Retention Bonus Clause Samples
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Retention Bonus. (a) Subject to Sections 2(b), 2(c) and 2(d) below and your continued employment through the Determination Date (as defined below), you will be eligible to receive a Retention Bonus equal to the annual bonus you would have been eligible to receive under the Company’s Annual Incentive Plan based on the Company’s actual performance for 2023, as determined by the Compensation Committee of the Board of Directors (the “Committee”) following the completion of 2023, had you been a participant in the Annual Incentive Plan with a target bonus opportunity of up to 40% of your base salary (such amount as determined by the Committee, the “Retention Bonus”), which determination shall occur between January 1, 2024 and March 15, 2024 (the date of such determination, the “Determination Date”). The Retention Bonus, if any, will be paid in cash in a lump sum between January 1, 2025 and March 15, 2025. You will continue to be considered an employee of the Company for purposes of this letter agreement if you are on a Company- approved leave of absence.
(b) In the event of a Change in Control during 2024, subject to your continued employment through the earlier of: (1) the Determination Date; or (2) the date of the Change in Control, you will be eligible to receive your Retention Bonus in cash in a lump sum within 10 days following the date of the Change in Control.
(c) In the event of your Involuntary Termination (as defined in the Employment Agreement) on or after the Determination Date but on or prior to the date you have received the Retention Bonus, you will be eligible to receive your Retention Bonus in cash in a lump sum within 10 days following the effective date of your Release (as defined below). As a condition to your receipt of the Retention Bonus pursuant to this Section 2(c), you shall execute and not revoke a general release of all claims in favor of the Company and its affiliates (the “Release”) in the form attached to the Employment Agreement as Exhibit A. In the event the Release does not become effective within the 55-day period following the date of your Involuntary Termination, you shall not be entitled to the Retention Bonus.
(d) If your employment terminates prior to the Determination Date for any reason, then this letter agreement will terminate, and you will forfeit any right you may have to receive the Retention Bonus.
Retention Bonus. If (i) the Executive remains continuously employed by the Company or its Affiliates or the continuing or surviving corporation in the case of Section 1.4 hereof on a full-time basis through the date that is six months following a Change of Control Date or (ii) the Executive's employment with the Company is terminated (a) by the Company without Cause or (b) by the Executive for Good Reason, in each case before the date that is six months following a Change of Control Date, the Company shall pay to the Executive a gross lump sum cash amount equal to three (3) months of the Executive's then current Base Salary (the "Retention Bonus"). In accordance with the preceding sentence, such payments, if any, shall be made to the Executive within 10 days following the date that is six months following a Change of Control Date. Any payment of the Retention Bonus shall be paid net of any applicable withholding required under federal, state or local law.
Retention Bonus. In consideration of, and subject to, your continued employment with the Company during the Term, the Company will pay you a Retention Bonus in the amount set forth on Exhibit A attached hereto. The Retention Bonus payable on February 15, 2002, is for services rendered during the year 2001. Retention Bonuses payable on December 31, 2002, and subsequent years are for services rendered during the year the Retention Bonus becomes payable. Retention Bonus payments will be made by the Company in the amounts set forth on Exhibit A as soon as practicable after each Payment Date while you remain in the continued employ of the Company, but in no event shall such payments be made more than thirty (30) days after the respective Payment Dates; provided, however, that the Company shall not be obligated to make a Retention Bonus payment if the making of such payment would violate a covenant or give rise to a default under any agreement to which the Company is a party or by which it may be bound and, in such event, the Company shall defer the payment of such vested amount until payment is permitted under any such agreement. The right to receive a Retention Bonus payment is earned as of the Payment Date. Notwithstanding the foregoing, if there occurs a Qualifying Event during the Term of this Agreement and you are in the employ of the Company immediately prior to such Qualifying Event, any remaining Retention Bonus payments will be paid to you as soon as practicable, but in no event later than thirty (30) days following the date of such Qualifying Event. If (a) you are in the employ of the Company at the commencement of any voluntary or involuntary proceeding by or against the Company under the federal bankruptcy laws, and (b) this Agreement is rejected (including confirmation of a deemed rejection )in such proceeding, such rejection will constitute a Qualifying Event immediately prior to the commencement of such proceeding for purposes of this Agreement, and you will be entitled to setoff your claim for any remaining Retention Bonus payments against the balance outstanding on your Executive Loan.
