement shall take precedence and control.
(c) If Executive’s employment with the Company is terminated prior to August 21, 2013: (i) by the Company for “Cause” (as defined below); or (ii) by the Executive for any reason (each a “Repayment Termination”), the Retention Bonus shall be considered unearned and not payable to the Executive. If the Company has already paid a portion of the Retention Bonus to Executive at the time of termination of employment and such termination is a Repayment Termination, Executive shall return the paid portion of the Retention Bonus to the Company within fifteen (15) days of the termination date. To the extent permitted by law, Executive hereby authorizes the Company to deduct from any amount due the Executive from the Company, including but not limited to Executive’s final paycheck and any severance or other benefit, any Retention Bonus amount subject to this repayment provision. If such deductions are insufficient to reimburse the Company for the full amount owed by Executive, Executive shall remain personally liable for the remaining balance. For purposes of this Agreement, “Cause” means any one of the following: (i) Executive being convicted of a felony; (ii) failure or refusal by Executive to follow policies or directives reasonably established by the Executive’s supervisor; (iii) a material breach of the Employment Agreement; (iv) any gross or willful misconduct, dishonesty, fraud or negligence; (v) a failure by the Executive to perform its duties to a reasonable level of expectations; or (vi) egregious conduct by Executive that brings Company or any of its subsidiaries or affiliates into public disgrace or disrepute.
Retention Bonus. In consideration of, and subject to, your continued employment with the Company during the period beginning on the Effective Date and ending on the Payment Date, the Company will pay you a Retention Bonus equal to the annual rate of your base salary, as in effect on the Payment Date. The Company will pay the Retention Bonus to you in a lump sum cash amount as soon as practicable after the Payment Date but in no event more than thirty days thereafter.
Retention Bonus. If the Executive is an active employee of the Company on the one-year anniversary (the "Anniversary Date") of the Effective Date, the Executive will be paid a bonus equal to $100,000. If the Executive is an active employee of the Company on each successive anniversary (the "Anniversary Date") of the Effective Date, the Executive will be paid a bonus equal to $200,000. In the sole discretion of the Executive, the amount of the deferred may be converted into Common Stock at $.10 per share.
Retention Bonus. (a) In the event that (i) a Sale is actually consummated on or before April 2, 2002; provided, however, that such date may be extended by the Board in its sole discretion in the event that the Company enters into a binding written contract or agreement on or before April 2, 2002 with a third party to effectuate a Sale (April 2, 2002, or such date as extended by the Board, is hereinafter referred to as the "Applicable Date"), and (ii) you remain in the employ of the Company (or a successor thereto) on the applicable payment date (as provided below) following the date on which such Sale is actually consummated (the "Closing Date"), the Company will pay to you, subject to Section 3 below and your compliance in all material respects with the terms of this Agreement, a cash retention bonus in an amount equal to $400,000.00 (the "Retention Bonus"). Fifty percent (50%) of the Retention Bonus will be paid to you within 30 days following the first anniversary of the Closing Date and the remaining fifty percent (50%) of the Retention Bonus will be paid to you within 30 days following the second anniversary of the Closing Date.
(b) In the event that a Sale is not consummated as of the Applicable Date, but you remain in the continuous employ of the Company on the Applicable Date, the Company will pay to you, subject to Section 3 below and your compliance in all material respects with the terms of this Agreement, a modified cash retention bonus in an amount equal to $200,000.00 (the "Modified Retention Bonus"). The Modified Retention Bonus, if any, will be paid to you within 30 days following the Applicable Date.
(c) Anything in this Section 2 to the contrary notwithstanding, in no event shall your total payments under this Agreement be, in the aggregate, in excess of the Retention Bonus.
(d) Payments under this Agreement are not "compensation" for purposes of any benefit plan or any other program.
Retention Bonus. The Company shall pay Executive a retention bonus in an amount equal to $50,000 on the Effective Date and on each of the first and second anniversaries of the Effective Date, subject to his continued employment with the Company on each applicable payment date.