Common use of Retention Payments Clause in Contracts

Retention Payments. (a) In the event that Executive is employed by the Company on January 1, 2002, Executive shall be entitled to a lump sum cash retention payment equal to 150% of the sum of (i) Executive's Base Salary and (ii) Executive's target annual bonus, each as in effect for the 2001 fiscal year (such sum, the "2002 Retention Bonus"). (b) In the event that Executive is employed by the Company on January 1, 2003, Executive shall be entitled to a lump sum cash retention payment equal to 50% of the sum of (i) Executive's Base Salary and (ii) Executive's target annual bonus, each as in effect for the 2002 fiscal year (such sum, the "2003 Retention Bonus"). (c) In the event Executive's employment is terminated prior to January 1, 2002 by the Company other than for Cause or by the Executive for Good Reason or due to Executive's death or Disability, Executive shall be entitled to an amount equal to the 2002 Retention Bonus multiplied by a fraction, the numerator of which is the number of days elapsed from and including January 1, 2000 and ending on the date of such termination and the denominator of which is 731. (d) In the event Executive's employment is terminated in 2002 by the Company other than for Cause or by the Executive for Good Reason or due to Executive's death or Disability, Executive shall be entitled to an amount equal to the 2003 Retention Bonus multiplied by a fraction, the numerator of which is the number of days in 2002 ending on the date of such termination and the denominator of which is 365. (e) The payments to be made pursuant to the provisions of this Section 2.05 shall be in addition to any amount payable to Executive with respect to Executive's target bonus opportunity for such year or any right to receive the Basic Bonus Amount, as the case may be.