Retention Bonus. As additional incentive to retain ▇▇. ▇▇▇▇▇▇ throughout the Period of Employment, and in consideration of ▇▇. ▇▇▇▇▇▇’▇ agreement to serve as Employer’s Manager – Sales and Marketing on the terms and conditions set forth in this Agreement, Employer shall pay ▇▇. ▇▇▇▇▇▇, a lump sum of $31,200, less lawful withholdings, provided he remains employed throughout the Period of Employment and for one year thereafter on a reduced hour basis of approximately 30 hours per week. Notwithstanding any other provision of his Agreement, ▇▇. ▇▇▇▇▇▇’▇ eligibility for this retention bonus will not be forfeited if he is terminated prior to the end of the period that ends one year after the end of the Period of Employment by the Employer without cause as provided in paragraph (4)(a) below), or by Employee for Good Reason as provided in paragraph (4)(f) below). This retention bonus, if earned, will be paid within 30 days following the earlier of ▇▇. ▇▇▇▇▇▇’▇ termination of employment under the circumstances described in the preceding sentence or June 30, 2013.
Retention Bonus. In the event that Executive’s employment continues for two (2) years after a Change in Control (as such term is defined in Appendix A), Executive shall be entitled to a lump sum cash retention bonus equal to one (1) times Executive’s annual salary then in effect. Such retention bonus shall be paid to Executive within ten (10) business days following the second anniversary of the Change in Control.
Retention Bonus. In consideration of, and subject to, your continued employment with the Company during the period beginning on the Effective Date and continuing through each Payment Date, the Company will pay you a Retention Bonus equal to 20%, 25%, 25% and 30%, respectively, of the annual rate of your base salary as in effect on the Effective Date. The Company will pay each Retention Bonus to you in a lump sum cash amount as soon as practicable after each Payment Date where you remain in the continued employ of the Company, but in no event shall such payment be made more than thirty days thereafter. Notwithstanding the above, if you are in the employ of the Company and there is a Change in Control following a Triggering Event during the term of this Letter Agreement, any remaining Retention Bonuses will be paid to you as soon as practicable, but in no event later than thirty days, following such Change in Control.
Retention Bonus. In consideration of, and subject to, your continued employment with the Company during the period beginning on the Effective Date and ending on the Payment Date, the Company will pay you a Retention Bonus equal to the annual rate of your base salary, as in effect on the Payment Date. The Company will pay the Retention Bonus to you in a lump sum cash amount as soon as practicable after the Payment Date but in no event more than thirty days thereafter.
Retention Bonus. If the Executive is an active employee of the Company on the one-year anniversary (the "Anniversary Date") of the Effective Date, the Executive will be paid a bonus equal to $100,000. If the Executive is an active employee of the Company on each successive anniversary (the "Anniversary Date") of the Effective Date, the Executive will be paid a bonus equal to $200,000. In the sole discretion of the Executive, the amount of the deferred may be converted into Common Stock at $.10 per share.
Retention Bonus. Following the Effective Date and provided that the Executive has remained continuously employed by the Company as its Chairman and executive officer or, if applicable, of its successor or assignee from the Effective Date to the two year anniversary thereof (the “Retention Date”), then the Company shall pay the Executive by check or by federal funds wire transfer, within fifteen (15) days of the Retention Date, a cash bonus in the amount of One Million Five Hundred Thousand Dollars ($1,500,000) (a “Retention Bonus”). In no event will the Retention Bonus be paid to Executive, if he ceases to serve as either the Company’s or, if applicable, its successor’s or assignee’s Chairman or executive officer until the Retention Date for any reason, including, without limitation, the Executive’s death, disability, resignation or termination of his employment by the Company for any reason. Notwithstanding anything herein to the contrary, (i) the Executive is terminated without Cause or (ii) the Executive notifies the Company in writing that he has been assigned duties that are inconsistent with the duties typically assigned to other executive officers of the Company in similar positions (in the event that there are no officers of the Company serving in similar positions, then officers at comparable public companies) within thirty (30) days’ notice of such occurrence and the Company fails to remedy such occurrence within thirty (30) days of receipt of such written notice, then the Retention Bonus shall be immediately payable to the Executive within fifteen (15) days of such termination.
Retention Bonus. Immediately following the consummation of the Offer, Company shall pay to Employee a retention bonus in the amount of $50,000.