Recruitment and Retention arrangements. 3.1 Bidco acknowledges that Network may in its sole discretion make cash retention awards, up to a maximum in aggregate of £3,500,000, to certain Network Employees or prospective Network Employees (in each case excluding the Network executive directors) (the Retention Awards) with no individual to receive more than £80,000 in total. Bidco further acknowledges that the Retention Awards will be paid in two instalments, with 50% of the payment made in December 2024 and the balance paid in December 2025 or at such other time(s) as Network determines in its sole discretion provided the employee remains in employment on the applicable payment date, and not serving a period of notice (other than a period of notice in circumstances amounting to a Qualifying Termination).
Recruitment and Retention arrangements. 5. Cobham acknowledges that, for the purpose of protecting the business to be acquired pursuant to the Acquisition, Ultra may make cash retention awards, up to a maximum in aggregate of £6 million, to Ultra Employees or prospective Ultra Employees (in each case excluding the executive directors) whose recruitment and/or retention is considered critical for the business Cobham further acknowledges that the Retention Awards will be paid: (i) before or within 90 days after the Effective Date, provided the employee remains in employment on that date, and not serving a period of notice (other than a period of notice in relation to circumstances amounting to a Qualifying Termination); or (ii) if the relevant Ultra days after the Effective Date in circumstances amounting to a Qualifying Termination (as defined in Part 2, paragraph 8 below), as soon as reasonably practicable after termination of employment.
