Retention Program definition
Examples of Retention Program in a sentence
If this Agreement is terminated prior to the Closing in accordance with Article XI, Buyer shall have no obligation under the Retention Program, and any such obligations that continue following the termination of this Agreement will belong solely to the Company.
Prior to Closing, Buyer, in its sole discretion, shall determine the employees eligible to receive a bonus under the Retention Program, the applicable amount of each such bonus and the vesting requirements applicable to the bonus, and the Company will cause such bonuses to be so awarded.
Neither the Sellers nor, prior to Closing, the Company or any of its Subsidiaries will terminate or make any changes, amendments or adjustments to the Retention Program (including the admission of any new participants) without Buyer’s prior written consent; provided the Company shall be entitled to terminate, change, amend or adjust the Retention Program if this Agreement is terminated prior to the Closing.
If the Closing occurs, any amounts payable under the Retention Program are the sole responsibility of Buyer; however, the Retention Program will not obligate the Company to pay any amounts under the Retention Program if Closing does not occur.
Attachment A to this Agreement contains information regarding the Closure Retention Program being offered by the Company, as to the as to (a) the group of individuals from which employees were selected for the offer of the package and (b) the eligibility factors for the package.