Retention Pay. Subject to Section 2 and the other terms of this Agreement, upon the occurrence of the Closing Date of a Major Transaction, Executive shall be entitled to receive the amount equal to Executive’s Percentage of the Retention Award Amount; provided, however, that if any payment under Section 6 hereof was made to Executive during the term hereof, and the sale of such Division requiring such payment is also included in the definition of a Major Transaction, then the Retention Award Amount shall be reduced by the Distribution Award Amount prior to calculating the Retention Pay for Executive.
Appears in 4 contracts
Samples: Executive Retention Agreement (Meade Instruments Corp), Executive Retention Agreement (Meade Instruments Corp), Executive Retention Agreement (Meade Instruments Corp)
