Retention Awards Sample Clauses

Retention Awards. You will be eligible for a restricted cash retention bonus of $300,000 USD subject to the terms of this letter and the attached Restricted Cash Retention Award Agreement and its Exhibits. The retention bonus will be paid to you on the next reasonable payroll date following the Vesting Date indicated below (the “Vesting Date”) provided you remain an employee of the Company on the Vesting Date. Restricted Cash Award Amount: $300,000 USD Grant Date: 5 February 2025 Vesting Date (Restricted Period): Vesting Date: 31, July 2026

Retention Awards. (i) As soon as practicable following the date hereof, Employee will be awarded 34,515 restricted stock units (the “Initial Retention RSU Grant”) which will be subject to the terms and conditions hereof and of the Company’s Restated 1996 Flexible Stock Incentive Plan and related form of restricted stock unit agreement, provided that to the extent that such Plan and/or agreement are inconsistent with this Agreement, this Agreement shall control unless the inconsistent provisions are more favorable to Employee in which case the provisions more favorable to Employee shall control. Except as provided under the accelerated vesting provisions applicable to Equity Awards set forth herein, the Initial Retention RSU Grant shall become fully vested on July 10, 2008, subject to Employee’s continued full-time employment by the Company on that date. Payment with respect to the Initial Retention RSU Grant shall be made in full no later than ten (10) business days after the date on which such Grant first becomes vested pursuant to the preceding sentence or pursuant to any applicable accelerated vesting provision under Section 5 or Section 6(b). (ii) On July 10, 2008, provided Employee has continued to be employed with the Company in a full-time position consistent with Section 1 of this Agreement, Employee will be awarded an additional grant of 24,192 restricted stock units (the “Additional Retention RSU Grant”) which will be subject to the terms and conditions hereof and of the Company’s Restated 1996 Flexible Stock Incentive Plan and related form of restricted stock unit agreement, provided that to the extent that such Plan and/or agreement are inconsistent with this Agreement, this Agreement shall control unless the inconsistent provisions are more favorable to Employee in which case the provisions more favorable to Employee shall control. Except as provided under the accelerated vesting provisions applicable to Equity Awards set forth herein, the Additional Retention RSU Grant, if granted, shall become fully vested on July 10, 2009, subject to Employee’s continued full-time employment by the Company on that date. Payment with respect to any Additional Retention RSU Grant awarded under this clause (ii) shall be made in full no later than ten (10) business days after the date on which such Grant first becomes vested pursuant to the preceding sentence or pursuant to any applicable accelerated vesting provision under Section 5 or Section 6(b).

Retention Awards. If the successor fails to assume responsibility for the retention awards, upon a Qualifying Termination any outstanding retention awards granted to Employee which are outstanding will become immediately vested and settled pursuant to their terms, subject to the requirements of section 409A of the Code, to the extent applicable.

Retention Awards. The parties acknowledge and agree that, in connection with the transactions contemplated by the Prior Agreement, the Executive was granted a cash retention award, effective October 23, 1998, in the amount of $2.2 million (the "Cash Retention Award") and was granted non-qualified stock options, effective October 23, 1998 and January 13, 1999, to acquire a total of 241,055 KeyCorp Common Shares (the "Retention Options"). The parties agree that the terms of the Cash Retention Award and the Retention Options shall not be affected or modified hereby, except as follows or as otherwise expressly set forth herein: A. Section 2 of each Non-Qualified Grant Agreement evidencing the Retention Options shall be, and it hereby is, deleted and replaced in its entirety by the following:

Retention Awards. In respect of certain Business Employees identified in Section 5.14(m) of the Seller Disclosure Letter (each, a “Designated Retention Employee”), (i) Seller or one of its Affiliates shall, as soon as practicable after the date of this Agreement, grant each such Designated Retention Employee a cash retention award in the applicable amount set forth in Section 5.14(m) of the Seller Disclosure Letter (each, a “Closing Retention Award”), and (ii) Buyer or one of its Affiliates shall, upon the Closing or as soon as practicable thereafter, grant each Designated Retention Employee one or more retention awards with an aggregate grant date value equal to the applicable amount set forth in Section 5.14(m) of the Seller Disclosure Letter (each, a “Post-Closing Retention Award”). The Post-Closing Retention Awards may be in the form of cash, equity awards with respect to Buyer Stock or a combination thereof, as determined by Buyer in its sole discretion; provided that, for purposes of this Section 5.14(m), the value of any equity awards shall be determined based on the closing price of Buyer Stock on the Closing Date. Vesting of the Closing Retention Awards shall be subject to the applicable Designated Retention Employee’s continued employment with Seller and its Affiliates through the Closing and vesting of the Post-Closing Retention Awards shall be in accordance with the applicable schedule set forth in Section 5.14(m) of the Seller Disclosure Letter, with payment or settlement of any earned awards occurring as soon as practicable following, but in no event more than fifteen (15) Business Days following, the applicable vesting date.

Retention Awards. Unless the provisions of Section 3 apply (regarding the successor’s failure to assume the retention awards), upon a Qualifying Termination any outstanding retention awards granted to Executive which are outstanding will become immediately vested and settled pursuant to their terms, subject to the requirements of section 409A of the Code, to the extent applicable.

Retention Awards. With respect to any payment due or owing under the terms of the various retention bonus program agreements set forth in Schedule 5.5(j)(3) to be made in the form of cash or CIGNA restricted stock units on or after the Closing Date (the “Retention Awards”), the provisions of this Section 5.5(j) with respect to the replacement of such awards shall not apply, and Seller shall be responsible for, and liable for, all such payments under the Retention Awards. Schedule 5.5(j)(3) shall not include retention bonuses described in Section 5.5(f) or retention bonuses provided for under the Transition Services Agreement.

Retention Awards. OSG and INSW shall share the obligations for cash-based retention awards to which an OSG Group Employee or INSW Group Employee may become entitled based on such employee’s relative service to OSG or INSW prior to the settlement date of each such award (as provided in applicable award agreements), as determined in good faith by the Parties.

Retention Awards. The proposed agreement builds upon the existing service award to establish a retention/longevity award structure, providing on-base salary in- creases for employees who have worked 7 and 12 or more years. The retention award structure recognizes the value of experience and commit- ment, helps with salary compression, and it minimizes the managerial discretion inherent in the DSI structure. We pushed for more and larger increases, of course, but establishing the longevity structure has been a decades-long priority for our union. Effective July 1, 2024 the existing service award will be increased from $500 to $1000 for eligible full-time employees. Current employees who have already received $500 will receive an additional $500 added to their base salary. Employees who become newly eligible will receive $1000 added to their base salary. The retention award is attained when employees meet the following criteria: • Achieving permanent or continuing appointment • Achieving a second five-year term appointment for those employed in titles listed in Article XI, Appendix A of the Board of Trustees Policies. • Completing seven years of full-time service as a lecturer or in titles listed in Appendix B, Section 4—Division III Sports, or Article XI, Appendix C • A newly bargained provision expands eligibility to include all employees who have completed seven years of full-time service in any qualified academic rank titles (e.g., Clinical, Research and Visiting titles). Beginning July 1, 2025, all employees who have worked for 12 consecutive years and who meet the eligibility criteria outlined above will receive a second Retention Award of $800 added to base salary. Service will be fully retroactive, so any eligible employee who has already passed the 7- or 12-year marks will receive the on-base increases in the year that each longevity step implements. The existing service award for part-time employees will continue to be in effect: part-timers will receive $500 (lump sum, not to base) after 8 years of consecutive service, recurring every 8 years afterwards.