Special Retention Bonus. If Executive shall remain an employee of Employer continuously from the date hereof through June 30, 2017 (the “Retention Period Date”), no later than five business days following the Retention Period Date, Employer shall pay Executive in cash the amount of $75,000 as a retention bonus. If Executive intends to terminate his employment at any time on or after the Retention Period Date and before January 1, 2018, Executive shall provide notice of such planned termination at least six months prior to the termination date.
Special Retention Bonus. If the Executive remains actively employed by the Company through November 30, 2018, the Company shall pay the Executive a cash bonus in the amount of $120,000 (the “Special Retention Bonus”), which shall be paid to the Executive in February 2019 when annual cash incentive bonuses for 2018 are paid to the other executive officers of the Company (but, in no event shall the Special Retention Bonus be paid later than March 15, 2019). The Special Retention Bonus shall be in addition to any annual cash incentive bonus earned by the Executive pursuant to Section 2(b) above.
Special Retention Bonus. In consideration of the Executive entering into this Agreement, concurrent with the execution and delivery of this Agreement, the Company is paying the Executive a special retention bonus of $325,000.00 in cash. If the Executive resigns without Good Reason, or the Company terminates the Executive’s employment for Cause, prior to April 1, 2008, the Executive agrees to repay such special retention bonus to the Company within five business days of the date of his resignation or termination, together with interest from the date the Executive received the bonus (calculated at the prime rate as published in the Wall Street Journal on the date the Executive received the bonus) to the date of repayment. The Company acknowledges that the special retention bonus is in addition to, and not in lieu of, any regular incentive bonus plan in which the Executive may participate during the 2008 fiscal year.
Special Retention Bonus. A new Section 5(h) shall be added to the Employment Agreement to read as follows:
Special Retention Bonus. On July 1, 2001 (or within a reasonable time thereafter), the Company shall pay to the Executive a retention bonus in the amount of $1,500,000 (the "Special Retention Bonus"), provided, however, that in the event the Executive's employment with the Company terminates under circumstances other than (a) the Executive's termination by the Company without Cause (as such term is defined in this Agreement including, without limitation, in Section 6(a)(v) hereof); (b) the Executive's death or Disability or (c) the Executive's resignation for Good Reason, the Executive shall pay to the Company, in cash, (x) within ten days of such termination, an amount equal to the Special Retention Bonus less any taxes paid by or on behalf of Executive based upon or due to his receipt of such Special Retention Bonus and (y) within ten days of Executive's receipt thereof, an amount equal to the amount of any tax refund, credit or other tax benefit received or recognized by the Executive pursuant to his previous compliance under Section 5(h)(x) or (y) hereof Provided that, if the Company shall have withheld portions of the Special Retention Bonus for tax payments and such Special Retention Bonuses shall have to be repaid by Executive under the terms hereof, or for any other reason, the amount of such withholding shall be deemed repaid by the Executive at the same time Executive repays the net amount of the Special Retention Bonus actually paid to him."
Special Retention Bonus. Subject to the Executive’s continued employment with the Company through the applicable Retention Date set forth below, on such Retention Date the Company will pay to the Executive in a cash lump sum an amount equal to the applicable Retention Bonus set forth below: Retention Date Retention Bonus The date that is twelve (12) months after the Closing Date (as defined in the Merger Agreement (as defined below)). $900,000 The date that is eighteen (18) months after the Closing Date (as defined in the Merger Agreement). $700,000
Special Retention Bonus. Upon Executive’s termination of employment with the Company (subject to Section 8(f)), Executive shall be entitled to receive a special cash retention bonus (the “Retention Bonus”) of up to $5,000,000 determined as follows:
Special Retention Bonus. In recognition of the Executive's remaining employed through the end of the Employment Period, and his special efforts to cause the Merger to take place and to implement a successful transition to combined operations of the Company and NCE, the Company shall pay the Executive a special cash bonus (the "Special Retention Bonus"), as provided in this Section 3(e). If the Merger is consummated and the Executive remains employed through the end of the Employment Period, the Special Retention Bonus shall equal $7,600,000, and shall be paid on the last day of the Employment Period; and if the Merger Agreement is terminated without consummation of the Merger, or the Executive's employment is terminated because of the Executive's death or Disability before the last day of the Employment Period, the Special Retention Bonus shall equal $2,500,000 and shall be paid on the day that the Executive's employment terminates; PROVIDED, that if after receiving the Special Retention Bonus, the Executive commits any material breach of the covenants set forth in Section 8 below, he shall be obligated to return $2,500,000 of such Special Retention Bonus to the Company.
Special Retention Bonus. The Special Retention Bonus Agreement (“letter agreement”) consists of one payment (the “Payment”) of your annual target bonus for 2007, in an amount equal to $_______, which amount shall be pro-rated through the Effective Time of the Merger (the date on which the merger closes and becomes effective, as more fully defined in the Agreement and Plan of Merger dated as of March 15, 2007 by and among PHH Corporation, General Electric Capital Corporation and Jade Merger Sub, Inc. (the “Merger Agreement”)). Subject to your compliance with the terms of this letter agreement, PHH agrees to pay you the Special Retention Bonus as soon as practicable following the earlier of the Effective Time of the Merger and December 31, 2007, (the earlier of such two dates referred to as the “Retention Date”) provided that you (i) are employed by PHH on the Retention Date or (ii) incur a Qualifying Separation from Service with PHH before the Retention Date and execute the General Release substantially in the form attached hereto as Exhibit A and do not revoke such General Release as set forth therein. Your eligibility for the Special Retention Bonus is determined based on your satisfactory job performance and your compliance with the terms of this letter agreement.
Special Retention Bonus. The Company shall issue Executive in 2001 a Special Retention Bonus of Restricted Stock Units equal at the time issued to an amount four times Executive's Base Salary as defined in paragraph 3(a) of this Agreement or Three Million Eight Hundred Thousand Dollars ($3,800,000.00). Restricted Stock Units issued to Executive under this paragraph 4(d) are subject to the vesting provisions and all other conditions applicable to other members of the Company's Operations Group, as will be determined by the Company's Board of Directors in January 2001.
