Employment Transition Period Sample Clauses

Employment Transition Period. Effective as of April 25, 2018 (the "Transition Date"), and without any further action required on the part of the Company or the Executive, the Executive acknowledges that he has resigned from his positions as Chief Executive Officer of the Company and as an officer of any subsidiary or affiliate of the Company. Although the preceding sentence is intended to be self-executing, the Executive shall execute any documents required by the Company to effectuate or memorialize the preceding sentence. The Company agrees to employ the Executive in a non-executive capacity as advisor to the Chief Executive Officer to assist with transition duties for a period commencing on the Transition Date and ending on August 31, 2018 (such period, the “Employment Transition Period”). During the Employment Transition Period, the Company and the Executive agree that: (i) The Executive shall continue to receive his current base salary, less applicable deductions and withholdings in accordance with Company’s usual payroll practices and procedures; (ii) The Executive shall continue to be eligible to participate in the Company’s standard employee benefit plans that the Executive participated in immediately preceding the Transition Date, including medical, dental, and vision care as elected by the Executive during the relevant enrollment period for 2018. During the Employment Transition Period the Executive shall continue to vest in outstanding long-term incentive awards in accordance with the applicable plan documents and agreements, provided, however, that the Executive shall not be eligible for any new long-term incentive grant in 2018 or thereafter. The Executive acknowledges and agrees that employee benefits may be added, discontinued, amended, or modified during the Employment Transition Period at the sole discretion of Company as long as they apply to similarly situated employees; (iii) In his full-time, non-executive, non-officer advisor role, the Executive shall report to the Company’s Chairman and Chief Executive Officer, or the Chief Executive Officer's designee. During the Employment Transition Period, the Executive shall not hold himself out to be an authorized representative of the Company absent prior written authorization and approval of the Chief Executive Officer or his designee; and (iv) The Company expects the Executive to perform his job duties to the Company’s satisfaction as determined by the Company's Chief Executive Officer.
Sample 1
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Employment Transition Period. For the period in which Executive will continue as an employee of M&I and Chairman of the Board following his retirement as Chief Executive Officer, Executive will receive salary at his current rate, and continue participation in other compensation and benefit programs, subject to approval by the Compensation and Human Resources Committee of the Board where required. Upon his retirement as an employee on January 1, 2008, Executive will also be fully vested in any outstanding restricted shares or restricted share units, which are not otherwise vested in accordance with their normal terms on such date.
Sample 1
Employment Transition Period. Beginning on November 16, 2002, and ending November 16, 2003, Mr. Davis shall be in an Employment Transition Period xxxx Xxxdor, during which time Mr. Davis shall receive a gross base salary of Ninety Xxxxxxxx, Eight Hundred Ninety-Five Dollars ($90,895.00) per year, and his profit sharing for calendar year 2002 and may participate in the 401(k) plan. Mr. Davis' base pay during his Employment Transition Xxxxxx xxall incorporate and include any vacation time, pay, or bonuses which he would otherwise be entitled; provided that Mr. Davis will be entitled to receive the contingent xxxxxxxxxion payment that would otherwise be paid on or about December 15, 2002; and February 15, 2003; which represent contingent payments based upon Baldor's performance in 2002 and Mr. Davis' services in that year. b. Underxxxxxxxx
Sample 1
Employment Transition Period. (a) Commencing on the effective date of this Agreement and ending on the close of business on August 17, 2007 (the “Employment Transition Period”), Wolverine agrees to continue to employ Weil as its Senior Vice-President, International and Strategic Development and Weil agrees to such continued employment, subject to the terms and provisions of this Agreement. (b) During the Employment Transition Period, Weil shall perform for Wolverine all reasonable and necessary duties incident to his position, which includes assisting with the training of, and the transition of duties and responsibilities to, his successors; provided however, that Weil will not have primary responsibility, as he had before the date of this Agreement, to the extent such duties and responsibilities have been transferred to his successors. In addition, Weil shall engage in such other reasonable and necessary services for Wolverine or its affiliates as Wolverine’s management and/or Board of Directors from time to time shall reasonably direct. Weil shall use his best efforts in, and devote a reasonable and necessary amount of his time, attention, and energy to, Wolverine’s business. (c) During the Employment Transition Period, as compensation for services rendered, Wolverine shall pay Weil a base salary of $32,745.82 per month payable in accordance with Wolverine’s usual payroll practices. In addition, as an inducement to remain in the employ of Wolverine during the Employment Transition Period, Wolverine shall pay Weil a stay bonus of $190,000.00, payable as of the date this Agreement is executed by all of the parties hereto (the “Stay Bonus”). (d) Effective on the close of business on August 17, 2007 (the “Scheduled Employment Expiration Date”), Weil’s employment relationship with Wolverine shall automatically terminate and Wolverine shall have no further obligation to provide Weil with the compensation described in Section 1(c) above other than any earned but unpaid base salary. Prior to the Scheduled Employment Expiration Date, Wolverine may terminate the employment relationship with Weil for any reason whatsoever; provided, however, that Wolverine shall remain obligated to provide Weil the compensation described in Section 1(c) above unless such termination is for “Cause” (as defined below). Prior to the Scheduled Employment Expiration Date, Weil may terminate the employment relationship with Wolverine for any reason whatsoever, in which case (i) Wolverine shall have no further obligat...
