Retention Component Clause Samples
Retention Component. Subject to Section 4 below, the portion of the Retention Component that vests shall represent the right to receive payment, in accordance with Section 5 below, in the form of cash. Unless and until the applicable Retention Component amount vests, the Participant will have no right to payment of such amount in respect of such vested portion of the Retention Component.
Retention Component. Fifty percent (50%) of your Incentive Bonus will vest and be earned solely on the basis of your continued employment with the Company or a member of the Company Group through the Retention Completion Date (the “Retention Component”). You agree that in the event your employment with the Company and the Company Group terminates for any reason other than a Qualifying Termination before the Retention Completion Date, you will be required to repay to the Company, within 20 days following the date of such termination, 100% of the After-Tax Value of the Retention Component.
Retention Component. The retention component provides incentives to Key Employees to remain with the Debtors throughout all or a substantial portion of the Debtors' reorganization process. Key Employees shall receive a bonus of 15% to 30% of their annual salary (the "Retention Bonus") paid according to the following schedule:
(1) 1 3 of the amount upon the approval of the Retention Program and entry of the attached order with the Bankruptcy Court;
(2) 1 3 of the amount six months after the Petition Date; and
(3) 1 3 of the amount twelve months after the Petition Date. In order to receive the applicable portion of the Retention Bonus on any such date, the participant must be employed as of that date by the Debtors or a Purchaser; however, the unpaid amount of any Retention Bonus shall be paid on the earlier of (i) termination of the participant without Cause after the Petition Date or (ii) substantial completion of a liquidation provided that, in the event that a liquidation occurs prior to 180 days after the Closing, if a Purchaser offers the Key Employee a comparable position with such Purchaser or a position as a consultant to such Purchaser to facilitate the transition, the Key Employee shall not receive payment upon substantial completion of a liquidation of the Debtors. Instead, such Key Employee shall receive payment no earlier than 180 days after the Closing or the date such participant is terminated without Cause . Key Employees who voluntarily terminate their employment or are terminated for Cause shall not be entitled to receive any remaining portion of their Retention Bonuses under the Retention Program. Upon the death or disability of a Key Employee, any Retention Bonus then outstanding will be paid immediately.