Retirement and Transition Sample Clauses

Retirement and Transition. Your retirement will become effective and your employment with the Company will terminate as of the close of business on September 10, 2021 (your “Transition Date”). You will be paid, at your current annual salary, for time worked through your Transition Date (and receive your full benefits through such date) and for unused and accrued vacation time (if any) as of your Transition Date, in each case less lawful deductions, and will be reimbursed for any pre-Transition Date expenses submitted and documented to the extent such expenses are reimbursable under the Company’s Travel & Entertainment Expense policy and/or other applicable policy.
Sample 1
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Retirement and Transition. In connection with Xxxxx’x retirement and the transition of his duties to his successor, the parties agree that: x. Xxxxx shall retire from his employment with Employer on the Retirement Date. x. Xxxxx hereby resigns as Chief Executive Officer of the Company and as an officer or director of any other subsidiary or affiliate of the Company, all of which resignations are effective immediately. x. Xxxxx shall continue to serve as an officer of the Company until the Retirement Date. From the date of this Agreement until the Retirement Date (the “Transition Period”), Xxxxx shall serve as senior advisor to Xxxx Xxxxxx, successor executive officer of the Company, and shall work to transition his knowledge, duties and responsibility to Xx. Xxxxxx. Additionally, Xxxxx shall have such appropriate transition, customer relations, and other duties as may be assigned by the Bank’s Board of Directors from time to time. d. During the Transition Period, Xxxxx shall continue to receive (i) base salary at his current rate; (ii) his expenses for membership and dues in one Country Club and one civic club, and any other fringe benefits which are now or may be or become applicable to the Bank’s executive employees; (iii) the continued use of the current automobile provided by Employer to Xxxxx; and (iv) the right, but not the obligation, to purchase such automobile for its current fair market value on his Retirement Date. During the Transition Period, Xxxxx will not be eligible to receive any bonuses. Xxxxx will not be entitled to any severance or any special separation pay upon or following his retirement. The Bank will continue to cover Xxxxx under its directors and officers liability insurance policy during the Transition Period. After Xxxxx’x retirement, Xxxxx will have the same coverage under this policy (or successor policies) and the same entitlement to corporate indemnification as other retired officers and directors. The benefits and payments Xxxxx receives under this Agreement are conditioned upon (A) his employment through the Retirement Date not being terminated by Xxxxx for any reason or by the Company for Cause (as such term is defined by the Employment Agreement) and (B) Xxxxx’x performance of and compliance with the terms of this Agreement and any continued post-employment obligations under the Employment Agreement as provided in Section 4 of this Agreement.
Sample 1
Retirement and Transition. Xx. Xxxxxx’x retirement as Company Leader and as a Board member, as well as from all other officer and director positions he holds with the Company, the Company’s subsidiaries and its affiliates, is effective immediately. Also effective immediately, Xx. Xxxxxx is appointed to the office of Interim Company Leader, to serve at the pleasure of the Board in such capacity until the effective date on which his successor becomes Company Leader but in no event later than June 30, 2008 (the “Transition Date”).
Sample 1
Retirement and Transition. Executive will not retire and will remain in his current position until (a) a successor to Executive is hired and starts full-time employment at the Company and (b) the Company files its 2004 Annual Report on Form 10-K with the Securities and Exchange Commission. Executive will retire effective the end of business on the date on which both of these tasks are completed (the “Retirement Date”). The Company and Executive will both use reasonable efforts to complete such tasks on or before March 15, 2005. The Company reserves the right in its sole discretion to waive these conditions and accelerate the Retirement Date. The Company will have sole discretion over the selection of a successor, and Executive will work in good faith to prepare for and effect a smooth transition of his responsibilities to the successor.
Sample 1
Retirement and Transition. Executive currently serves as ____________ (“EVP”) of UAL and the Company and as a director and officer of certain other subsidiaries and affiliates of UAL. Executive has informed UAL and the Company of Executive’s intention to retire __________. To support the effective transition of Executive’s responsibilities, Executive agrees to provide continuing services to UAL and the Company and to voluntarily retire from UAL and the Company on ___________ or such earlier date as mutually agreed to by the parties (the “Retirement Date”).
Sample 1
Retirement and Transition. (a) An employee may request to enter into a transition to retirement arrangement by discussing their intentions with their supervisor in conjunction with People & Culture. (b) The employer will genuinely consider the employee’s request, taking into account operational requirements of the organisation as well as the personal needs of the employee. Where relevant, the arrangement will be reviewed on an annual basis to ensure it continues to meet the employer and employee needs. Where an application is refused, the reasons for the refusal shall be provided in writing to the employee. (c) Employees considering the option of entering into a transition to retirement arrangement are encouraged to seek independent financial advice. Part 2—Consultation and Dispute Resolution
Sample 1
Retirement and Transition. Executive currently serves as Executive Vice President and Chief Financial Officer (“CFO”) of UAL and the Company and as a director and officer of certain other subsidiaries and affiliates of UAL. Executive has informed UAL and the Company of his intention to retire in 2024. To support the effective transition of Executive’s responsibilities, Executive agrees (i) to serve as CFO until the effective date of UAL’s appointment of a successor CFO, after which time Executive will serve as Executive Vice President, Finance; (ii) to provide continuing services to UAL and the Company to support the successful transfer of responsibilities, the filing of UAL and the Company’s 2023 Annual Report on Form 10-K, and the execution of the United Next growth strategy and related aircraft acquisition and financing arrangements; and (iii) to voluntarily retire from the UAL and Company on September 30, 2024 or such earlier date as mutually agreed to by the parties (the “Retirement Date”).
Sample 1
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Retirement and Transition a. You and the Company acknowledge and agree that you have provided notice of your intent to voluntarily resign and retire from your employment and officer positions with the Company and its subsidiaries, effective as of July 1, 2023 (such date, or such earlier date that your employment actually terminates, the “Transition Date”). Effective as of the Transition Date, your active employment with the Company will terminate and you hereby resign as an employee and from all other officerships of the Company and its subsidiaries; provided, that following the Transition Date, at the Company’s discretion, you will continue to serve as a member of the Board and in any other directorships you may hold at the Company and its subsidiaries. Until the Transition Date, that certain Employment Agreement by and between the Company and you, dated as of April 13, 2018, as subsequently amended (the “Employment Agreement”) will continue to control with respect to your salary, benefits and other matters with respect to your employment with the Company. Notwithstanding the foregoing, nothing herein shall limit the Company’s ability to terminate your employment for Cause (as defined in the Employment Agreement) prior to the Transition Date in the event you have committed any action or omission that would give rise to a Cause termination pursuant to the Employment Agreement, nor shall anything in this Letter Agreement be deemed to give rise to Good Reason (as defined in the Employment Agreement) or provide you with the right to terminate your employment for Good Reason. For the avoidance of doubt, if your employment is terminated by the Company for Cause or by you for any reason prior to the Transition Date, you acknowledge and agree that you will not be entitled to the benefits described in Sections 2 and 3 below. b. During the period beginning on the date of this Letter Agreement and ending on the Transition Date (the “Transition Period”), you will serve the Company in such capacities and perform such duties as may be specified from time to time by the Board. In particular, during the Transition Period you agree you will (i) continue to perform your duties as Chief Executive Officer of the Company, consistent with past practices, (ii) use your reasonable best efforts to advance the interests of the Company and facilitate the successful transition of your responsibilities to the individual who succeeds you as Chief Executive Officer in whatever reasonable capacity may be request...
Sample 1
Retirement and Transition 
Sample 1

