Retirement as CEO Sample Clauses
The 'Retirement as CEO' clause defines the terms and conditions under which the Chief Executive Officer may retire from their position within the company. Typically, this clause outlines the required notice period, any eligibility criteria for retirement benefits, and the process for transitioning leadership responsibilities. For example, it may specify that the CEO must provide written notice several months in advance and may detail any post-retirement consulting arrangements or non-compete obligations. The core function of this clause is to ensure a smooth leadership transition and to clarify the rights and obligations of both the CEO and the company upon the CEO's retirement, thereby minimizing disruption and uncertainty.
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Retirement as CEO. Effective on February 27, 2021 (the “Retirement Date”), Puishys shall retire as Apogee’s CEO and as a member of the Board and from all other officer positions he currently holds with Apogee and its affiliates and from all director positions he holds with Apogee’s affiliates. In the event that Puishys’ successor as CEO is elected by the Board prior to the Retirement Date, at the request of the Board, Puishys shall resign as Apogee’s CEO and his director position on the Board and from all other director positions he currently holds with Apogee and its affiliates and from all other director positions that he holds with Apogee’s affiliates but shall remain an employee of Apogee until the Retirement Date with such responsibilities reasonably assigned to him by the Board or his successor CEO in connection with the transition of the CEO position to his successor. Assuming that no “Change in Control” as defined in the Change in Control Severance Agreement dated as of January 1, 2018 (the “CIC Severance Agreement”) has occurred prior thereto, effective upon the Retirement Date, the CIC Severance Agreement shall terminate and be of no further force or effect. Additionally, for the avoidance of doubt, if a “Change in Control” as defined in the CIC Severance Agreement occurs prior to the Retirement Date, the CIC Severance Agreement shall govern Puishys’ severance and other post-closing rights and responsibilities in the event of a termination of Puishys’ employment prior to the Retirement Date under circumstances that qualify him for benefits under Section 4 of the CIC Severance Agreement, and Puishys will not be entitled to benefits under this Agreement. Further, for the avoidance of doubt, if a “Change in Control” as defined in the CIC Severance Agreement occurs prior to the Retirement Date and Puishys remains employed through the Retirement Date, then Puishys’ agreement to retire as set forth in the first sentence of this Section 1 and all other provisions of this Agreement shall continue in effect and govern Puishys’ rights and responsibilities in connection with such retirement, and the CIC Severance Agreement shall terminate as of the Retirement Date and be of no further force or effect.
Retirement as CEO. Effective on the earlier of: (i) February 25, 20121 (the “Retirement Date”), and (ii) the date on which his successor as CEO is elected by the Board , ▇▇▇▇▇▇ shall retire as Apogee’s CEO, from all other officer positions he currently holds with Apogee and its affiliates and from all director positions he holds with Apogee’s affiliates. Assuming that no “Change in Control” as defined in the Change in Control Severance Agreement dated as of February 25, 2011 (the “CIC Severance Agreement”) has occurred prior thereto, effective upon the Retirement Date, the CIC Severance Agreement shall terminate and be of no further force or effect. Additionally, for the avoidance of doubt, if a “Change in Control” as defined in the CIC Severance Agreement occurs prior to the Retirement Date, the CIC Severance Agreement shall govern ▇▇▇▇▇▇’▇ ▇▇▇▇▇▇▇▇▇ and other post-closing rights and responsibilities in the event of a termination of ▇▇▇▇▇▇’▇ employment prior to the Retirement Date under circumstances that qualify him for benefits under Section 4 of the CIC Severance Agreement, and ▇▇▇▇▇▇ will not be entitled to benefits under this Agreement. Further, for the avoidance of doubt, if a “Change in Control” as defined in the CIC Severance Agreement occurs prior to the Retirement Date and ▇▇▇▇▇▇ remains employed through the Retirement Date, then ▇▇▇▇▇▇’▇ agreement to retire as set forth in the first sentence of this Section 1 and all other provisions of this Agreement shall continue in effect and govern ▇▇▇▇▇▇’▇ rights and responsibilities in connection with such retirement, and the CIC Severance Agreement shall terminate as of the Retirement Date and be of no further force or effect. 1 NOTE: This is the last Saturday in February 2012
Retirement as CEO. Effective on the earlier of: (i) December 31, 2006, and (ii) the date on which ▇▇▇▇▇▇’ successor as CEO is elected by the Board (the “CEO Retirement Date”), ▇▇▇▇▇▇ shall retire as Deluxe’s CEO, from all other officer positions he currently holds with Deluxe and its affiliates and from all director positions he holds with Deluxe and its affiliates. Effective upon the “Full Retirement Date” (as defined below), the Executive Retention Agreement dated December 18, 2000, between Deluxe and ▇▇▇▇▇▇ (the “Retention Agreement), shall terminate and be of no further force or effect.
Retirement as CEO. (a) From the Effective Date and continuing until the Transition Date (as defined below) (such period, the “Employment Period”), the Executive shall continue to be employed as Chief Executive Officer of the Company pursuant to the terms of the Employment Agreement, subject to Section 2 hereof. During the Employment Period, the Executive shall continue to perform his regular duties as Chief Executive Officer, as described in the Employment Agreement, and agrees to assist the Board and the Company, on an as-needed basis, if and as requested by the Board, in their efforts to recruit a successor Chief Executive Officer. Upon the end of the Employment Period, the Executive shall resign as Chief Executive Officer and as a member of the Board and shall also resign from all other officer and board positions held with the Company and its affiliates. The Executive agrees that he will not voluntarily resign from his role as Chief Executive Officer of the Company prior to the New CEO Date (as defined below), except upon a Resignation for Good Reason (as defined in the Employment Agreement, as modified by Section 2(a)▇▇▇ hereof).
Retirement as CEO. (a) Effective on the Transition Date, and without any further action on Executive’s part, Executive retires from, and is removed as, the Company’s President and Chief Executive Officer, as a member of the Company’s Board of Directors (the “Board”), and, except for the Executive Vice President and Special Advisor role described in this Agreement, from any and all other positions including directorships or offices that Executive holds with the Company, its subsidiaries and affiliates, and any other entities where Executive serves as a director, officer, trustee, partner, agent, or member by virtue of his role as President and Chief Executive Officer of the Company.
(b) From the date of this Agreement through the Transition Date, Executive’s employment will continue to be governed by his existing Employment Agreement. For sake of clarity, this means, among other things, that through the Transition Date, Executive will continue to receive his annual base salary of $1,051,000 less applicable withholdings, remain eligible to earn a full fiscal year bonus for 2025 if the goals set forth in the Company’s Annual Incentive Plan are fully satisfied, remain eligible to receive a long-term incentive award for 2025 as long as he remains employed as the Company’s President and Chief Executive Officer through the applicable grant date, and will continue to participate in the Company’s standard benefit and vacation plans, including any executive benefit programs, as such plans may be amended, modified, or terminated by the Company from time to time.