Mutually Agreed Retirement Sample Clauses

Mutually Agreed Retirement. ▇▇. ▇▇▇▇▇▇▇ has the right to elect to retire from the Company at any time in accordance with existing Company policies. Nevertheless, it is in the best interests of the Company and its shareholders to insure the establishment and effective implementation of a plan for the seamless transition of a successor to ▇▇. ▇▇▇▇▇▇▇’▇ key position; to encourage ▇▇. ▇▇▇▇▇▇▇’▇ co-operation and assistance with that plan, and to promote ▇▇. ▇▇▇▇▇▇▇’▇ continued association with the Company after his retirement. Therefore, this section of the Agreement defines an augmented retirement plan and a future role for ▇▇. ▇▇▇▇▇▇▇ with the Company. Accordingly, if ▇▇. ▇▇▇▇▇▇▇ remains with the Company for the full term of this Agreement (or other such date as mutually agreed by the parties), he will receive the following compensation and benefits: a) Continuation of his base salary through the last day of his active employment with the Company. b) Payment of an amount equal to one year of his then-current base salary plus his most recent annual bonus award, payable as a lump sum on January 7, 2011. c) Continuation of his Company healthcare plan under COBRA and at the COBRA rate for a period of one year, during which time the Company will reimburse him for COBRA costs, including the gross-up of such payments for federal taxes. d) A consulting agreement to perform business-related activities for the Company, consistent with his experience and stature. Under this consulting agreement, ▇▇. ▇▇▇▇▇▇▇ will be employed as an independent contractor during an initial contract term of 5 years. The annual fee for his services will be $500,000, payable in equal monthly installments. In addition, the consulting agreement will provide for an annual bonus plan, based upon achievement of specific, quantifiable objectives set by the Company, with a target bonus range of 50% to 100% of the annual fee. The consulting arrangement will also provide for reimbursement of reasonable business and travel expense, including expense for an offsite office, furniture and administrative support. After its initial term of 5 years, the consulting agreement may be extended for additional 12 month periods by mutual consent of both parties, and each party agrees to provide the other with a minimum of 12 months advance notice of intent for such initial extension and 6 months advance notice of intent for any extensions thereafter. Should ▇▇. ▇▇▇▇▇▇▇’▇ consulting arrangement with the Company be prematurely terminated by his...