Employee Retention Agreement Clause Samples
An Employee Retention Agreement is a contractual provision designed to incentivize employees to remain with a company for a specified period. Typically, this clause outlines benefits such as bonuses, stock options, or other rewards that are contingent upon the employee staying through a certain date or event, such as the completion of a project or a company acquisition. Its core practical function is to reduce turnover and ensure key personnel remain in place during critical business periods, thereby providing stability and continuity for the organization.
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Employee Retention Agreement. ▇▇▇▇▇▇ and the Company are parties to an Employee Retention Agreement dated June 27, 2000 (the “Employee Retention Agreement”), which the parties agree will survive the execution of this Agreement and will remain in full force and effect. In the event that there is any conflict between the terms of this Agreement and the terms of the Employee Retention Agreement, (i) the terms of this Agreement will control in the event that neither a “Change in Control” (as defined in the Employee Retention Agreement) nor any other cessation or termination of employment covered by the Employee Retention Agreement has occurred, and (ii) the terms of the Employee Retention Agreement will control in the event that either a “Change in Control” (as defined in the Employee Retention Agreement) or another cessation or termination of employment covered by the Employee Retention Agreement has occurred.
Employee Retention Agreement. (a) ▇▇▇▇▇▇ and the Company are parties to an Employee Retention Agreement dated November 29, 2005 (the “Employee Retention Agreement”), which the parties agree will survive the execution of this Agreement and will remain in full force and effect. Except as provided in Section 9(b) below, in the event that there is any conflict between the terms of this Agreement and the terms of the Employee Retention Agreement, (i) the terms of this Agreement will control in the event that neither a “Change in Control” (as defined in the Employee Retention Agreement) nor any other cessation or termination of employment covered by the Employee Retention Agreement has occurred, and (ii) the terms of the Employee Retention Agreement will control in the event that either a “Change in Control” (as defined in the Employee Retention Agreement) or another cessation or termination of employment covered by the Employee Retention Agreement has occurred.
(b) Notwithstanding anything to the contrary set forth in this Agreement or in the Employee Retention Agreement:
(i) In the event, but only in the event, that a Change in Control (as defined in the Employee Retention Agreement) shall have occurred, the restrictive covenants set forth below in this Section 9(b)(i) will replace and supersede the restrictive covenants set forth in Section 7 of this Agreement.
(A) If ▇▇▇▇▇▇’ employment with the Company is terminated for any of the reasons set forth in clauses (C)(I), (C)(II) or (C)(III) below after the occurrence of such a Change in Control, for the twelve (12) month period immediately following the termination of ▇▇▇▇▇▇’ employment, ▇▇▇▇▇▇ shall not (I) sell or offer to sell to any Person that is then a customer or targeted customer of the Company or any of its subsidiaries or affiliates in the Geographic Territory (as defined in Section 9(b)(i)(D) below) any goods or services of any type then sold or offered by the Company or any of its subsidiaries or affiliates; (II) hire or attempt to hire any person then employed or engaged by the Company or any of its subsidiaries or affiliates or encourage or solicit any such person to terminate his or her employment or engagement with the Company or such subsidiary or affiliate; or (III) knowingly interfere with or cause a reduction or termination of the business relationship between the Company or any of its subsidiaries or affiliates and any business which supplies or supplied goods or services to the Company or its subsidiaries or affiliates....
Employee Retention Agreement. The Employee Retention Agreement made and entered into between Seller and Purchase on the 1st day of December 2006 shall be terminated as of the execution date of this Modification Agreement without leaving any right or obligation to the other party in regard to the Agreement.
Employee Retention Agreement. Dear ▇▇▇▇: The Board of Directors of the CBRL Group, Inc. recognizes the contribution that you have made to CBRL Group, Inc. or one of its direct or indirect subsidiaries (collectively, the "Company") and wishes to ensure your continuing commitment to the Company and its business operations. Accordingly, in exchange for your continuing commitment to the Company, and your energetic focus on continually improving operations, the Company promises you the following benefits if your employment with the Company is terminated in certain circumstances: