Transition Benefit. (1) Eligibility A Transition Benefit will be paid to the survivor or survivors, as defined herein, of an employee (which term for purposes of paragraphs A. and B. of this Section only, shall include an employee retired on a permanent and total disability pension under the Pension Plan who has not attained the age of 65) who dies while insured for group life insurance under this Program, provided there are survivors living to receive it. The benefit will commence on the first day of the month following the death of the employee, and continue for not more than 24 months.
Transition Benefit. If you timely sign and comply with the terms of this Agreement, including but not limited to the Release of Claims Section below, the Company will provide you with a Transition Benefit as defined by the sub-sections below:
Transition Benefit. The members of the bargaining unit identified as possibly having a benefit reduction of approximately 20% (calculated over a 10 year period) as a result of moving from the Defined Benefit Plan to the 403(b) Plan shall receive a $750 payment, subject to applicable withholdings, in the first full pay period following January 1, 2017, January 1, 2018, January 1, 2019 and January 1, 2020, if they are employed on each of the dates set forth above, respectively. The $750 payment is not a contribution by MFH to the 403(b) Plan. MFH has provided the Union with a list of those RNs eligible to receive this transition benefit.
Transition Benefit. No later than ten (10) business days following the Effective Date, the Company shall pay Executive, in cash, the gross amount of $500,000 (the "INITIAL TRANSITION PAYMENT"). In addition, if, following the Termination Date, Executive executes and returns to the Company a Supplemental Legal Release in the form attached hereto as Exhibit A (the "SUPPLEMENTAL RELEASE"), does not thereafter revoke the Supplemental Legal Release in the manner described therein, and otherwise complies with his obligations under this Agreement, then the Company shall promptly execute and return to Executive a copy of the Supplemental Release and shall provide Executive with the following payments and benefits, which shall collectively be referred to herein as the "TRANSITION BENEFIT":
Transition Benefit. In recognition of the benefits furnished by Xx. Xxxxxx’ remaining with PCB and PCBNA until his successor is appointed and his offer to facilitate PCB and PCBNA’s community relations thereafter, PCB and PCBNA agree that on the Transition Date, Xx. Xxxxxx shall be entitled to a payment equal to (a) $1,100,000, less (b) the cumulative salary paid to Xx. Xxxxxx pursuant to this Agreement between the effective date of this Agreement and the Transition Date. This transition benefit shall be paid in a lump sum, or in such installments as Xx. Xxxxxx and PCB/PCBNA may mutually agree, and shall be subject to deductions for requisite income tax withholdings and payroll taxes. Xx. Xxxxxx agrees that (1) if PCB and PCBNA terminate his employment for “Cause” prior to the Transition Date pursuant to Section 4.1.3, below, or (2) if Xx Xxxxxx terminates this Agreement prior to the Transition Date pursuant to Section 4.2, below, then no payment, full or prorated, shall be due under this Section 2.6.
Transition Benefit. Either Contributing Party may, in its sole discretion and at its sole cost, provide compensation ("Transition Benefit") to identified former employees of such Contributing Party who work for the Company in recognition of the differences between certain compensation and/or benefits which they may have had as employees of such Contributing Party, and such compensation and/or benefits which they may receive as employees of the Company. At its sole discretion, the respective Contributing Party shall determine eligibility, amounts, benefits and rights and features of any such Transition Benefit with respect to its former employees.
Transition Benefit. A monthly income benefit of $300 will be payable to your eligible survivor qualifying for an old age, survivor, or disability benefit under the Federal Social Security program. A monthly income benefit of $500 will be payable to your eligible survivor not qualifying for an old age, survivor, or disability benefit under the Federal Social Security program. In the event of more than one eligible survivor, payments will be made in equal shares. Transition benefits will begin the first day of the month following your death and will cease following the 24th payment or until there is no longer an eligible survivor, whichever comes first.
Transition Benefit