Related to Retirement and Transition

  • Savings and Retirement Plans During the Employment Period, the Executive shall be entitled to participate in all other savings and retirement plans, practices, policies and programs, in each case on terms and conditions no less favorable than the terms and conditions generally applicable to the Company’s other executive employees.

  • Transition to Retirement 24.1 An Employee may advise their Employer in writing of their intention to retire within the next five years and participate in a retirement transition arrangement. 24.2 Transition to retirement arrangements may be proposed and, where agreed, implemented as: (a) a flexible working arrangement (see clause 16 (Flexible Working Arrangements)); (b) in writing between the parties; or (c) any combination of the above. 24.3 A transition to retirement arrangement may include but is not limited to: (a) a reduction in their EFT; (b) a job share arrangement; or (c) working in a position at a lower classification or rate of pay. 24.4 The Employer will consider, and not unreasonably refuse, a request by an Employee who wishes to transition to retirement: (a) to use accrued Long Service Leave (LSL) or Annual Leave for the purpose of reducing the number of days worked per week while retaining their previous employment status; or (b) to be appointed to a role which that has a lower hourly rate of pay or hours (post transition role), in which case: (i) the Employer will preserve the accrual of LSL at the time of reduction in salary or hours; and (ii) where LSL is taken or paid out in lieu on termination, the Employee will be paid LSL hours at the applicable classification and grade, and at the preserved hours, prior to the post transition role until the preserved LSL hours are exhausted.

