Common use of Retention Program Clause in Contracts

Retention Program. As of the Effective Time, the Surviving Trust shall adopt a severance and retention program (the "Retention Program") with respect to those employees of Wellsford and the Wellsford Subsidiaries set forth in Schedule 5.10 to the Wellsford Disclosure Letter (the "Schedule 5.10 Employees") by issuing to such Schedule 5.10 Employees a letter substantially in the form attached hereto as Exhibit "I" (the "Retention Program Letter"); provided, however, that in no event may the aggregate obligations of Wellsford and the Surviving Trust under the Retention Program exceed $544,575. The Surviving Trust shall maintain the Retention Program in accordance with the terms thereof. In no event shall Wellsford adopt or agree to any other severance or retention program in addition to the Retention Program, except as otherwise specifically set forth in this Agreement. Neither the Retention Program nor any other term of this Agreement shall require the Surviving Trust to continue the employment of any employee of Wellsford after the Effective Time. The Surviving Trust shall pay the amount set forth in Schedule 5.10 to the Wellsford Disclosure Letter to each Schedule 5.10 Employee whose employment is involuntarily terminated by the Surviving Trust without cause prior to such employee's receipt of the Retention Program Letter.