Retention Bonus Payments Clause Samples
A retention bonus payments clause outlines the terms under which an employee receives additional compensation for remaining with an employer for a specified period. Typically, this clause details the amount of the bonus, the required length of service, and any conditions that must be met, such as satisfactory performance or not resigning before a certain date. Its core function is to incentivize key employees to stay with the company during critical periods, thereby reducing turnover and ensuring business continuity.
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Retention Bonus Payments. (a) On the first regularly scheduled payroll day following December 31, 2022, Acquiror shall pay, or shall cause to be paid, to the individuals set forth on Schedule 7.6, through the payroll system of the Company, in the amounts set forth on the Estimated Closing Statement; provided, however, that if any such individuals are no longer employed by the Company, Acquiror, or any of their Affiliates as of such payment date, the amounts allocated to any such individuals on Schedule 7.6 shall be reallocated to the other individuals on Schedule 7.6 that are still employed by the Company, Acquiror or any of its Affiliates on such payment date (with such reallocation to be mutually agreed by the Seller Representative and Acquiror, which agreement shall not be unreasonably conditioned, delayed or withheld).
(b) On the first regularly scheduled payroll day following December 31, 2023, Acquiror shall pay, or shall cause to be paid, to the individuals set forth on Schedule 7.6, through the payroll system of the Company, in the amounts set forth on the Estimated Closing Statement; provided, however, that if any such individuals are no longer employed by the Company, Acquiror, or any of their Affiliates as of such payment date, the amounts allocated to any such individuals on Schedule 7.6 shall be reallocated to the other individuals on Schedule 7.6 that are still employed by the Company, Acquiror or any of its Affiliates on such payment date (with such reallocation to be mutually agreed by the Seller Representative and Acquiror, which agreement shall not be unreasonably conditioned, delayed or withheld).
(c) Payroll taxes on the payments made pursuant to this Section 7.6 shall be borne by the Acquiror.
Retention Bonus Payments. In lieu of the Recital A Benefits that may become due to Employee, the Company shall pay and Employee agrees to accept the following sums:
(a) The Company will pay Employee the sum of $300,000, less applicable withholding taxes. This payment will be made on the latter of the Effective Date or the date the first payment of all or a portion of the April 6, 2001 scheduled payment is made to employees of the Company generally, pursuant to the Retention Incentive Plan adopted in May 2000, as amended.
(b) On adoption of a plan of reorganization by the Company and approved by the court and creditors, the Company will pay Employee the sum of $150,000, less applicable withholding taxes, provided Employee remains an employee in good standing.
(c) The Company will pay Employee the sum of $150,000, less applicable withholding taxes, on the first business day of January 2002, provided Employee remains an employee in good standing. Any unpaid amounts pursuant to this Section 4 (a), (b) and (c) shall be paid on the severance date if Employee is involuntarily terminated other than for cause before those respective dates.
Retention Bonus Payments. CenterState shall pay to the individuals set forth on HCBF Disclosure Schedule Section 5.24 (each a “Retention Bonus Recipient”) the cash retention bonus payments set forth on HCBF Disclosure Schedule Section 5.24, subject to required tax withholdings (the “CenterState Retention Bonus”). The CenterState Retention Bonus shall be payable through CenterState’s payroll system in a single lump sum (a) in the case of employees, on the earlier of (i) the ninetieth (90th) day following the Closing, but only if the Retention Bonus Recipient continues to be employed by CenterState or its Subsidiaries on such date or (ii) the date on which the Retention Bonus Recipient’s employment with CenterState or its Subsidiaries is terminated by CenterState or such Subsidiary without “cause,” by the Retention Bonus Recipient for “good reason” or on account of the Retention Bonus Recipient’s death or “disability” (as such terms are defined in the agreement memorializing the CenterState Retention Bonus, which shall be in a form reasonably acceptable to each of HCBF and CenterState), but only if such termination occurs following the Closing, or (b) in the case of non-employee directors, at the Closing.