Sample 1
Employment Transition Period. The Parties have mutually agreed, in the interest of an orderly succession of your role, to continue your employment with the Company from March 12, 2019 through May 31, 2019 (such period, the “Employment Transition Period”), subject to the provisions of this Section 1 below. During the Employment Transition Period, the Parties agree that: (a) you will continue to receive your Base Salary in effect as of the date hereof plus all applicable benefits and perquisites, accrual and crediting of applicable amounts under the Company’s annual performance bonus plan, vesting of equity and other long-term incentive awards in accordance with the terms thereof and reimbursement of expenses, (less, in each case, applicable deductions and withholdings in accordance with Company’s usual payroll practices and procedures), and (b) you will continue in a full-time, non-executive, non-officer employment role reporting to the Company’s Chief Executive Officer (“CEO”), assisting with the transfer of your responsibilities and such other advisory activities as you and the CEO previously discussed in connection with this transition. You acknowledge that your last day of employment with the Company shall be May 31, 2019 (the “Separation Date”). Effective as of the date hereof, you hereby irrevocably resign from all positions you hold with the Company and its subsidiaries, including as Senior Executive Vice President, Chief Financial Officer and Chief Administrative Officer and agree to execute any additional documents required by the Company to effectuate such resignations. You agree that, following the Separation Date, you will not represent yourself to be associated in any capacity with the Company or any of its subsidiaries or affiliates (collectively, the “Company Group”).
Sample 1
Employment Transition Period. Under the terms and subject to the conditions of this Agreement, Lowber's employment status witx xxx Xxmpany shall continue through December 31, 2002. During the period from and after July 22, 2002 Lowber shall not be required to report regularly to the Company for any work and shall be considered an "employee" of the Company for the limited purposes of the employee benefit plan coverages available to employees of the Company and under the SAFECO Incentive Stock Option Plan of 1987 and the SAFECO Long-Term Incentive Plan of 1997.
Sample 1
Employment Transition Period. During the period from the execution date of this Agreement through the date upon which a new Senior Vice President, Engineering commences employment with the Company or such earlier date designated by the Company (the “Transition Period”), you will remain in your full-time position of Senior Vice President, Engineering, and will continue to discharge the duties within your areas of responsibility and assist in the recruitment, training and transition of your responsibilities to a new Senior Vice President, Engineering. During the Transition Period, you will continue to receive salary and benefits at the level in effect as of March 28, 2012. Your employment will at all times during the Transition Period and thereafter continue to be terminable on an at-will basis, without cause or notice, by either you or the Company.
Sample 1
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Employment Transition Period. Under the terms and subject to the conditions of this Agreement: Zunkxx'x xxxloyment with the Company shall continue through and including August 31, 1998; Zunkxx xxxll resign as President of the Company effective February 7, 1998; and Zunkxx xxxll be named Vice Chairman of the Company from February 7, 1998 through August 31, 1998. From the effective date of this Agreement through August 31, 1998, Zunkxx xxxll assist in the completion of those projects or activities deemed essential by the President of SAFECO Corporation, shall provide support so that the transition to his successor is completed smoothly and with a minimum of disruption, and shall be available to complete other duties, including representing the Company or its parent or affiliates in community and industry activities, as may from time-to-time be assigned by the President of SAFECO Corporation.
Sample 1
Employment Transition Period. Stodxxxx'x xxxive duties and responsibilities with the Company as officer and director will end on August 2, 2000. Under the terms and subject to the conditions of this Agreement, Stodxxxx'x xxxtus as an employee with the Company shall continue through and including August 31, 2000. During such period, Stodxxxx xxxll be considered an "employee" of the Company for the limited purposes of the employee benefit plan coverages available to employees of the Company and the SAFECO Long-Term Incentive Plan of 1997 ("Plan"), but Stodxxxx xxxll not be required to report to the Company for or to perform any work. Stodxxxx xxxl resign from employment with the Company effective August 31, 2000.
Sample 1

