Common use of Termination After Normal Retirement Clause in Contracts

Termination After Normal Retirement. If Employee’s employment terminates after Employee’s Normal Retirement Date due to Employee’s voluntary retirement, Parent or Employer or the Parent Successor, as applicable, shall pay Employee: (1) The Earned Salary as soon as practicable (but not more than 10 days) following the Date of Termination and in any event in accordance with applicable law; (2) The Accrued Obligations in accordance with applicable law and the provisions of any applicable plan, program, policy or practice; and (3) a Separation Payment in an amount equal to Employee’s Base Salary, which shall be paid 10 days following the Date of Termination, provided that, if, at the Date of Termination, Employee is a Specified Employee, the Separation Payment shall be made six months and one day after the Date of Termination. In the event that the Separation Payment is made six months and one day after the Date of Termination, an amount equal to such Separation Payment shall be contributed by Parent or Employer within five business days following the Date of Termination to a grantor trust in the United States subject to the claims of the grantor’s creditors (a “Grantor Trust”), with such amount to be invested through the trust in U.S. Treasury securities or money market investments, with the principal investment purpose being to preserve principal (“Fixed Income Securities”). When payment of any such deferred portion of the Separation Payment is made in accordance with the second preceding sentence, it shall be increased by an amount equal to the earnings on the amounts contributed to such Grantor Trust in respect of such deferred Separation Payment.

Appears in 6 contracts

Samples: Change in Control Agreement (Pioneer Natural Resources Co), Change in Control Agreement (Pioneer Natural Resources Co), Change in Control Agreement (Pioneer Natural Resources Co)

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