Retention Incentive Plan. In anticipation of the transaction contemplated by this Agreement, VION adopted the Retention Incentive Plan to benefit certain employees of the Banner Companies if the Closing occurs. Following the Closing, Buyer shall cause the Banner Companies to pay, in the aggregate, the Initial Retention Incentive Plan Amount and the Final Retention Incentive Plan Amount to the employees of the Banner Companies as required under the Retention Incentive Plan, in accordance with the terms thereof. Seller shall bear the costs to the Banner Companies of such payments, including, without limitation, the employer portion of any payroll or similar Taxes payable by an employer. (For the avoidance of doubt, Seller shall not be responsible or have any liability for any Tax payable by any participant in such Plan.)
Retention Incentive Plan. EMPLOYEE shall be eligible to receive a retention bonus in the amount of Fifty Thousand Dollars and No Cents ($50,000.00) per year for a period of five (5) years. Payment of retention bonus is subject to customary withholding and employment taxes and would occur in March of 2004, 2005, 2006, 2007 and 2008. EMPLOYEE must be active in status and performing all duties and responsibilities of his position to receive this bonus.
Retention Incentive Plan. The Retention Incentive Plan (Plan) is designed to facilitate the retention of critical resources in times when FBP is experiencing difficulty recruiting and retaining the planned number of resources required to complete project work safely and efficiently. At the time of ratification of this Agreement, the Plan applies only to employees in FBP RCT and NDA classifications. The Plan is intended to apply to both incumbent employees in these classifications during the first four (4) years of the initial Agreement for the P&T Unit and new hires into these classifications during the first two (2) years of the Agreement. The implementation date of the Plan for a participating employee will be either the date of ratification of the Agreement (for incumbents) or the date of hire, whichever is later.
Retention Incentive Plan.
A. The Retention Incentive Plan (Plan) is designed to facilitate the retention of critical resources in times when FBP is experiencing difficulty recruiting and retaining the planned number of resources required to complete project work safely and efficiently. At the time of ratification of this Agreement, the Plan applies only to employees in FBP RCT and NDA classifications. The Plan is intended to apply to both incumbent employees in these classifications during the first four (4) years of the initial Agreement for the P&T Unit and new hires into these classifications during the first two (2) years of the Agreement. The implementation date of the Plan for a participating employee will be either the date of ratification of the Agreement (for incumbents) or the date of hire, whichever is later.
B. Employees hired during the first two years of the initial Agreement for the P&T Unit are eligible to participate in the Plan and will receive a prorated retention incentive value and retained payment based on date of hire. Employees hired after the first two years of the Agreement are not eligible to participate in the Plan.
C. In addition, the Plan is not continuous, i.e. assumed to automatically continue beyond the term of the initial Agreement for the P&T Unit. Continued implementation of the Plan beyond the term of the initial Agreement for the P&T Unit is subject to mutual agreement based upon the Company’s determination that continuation of the Plan is required. Similarly, any implementation of the Plan for classifications other than FBP RCT and NDA classifications is subject to mutual agreement based on the Company’s determination that it is experiencing difficulty recruiting and retaining the required number of resources in those specific classifications.
D. The Plan is designed to accrue a retention incentive of $1,250/year and provide a payout of $2,500 at the end of a two-year period. Participating employees will start accruing for a second two-year period after the initial payout.
E. The retention incentive value and the retained payment are determined as set forth in the table below. However, for employee hired during the first two years of the Agreement, the employee’s first year incentive will be pro-rated on number of months he/she was employed during the year in which he/she was hired.
1. Year # 2. Retention Incentive Value 3. Retained Retention Incentive Paid at End of Retention Period Total Incentive $5,000.00/person
F. The retention incentiv...