Related to Employment Transition Period

  • Employment Period; Remaining Unexpired Employment Period (a) The terms and conditions of this Agreement shall be and remain in effect during the period of employment established under this Section 2 (“Employment Period”). The Employment Period shall be for an initial term of three (3) years beginning on the date of this Agreement and ending on the third anniversary date of this Agreement, plus such extensions, if any, as are provided pursuant to Section 2(b). (b) Beginning on the date of this Agreement, the Employment Period shall automatically be extended for one (1) additional day each day, unless either the Company and the Bank, acting jointly, or the Executive elects not to extend the Agreement further by giving written notice to the other parties, in which case the Employment Period shall end on the third anniversary of the date on which such written notice is given. For all purposes of this Agreement, the term “Remaining Unexpired Employment Period” as of any date shall mean the period beginning on such date and ending on: (i) if a notice of non-extension has been given in accordance with this Section 2(b), the third anniversary of the date on which such notice is given; and (ii) in all other cases, the third anniversary of the date as of which the Remaining Unexpired Employment Period is being determined. Upon termination of the Executive’s employment with the Company and the Bank for any reason whatsoever, any daily extensions provided pursuant to this Section 2(b), if not therefore discontinued, shall automatically cease. (c) Subject to Section 3, nothing in this Agreement shall be deemed to prohibit the Company or the Bank from terminating the Executive’s employment at any time during the Employment Period with or without notice for any reason; provided, however, that the relative rights and obligations of the Company, the Bank and the Executive in the event of any such termination shall be determined under this Agreement.

  • Termination of Employment Period The Agreement Term shall terminate upon the occurrence of any of the following:

  • Termination of Employment Agreement As of the Effective Date, the Employment Agreement hereby is terminated in its entirety and shall no longer have any force or effect.

  • Employment Termination Date The Employment Termination Date shall be as follows: (i) if the Executive’s employment is terminated by Executive’s death, the date of Executive’s death; (ii) if the Executive’s employment is terminated pursuant to any other provision of this Agreement, the date specified in the Notice of Termination (the “Employment Termination Date”).

  • TERMINATION OF EMPLOYMENT CONTRACT This employment contract may be terminated by: A. Mutual agreement of the parties. B. The Facilities Manager may terminate this employment contract upon sixty (60) days written notice to the Board or the Superintendent, as the case may be.

  • Termination of Employment; Change in Control (i) For purposes of the grant hereunder, any transfer of employment by the Optionee among the Corporation and the Subsidiaries shall not be considered a termination of employment. Except as set forth below in this Section 4(c)(i), if the Optionee's employment with the Corporation shall terminate for any reason, (a) the Option (to the extent then vested) may be exercised at any time within ninety (90) days after such termination (but not beyond the Term of the Option) and (b) the Option, to the extent not then vested, shall immediately expire upon such termination. Notwithstanding the foregoing, (a) if the Optionee's employment with the Corporation is terminated for Cause (as defined in the last Section hereof), the Option, whether or not then vested, shall be automatically terminated as of the date of such termination of employment, (b) if the Optionee's employment terminates by reason of Retirement, the termination of the Optionee's employment by the Company other than for Cause, or the termination of the Optionee's employment by the Optionee for Good Reason (as defined in the last Section hereof), the Option shall remain exercisable for three years from the date of such termination of employment (but not beyond the Term of the Option) and (c) if the Optionee dies or becomes Disabled (A) while employed by the Corporation or (B) within 90 days after the termination of his or her employment (other than a termination described in clause (a) or (b) of this sentence), the Option may be exercised at any time within one year after the Optionee's death or Disability (but not beyond the Term of the Option). (ii) If the Optionee's employment terminates by reason of death, Disability, Retirement, the termination of the Optionee's employment by the Company other than for Cause, or the termination of the Optionee's employment by the Optionee for Good Reason, the Option shall become fully and immediately vested and exercisable. In the event of a Change in Control (as defined in the last Section hereof), the Option shall immediately become fully vested and exercisable.

  • Termination Period This Option shall be exercisable for three (3) months after Participant ceases to be a Service Provider, unless such termination is due to Participant’s death or Disability, in which case this Option shall be exercisable for twelve (12) months after Participant ceases to be a Service Provider. Notwithstanding the foregoing sentence, in no event may this Option be exercised after the Term/Expiration Date as provided above and this Option may be subject to earlier termination as provided in Section 13 of the Plan.

