Executive’s Retirement. The Executive’s employment shall terminate upon his Retirement. As used in this Agreement, “Retirement” shall mean the point in which the Executive has reached the age of sixty-five (65) and has decided to exit the workforce completely. If the Employment Period is terminated by reason of the Executive’s Retirement, the Executive shall give one hundred eighty (180) days’ advance notice to the effect to the Company.
Executive’s Retirement. (a) The Executive resigns his current position and active employment with the Company effective as of the Retirement Date and thereafter will become a paid consultant of the Company effective February 1, 2017. The Executive understands that effective as of the Retirement Date, the Executive will cease to be an officer of the Company, and that he will not be provided access to non-public Company financial or operational information. It is acknowledged that the Executive will not trade Company stock during the current blackout period as determined by the Company, but that thereafter subsequent blackout periods and the Company stock sale guidelines will be inapplicable to the Executive. Notwithstanding the foregoing, the Executive’s trading in Company stock shall be governed by rules and regulations prohibiting or limiting stock trades on material information regarding the Company which has not been disclosed to the public.
(b) Effective as of the Retirement Date, the Executive will cease to be an employee of, or have any connection with, or claims against the Company (except for payments or benefits due hereunder). The Executive’s right to participate in the employee benefits offered by the Company shall cease on the Retirement Date, except as set forth herein or as required by applicable law.
(c) Additionally, effective as of the Retirement Date, the Executive resigns as an officer and/or a member of the Board of Directors of any of the Company’s subsidiaries.
Executive’s Retirement. As of the close of business on the Retirement Date, Executive shall be deemed to retire from the Company, including all positions that he formerly held with the Company.
Executive’s Retirement. (a) Executive agrees to remain employed as the Company’s Chairman and Chief Executive Officer until the date of the Company’s 2010 annual shareholders’ meeting, presently expected to be May 26, 2010 (the “Retirement Date”). Effective as of the Retirement Date, Executive shall be deemed to have resigned his employment and all other positions with the Company and to have resigned from the Company’s Board of Directors (the “Board”).
(b) From the Retirement Date through the end of the Consulting Period (as defined below), Executive shall serve as a consultant to the Company on the terms set forth in this Agreement.
(c) Following the Retirement Date, Executive shall have the title of Chairman Emeritus.
(d) Notwithstanding the foregoing, nothing in this Agreement changes the “at will” nature of Executive’s employment with the Company prior to the Retirement Date.
Executive’s Retirement. (a) The Executive resigns his current position and active employment with the Company effective as of the Retirement Date and thereafter will become a paid consultant of the Company effective April 1, 2016. The Executive understands that effective as of the Retirement Date, the Executive will cease to be the Chief Executive Officer of the Company.
(b) Effective as of the Retirement Date, the Executive will cease to be an employee of, or have any connection with, or claims against the Company (except for payments or benefits due hereunder). The Executive’s right to participate in the employee benefits offered by the Company shall cease on the Retirement Date, except as set forth herein or as required by applicable law.
(c) Additionally, effective as of the Retirement Date, the Executive resigns as a member of the Board of Directors of the Company.
Executive’s Retirement. Executive shall be eligible to Retire no earlier than the end of the Initial Term by providing at least six (6) months’ notice to Company. In order to be eligible for Retirement, Executive must have remained in continuous service and is in good standing. In the event that Executive Retires:
(i) Company shall pay Executive (1) his accrued and unpaid Base Salary through the Date of Retirement, (2) any accrued and unpaid bonus or additional compensation under any Annual Cash Incentive plan for any calendar year ended on or before the Date of Retirement, and (3) any vested or accrued and unpaid payments, rights or benefits Executive may be otherwise entitled to receive pursuant to the terms of any accrued but unused vacation or other employee benefit or compensation plan maintained by Company at the time or times provided therein.
(ii) Company shall pay for eighteen (18) months all of Executive’s cost to continue his and his dependents group medical and dental insurance plans pursuant according to COBRA.
(iii) On the date of Retirement, Executive's rights under any compensation or benefits programs shall become vested and any restrictions on stock options or contractual rights granted to Executive shall be removed.
