COMPENSATION UPON RETIREMENT. In the event that the Executive’s employment terminates by reason of retirement, the provisions of this Section 7 shall determine the Executive’s entitlement to compensation and benefits in connection with and subsequent to such termination. If the Executive’s employment terminates as a result of his retirement on or after attaining retirement age, as defined by the policy in place in the Executive’s country of employment in the year of his retirement, the Company shall pay to the Executive, within 30 days after the date on which his employment terminates as a result of this retirement (the “Retirement Date”): (i) all accrued Base Salary and benefits through the Retirement Date (the “Accrued Benefits”), and (ii) the Average Incentive Amount, prorated based on the number of days elapsed in the current fiscal year as of the Retirement Date, and (iii) any other payments or benefits that may be approved by the Board in its sole discretion; provided that, if at the time of such termination, any payments required under this Section 7 are determined, in whole or in part, to constitute “nonqualified deferred compensation” within the meaning of Section 409A of the Internal Revenue Code of 1986, as amended (“Section 409A”), and the Executive is a “specified employee” as defined in Section 409A, such payments shall be paid to the Executive on the first business day of the seventh month after the Retirement Date. All equity awards will be treated in accordance with the terms set forth in the Plans and Equity Award Agreements.
COMPENSATION UPON RETIREMENT. In the event that the Executive’s employment terminates by reason of retirement, the provisions of this Section 7 shall determine the Executive’s entitlement to compensation and benefits in connection with and subsequent to such termination. If the Executive’s employment terminates as a result of his retirement on or after attaining retirement age, as defined in Section 6 of this Employment Agreement, the Company shall pay to the Executive, on the Payment Date after the date on which his employment terminates as a result of his retirement (the “Retirement Date”): (i) all accrued Base Salary and benefits accrued or earned but unpaid through the Retirement Date; (ii) any Annual Incentive earned in respect of the previous completed fiscal year but not paid as of the Retirement Date; (iii) the Average Incentive Amount, prorated based on the number of days elapsed in the current fiscal year as of the Retirement Date; and (iv) any other payments or benefits that may be approved by the Board in its sole discretion. All equity awards will be treated in accordance with the terms set forth in the Plans and Equity Award Agreements.
COMPENSATION UPON RETIREMENT. Teachers retiring from teaching and who at that time are eligible for a Michigan Public School Employees Retirement Fund Pension and who have taught a total of fifteen (15) full years in the Vicksburg Community Schools shall receive terminal pay at the rate of fifteen dollars ($15.00) per eight (8) hours for one- half (1/2) of their accumulated sick leave not to exceed three hundred eighty (380) hours.
COMPENSATION UPON RETIREMENT. VESPA employees retiring from the Vicksburg Community Schools, and who at that time are eligible for Michigan Public School Employees Retirement Fund and who have worked a total of (15) full years in the Vicksburg Community Schools, shall receive terminal pay at the rate of fifteen ($15.00) dollars per eight
COMPENSATION UPON RETIREMENT. In consideration of Executive’s retirement on the Retirement Date and Executive fulfilling his obligations under this Agreement including his obligations during the Transition Period, and subject to Executive executing the General Release attached as Exhibit A hereto in accordance with Section 10 of this Agreement and such General Release becoming effective on the eighth day after execution thereof without Executive exercising his right to revoke such General Release, Executive shall be entitled to the items of compensation set forth in Sections 4, 5, 6 and 7 of this Agreement. Executive and the Company acknowledge and agree that Executive would not be entitled to all of such items of compensation had he not executed this Agreement and the General Release and that such items of compensation constitute compensation to which Executive is not otherwise entitled.
COMPENSATION UPON RETIREMENT. If the Executive’s employment terminates as a result of his retirement on or after attaining retirement age (retirement age for the purpose of this Employment Agreement shall be on or after October 21, 2027), the Company shall pay to the Executive on the Payment Date, as defined in Section 7(e), after the date on which his employment terminates as a result of his retirement (the “Retirement Date”): (i) all accrued Base Salary and benefits (the “Accrued Salary and Benefits”) through the Retirement Date, and (ii) any Annual Incentive earned in respect of the previous completed fiscal year but not paid as of the Retirement Date; (iii) the Average Incentive Amount, as defined below in this Section 6 prorated based on the number of days elapsed in the current fiscal year as of the Retirement Date; and (iv) any other payments or benefits that may be approved by the Board in its sole discretion. Such payments shall be paid to the Executive on the first business day of the seventh month after the Retirement Date. All equity awards will be treated in accordance with the terms set forth in the Plans and Equity Award Agreements. In calculating the Average Incentive Amount, the Company will pay Executive an amount that is equal to the percentage calculated by multiplying the sum of the percentage that is the payout as: % of target, as determined by the Compensation Committee, for each of the three fiscal years prior to the fiscal year in which the Notice of Termination occurs, divided by 3 (the “Average Payout Percentage”), and multiplying the Average Payout Percentage by the target Annual Incentive value for the fiscal year in which the Date of Notice occurs or an amount that is equal to the target Annual Incentive value for the fiscal year in which the Date of Notice occurs, whichever is the greater (the “Average Incentive Amount”).
COMPENSATION UPON RETIREMENT. If the Executive’s employment terminates as a result of his retirement on or after attaining retirement age, as defined by the policy in place in the Executive’s country of employment in the year of his retirement, the Company shall pay to the Executive, within 30 days after the date on which his employment terminates was a result of his retirement (the “Retirement Date”): (i) all accrued Base Salary and benefits (the “Accrued Benefits”) through the Retirement Date, and (ii) an amount equal to the greater of the average of the Annual Incentive received by the Executive for the three fiscal years prior to the year of the Retirement Date or the Target Annual Incentive for the current year (the “Average Incentive Amount”), prorated based on the number of days elapsed in the current fiscal year as of the Retirement Date, and (iii) any other payments or benefits that may be approved by the Board in its sole discretion. Such payments shall be paid to the Executive on the first business day of the seventh month after the Retirement Date. All equity awards will be treated in accordance with the terms set forth in the Plans and Equity Award Agreements.
COMPENSATION UPON RETIREMENT. If the Executive’s employment terminates as a result of his retirement on or after attaining retirement age, as defined by the policy in place in the Executive’s country of employment in the year of his retirement, the Company shall pay to the Executive, within 30 days after the date on which his employment terminates was a result of his retirement (the “Retirement Date”): (i) all accrued Base Salary and benefits through the Retirement Date, and (ii) the Average Incentive Amount, prorated based on the number of days elapsed in the current fiscal year as of the Retirement Date, and (iii) any other payments or benefits that may be approved by the Board in its sole discretion. Such payments shall be paid to the Executive on the first business day of the seventh month after the Retirement Date. All equity awards will be treated in accordance with the terms set forth in the Plans and Equity Award Agreements.
COMPENSATION UPON RETIREMENT. Teachers retiring from teaching and who at that time are eligible for a Michigan Public School Employees Retirement Fund Pension and who have taught a total of fifteen (15) full years in the Vicksburg Community Schools
COMPENSATION UPON RETIREMENT. In consideration of Executive’s retirement on the Retirement Date and Executive fulfilling his obligations under this Agreement and the Employment Agreement, Executive shall be entitled to the compensation set forth in Sections 4, 5, 6 and 7 of this Agreement. Executive and the Company acknowledge and agree that Executive would not have been entitled to all of said compensation had Executive not executed this Agreement and the Release Agreement (as defined below) and that such items of compensation constitutes consideration sufficient to make this Agreement binding.