  • Termination of Employment Following a Change in Control Subject to Section 11(a) hereunder, the Executive shall be entitled to the Change in Control Severance Benefits (as defined in Section 4(c) below) set forth in this Section 4, in lieu of the severance benefits the Executive is entitled to under Section 3 of this Agreement, if there has been a Change in Control and the Executive has incurred a Termination of Employment. The severance benefit provided under this Section 4 is in lieu of cash severance payments offered under the Company's documented severance policy, if any. (a) For purposes of Section 4 of the Agreement, "Termination of Employment" shall be defined as: (i) The Executive's involuntary termination by the Company for any reason other than death, Disability or Cause; or (ii) The Executive's termination for "Good Reason," defined as the occurrence of any of the following events without the Executive's written consent, if the Executive terminates employment within one (1) year following the occurrence of such event: (A) Any reassignment of the Executive to substantial duties materially inconsistent with the Executive's position, duties, responsibilities and status with the Company immediately prior to the Change in Control or a substantial diminution in the Executive's position, duties, responsibilities or status with the Company from his position, duties, responsibilities or status with the Company immediately prior to the Change in Control; provided that the fact that the Company is no longer a publicly traded company or the Executive no longer has duties and responsibilities associated exclusively with a publicly traded company, such as Securities and Exchange Commission or stock exchange reporting responsibilities or investor or analyst relations responsibilities, shall not be deemed to be a reassignment of the Executive to substantial duties materially inconsistent with the Executive's position, duties, responsibilities and status with the Company immediately prior to the Change in Control or a substantial diminution in the Executive's position, duties, responsibilities or status with the Company from his position, duties, responsibilities or status with the Company immediately prior to the Change in Control; (B) Any reduction in the Executive's base salary or targeted incentive bonus or commissions in effect immediately prior to the Change in Control, or failure by the Company to continue any bonus, stock or other incentive plans in effect immediately prior to the Change in Control (without the implementation of comparable successor plans that provide comparable award opportunities/benefits), or any removal of the Executive from participation in such aforementioned plans; (C) The discontinuance or reduction in benefits to the Executive under any qualified or nonqualified retirement or welfare plan maintained by the Company immediately prior to the Change in Control (without the implementation of comparable successor plans that provide comparable benefits), or the discontinuance of any fringe benefits or other perquisites that the Executive received immediately prior to the Change in Control (without the implementation of comparable successor plans that provide comparable benefits); (D) Required relocation of the Executive's principal place of employment more than 50 miles from the Executive's place of employment prior to the Change in Control; or (E) The Company's breach of any provision in this Agreement, provided that the Company has not cured such breach within 10 days following written notice by the Executive to the Company of such breach. (b) The Executive who believes the Executive is entitled to a Termination of Employment for Good Reason, as defined in Section 4 above, may apply in writing to the Company for confirmation of such entitlement prior to the Executive's actual separation from employment, by following the claims procedure set forth in Section 15 hereof. The submission of such a request by the Executive shall not constitute "Cause" for the Company to terminate the Executive as defined under Section 2(a) hereof. If the Executive's request for a Good Reason Termination of Employment is denied under both the request and appeal procedures set forth in paragraphs (b) and (c) of Section 15 hereof, then the parties shall use their best efforts to resolve the claim within 90 days after the claim is submitted to arbitration pursuant to Section 15(d). (c) Upon satisfaction of the requirements set forth in Sections 4 or 11(a) hereof and with respect to any one or more Changes in Control that may occur during the term of this Agreement, upon the Executive's execution of a release (in the form attached hereto as Exhibit A), the Executive shall be entitled to (the "Change in Control Severance Benefits"): (i) A cash severance benefit equal to one times the Executive's current annual base salary, as in effect at the time of the Change in Control; (ii) A prorated portion of the Executive's target bonus for the year of termination, based on the number of days worked in the year of termination; (iii) Subject to Section 6, continuation of Company-provided health (including vision and dental, if provided by the Company immediately prior to the Change in Control) and welfare benefits (including executive life insurance coverage, if provided by the Company to the Executive immediately prior to the Change in Control) for one year, on the terms (or comparable terms) provided by the Company to the Executive immediately prior to the Change in Control. Health benefits shall be provided through continued coverage under the Company's group health plan, if allowed under the terms of such plan, or by the reimbursement of COBRA continuation coverage premiums paid by the Executive, as determined by the Company; provided, however, if the health plan is self-insured by the Company, then the determination shall be made by the Executive. Any continuation of group health plan coverage under this paragraph shall run concurrently with the period of required COBRA continuation