(iv) All stock options held by Executive no matter when granted shall vest and all restrictions on restricted stock held by Executive no matter when granted shall lapse.
(v) Executive shall have the right to exercise any vested stock options for a period of eighteen (18) months after a Separation of Service and shall not be required to exercise within any set amount of time from Retirement (i.e. within 30 days).
(vi) Notwithstanding any other provision of this Agreement to the contrary, in the case of any compensation which is subject to Code Section 409A, if the Executive is a Specified Employee at the time of a Separation From Service and the payment or provision of such compensation is made as a result of the Separation From Service, then no portion of such benefits or other such compensation shall be made before the date that is six (6) months after the date of the Separation from Service or, if earlier, the date of death of the Specified Employee. Any compensation which would otherwise be paid within such six (6) month period after a Separation From Service shall be paid on the date which is six (6) months and one day after the Separation From Service, or the first business day thereafter. The provisions and application of this paragraph will b...
Executive’s Retirement. Executive shall retire and resign from her positions with the Company and its subsidiaries effective at the close of business on the Retirement Date, without any further action required by Executive or the Company. Executive will be paid her normal salary and benefits through the Retirement Date. After the Retirement Date, in accordance with the Company’s normal policy, the Company shall pay Executive a lump sum cash payment of all earned and unpaid salary and any accrued but unused vacation days owed to Executive as of her Retirement Date. Executive also shall receive such benefits as are provided Executive under Company's plans and programs in accordance with the terms of such plans and programs and this Agreement. Such benefits shall include, but not necessarily be limited to, vested retirement benefits under the Management Pension Plan and Supplemental Executive Retirement Plan, the 401(k) Plan, and the Deferred Compensation Plan. Nothing in this Agreement shall affect Executive’s rights to receive all outstanding amounts under the Discretionary Bonus Agreement dated as of May 5, 2009, between the Company and Executive.
Executive’s Retirement. (a) Executive agrees to remain employed as the Company’s President and Chief Executive Officer until July 31, 2016 (the “Resignation Date”). Effective as of the Resignation Date, Executive shall be deemed to have resigned his position as President and Chief Executive Officer but will remain an employee of the Company and a member of the Board.
(b) Executive agrees to remain an employee of the Company from the Resignation Date until August 15, 2016 (the “Employment Termination Date”) during such time period he will be available for in person orientation meetings with the new Chief Executive Officer (through August 4, 2016) and will be available via email or phone as needed (after August 4 and until August 15, 2016.)
(c) From the Employment Termination Date through the end of the Consulting Period (as described in Section 5 of this Agreement), Executive shall serve as a consultant to the Company on the terms set forth in Section 5 of this Agreement.
(d) Notwithstanding the foregoing, nothing in this Agreement changes the “at will” nature of Executive’s employment with the Company prior to the Employment Termination Date.
Executive’s Retirement. Executive agrees to retire from and terminate his employment with the Company, and the Company agrees to such retirement and termination, under the terms and conditions set forth in this Agreement. On the Retirement Date, Executive will cease to be an employee and a director (if applicable) of the Company Entities, and Executive hereby agrees to resign from any and all offices, directorships, and other positions with the Company Entities and to execute all documents reasonably requested by the Company to further effectuate such resignations.
(a) Executive’s retirement will be effective and his employment with the Company Entities will terminate on March 3, 2023 (the “Retirement Date”).
(b) Executive will continue to serve as the Vice President and Chief Financial Officer, Secretary and Treasurer of the Company, and all offices, directorships, and other positions he currently holds, until the Retirement Date. During the period through the Retirement Date, Executive will support the transition of his duties and responsibilities as an officer and director of the Company Entities to other executives as directed by the Company’s Chief Executive Officer and will perform such other duties as are assigned to him by the Company’s Chief Executive Officer.
Executive’s Retirement. The Executive hereby retires and resigns as an employee and officer of the Company, Chairman of the Board, and any other position with the Company, effective as of the Retirement Date. The Executive’s termination of employment on the Retirement Date shall constitute a voluntary resignation by the Executive under Section 5(d) of the Employment Agreement. Executive is eligible for retirement under the Company’s Long-Term-Term Incentive Plan as it applies to his Other Equity Awards.
