Common use of Retention Payments Clause in Contracts

Retention Payments. Executive will be entitled to receive certain retention payments in accordance with the following terms. (a) On the Closing Date (as such term is defined in the Merger Agreement), the Executive will be entitled to receive an amount equal to $82,500 payable in a single lump sum within 10 business days following the Closing Date, subject to and conditioned upon the Executive remaining continuously employed by the Company from the date hereof through the Closing Date. In the event that the Executive voluntarily resigns from his employment with the Company prior to the first anniversary of the Closing Date, the Executive must repay the Company an amount equal to $52,000 within 10 business days following such resignation. (b) On the one-year anniversary of the Closing Date, the Executive will be entitled to receive an amount equal to $184,000 payable in a single lump sum within 10 business days following such one-year anniversary of the Closing Date, subject to and conditioned upon the Executive remaining continuously employed by the Company from the date hereof through the one-year anniversary of the Closing Date.