First Retention Payment definition

First Retention Payment means, with respect to each Participant other than a Level 7 Employee or Level 8 Employee, a lump sum cash payment equal to (i) the number of months of the Participant's base salary or wages which is set forth as the First Retention Multiplier ("First Retention Multiplier") opposite the applicable Level in Exhibit B hereto plus (ii) the Participant's target annual bonus, if any, multiplied by a fraction (which may be higher than 1), the numerator of which is the First Retention Multiplier and the denominator of which is twelve (12). For purposes of this definition, "base salary or wages" shall be the Participant's base salary or wages (excluding overtime pay, bonuses, commissions, premium pay, shift differentials and similar compensation) immediately prior to the date upon which the First Retention Payment becomes payable (without regard to any reduction therein which constitutes Good Reason) and "target annual bonus" shall be the Participant's target bonus, if any, with respect to the year in which the First Retention Payment becomes payable.
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First Retention Payment is defined in Section 2.6.4(a)(ii) of this Agreement.
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Examples of First Retention Payment in a sentence

  • In consideration of the Salary Adjustment and the payment of the Retention Payments, upon payment of the First Retention Payment, Executive hereby waives his right to receive severance and any other post-employment benefits upon the termination of employment without Cause or for Good Reason, including termination of employment without Cause or for Good Reason following a Change of Control, each as defined and set forth in the Offer Letter (the “Severance Waiver”).

  • Each of the First Retention Payment and the Second Retention Payment are sometimes individually referred to herein as an "INSTALLMENT," and both of them, together, are sometimes collectively referred to herein as the "INSTALLMENTS." In order to be entitled to receive the First Retention Payment of his or her Retention Bonus, a Participant must be employed by the Company on January 1, 2002.

  • Subject to the Executive remaining employed by the Company on the first year anniversary of the Closing (the “First Retention Payment Date”), the Executive shall be entitled to receive, no later than five (5) business days following the First Retention Payment Date, an amount in cash equal to 30% of the Change in Control Payment (calculated in accordance with Section 8.a. above).

  • Payment of the First Retention Payment (as that --------------------- term is defined in the ▇▇▇▇▇▇▇ Agreement) as full consideration for the shares of Matsco Stock held by ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ shall be made as provided in a letter agreement (the "▇▇▇▇▇▇▇ Agreement") in the form of Exhibit "F" hereto.

  • Silvercrest shall be entitled to deduct and withhold from the Aggregate Closing Purchase Price, the First Retention Payment, the Second Retention Payment, and Growth Payment all Taxes that Silvercrest may be required to deduct and withhold under any provisions of any Applicable Laws related to Taxes.

  • If Executive's employment with the Company is terminated pursuant to this Section 7.b., Executive agrees to return to the Company, within 5 business days of the date of his/her termination, the First Retention Payment (as defined in the 2002 Retention Plan), and acknowledges that he/she forever and irrevocably forfeits all right, title and interest in and to the First Retention Payment and the Second Retention Payment (each as defined in the 2002 Retention Plan).

  • Notwithstanding the foregoing, if any termination of your employment described in this paragraph occurs after the date that is 12 months following the Closing and you have already become entitled to payment of the Termination Compensation and the First Retention Payment (as defined below) pursuant to Section 5, you shall not receive the Termination Compensation or the First Retention Payment in connection with such termination and shall only receive the Second Retention Payment (as defined below).

  • The Executive will not be entitled to receive payment of the First Retention Payment if on or prior to the First Retention Date, the Executive voluntarily resigns his employment with the Company (or its applicable subsidiary) or if the Executive is terminated by the Company (or its applicable subsidiary) for “cause for termination” (as defined in the Employment Agreement).

  • The Retention Bonus shall mean both the First Retention Payment and the Second Retention Payment.

  • The second payment is $###.### (the “Second Retention Payment”, and collectively with the First Retention Payment, the “Retention Payments”), provided that you remain in continuous employment with the Company or its affiliates through August 6, 2025 (the “Second Retention Date”).