Common use of Retention Bonus Clause in Contracts

Retention Bonus. (a) Subject to the terms, conditions and restrictions set forth in the Plan and this Agreement, including, but not limited to, Section 2 below, pursuant to Section 11 of the Plan, the Company hereby grants to the Participant a one-time cash bonus in an amount equal to $1,544,962.50 (the “Retention Bonus”). Subject to the Participant’s continued employment with the Company (“Continuous Service”) on each Payment Date (as defined below), the Company will pay to the Participant an amount equal to twenty five percent (25%) of the Retention Bonus, less applicable tax withholding, on each of March 15, 2024, September 15, 2024, March 15, 2025 and September 15, 2025 (each such date, a “Payment Date”). The period from the Effective Date through September 15, 2025 is hereinafter referred to as the “Retention Period”. Except as otherwise provided in Section 1(b) below, in the event that the Participant’s Continuous Service terminates for any reason at any time prior to the end of the Retention Period, any unpaid portion of the Retention Bonus will be automatically forfeited and all of the Participant’s rights to such unpaid portion of the Retention Bonus shall immediately terminate.

Appears in 2 contracts

Samples: Retention Bonus Agreement (Superior Energy Services Inc), Retention Bonus Agreement (Superior Energy Services Inc)

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Retention Bonus. (a) Subject to the terms, conditions and restrictions set forth in the Plan and this Agreement, including, but not limited to, Section 2 below, pursuant to Section 11 of the Plan, the Company hereby grants to the Participant a one-time cash bonus in an amount equal to $1,544,962.50 6,750,000 (the “Retention Bonus”). Subject to the Participant’s continued employment with the Company (“Continuous Service”) on each Payment Date (as defined below), the Company will pay to the Participant an amount equal to twenty five percent (25%) of the Retention Bonus, less applicable tax withholding, on each of March 15, 2024, September 15, 2024, March 15, 2025 and September 15, 2025 (each such date, a “Payment Date”). The period from the Effective Date through September 15, 2025 is hereinafter referred to as the “Retention Period”. Except as otherwise provided in Section 1(b) below, in the event that the Participant’s Continuous Service terminates for any reason at any time prior to the end of the Retention Period, any unpaid portion of the Retention Bonus will be automatically forfeited and all of the Participant’s rights to such unpaid portion of the Retention Bonus shall immediately terminate.

Appears in 2 contracts

Samples: Retention Bonus Agreement (Superior Energy Services Inc), Retention Bonus Agreement (Superior Energy Services Inc)

Retention Bonus. (a) Subject to the terms, conditions and restrictions set forth in the Plan and this Agreement, including, but not limited to, Section 2 below, pursuant to Section 11 of the Plan, the Company hereby grants to the Participant a one-time cash bonus in an amount equal to $1,544,962.50 1,312,500.00 (the "Retention Bonus"). Subject to the Participant’s 's continued employment with the Company ("Continuous Service") on each Payment Date (as defined below), the Company will pay to the Participant an amount equal to twenty five percent (25%) of the Retention Bonus, less applicable tax withholding, on each of March 15, 2024, September 15, 2024, March 15, 2025 and September 15, 2025 (each such date, a "Payment Date"). The period from the Effective Date through September 15, 2025 is hereinafter referred to as the "Retention Period". Except as otherwise provided in Section 1(bl(b) below, in the event that the Participant’s 's Continuous Service terminates for any reason at any time prior to the end of the Retention Period, any unpaid portion of the Retention Bonus will be automatically forfeited and all of the Participant’s 's rights to such unpaid portion of the Retention Bonus shall immediately terminate.

Appears in 1 contract

Samples: Retention Bonus Agreement (Superior Energy Services Inc)

Retention Bonus. (a) Subject to the terms, conditions and restrictions set forth in the Plan and this Agreement, including, but not limited to, Section 2 below, pursuant to Section 11 of the Plan, the Company hereby grants to the Participant a one-time cash bonus in an amount equal to $1,544,962.50 1,200,000.00 (the “Retention Bonus”). Subject to the Participant’s continued employment with the Company (“Continuous Service”) on each Payment Date (as defined below), the Company will pay to the Participant an amount equal to twenty five percent (25%) of the Retention Bonus, less applicable tax withholding, on each of March 15, 2024, September 15, 2024, March 15, 2025 and September 15, 2025 (each such date, a “Payment Date”). The period from the Effective Date through September 15, 2025 is hereinafter referred to as the “Retention Period”. Except as otherwise provided in Section 1(b) below, in the event that the Participant’s Continuous Service terminates for any reason at any time prior to the end of the Retention Period, any unpaid portion of the Retention Bonus will be automatically forfeited and all of the Participant’s rights to such unpaid portion of the Retention Bonus shall immediately terminate.

