Retention Benefit. To the extent that the Executive is employed by the Company on a date on which the Retention Payment (as defined herein) (or any portion thereof) is payable by the Company to the Executive hereunder or is terminated by the Company without Cause prior to a date on which the Retention Payment (or any portion thereof) would otherwise payable to the Company hereunder, the Company shall pay to the Executive the Retention Payment (or such portion). The Company shall not pay to the Executive any Retention Payment (or any portion thereof) (a) to the extent that the Executive has terminated his employment on or before the date on which the Retention Payment (or such portion) would otherwise be payable or (b) to the extent that the Company has terminated the employment of the Executive for Cause (as defined herein) on or prior to the date on which the Retention Payment (or such portion) would otherwise be payable. The Retention Payment shall (a), in the event of a Restructuring (as defined herein) be equal to 120% of the base annual salary of the Executive as of the date of this Agreement and (b), in the event of a Liquidation (as defined herein) or a termination by the Company other than for Cause, be equal to 100% of the base annual salary of the Executive as of the date of this Agreement; provided, however, if, on or prior to January 15, 2002, the Board of Directors of the Company votes, for any reason, to liquidate the Company, the Retention Payment shall be equal to 60% of the base annual salary of the Executive as of the date of this Agreement. The Company shall pay to the Executive (a) 40% of the Retention Payment (as though a Restructuring were occurring) on January 15, 2002, and (b) the balance of the Retention Payment shall be paid on, (i), in the case of a Restructuring, the effective date of the plan of reorganization confirmed by the Bankruptcy Court or (ii), in the case of a Liquidation, on the completion of the Liquidation (as determined by the Board of Directors of the Company).
Retention Benefit. The “Retention Benefit” payable hereunder is a lump sum payment, payable by check, in an amount equal to the sum of: (i) your base salary for a ____-month period; (ii) the average of the two most recent annual incentive bonuses paid to you prior to the Change in Control; and (iii) the amount you would have to pay for COBRA continuation coverage under the Bank’s group health plans for a ___-month period had your employment terminated immediately prior to the Change in Control and you elected COBRA continuation coverage at such time. For purposes of clause (i) of the preceding sentence, “base salary” means your base salary immediately prior to the Change in Control, but disregarding any reduction of your base salary that is made in anticipation of the Change in Control.
Retention Benefit. 1.25.21.1 The University provides Employees returning from Parental Leave set out at clauses 1.25.14, 1.25.15 and 1.25.16 with a non- superannuable retention benefit as financial assistance to return to the University following their period of leave and to assist with the financial transition with returning to work.
Retention Benefit. City shall pay City Manager a retention benefit of $10,000 on July 1 of each year, beginning on July 1, 2018. The City will make normal withholdings from that payment as required by law.
Retention Benefit. (a) If the Employee (A) is continuously employed by the Company or a Successor Employer as of the last day of the Retention Period, (B) is terminated by the Company or a Successor Employer without Cause prior to the end of the Retention Period or (C) ceases to be employed by the Company or a Successor Employer prior to the end of the Retention Period due to the Employee’s death or Disability (in each case, the “Vesting Date”), then, subject to Section 2(b), the Employee shall be eligible for a Retention Benefit equal to $500,000.00.
Retention Benefit. If Executive remains employed by the Company or an Affiliate through, respectively, December 31, 2022 (the “First Retention Payment Date”) and December 31, 2023 (the “Second Retention Payment Date”), the Company shall pay (or cause to be paid) to Executive a cash lump-sum, within fifteen (15) days after the effectiveness of the Release (as defined below), equal to, in the case of the First Retention Payment Date, $10,000,000 and, in the case of the Second Retention Payment Date, $5,000,000; provided that, if the Executive’s employment is terminated before the Second Retention Payment Date by the Company without Cause, by Executive for Good Reason or by reason of Executive’s death or Disability (Cause, Good Reason and Disability as defined below), the Company shall pay (or cause to be paid) to Executive (or his estate, as the case may be), in full satisfaction of its obligations under this Section 5, a cash lump-sum, within fifteen (15) days after the effectiveness of the Release, equal to $15,000,000 less the amount (if any) previously paid to Executive pursuant to this Section 5 in respect of the First Retention Payment Date; provided further that, in all such respective foregoing cases, Executive (or his estate as applicable in the case of Executive’s death) (a) executes a general release of claims in the form attached hereto as Exhibit A (“Release”), and all applicable revocation periods relating to the Release expire not more than 59 days following the First Retention Payment Date, Second Retention Payment Date or employment termination date, as the case may be, (b) complies with the provisions of Section 10 of the Old DuPont Senior Executive Severance Plan (as in effect immediately before June 1, 2019 (the “Old SESP”)), other than Section 10.5 thereof (titled “Non-Competition Regarding Activities”), and (c) complies with Section 10(b) of this Agreement, provided that the Restricted Period thereunder shall be for a period of eighteen (18) months following the date of Executive’s termination of employment.
