Retirement or Termination Clause Samples

The "Retirement or Termination" clause defines the conditions under which a party may end their involvement in an agreement, either by retiring from their role or by terminating the contract. This clause typically outlines the required notice period, any obligations that must be fulfilled before departure, and the consequences of leaving, such as the handling of outstanding payments or the transfer of responsibilities. Its core function is to provide a clear and fair process for ending the contractual relationship, thereby minimizing disputes and ensuring a smooth transition for all parties involved.
Retirement or Termination. Employees who retire after 10 years of service shall have the option of being paid for ½ of unused, accrued sick leave up to a maximum of 17 days or utilizing such amount toward extension of service credit as provided in Article 33. Employees who voluntarily terminate after 10 years of service will be paid for one-third of unused, accrued sick leave up to a maximum of 15 days.
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Retirement or Termination. Upon Retirement or termination of employment of the Participant for reasons other than those described in Section 11 of this Agreement, Option privileges shall apply only to that portion of the Option immediately exercisable as of the date of such Retirement or termination. The Committee, however, in its discretion, may provide on a case-by-case basis that any portion of the Option that is not exercisable as of the date of such Retirement or termination may become exercisable in accordance with a schedule to be determined by the Committee. The portion of the Option exercisable upon the Retirement of the Participant shall remain exercisable for three (3) years after Retirement. The portion of the Option exercisable upon termination for reasons other than Retirement or those described in Section 11 of this Agreement shall remain exercisable for three (3) months after such termination.
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Retirement or Termination. An Association member upon retirement or termination of employment, with proper notice, shall be paid an amount of money calculated at the rate of seventy dollars ($70.00) per accrued sick days for the 2005-2006, 2006-2007 and 2007-2008 school years, up to a maximum of two hundred (200) days. However, there is no limit on the amount of sick days accrued for potential use when an Association member is sick. It is specifically understood and agreed that for an Association member's last year of employment he/she shall receive the amount of sick pay calculated above upon retirement for each month worked and fifty percent (50%) of the above amount of the remaining sick days.
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Retirement or Termination. At the time an Employee retires, or is terminated for any reason, all accrued banked time shall be paid to the Employee at the rate of pay when the banked time was earned. The Employee may; however, request the Company in writing, to transfer such accrued banked time to the Employee's individual RRSP account (see 13.02(d)).
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Retirement or Termination. Upon retirement or other termination of regular employment with the Company, the Participant shall become eligible for deferred compensation payments under this Plan.
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Retirement or Termination. When an Employee retires or is terminated for cause, they will be paid the value of any accumulated TOIL and Vacation Bank as a lump sum payment less usual and required deductions.
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Retirement or Termination. An Employee terminating their employment, at any time during the fiscal year, shall be entitled to a proportionate payment of salary or wages in lieu of such vacation, less vacation already taken.
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Retirement or Termination. When an Employee retires or their employment is terminated, they will be paid the value of any earned annual vacation entitlement as a lump sum payment less usual and required deductions, including pension. In the event an Employee retires or their employment is terminated, having exceeded their annual vacation entitlement, they will have an amount equal to the exceeded annual vacation entitlement deducted from their final pay or they will have to repay the Employer the value of the excess leave the exceeds the final pay.
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Retirement or Termination. At the time an Employee retires, or is terminated for any reason, all accrued banked time shall be paid to the Employee at the Employee’s current hourly rate of pay. The Employee may, however, request the Company, in writing, to transfer such accrued banked time to the Employee’s individual R.R.S.P. account.
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Related to Retirement or Termination

  • Amendment or Termination This Agreement may be amended at any time by written agreement between the Company and Executive. The Company may terminate this Agreement by written notice given to Executive at least two years prior to the effective date of such termination, provided that, if a Change in Control occurs prior to the effective date such termination, the termination of this Agreement shall not be effective and Executive shall be entitled to the full benefits of this Agreement. Any such amendment or termination shall be made pursuant to a resolution of the Board.

  • Payments Upon Termination of Employment (a) If Executive's employment with the Company is terminated by reason of: (i) Executive's abandonment of Executive’s employment or Executive's resignation for any reason (whether or not such resignation is set forth in writing or otherwise communicated to the Company); (ii) termination of Executive's employment by the Company for Cause (as defined below); or (iii) termination of Executive's employment by the Company without Cause following expiration of the Term; the Company shall pay to Executive his or her then-current base salary through the Termination Date and any and all other benefits to which Executive may be entitled under any applicable Company policy, plan or procedure (without duplication of benefits). (b) Except in the case of a Change in Control, which is governed by Section 10(c) below, if Executive's employment with the Company is terminated by the Company pursuant to Section 9(a)(i) effective prior to the expiration of the Term for any reason other than for Cause (as defined below), then the Company shall pay to Executive, subject to Section 10(g) of this Agreement and in addition to the consideration described in Section 4(b) above, the following amounts: (i) Executive’s then-current base salary through the Termination Date; (ii) pro rata portions of any quarterly and annual non-equity bonus payouts under any non-equity incentive-based compensation plans then in effect (provided that any applicable performance measures are achieved); and (iii) the amount of Executive’s then current base salary that Executive would have received from the Termination Date through the date that is nine months following such Termination Date. Any amount payable to Executive pursuant to Section 10(b)(iii) shall be subject to deductions and withholdings and shall be paid to Executive by the Company in the same periodic installments in accordance with the Company's regular payroll practices commencing on the first normal payroll date of the Company following the expiration of all applicable rescission periods provided by law. Any amount payable to Executive pursuant to Section 10(b)(ii) shall be subject to deductions and withholdings and shall be paid to Executive by the Company in the same manner and at the same time that incentive bonus payments are made to current employees of the Company, but no earlier than the first normal payroll date of the Company following the expiration of all applicable rescission periods provided by law and no later than March 15th of the year following the year in which the Termination Date occurs. (c) If Executive's employment is terminated by the Company without Cause following a Change in Control as defined in this Agreement and before the end of the Term, or if the Executive's employment is terminated by the Executive for Good Reason following a Change in Control and before the end of the Term, then the Company shall pay to Executive, subject to Executive's compliance with Section 10(g) of this Agreement, the lesser of the total of Executive’s then current base salary and prorated non-equity incentive bonus payouts as referenced above through the end of the Term of the Agreement, or nine months of Executive’s current base salary.

