First Transition Period Sample Clauses
The "First Transition Period" clause defines a specific initial timeframe during which certain terms, obligations, or conditions of an agreement are temporarily modified or phased in. Typically, this period may involve reduced requirements, adjusted pricing, or limited responsibilities for one or both parties as they adapt to the new arrangement. By establishing a clear starting phase, the clause helps manage expectations and facilitates a smoother implementation of the contract, reducing the risk of disruption or non-compliance during the early stages.
First Transition Period. During the First Transition Period, the Executive’s compensation shall be as follows:
(i) Executive will continue to receive his existing base salary as in effect on the Effective Date, payable in accordance with the Company’s standard payroll practices, subject to tax withholding.
(ii) Executive shall be entitled to receive a pro-rated portion of any earned Short-Term Incentive Plan bonus with respect to the period beginning on October 1, 2016 and ending on the Transition Date, payable to Executive at such time as the annual bonuses for fiscal year 2017 are paid by the Company to its executive officers.
(iii) All long-term Incentive grants (restricted performance shares and restricted stock awards) previously made will continue to vest during the First Transition Period. Executive will not be eligible to receive any new grants during the First Transition Period.
(iv) Executive will continue to be eligible to participate in or receive benefits under the Company’s retirement, health, welfare and fringe benefit plans for employees in effect from time to time, subject to the terms and conditions of such plans (collectively, the “Plans”).
(v) During the First Transition Period, Executive will not be entitled to receive any additional compensation other than as set forth herein for his service as a director of the Company.
First Transition Period. On the First Transition Date, Executive shall relinquish the position of Chief Executive Officer of the Employers and any, unless otherwise requested by the Company, positions held by Executive in any subsidiaries or affiliates of the Company and shall assume the position of Executive Chairman of the Board (“Executive Chairman”) pursuant to the Company’s Restated Bylaws (“Bylaws”) and remain a director, officer and employee of the Company. As Executive Chairman, Executive shall perform such duties and have such authority as are customarily associated with such position and contemplated by the Bylaws and shall also perform such other duties commensurate with such position as may be reasonably requested by the Board and the Company’s Chief Executive Officer. It is anticipated that such duties shall include, but not be limited to, providing support for strategic initiatives, particularly those relating to customers, employee experience and labor relations, social responsibility and community impact, and maintaining, fostering and transitioning relationships with business and industry boards and organizations, customers, employees, investors, regulators and other government entities on behalf of the Company. Executive shall serve as Executive Chairman from the First Transition Date until the date of the Company’s 2021 annual meeting of stockholders (the “Second Transition Date,” and the period from the First Transition Date until the Second Transition Date, the “First Transition Period”). During the First Transition Period, Executive shall receive a base salary at an annual rate of $2,000,000, which shall be paid in accordance with the Employers’ normal payroll procedures, and shall continue to be eligible to participate in such employee benefit plans, programs and policies, and shall continue to receive the benefits and perquisites under Section 3(e)(i) through (v) (inclusive) of the Employment Agreement, as have been provided to Executive or are available to senior executives of the Company (including, if continued by the Employers for senior executives generally, reimbursement of up to $20,000 annually for financial planning and tax services (the “Financial Planning Reimbursement”), in accordance with applicable Company policy). Executive shall not be entitled to receive any annual incentive compensation with respect to any year after 2020 or any grants of long-term incentive compensation during the First Transition Period. During the First Transition Perio...
First Transition Period. You will continue to provide services to the Company as an employee on a part-time status during a First Transition Period, beginning January 15, 2001 and ending June 30, 2001 (the "Transition Date"). During this First Transition Period: (i) your duties will be as directed by the Company's Chief Executive Officer (the "CEO"), in the areas of acquisitions and mergers or other areas as mutually agreed; and (ii) the Company will continue to provide you with your full base salary of $19,583 per month, except as temporarily reduced by 10% by the CEO for May and June of 2001, one-half paid each pay period, and a prorated bonus of $58,750 paid as soon as practical at the end of the First Transition Period, and full benefits. The Company will pay you at your $19,583 per month rate for all accrued and unused vacation and sabbatical time as of the Transition Date, in or about July 2001.
First Transition Period. During the First Transition Period, Executive shall be entitled to receive the following compensation and benefits from the Company:
(i) The Company shall pay to Executive his base salary as was in effect immediately prior to the Effective Date, payable in accordance with the Company’s standard payroll practices;
(ii) The Company shall pay to Executive fifty percent (50%) of Executive’s target cash bonus for the fiscal year in which the end of the First Transition Period occurs, based on the Company’s achievement of the relevant performance targets through July 31, 2005 (the “July Bonus”). Such cash bonus shall be paid as soon as practicable following July 31, 2005. If, following the end of the fiscal year in which the end of the First Transition Period occurs, fifty percent (50%) of Executive’s target cash bonus for such fiscal year, calculated based on the Company’s actual performance for the full fiscal year (the “Actual Bonus Amount”), is greater than the July Bonus, the Company shall pay to Executive an additional cash bonus equal to the amount by which the Actual Bonus Amount exceeds the July Bonus at the time Company bonuses are customarily paid to Company employees;
(iii) Executive shall be eligible to participate in any employee benefit plans or programs, including but not limited to group medical, dental, and vision benefits, life and disability insurance benefits, long term care insurance, and other programs, maintained or established by the Company to the same extent as full-time employees of the Company, subject to the generally applicable terms and conditions of the plan or program in question relating to full-time employees and the determination of any committee administering such plan or program; and
(iv) All accrued but unpaid vacation earned by Executive shall be paid to Executive by the Company on the last day of the First Transition Period.
First Transition Period. During the period commencing on the Effective Date and ending on September 9, 2005 (the “First Transition Period”), Executive will continue to be employed by the Company.