RETENTION CONTRIBUTIONS. Each separate Retention Contribution, if any, to a Participant's Retention Account, including any Interest thereon, shall be 33.33% vested on the last day of the fiscal year immediately following the fiscal year to which the Retention Contribution is attributable, provided, that the Participant remains employed by the Company on such date, and vested in an additional 33.33% of such Retention Contribution on the last day of the second and third fiscal years, respectively, following the fiscal year to which the Retention Contribution is attributable, provided, that the Participant remains employed by the Company on each such date. If the Participant fails to remain employed with the Company through the vesting dates and the Retention Contribution is not otherwise vested as providing in the following sentence, then the unvested portion of the Retention Contribution and any Interest thereon shall be forfeited and returned to the Company. Notwithstanding the previous sentence or anything else herein to the contrary, a Participant's Retention Account shall (i) be one hundred percent (100%) vested upon the death or Disability of the Participant or a Change of Control or (ii) be one hundred percent (100%) vested as otherwise provided by the Committee in its sole discretion.
Appears in 4 contracts
Samples: Employment Agreement (Aerobic Creations, Inc.), Employment Agreement (Aerobic Creations, Inc.), Employment Agreement (Aerobic Creations, Inc.)