Retention Bonus Payments. Subject to the conditions set forth below:
(a) if you remain an employee of the Company in good standing through June 1, 2014, you shall be entitled to receive a lump-sum cash payment during the following regular pay period equal to $80,310 (such cash payment, the “2014 Mid-Year Retention Bonus”).
(b) if you remain an employee of the Company in good standing through October 1, 2014, you shall be entitled to receive an additional lump-sum cash payment during the following regular pay period equal to $80,310 (such cash payment, the “2014 Year-End Retention Bonus”).
(c) if you remain an employee of the Company in good standing through June 1, 2015, you shall be entitled to receive an additional lump-sum cash payment during the following regular pay period equal to 20% of your base salary in effect on June 30, 2015 (such cash payment, the “2015 Retention Bonus”).
Retention Bonus Payments. Chiron shall promptly pay when due all payments to employees of the Company and its Subsidiaries under the Chiron Retention Plan, Chiron Transaction Team Program and the Executive Amendment to the Company's Global Severance Program described in Schedule 4.16; provided that in the case of the Executive Amendment to the Company's Global Severance Program, Chiron's responsibility shall be limited to the amount by which the payments required under such Executive Amendment exceed the amounts that would have been required had the Company's Global Severance Program not been so amended.
Retention Bonus Payments. Subject to the WABC disclosure letter, ValliCorp shall not make retention bonus payments without WABC's consent (which shall not be unreasonably withheld). To that end, the parties shall cooperate in all reasonable respects to, by mutual agreement, identify those persons who shall receive retention bonus payments. Such retention bonus payments shall be payable to those persons identified pursuant to the foregoing sentence in accordance with the terms of retention agreements, which agreements shall be in a form reasonably acceptable to WABC.
Retention Bonus Payments. 64 (k) Notification re: Book Value Test ................. 64 5.4 Closing .................................................. 64 (a) Closing Date ..................................... 64 (b)
Retention Bonus Payments. You will be eligible to receive three separate retention bonus payments for services during the Term. These are as follows:
Retention Bonus Payments. Section 3.12(b) of the Disclosure Schedule contains a complete and accurate list of all Contracts, other than the Management Agreements or as provided in Section 6.8(b), pursuant to which any Majority-Owned Company may have an obligation to pay a Retention Bonus, including, without limitation, a true and accurate schedule of all such bonus compensation for each recipient of a Retention Bonus and the timing and calculations thereof in reasonable detail.
Retention Bonus Payments. (a) Subject to the Executive’s continued employment with the Company through the applicable payment date (each, a “Payment Date”) and the Executive’s agreeing to abide by the terms and conditions of the restrictive covenants in Sections 13 and 14 of the Employment Agreement and Section 8 of the Change in Control Agreement (collectively, the “Restrictive Covenants”), the Executive shall be entitled to a cash bonus in an aggregate amount of $575,000 (the “Retention Bonus”). The Retention Bonus shall, subject to Section 1(c), be paid in six installments (each, an “Installment”) pursuant to the payment schedule set forth below (with payment amounts set forth in brackets beside the applicable payment date):
(i) December 1, 2012 ($95,834) (ii). April 1, 2013 ($95,834) (iii). July 1, 2013 ($95,833) (iv). October 1, 2013 ($95,833) (v). January 1, 2014 ($95,833) (vi). April 1, 2014 ($95,833)
(b) Notwithstanding the foregoing, upon the Executive’s termination of employment by the Company without Cause or by the Executive for Good Reason, or upon a termination due to the Executive’s death or Disability, in any such case prior to the applicable Payment Date, the Executive shall, subject to the Executive’s agreeing to abide by the Restrictive Covenants in accordance with their respective terms and conditions, be entitled to receive in a single lump sum all then-unpaid Installments in respect of the Retention Bonus within thirty (30) days following the date of such termination. For purposes of this Agreement, “Good Reason,” “Cause” and “Disability” shall have their respective meanings provided in the Change in Control Agreement.