Retention Benefit. On December 31, 2013, (the “Retention Date”) if the Employee is actively employed by the Company as of such date, the Company will pay to the Employee a lump sum retention payment in an aggregate amount equal to $79,560.001 (the “Retention Payment”). The Retention Payment shall be payable not later than the tenth day following the Retention Date.
Retention Benefit. If the Employee has remained employed by the Company from the date of the consummation of a Change of Control through the day immediately following the First Anniversary Date, the Company will pay to the Employee the Severance Amount no later than forty five (45) days following the First Anniversary Date.
Retention Benefit. In addition to your severance payments, should you remain an active employee of GlobalSantaFe until your Release Date (as defined in the Global Marine Retention Program and specified in your Retention Notice) and otherwise qualify under the Global Marine Retention Program, you will receive a lump-sum Retention Benefit payment equal to the greater of a) three months of your base pay, and b) 50% of your base pay paid to you from 11/20/2001 through your Release Date. In the event you leave the company prior to your Release Date, you will not be eligible to receive any Retention Benefit. VACATION PAY - You will be paid a lump sum for all of your unused and accrued vacation through your last day of active employment. HEALTH CARE BENEFITS - You are eligible to continue your health/dental coverage under the active employee Health Care Plan for the length of your severance period, provided you continue to pay the monthly active employee premium rate. These rates are currently $35 for single coverage and $85 for family coverage, but are subject to change at the Company's discretion. Your premium will continue to be deducted from your severance checks, unless you notify Employee Benefits that you wish to discontinue coverage. HEALTH CARE SPENDING ACCOUNT - If you are a participant in the Health Care Spending Account, your monthly contributions will be discontinued, effective as of your layoff date. If you wish to continue your contributions to this program, please contact Employee Benefits. DEPENDENT CARE SPENDING ACCOUNT - If you are a participant in the Dependent Care Spending Account, your monthly contributions will be discontinued, effective as of your layoff date. If you wish to continue your contributions to this program, please contact Employee Benefits. LIFE INSURANCE and ACCIDENTAL DEATH & DISMEMBERMENT (AD&D) - You are eligible to continue your current life insurance and AD&D coverage for the longer of three months or the length of your severance period. The monthly life insurance premium will continue to be deducted from your severance checks, unless you notify Employee Benefits that you wish to discontinue coverage. The AD&D coverage is provided free to employees. If your severance period is shorter than your coverage eligibility period, please contact Employee Benefits for instructions on paying your monthly premiums after your severance period expires. DISABILITY COVERAGE - Effective as of your layoff date, you will not be eligible for any short or lon...
Retention Benefit. The monetary benefit (“Retention Benefit”) provided herein shall not apply to cases of Executive’s voluntary resignation, death, retirement, or being discharged for cause. Company agrees that in the event of termination of Executive’s employment with the Company and its Affiliates for any other reason prior to Executive reaching the age of fifty-five (55), Company will pay to Executive a lump sum amount equal to the difference of (a) (1) an estimate calculated on the termination date of Executive’s total accrued lump sum retirement benefit under the Plan as of the date of Executive’s 55th birthday with assumptions of continued employment through age 55 and normal consistent compensation increases of 3.5% per annum, after subtracting (2) applicable benefits that would then be payable under the 2011 Qualified Domestic Relations Order (“QDRO”) to which Executive is subject
