Retirement Date and Transition Period Sample Clauses

Retirement Date and Transition Period. As of March 31, 2016, you will retire from service as an employee of the Company (“Retirement Date”). Between now and January 31, 2016, you will remain in your current position of Executive Vice President and Chief Financial Officer. Effective February 1, 2016 (the “Transition Period”), you agree to transition into the role of Strategic Advisor and satisfactorily perform the duties of the role as assigned while continuing to receive your regular salary as an employee of the Company during the Transition Period.  a. From this date through your Retirement Date, you shall remain fully eligible for participation in the Company’s compensation and benefits plans in which you now participate. You will also be paid for all accrued but unused vacation, in the first payroll period after the end of the Transition Period, along with any unreimbursed business expenses for which you have submitted invoices in accordance with Company policy. If you do not execute this Agreement, your health benefits provided through the Company will continue through March 31, 2016 (or at the end of the last month of your employment, if prior to March 2016). Pursuant to federal law, and independent of this Agreement, you and your eligible dependents will be eligible to elect benefit continuation coverage if you timely apply for COBRA benefits. Information regarding your rights under COBRA will be provided to you in a separate mailing. If you choose to accept the offer of severance and benefits set forth in Paragraph 2 of this Agreement, your group health, vision, and dental benefits will end in accordance with Paragraph 2. You will be separately notified of your benefit conversion privileges and COBRA rights.  b. From this date through your Retirement Date, you will remain an at-will employee of the Company, meaning that you or the Company can terminate your employment at any time, with or without notice or reason. During the Transition Period, the Company reserves the right in its sole discretion to relieve you from all job duties, alter your job duties (but consistent with your role as Strategic Advisor), or require you to work from home. During the Transition Period, you agree to (i) continue to satisfactorily perform your lawful job duties, as assigned; (ii) comply with all published Company policies, including but not limited to the Code of Ethics; (iii) transition and transfer knowledge of your job duties to others as requested, and; (iv) maintain a professional demeanor and attit...
Sample 1
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Retirement Date and Transition Period a. As of February 28, 2021 (“Retirement Date”), you will retire from your service as an employee of the Company. Between October 21, 2020 (“Transition Date”) and your Retirement Date (the “Transition Period”), you agree to perform the duties of Executive Vice President, Strategy and Chief Financial Officer as assigned by the President and CEO. During the Transition Period, your regular salary will remain unchanged at $625,000 per annum and you shall remain fully eligible for participation in the Company’s benefits plans in which you now participate through the Retirement Date. You will also be paid for all accrued but unused vacation and any unreimbursed business expenses (in accordance with Company policy), after your Retirement Date (or earlier separation). You will receive a bonus payment under the Executive Incentive Plan for 2020 based upon your performance and target bonus opportunity of $937,500. The 2020 bonus will be paid on or about March 2, 2021. If Nasdaq terminates your employment due to gross misconduct or gross negligence, or you voluntarily resign before December 31, 2020, you will not be entitled to any part of the 2020 CIP bonus. You will receive a bonus payment under the Executive Incentive Plan for 2021 based upon your target bonus opportunity of $937,500, prorated for the period of January 1, 2021 though the Retirement Date. The 2021 bonus will be paid on or about March 2, 2021. All equity grants normally scheduled to vest prior to the Retirement Date shall vest on schedule. If you do not execute this Agreement, your health benefits provided through the Company will continue through the end of the last month of your employment. Pursuant to federal law, and independent of this Agreement, you and your eligible dependents will be eligible to elect benefits continuation coverage if you timely apply for COBRA benefits. Information regarding your rights under COBRA will be provided to you in a separate mailing. If you choose to accept the offer of separation and benefits set forth in Paragraph 2 of this Agreement, your group health, vision, and dental benefits will end on the Retirement Date. You will be separately notified of your benefit conversion privileges and COBRA rights.
Sample 1
Retirement Date and Transition Period 
Sample 1

Related to Retirement Date and Transition Period

  • Effective Date of Benefit Termination Medical, dental and life coverage termination will take effect on the first of the month following the loss of eligible employee or dependent status. Disability benefit coverage terminations will take effect on the day following loss of eligible employee status.

  • Termination Date, Etc “Termination Date” shall mean in the case of the Executive’s death, his date of death, or in all other cases, the date specified in the Notice of Termination subject to the following:

  • Effective Date and Termination Date The term of this SCIA shall commence on the Effective Date indicated on page 1 above and terminate on December 31, 2024, unless sooner terminated or extended as provided for below.

  • Normal Retirement Date The term “Normal Retirement Date” means “Normal Retirement Date” as defined in the primary qualified defined benefit pension plan applicable to the Executive, or any successor plan, as in effect on the date of the Change in Control of the Company.

  • Transition Period Due to the nature of our purchasing process, the District often requires an existing service provider to continue to provide goods and/or services while the District is in the process of advertising, evaluating, and awarding a contract for the provision of the same goods and/or services in the future. To accommodate this process, the Contractor shall agree to maintain the same terms and conditions set forth in this Agreement for a period up to ninety (90) days after the automatic termination of this Agreement at the end of its term, if requested by the District, as a transition period. In addition, if the Contractor is not the successful bidder for a future solicitation for the same or similar services, he or she shall agree to provide the same goods and/or services provided in this Agreement for a period up to ninety (90) days to allow for an orderly transition to the new provider. The District and the Contractor may mutually agree to a longer transition period.

  • Retirement Date If the Executive remains in the continuous employ of the Bank, the Executive shall retire from active employment with the Bank on the Executive’s sixty-fifth (65th) birthday, unless by action of the Board of Directors this period of active employment shall be shortened or extended.

  • Transitional Period At the end of the transitional period as defined in Article 10(2) of the Directive, the contracting parties shall cease to apply the withholding/retention tax and revenue sharing provided for in this Agreement and shall apply in respect of the other contracting party the automatic exchange of information provisions in the same manner as is provided for in Chapter II of the Directive. If during the transitional period either of the contracting parties elects to apply the automatic exchange of information provisions in the same manner as is provided for in Chapter II of the Directive it shall no longer apply the withholding/retention tax and the revenue sharing provided for in Article 9 of this Agreement.

  • Vacation Leave on Retirement ‌ An employee scheduled to retire and to receive pension benefits under the Public Service Pension Plan Rules or who has reached the mandatory retiring age, shall be granted full vacation entitlement for the final calendar year of service.

  • Effective Date; Termination Section 6.01. The following events are specified as additional conditions to the effectiveness of the Development Credit Agreement within the meaning of Section 12.01

  • Accumulation of Vacation Leave Credits An employee shall earn vacation leave credits for each calendar month during which the employee receives pay for at least ten (10) days at the following rate:

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