Retention Compensation. In lieu of (x) the retention and bonus payments and severance identified in the May Retention Agreement and the Amended Retention Agreement, (y) the severance identified in the Employment Agreement, and (z) the Company's previously announced performance bonus plan for 2001, the Company will pay Executive the following amounts ("Retention Compensation"): (a) an amount equal to 75% of Executive's annual base salary as of July 21, 2001, payable in 12 equal installments on each regularly scheduled payroll date between July 21, 2001 and December 31, 2001; and (b) an amount equal to 75% of Executive's annual base salary as of July 21, 2001, payable in seven equal installments on each regularly scheduled payroll date between October 5, 2001 and December 31, 2001.
Appears in 4 contracts
Samples: Retention Agreement (Allied Riser Communications Corp), Retention Agreement (Allied Riser Communications Corp), Retention Agreement (Allied Riser Communications Corp)
