Retirement from Board; other benefits Sample Clauses

Retirement from Board; other benefits. As of the Termination Date, Executive will offer his resignation from the Company Board pursuant to the Company’s Governance Guidelines, and the Company will agree to allow the Executive to retain the title, duties and responsibilities of Director until the first regularly scheduled meeting of the Board of Directors of the Company following the Annual Shareholders Meeting in May 2009 (the “Board Retirement Date”), at which time Executive will relinquish the title, duties and responsibilities as Director on the Board, unless Executive is elected to serve an additional term on the Board at the Annual Shareholders Meeting. The Company acknowledges Executive’s desire to serve on the Company Board for at least one year beyond the Board Retirement Date.
Sample 1
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Retirement from Board; other benefits. As of the Termination Date, Executive will offer his resignation pursuant to the Company’s Governance Guidelines, and the Company agrees that the Executive will retain the title, duties and responsibilities of Director and Chairman of the Board until December 31, 2012 (subject to the Executive’s re-election to the board of directors by the shareholders of the Company at the Annual Shareholder’s Meeting in May 2012). During the period from January 1, 2013 until January 1, 2015, Executive will serve in an honorary position with the Company, in the position of Chairman Emeritus. From the Termination Date through January 1, 2015, Executive will not be an employee and will have no duties or responsibilities as an employee other than providing assistance as requested by the Company and agreed to by the Executive. Also, during the time that Executive serves as Chairman Emeritus, the Company in its discretion will: (1) invite Executive to all or part of one or more meetings or informal gatherings of the Board of Directors; (2) maintain reasonable Company telephone and e-mail privileges; (4) provide Executive with appropriate business cards; and (5) upon Executive’s request, provide Executive with reasonable IT support.
Sample 1

Related to Retirement from Board; other benefits

  • Executive Perquisites, Benefits and Other Compensation Employee shall be entitled to receive additional benefits and compensation from the Company in such form and to such extent as specified below:

  • Compensation and Other Benefits Subject to the provisions of this Agreement, the Company shall pay and provide the following compensation and other benefits to the Executive during the Term as compensation for services rendered hereunder:

  • Base Salary and Incentive Compensation The Company shall pay to Executive (i) his Base Salary (as in effect as of the date of his termination) and (ii) Incentive Compensation (in an aggregate amount equal to the applicable portion of the cash Incentive Compensation received by the Executive for the most recent fiscal year prior to his termination) as follows: Years of Base Payout Service Salary Incentive Compensation Period Less than one 3 months 25% of the Short Term Incentive Plan award for the most recent full fiscal year prior to termination 3 months One but less than two 6 months 50% of the Short Term Incentive Plan award for the most recent full fiscal year prior to termination 6 months Two but less than three 9 months 75% of the Short Term Incentive Plan award for the most recent full fiscal year prior to termination 9 months Three or More 12 months 100% of the Short Term Incentive Plan award for the most recent full fiscal year prior to termination 12 months To the extent permitted under Code Section 409A, the sum of applicable Base Salary and Incentive Compensation shall be divided into equal monthly payments and paid to the Executive over the applicable Payout Period shown in the table above, depending on the Executive’s years of service at the time of Termination.

  • Termination Compensation Termination Compensation equal to two (2) times the Executive's Base Period Income shall be paid to the Executive in a single sum payment in cash on the thirtieth (30th) business day after the later of (a) the Control Change Date and (b) the date of the Executive's employment termination; provided that if at the time of the Executive's termination of employment the Executive is a Specified Employee, then payment of the Termination Compensation to the Executive shall be made on the first day of the seventh (7th) month following the Executive's employment termination.

  • Regular Benefits The Executive shall also be entitled to participate in any and all employee benefit plans, medical insurance plans, life insurance plans, disability income plans, retirement plans, bonus incentive plans and other benefit plans from time to time in effect for senior executives of the Employer. Such participation shall be subject to (i) the terms of the applicable plan documents, (ii) generally applicable policies of the Employer and (iii) the discretion of the Board of Directors of the Employer or any administrative or other committee provided for in or contemplated by such plan.

  • Compensation Benefits Etc During the Employment Period, the Manager shall be compensated as follows:

  • Vacation and Other Benefits Each Contract Year, Executive shall be entitled to four (4) weeks of paid vacation in accordance with Employer’s applicable policies and procedures for executive-level employees. Executive shall also be eligible to participate in and receive the fringe benefits generally made available to other executive-level employees of Employer in accordance with and to the extent that Executive is eligible under the general provisions of Employer’s fringe benefit plans or programs; provided, however, that Executive understands that these benefits may be increased, changed, eliminated or added from time to time during the Term as determined in Employer’s sole and absolute discretion.

  • Other Benefits During the Term, the Executive shall be eligible to participate in or receive benefits under the Company’s employee benefit plans in effect from time to time, subject to the terms of such plans.

  • Bonus and Incentive Compensation Executive shall be entitled to equitable participation in incentive compensation and bonuses in any plan or arrangement of the Bank or the Company in which Executive is eligible to participate. Nothing paid to Executive under any such plan or arrangement will be deemed to be in lieu of other compensation to which Executive is entitled under this Agreement.

  • Annual Bonus Compensation In addition to your Salary, during the Employment Term you shall be eligible to earn an annual bonus for each whole or partial calendar year during the Employment Term, determined and payable as follows (the “Bonus”):

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