13.No Employment Commitment. The grant of the Options shall in no way constitute any form of agreement or understanding binding on the Company or any Related Company, express or implied, that the Company or any Related Company will employ or contract with the Optionee, for any length of time, nor shall it interfere in any way with the Company’s or, where applicable, a Related Company’s right to terminate Optionee’s employment at any time, which right is hereby reserved.
population when we started. We have a track record of securing growth platforms and building on those. This service-based business will be driven out of St. Louis. I will personally be in St. Louis tonight. I will not let the first day eclipse without spending time with the leadership in St. Louis face to face, and we will make a significant commitment to that community and the other communities that legacy Express Scripts serves in, including our employment commitment. We want to grow the business. Growth creates more opportunity, so we understand that community responsibility. And lastly, as I referenced before, its post-symbolic and substantive. We step forward with another 200million dollar commitment to a foundation. That goes to community health and community social programs, and will be directed as it always has in communities were deepest in, and we understand the communities that legacy Express Scripts is deepest in, starting with St. Louis.
g. Employment Commitment. Executive shall devote such time, attention, knowledge, and skills to the business and interests of the Company as Company may reasonably require, and the Company shall be entitled to all of the benefits and profits arising from or incident to the work, services, advice, inventions, or innovations of Executive in connection with the Company’s business.
On September 26, 2011, we received $1.0 million from the State of Pennsylvania to help fund our agreement to start-up a new facility.The grant carried with it an obligation, or commitment, to employ at least 232 people within a three-year time period that ended on December 31, 2013.We received an extension of time to meet this employment commitment.The new deadline is April 30, 2016.This grant contains conditions that would require us to return a pro-rata amount of the monies received if we fail to meet these conditions.As such, the monies have been recorded as a liability in the accrued liabilities line item on the balance sheet until we are irrevocably entitled to retain the monies, or until it is determined that we need to return a portion or all of the monies received.
The Employment Agreement provided for a base salary of $1.2million per year, an annual target bonus of 150% of salary, and $14million in time-based long-term incentives, with $7million granted in restricted stock units (RSUs) and $7million in restricted cash because share availability under the stock plan was constrained. The long-term incentives vested in equal quarterly installments over the two-year term of the Employment Agreement, which reflected Mr.Rittenmeyers employment commitment. The long-term incentive grant was not performance-based because the employment commitment was limited, the turnaround strategy was still being formulated, and stock price recovery reflected in Mr.Rittenmeyers RSUs and earlier performance option grant was the primary performance focus. Due to a delay in granting Mr.Rittenmeyers RSUs, he initially received 51,146 fewer units than the HR Committee intended. As a result, the HR Committee subsequently granted Mr.Rittenmeyer these units in 2018 with a grant-date value of approximately $1.7million. Under the Employment Agreement, Mr.Rittenmeyer is not covered by Tenets Executive Severance Plan.
(c)No On-Going Employment Commitment. It is understood and agreed that (a) Buyer's extension of offers of employment as set forth in this section shall not constitute any commitment, contract or understanding (expressed or implied) of any obligation on the part of Buyer to a post-Closing employment relationship of any fixed term or duration or upon any terms or conditions other than those that Buyer may establish pursuant to individual offers of employment, and (b) employment offered by Buyer is "at will" and may be terminated by Buyer or by an employee at any time for any reason (subject to any written commitments to the contrary made by Buyer or an employee and pursuant to Law). Nothing in this Agreement shall be deemed to prevent or restrict in any way the right of Buyer to terminate, reassign, promote or demote any of the Transferred Employees after the Closing or to change adversely or favorably the title, powers, duties, responsibilities, functions, locations, salaries, other compensation or terms or conditions of employment of such employees.
Transaction-related costs Transaction-related costs was $23.7million for the year ended December31, 2016 compared to $17.1million for the period from August4, 2015 to December31, 2015 (Successor), and was primarily incurred in connection with the Ventas Transaction. Upon completion of the Ventas Transaction, we paid $41.0million in a retention payout to various members of management in exchange for a one-year employment commitment. This expense was recognized over the twelve month employment commitment period, resulting in an expense of $17.1million from August4, 2015 to December31, 2015 (Successor) and $23.7million for the year ended December31, 2016.
Transaction-related costs Transaction-related costs were $17.1million for the period August4, 2015 to December31, 2015 (Successor) and $15.8million for the period January1, 2015 to August3, 2015 (Predecessor). Upon completion of the Ventas Transaction, we paid $41.0million in a retention payout to various members of management in exchange for a one-year employment commitment. This expense was recognized over the twelve-month employment commitment period, resulting in an expense of $17.1million from August4, 2015 to December31, 2015 (Successor). We incurred $15.8million of transaction-related costs in the Predecessor period were costs incurred in connection with the Ventas Transaction.