  • Severance and Retirement Options (i) Where an employee resigns within 30 days after receiving notice of layoff pursuant to article 14.02 (a)(ii) that his or her position will be eliminated, he or she shall be entitled to a separation allowance of two (2) weeks' salary for each year of continuous service to a maximum of sixteen (16) weeks' pay, and, on production of receipts from an approved educational program, within twelve (12) months of resignation, may be reimbursed for tuition fees up to a maximum of three thousand ($3,000) dollars. (ii) Where an employee resigns later than 30 days after receiving notice pursuant to article 14.02(a)(ii) that his or her position will be eliminated, he or she shall be entitled to a separation allowance of four (4) weeks' salary, and, on production of receipts from an approved educational program, within twelve (12) months of resignation, may be reimbursed for tuition fees up to a maximum of one thousand two hundred and fifty ($1,250) dollars. (b) Prior to issuing notice of layoff pursuant to article 14.02(a)(ii) in any classification(s), the Hospital will offer early-retirement allowance to a sufficient number of employees eligible for early retirement under HOOPP within the classification(s) in order of seniority, to the extent that the maximum number of employees within a classification who elect early retirement is equivalent to the number of employees within the classification(s) who would otherwise receive notice of layoff under article 14.02(a)(ii). Within thirty (30) days from the date of notice of layoff, an employee who has received notice of layoff of a permanent or long-term nature may retire provided that the employee is eligible to retire under the terms of the Hospitals of Ontario Pension Plan. An employee who chooses this option forfeits her right to notice and will receive severance pay on the basis of two (2) weeks’ pay for each year of service with the Hospital to a maximum of fifty-two (52) weeks on the basis of the employees normal weekly earnings. In addition, full-time employees will receive a lump sum payment equal to $1,000.00 for every year less than age 65, to a maximum of $5,000.00.

  • Retirement Plans (a) In connection with the individual retirement accounts, simplified employee pension plans, rollover individual retirement plans, educational IRAs and XXXX individual retirement accounts (“XXX Plans”), 403(b) Plans and money purchase and profit sharing plans (“Qualified Plans”) (collectively, the “Retirement Plans”) within the meaning of Section 408 of the Internal Revenue Code of 1986, as amended (the “Code”) sponsored by a Fund for which contributions of the Fund’s shareholders (the “Participants”) are invested solely in Shares of the Fund, Transfer Agent shall provide the following administrative services: (i) Establish a record of types and reasons for distributions (i.e., attainment of eligible withdrawal age, disability, death, return of excess contributions, etc.); (ii) Record method of distribution requested and/or made; (iii) Receive and process designation of beneficiary forms requests; (iv) Examine and process requests for direct transfers between custodians/trustees, transfer and pay over to the successor assets in the account and records pertaining thereto as requested; (v) Prepare any annual reports or returns required to be prepared and/or filed by a custodian of a Retirement Plan, including, but not limited to, an annual fair market value report, Forms 1099R and 5498; and file same with the IRS and provide same to Participant/Beneficiary, as applicable; and (vi) Perform applicable federal withholding and send Participants/Beneficiaries an annual TEFRA notice regarding required federal tax withholding. (b) Transfer Agent shall arrange for PFPC Trust Company to serve as custodian for the Retirement Plans sponsored by a Fund. (c) With respect to the Retirement Plans, Transfer Agent shall provide each Fund with the associated Retirement Plan documents for use by the Fund and Transfer Agent shall be responsible for the maintenance of such documents in compliance with all applicable provisions of the Code and the regulations promulgated thereunder.

  • Incentive, Savings and Retirement Plans During the Employment Period, the Executive shall be entitled to participate in all incentive, savings and retirement plans, practices, policies and programs applicable generally to other peer executives of the Company and its affiliated companies, but in no event shall such plans, practices, policies and programs provide the Executive with incentive opportunities (measured with respect to both regular and special incentive opportunities, to the extent, if any, that such distinction is applicable), savings opportunities and retirement benefit opportunities, in each case, less favorable, in the aggregate, than the most favorable of those provided by the Company and its affiliated companies for the Executive under such plans, practices, policies and programs as in effect at any time during the 120-day period immediately preceding the Effective Date or if more favorable to the Executive, those provided generally at any time after the Effective Date to other peer executives of the Company and its affiliated companies.

  • Retirement Plan The 2.7% at 55 retirement plan will be available to eligible bargaining unit members covered by this Section 6.1.

  • Compensation; Employment Agreements; Etc Enter into or amend or renew any employment, consulting, severance or similar agreements or arrangements with any director, officer or employee of Metropolitan or its Subsidiaries, or grant any salary or wage increase or increase any employee benefit (including incentive or bonus payments), except (i) for normal individual increases in compensation to employees in the ordinary course of business consistent with past practice, (ii) for other changes that are required by applicable law, and (iii) to satisfy Previously Disclosed contractual obligations existing as of the date hereof.

  • Retirement Program Any employee employed prior to October 1, 1977, working at least seventy (70) hours per month shall by law be a member of the Washington Public Employees Retirement system (PERS) Plan One. Any employee working at least seventy (70) hours per month, entering employment on or after October 1, 1977, shall by law be a member of the School Employees Retirement System, Plan Two or Three. The District shall provide each new employee information concerning PERS or SERS membership benefits.

  • Public Employees Retirement System “PERS”) Members.

  • Retirement and Welfare Benefits During the Term, the Executive shall be eligible to participate in the Company’s health, life insurance, long-term disability, retirement and welfare benefit plans, and programs available to similarly-situated employees of the Company, pursuant to their respective terms and conditions. Nothing in this Agreement shall preclude the Company or any Affiliate (as defined below) of the Company from terminating or amending any employee benefit plan or program from time to time after the Effective Date.

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