  • Other Termination of Service If the Optionee's Service with the Participating Company Group terminates for any reason, except Disability or death, the Option, to the extent unexercised and exercisable by the Optionee on the date on which the Optionee's Service terminated, may be exercised by the Optionee within three (3) months after the date on which the Optionee's Service terminated, but in any event no later than the Option Expiration Date.

  • Benefits Upon Termination of Employment If the Executive is entitled to benefits pursuant to this Section 2, the Company agrees to pay or provide to the Executive as severance payment, the following: (i) A single lump sum payment, payable in cash within five days of the Termination Date (or if later, the Change of Control Date), equal to the sum of: (A) the accrued portion of any of the Executive's unpaid base salary and vacation through the Termination Date and any unpaid portion of the Executive's bonus for the prior fiscal year; plus (B) a portion of the Executive's bonus for the fiscal year in progress, prorated based upon the number of days elapsed since the commencement of the fiscal year and calculated assuming that 100% of the target under the bonus plan is achieved; plus (C) an amount equal to the Executive's Base Compensation times the Compensation Multiplier. (ii) Continuation, on the same basis as if the Executive continued to be employed by the Company, of Benefits for the Benefit Period commencing on the Termination Date. The Company's obligation hereunder with respect to the foregoing Benefits shall be limited to the extent that the Executive obtains any such benefits pursuant to a subsequent employer's benefit plans, in which case the Company may reduce the coverage of any Benefits it is required to provide the Executive hereunder as long as the aggregate coverages and benefits of the combined benefit plans is no less favorable to the Executive than the Benefits required to be provided hereunder. (iii) Outplacement services to be provided by an outplacement organization of national repute, which shall include the provision of office space and equipment (including telephone and personal computer) but in no event shall the Company be required to provide such services for a value exceeding 17% of the Executive's Base Compensation. (iv) Accelerated vesting of all outstanding stock options and of all previously granted restricted stock awards. (v) Target amounts that would have accrued under the MagneTek Shareholder Return Plan had the applicable period for each such target elapsed, calculated and paid, PRO RATA, for the actual period elapsed.

  • Termination of Employment or Service (a) Subject to the provisions of this Section 5, if the Participant’s employment with or service to the Company Group terminates for any reason, the unvested RSUs shall terminate as of the effective date of termination (the “Termination Date”), and all of the Participant’s rights hereunder with respect to such unvested RSUs shall cease as of the Termination Date (unless otherwise provided for by the Committee in accordance with the Plan). (b) If the Participant’s employment or service is terminated by the Service Recipient during the Performance Period due to or during the Participant’s Disability or due to the Participant’s death, a pro-rated number of the target number of RSUs granted hereunder shall become vested and nonforfeitable (irrespective of performance) based on the number of days in the Performance Period prior to the Termination Date relative to the number of the days in the full Performance Period. Any RSUs that vest as provided herein shall be settled in accordance with Section 4. (c) In the event the Participant’s employment with or service to the Company Group is terminated as a result of the Participant’s Retirement, the RSUs granted hereunder shall remain outstanding and eligible to vest, notwithstanding such termination of employment or service, based on (and to the extent) the Committee’s determination that the Performance Conditions have been satisfied on the Determination Date, in accordance with the schedule set forth in the Award Notice, so long as no Restrictive Covenant Violation occurs (as determined by the Committee, or its designee, in its sole discretion) prior to the Determination Date. Any RSUs that vest as provided herein shall be settled in accordance with Section 4. As a pre-condition to the Participant’s right to continued vesting following Retirement, the Committee, or its designee, may require the Participant to certify in writing prior to the applicable vesting date that no Restrictive Covenant Violation has occurred. Notwithstanding the foregoing, if the Date of Grant of the RSUs is not at least six months prior to the date of the Participant’s Retirement, any unvested RSUs shall terminate as of the Termination Date. (d) If the Participant’s employment with or service to the Company Group terminates for any reason after the last day of the Performance Period and before the Determination Date (other than a termination by the Company for Cause, or by the Participant while grounds for Cause exist or without Good Reason), and no Restrictive Covenant Violation occurs before the Determination Date, then all RSUs shall remain outstanding and eligible to vest based on (and to the extent) the Committee’s determination that the Performance Conditions have been satisfied on the Determination Date. (e) Notwithstanding anything herein to the contrary, the RSUs granted hereunder shall become immediately fully vested as of the Termination Date and settled in accordance with Section 4 if the Participant’s employment with or service to the Company Group shall be terminated by the Company other than for Cause, or by the Participant for Good Reason, in either case if such termination of the Participant’s employment occurs within 12 months following a Change in Control (for the avoidance of doubt, a Change in Control alone shall not, also, result in any vesting hereunder), with the actual number of RSUs determined based on (i) actual performance through the Termination Date, as determined by the Committee, or (ii) if the Committee determines that measurement of actual performance cannot be reasonably assessed, the assumed achievement of target performance as determined by the Committee. (f) For purposes of this Section 5, “Good Reason” means the occurrence of any of the following, without the Participant’s written consent: