Retention Incentive. If Employee is continuously employed at the Company through and including January 3, 2004, Employee shall receive a one-time additional incentive payment (the "Retention Payment") equal to ten percent (10%) of the base salary specified in Section 3.1 above, payable in cash, in Company stock, or in a combination of the two, at the sole discretion of the Board, on or before January 5, 2004.
Retention Incentive. (a) Upon the earliest to occur of the following dates and events while the Employee is employed by the Company, the Employee shall be entitled to receive a lump sum cash payment of $50,000 (the "Retention Incentive"):
(i) the termination of the Employee's employment by the Company other than for Cause;
(ii) the termination of the Employee's employment by the Employee following the occurrence of a Material Employment Change;
(iii) June 30, 1999;
(iv) the Employee's death or Disability.
(b) If the Employee's employment is terminated prior to June 30, 1999 by the Company for Cause or by the Employee other than (i) following a Material Employment Change or (ii) on account of the Employee's death or Disability, no Retention Incentive shall be paid to the Employee.
Retention Incentive. If a change in control (as defined in subsection 7.3 above) or a strategic investor purchase (as is defined below) occurs while this Agreement is in effect, then Employee will be eligible for a retention incentive (in addition to any other payments or benefits provided under the other provisions of this Agreement, including but not limited to the provisions of Sections 5, 6 and 7 above) in accordance with the following provisions:
8.1 If Employee is continuously employed by Employer to the end of the retention incentive period (as is defined below), then Employee shall be entitled to a retention incentive under this Section 8 which is payable in a lump sum within 60 days after the end of such retention incentive period and which is equal to the lesser of (i) an amount equal to one and one-quarter (1.25) times his annual base rate of salary in effect on the date of the change in control or strategic investor purchase, as applicable and whichever is earlier, or (ii) $375,000.
8.2 If, after the earlier of a change in control or a strategic investor purchase but prior to the end of the retention incentive period, Employee's employment with Employer is terminated for any reason other than Cause or his voluntary resignation, then Employee shall be entitled to a retention incentive under this Section 8 which is payable in a lump sum within 60 days after Employee's termination of employment and which is equal to the retention incentive that would be paid Employee under subsection 8.1 above by reason of the change in control or, if applicable, an earlier strategic investor purchase if Employee had been continuously employed by Employer to the end of the retention incentive period.
8.3 Notwithstanding any other provision of this Section 8 to the contrary, no more than one retention incentive may be paid under this Section 8, and thus the payment of any retention incentive under any subsection of this Section 8 shall terminate and nullify any right of Employee to any additional incentive which may otherwise arise under another subsection of this Section 8.
8.4 For purposes of this Agreement, a "strategic investor purchase" means, and occurs on the date of, the purchase or obtaining by any person, corporation, partnership or other organization of stock possessing less than 33-1/3% of the total combined voting power of all classes of stock of the ChoiceCare Parent together with the option or right to purchase in the future additional stock of the ChoiceCare Parent whic...
Retention Incentive. In addition to the salary scale adjustment provided in (1) and (2) above, on July 1, 2021 and July 1, 2022, all employees shall be eligible for a payment equal to 1.5% of their base salary as a retention incentive. This payment will be made through the normal payroll process. An employee who leaves employment is not entitled to the balance of the retention incentive.
Retention Incentive. (a) Upon the earliest to occur of the following dates and events while the Employee is employed by the Company, the Employee shall be entitled to receive a lump sum cash payment of $25,000 (the "Retention Incentive"):
(i) the termination of the Employee's employment by the Company other than for Cause;
(ii) the termination of the Employee's employment by the Employee following the occurrence of a Material Employment Change;
(iii) June 30, 2000; or
(iv) the Employee's death or Disability.
(b) If the Employee's employment is terminated prior to June 30, 2000 by the Company for Cause or by the Employee other than (i) following a Material Employment Change or (ii) on account of the Employee's death or Disability, no Retention Incentive shall be paid to the Employee.