coverage under the Code. If COBRA continuation coverage is not available, the Company shall reimburse the Executive for premiums for comparable coverage, provided, however, that the reimbursement shall not exceed the greater of (i) two times the annual premium paid by the Company for such coverage at the date of termination or (ii) two times the amount of the COBRA premium under the Company's group health plan for coverage comparable to that elected by the Executive, (A) at the time of the Change of Control or (B) at the time of the required payment, whichever is greater. Welfare benefits (other than health benefits) shall be continued only to the extent permitted under the terms of such plans; (iv) Continuation of the Executive's then current car benefit for one year in accordance with the Company car policy in effect at the time of termination. (v) Continued coverage, during the six (6) years following the Executive's termination for his actions or omissions as an officer and, if applicable, director of the Company prior to the date of termination of his employment, under any directors and officers liability insurance policy maintained by the Company (or, if the Company does not maintain such a policy, by its affiliates) for its former directors and officers or, at the Company's election, for the current directors and officers. If the Company or its affiliates does not otherwise maintain such a policy, then the Company shall be required to provide the Executive with such a policy, to the extent available. The policy dollar coverage limits of any such policy shall be not less than the policy limit under any Company policy in place within the one (1) year prior to the Executive's termination of employment (the "Existing Policy") or, if less, the policy dollar coverage limit that can be purchased by the Company for all of its current and former directors and officers at an annual premium equal to two times the Company's annual premium for the Existing Policy. (d) Subject to Section 11(a) hereof, the Executive's cash severance benefit under Section 4(c)(i) and (ii) shall be paid in a lump sum cash payment within ten (10) days following the Executive's Termination of Employment, as defined in Section 4. Any payment made later than 10 days following the Executive's Termination of Employment (or applicable due date under Section 11(a) hereof) for whatever reason, shall include interest at the prime rate plus two percent, which shall begin accruing on the 10th day following the Executive's Termination of Employment (or applicable due date under Section 11(a) hereof). For purposes of this Section 4, "prime rate" shall be determined by reference to the prime rate established by Comerica Bank (or its successor), in effect from time to time commencing on the 10th day following the Executive's Termination of Employment (or applicable due date under Section 11(a) hereof). (e) Section 4 of this Agreement shall terminate upon the first of the following events to occur: (i) Three years from the date hereof if a Change in Control has not occurred within such three-year period; (ii) Termination of the Executive's employment with the Company prior to a Change in Control, provided, however, if there is a Change in Control within six months after the termination of the Executive's employment with the Company, other than a termination due to the Executive's death or Disability, an involuntary termination by the Company for Cause or a termination of employment by the Executive, then the Agreement shall not be deemed to have terminated and the Executive shall be entitled to receive the Change in Control Severance Benefits provided in Section 4, less any Regular Severance Benefits the Executive has been paid under Section 3, in lieu of the severance benefits the Executive is entitled to under Section 3; (iii) The expiration of two years following a Change in Control; (iv) Termination of the Executive's employment with the Company following a Change in Control due to the Executive's death or Disability; (v) Termination of the Executive's employment by the Company for Cause following a Change in Control; or (vi) Termination of employment by the Executive for other than Good Reason following the date of a Change in Control. Unless Section 4 of this Agreement has first terminated under clauses (ii) through (vi) hereof, commencing on the third anniversary of the date of this Agreement, and on each one-year anniversary thereafter, Section 4 of this Agreement shall be extended for one additional year, unless at least 180 days prior to any such anniversary, the Company notifies the Executive in writing that it shall not extend the term of Section 4 of this Agreement.

  • Transition Period Due to the nature of our purchasing process, the District often requires an existing service provider to continue to provide goods and/or services while the District is in the process of advertising, evaluating, and awarding a contract for the provision of the same goods and/or services in the future. To accommodate this process, the Contractor shall agree to maintain the same terms and conditions set forth in this Agreement for a period up to ninety (90) days after the automatic termination of this Agreement at the end of its term, if requested by the District, as a transition period. In addition, if the Contractor is not the successful bidder for a future solicitation for the same or similar services, he or she shall agree to provide the same goods and/or services provided in this Agreement for a period up to ninety (90) days to allow for an orderly transition to the new provider. The District and the Contractor may mutually agree to a longer transition period.

  • Expiration of Employment Period If Executive’s employment shall be terminated due to the normal expiration of the Employment Period, this Agreement shall terminate without further obligations to Executive, other than for payment of Accrued Obligations and the timely payment or provision of Other Benefits.

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