Retention Incentive Payment. (a) Provided that you remain continuously employed with Xxxx Xxxxx through the Closing Date, and comply with the covenants described in section 3 below, Xxxx Xxxxx will pay you a one-time cash payment equal to the greater of (i) fifty percent (50%) of total compensation (base salary plus gross annual incentive compensation and, if applicable, commission received for the most recently completed fiscal year) or (ii) seventy-five percent (75%) of base salary (as in effect on the date hereof), pro-rated for the period from February 18, 2020 until the Closing Date (the “Retention Incentive”). The Retention Incentive will be paid to you no later than Xxxxxxxx’x first regularly scheduled payroll date immediately following the Closing Date.
Retention Incentive Payment. The Company will pay to Executive an amount equal to one (1) time his/her annual base salary rate in effect on the Closing Date. This amount will be paid in cash to the Executive within 30 days following the Closing Date.
Retention Incentive Payment. (a) Provided that you: (i) remain continuously employed with Xxxx Xxxxx through the Closing Date; (ii) comply with the terms of this Letter Agreement; and (iii) continue to comply with the terms of your Service Agreement dated April 1, 2013 (the “Service Agreement”), Xxxx Xxxxx will pay you a one-time cash payment equal to the greater of: (i) fifty percent (50%) of your total compensation (i.e., the sum of your base salary as in effect on the date hereof, plus your annual incentive compensation for the most recently completed fiscal year and, if applicable, the commission you received for the most recently completed fiscal year): or (ii) seventy-five percent (75%) of your base salary (as in effect on the date hereof), in the case of each of clauses (i) and (ii), pro-rated for the period from February 18, 2020 until the Closing Date (the “Retention Incentive”). The Retention Incentive will be paid to you no later than Xxxxxxxx’x first regularly scheduled payroll date immediately following the Closing Date.
Retention Incentive Payment. If Executive remains employed on the third anniversary of the Effective Date and his employment ends thereafter for any reason other than Cause, the Company shall pay him a lump sum payment, as soon after his employment ends as is practicable, in an amount equal to the then current Target Bonus, as defined in this Agreement and two times the Executive's Base Salary, with the bonus and salary measured as of the third anniversary. Executive shall not be entitled to this payment if his employment ends, for any reason, before the third anniversary of the Effective Date.
Retention Incentive Payment. On the Effective Date (as defined herein), you will be eligible for a retention incentive payment in the amount of dollars ($ ) (the “Retention Incentive Payment”), subject to the following terms and conditions. The Retention Incentive Payment shall be paid to you by the Buyer on the twelve (12) month anniversary of the closing date of the Sale. However, you are not eligible to receive the Retention Incentive Payment if (a) the Sale does not occur, (b) you are no longer employed by the Buyer at the time any such payment is due to be paid because of your voluntary termination, resignation, death, disability or termination by the Buyer for “Cause,” or (c) the Buyer of the Business requires, as a condition of the Sale, an employment agreement with you (which agreement contains no adverse change in your salary or incentive compensation) and you have not entered into such employment agreement with such Buyer as of the closing date of the Sale, except for such ancillary non-employment agreements of the Company providing for the protection and assignment of intellectual property executed by all of the Buyer’s employees. If your employment is terminated by the Buyer without Cause prior to the date that the payment is due, you shall be entitled to receive the Retention Incentive Payment. If an Effective Date does not occur within 6 months following the date first written above, this Agreement shall automatically terminate as of such date.
Retention Incentive Payment. If Executive remains employed on the second anniversary of the Effective Date and his employment ends thereafter for any reason other than Cause, the Company shall pay him a lump sum payment, as soon after his employment ends as is practicable, in an amount equal to the then current Target Bonus, as defined in this Agreement and two times the Executive's Base Salary, with the bonus and salary measured as of the second anniversary. Executive shall not be entitled to this payment if his employment ends, for any reason, before the second anniversary of the Effective Date.
Retention Incentive Payment. In consideration for your agreement to remain employed with the Company, you are granted two separate retention incentive payments (the “Retention Incentive Payments”) in the amount of $100,000 each subject to the following terms and conditions. If you remain employed through each of the Retention Periods, which are determined to be 1) at the time of payment of the 2016 ICP bonus and in conjunction therewith (estimated to be paid on or before March 15, 2017 and 2) at the time of payment of the 2017 ICP bonus (estimated to be on or before March 15, 2018) and in conjunction therewith, each Retention Incentive Payment shall be paid to you (less applicable withholdings) with the applicable ICP bonus. However, if you resign your employment before either of the retention payments are made, you will forfeit such payment (or both payments if you resign before the March 2017 bonus is paid). If you are terminated for other than “cause” or if there is a change of control as that term is defined in the Executive Change in Control and Severance Agreement, both of the payments will be accelerated and paid within thirty (30) days of such event.