(c) In addition to the Retention Incentive, if the Employee's employment with the Company terminates under circumstances enumerated in Item (2)(a)(i)-(iii) above on or before December 31, 1999, then the Employee shall be entitled to receive an additional lump sum cash payment equivalent to twelve (12) months of compensation at the highest base rate of salary in effect at the Company for the Employee between the date of this Agreement and December 31, 1999. This obligation supersedes any commitments by the Company under any prior Retention Agreement.
Retention Incentive a. To the extent the Executive remains employed by the Company through the Retention Period, at certain times during the Retention Period the Executive shall be paid a cash “Retention Incentive” in an amount equal to $562,500, which equals 150% of Executive’s annual base salary in effect as of the Effective Date, as follows:
(i) If the Executive is actively employed by the Company on December 31, 2008, the Executive will be paid, on the Company’s first payroll date following December 31, 2008, 50% of the Retention Incentive, less deductions required by law.
(ii) If the Executive is actively employed by the Company on December 31, 2009, the Executive will be paid, on the Company’s first payroll date following December 31, 2009, 50% of the Retention Incentive, less deductions required by law.
b. If, before the end of the Retention Period, there occurs a Change in Control (as defined in the Employment Agreement), any portion of the Retention Incentive not yet paid to Executive, less deductions required by law, shall be paid to Executive upon the Change in Control.
c. Nothing in this Agreement shall be construed to deprive Executive of any rights to receive annual incentive bonus payments, if any, made in the ordinary course by the Company to its senior executives, subject to approval by the Board based upon the recommendation of the Compensation Committee of the Board or any previously communicated retention programs.
Retention Incentive. In recognition of Employee’s importance to the successful integration of Citizens Financial Bank into the Employer and the significant incremental efforts that such will entail, and to induce Employee to remain with the Employer on the terms and conditions set forth in this Agreement, the Employer shall pay Employee a Retention Incentive equal to $764,342. The Retention Incentive shall be paid in two equal installments: (1) the first installment shall be paid immediately following the Merger, and (2) subject to the following sentences, the second installment shall be paid on the first anniversary of the Merger. In the event the Employee’s employment terminates prior to the first anniversary of the Merger due to Employee’s death, disability, termination by the Employer without Cause or resignation by Employee for Good Reason, then the second installment shall be paid within fifteen days after such termination. If, prior to the first anniversary of the Merger, Employee terminates his employment without Good Reason or his employment is terminated by the Employer for Cause under Paragraphs 10(E), 12, 13, 14 or 15, Employee will not be entitled to the second installment.
Retention Incentive. A retention incentive is awarded to promote continued satisfactory service with the District. The retention incentive is equal to 4% of the top step of the salary schedule. An employee is eligible to receive the retention incentive after the following criteria have been met.
6.4.1 An employee placed in the supervisor unit prior to July 1, 2000 and who has served for two years on the top step of a salary range on the salary schedule.
6.4.2 A supervisor hired after July 1, 2000 and who has served for two years on the top step of the salary schedule in the same range.
6.4.3 The employee has received annual evaluations of “good solid performance” or above for the overall rating during each qualifying year. Any year during which an overall rating on an annual evaluation is below “good solid performance” shall not be considered a qualifying year and shall not be credited toward the retention incentive. An employee who has received an overall rating on the annual evaluation which is below “good solid performance” shall be re- evaluated within six (6) months of the original evaluation and, if the subsequent evaluation’s overall rating is “good solid performance,” that year shall be considered a qualifying year and shall be credited toward the retention incentive. However, if the employee’s supervising manager does not complete the evaluation or re-evaluation and give a copy to the employee by the date the employee is scheduled to receive it in order to receive the retention incentive the increase shall be granted automatically.
6.4.4 When all requirements have been met for receiving the retention incentive, the effective date for the increase shall be the first day of the anniversary month.
Retention Incentive. Where an employee completes their first Duration Posting and signs up for a subsequent term at the same Duration Posting, the employee will qualify for a further Retention Incentive of $5,000 regardless of Duration Posting term. This payment will be paid out in equal amounts over the course of their subsequent duration posting term.
Retention Incentive. Employees currently in the first term of a Duration Posting will receive the prorated amount to a maximum of $5,000 for all terms depending on the number of years remaining in the Duration Posting Term. No incentive will be paid for years already served.