Appears in 1 contract

Samples: Retention Bonus Agreement (Superior Energy Services Inc)

Retention Bonus. (a) Subject to the terms, conditions and restrictions set forth in the Plan and this Agreement, including, but not limited to, Section 2 below, pursuant to Section 11 of the Plan, the Company hereby grants to the Participant a one-time cash bonus in an amount equal to $1,544,962.50 1,326,000.00 (the "Retention Bonus"). Subject to the Participant’s 's continued employment with the Company ("Continuous Service") on each Payment Date (as defined below), the Company will pay to the Participant an amount equal to twenty five percent (25%) of the Retention Bonus, less applicable tax withholding, on each of March 15, 2024, September 15, 2024, March 15, 2025 and September 15, 2025 (each such date, a "Payment Date"). The period from the Effective Date through September 15, 2025 is hereinafter referred to as the "Retention Period". Except as otherwise provided in Section 1(bl(b) below, in the event that the Participant’s 's Continuous Service terminates te1minates for any reason at any time prior to the end of the Retention Period, any unpaid portion po1iion of the Retention Bonus will be automatically forfeited and all of the Participant’s 's rights to such unpaid portion of the Retention Bonus shall immediately terminate.

Appears in 1 contract

Samples: Retention Bonus Agreement (Superior Energy Services Inc)

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Retention Bonus. (a) Subject to the terms, conditions and restrictions set forth in the Plan and this Agreement, including, but not limited to, Section 2 below, pursuant to Section 11 of the Plan, the Company hereby grants to the Participant a one-time cash bonus in an amount equal to $1,544,962.50 1,312,500.00 (the “Retention Bonus”). Subject to the Participant’s continued employment with the Company (“Continuous Service”) on each Payment Date (as defined below), the Company will pay to the Participant an amount equal to twenty five percent (25%) of the Retention Bonus, less applicable tax withholding, on each of March 15, 2024, September 15, 2024, March 15, 2025 and September 15, 2025 (each such date, a “Payment Date”). The period from the Effective Date through September 15, 2025 is hereinafter referred to as the “Retention Period”. Except as otherwise provided in Section 1(b) below, in the event that the Participant’s Continuous Service terminates for any reason at any time prior to the end of the Retention Period, any unpaid portion of the Retention Bonus will be automatically forfeited and all of the Participant’s rights to such unpaid portion of the Retention Bonus shall immediately terminate.

Appears in 1 contract

Samples: Retention Bonus Agreement (Superior Energy Services Inc)

Retention Bonus. (a) Subject to the termste1ms, conditions and restrictions set forth in the Plan and this Agreement, including, but not limited to, Section 2 below, pursuant to Section 11 of the Plan, the Company hereby grants to the Participant a one-time cash bonus in an amount equal to $1,544,962.50 1,200,000.00 (the "Retention Bonus"). Subject to the Participant’s 's continued employment with the Company ("Continuous Service") on each Payment Date (as defined below), the Company will pay to the Participant an amount equal to twenty five percent (25%) of the Retention Bonus, less applicable tax withholding, on each of March 15, 2024, September 15, 2024, March 15, 2025 and September 15, 2025 (each such date, a "Payment Date"). The period from the Effective Date through September 15, 2025 is hereinafter referred to as the "Retention Period". Except as otherwise provided in Section 1(bl(b) below, in the event that the Participant’s 's Continuous Service terminates for any reason at any time prior to the end of the Retention Period, any unpaid portion of the Retention Bonus will be automatically forfeited and all of the Participant’s 's rights to such unpaid portion of the Retention Bonus shall immediately terminate.

Appears in 1 contract

Samples: Retention Bonus Agreement (Superior Energy Services Inc)

Retention Bonus. (a) Subject to the terms, conditions and restrictions set forth in the Plan and this Agreement, including, but not limited to, Section 2 below, pursuant to Section 11 of the Plan, the Company hereby grants to the Participant a one-time cash bonus in an amount equal to $1,544,962.50 1,326,000.00 (the “Retention Bonus”). Subject to the Participant’s continued employment with the Company (“Continuous Service”) on each Payment Date (as defined below), the Company will pay to the Participant an amount equal to twenty five percent (25%) of the Retention Bonus, less applicable tax withholding, on each of March 15, 2024, September 15, 2024, March 15, 2025 and September 15, 2025 (each such date, a “Payment Date”). The period from the Effective Date through September 15, 2025 is hereinafter referred to as the “Retention Period”. Except as otherwise provided in Section 1(b) below, in the event that the Participant’s Continuous Service terminates for any reason at any time prior to the end of the Retention Period, any unpaid portion of the Retention Bonus will be automatically forfeited and all of the Participant’s rights to such unpaid portion of the Retention Bonus shall immediately terminate.

Appears in 1 contract

Samples: Retention Bonus Agreement (Superior Energy Services Inc)

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