Transition Compensation. As a result of Executive’s transition of responsibilities from the office of Chief Operating Officer to the office of Senior Vice President, Global Supply Chain, Executive shall receive the following transition compensation during the Transition Support Period (defined herein).
Transition Compensation. During Your employment, the Company shall continue to pay You a salary at the gross monthly rate of Twenty Nine Thousand One Hundred and Sixty Six Dollars and Sixty Seven Cents ($29,166.67), subject to all applicable withholdings and paid in accordance with the Company’s regular payroll schedule. You shall remain eligible to participate in all health benefit plans in which You participated immediately prior to the Effective Date, subject to the terms and conditions of such plans.
Transition Compensation. During the Transition Term, other than the Stock Award, you will not receive any cash, equity or other compensation from Zhone.
Transition Compensation. During the Transition Term, the Company shall,
(i) Continue to pay You 90% of Your salary or $288,000 at the gross semi-monthly rate of Twelve Thousand Dollars ($12,000.00), subject to all applicable withholdings and paid in accordance with the Company’s regular payroll schedule. You shall remain eligible to participate in all employee benefit plans in which You participated immediately prior to the Effective Date, subject to the terms and conditions of such plans.
(ii) Continue to provide You medical benefits under the Company’s major medical group health plan through the Separation Date, and pay Your portion of Your monthly premiums as the Company has done prior to the Effective Date; provided, however, that in the event that You obtain other employment that offers group health benefits, the Company’s obligation to provide such coverage shall immediately cease when You become eligible to participate in such group health benefit plan.
(i) Pay You the bonus You would have earned for the second quarter of 2022 based on the Company’s performance but only if similarly situated executives are actually paid such a bonus, paid on the same date the Company pays all such other bonuses for the second quarter of 2022.
(ii) Pay You a half of the annual bonus You would have earned for the year of 2022 based on the Company’s performance but only if similarly situated executives are actually paid such a bonus, paid on the same date the Company pays all such other bonuses for the year of 2022.
(iii) Ensure that all previously granted unvested Restricted Stock Units (performance and time-based) for which the performance criteria have already been achieved shall vest on schedule unless You are in possession of material non-public information of the Company in which case such RSUs will be released when You are no longer in possession of material non-public information. For clarity, the above referenced RSUs are expected to vest during the Transition Term:
Transition Compensation. During the Transition Term, the Company shall,
(i) From the Effective Date through August 31, 2022, continue to pay You one-hundred percent (100%) of Your current base salary, or Five Hundred Twenty-Five Thousand Dollars and Zero cents ($525,000), at the gross semi-monthly rate of Twenty-One Thousand Eight-Hundred Seventy-Five Dollars ($21,875.00), subject to all applicable withholdings and paid in accordance with the Company’s regular payroll schedule. You shall remain eligible to participate in all employee benefit plans in which You participated immediately prior to the Effective Date, subject to the terms and conditions of such plans.
(ii) From September 1, 2022 through May 31, 2024, pay You ninety percent (90%) of Your current base salary, or Four Hundred Seventy-Two Thousand Five Hundred Dollars and Zero Cents ($472,500.00) at the gross semi-monthly rate of Nineteen Thousand Six-Hundred Eighty-Seven Dollars and Fifty Cents ($19.687.50), subject to all applicable withholdings and paid in accordance with the Company’s regular payroll schedule. You shall remain eligible to participate in all employee benefit plans in which You participated immediately prior to the Effective Date, subject to the terms and conditions of such plans.
(iii) Continue to provide You medical benefits under the Company’s major medical group health plan through the Separation Date, and pay Your portion of Your monthly premiums as the Company has done prior to the Effective Date; provided, however, that in the event that You obtain other employment that offers group health benefits, the Company’s obligation to provide such coverage shall immediately cease when You become eligible to participate in such group health benefit plan.
(iv) Pay You a prorated portion of the bonus You would have earned for the third quarter of 2022 based on the Company’s performance but only if similarly situated executives are actually paid such a bonus, paid on the same date the Company pays all such other bonuses for the third quarter of 2022. The prorated portion of the bonus for the third quarter of 2022 shall be calculated by multiplying the bonus that You otherwise would have earned for the third quarter of 2022 by a fraction, the numerator of which is the number of days You served as Chief Executive Officer during the third quarter of 2022 and the denominator is 92.
(v) Pay You a prorated portion of the annual bonus You would have earned for the year of 2022 based on the Company’s performance but ...
Transition Compensation. During the period commencing on the Effective Date and ending on the date on which Executive’s employment terminates for any reason (the “Transition Period”), Executive shall continue to (i) receive the same base salary as in effect on the Effective Date (i.e., $775,000 per year, pro-rated for any partial year of employment), (ii) be eligible to earn a Target STI in effect as of the Effective Date (i.e., 150% of Executive’s eligible base earnings, or $1,162,500) and (iii) be eligible to participate in employee benefit plans maintained by the Company, in each case, in accordance with the terms and conditions of the Term Sheet. Notwithstanding the foregoing or anything to the contrary in the Term Sheet, except as otherwise determined by the Company, Executive shall not be eligible to receive grants of LTI awards during the Transition Period (including any annual LTI award for calendar year 2020).
Transition Compensation. Effective January 1, 2023, Union employees will receive an additional 3.75% wage increase for transition impact compensation, as well as $2,000 per member deposited into each member’s HRA VEBA account within 30 days of ratification/approval of this agreement by both parties. This is intended to address issues relative to transition that are not explicitly addressed in this agreement.
Transition Compensation. Effective as of January 1, 2011 and continuing through his separation from service, Employee shall receive a base salary in the annualized amount of $375,000, less applicable deductions under federal and state law. Employer shall, upon the execution of this Agreement, pay Employee a lump sum catch-up payment equal to the difference between Employee’s current base salary and $375,000 for the period commencing on January 1, 2011 through the date on which Employer commences paying the base salary at the rate of $375,000. Employer also shall continue all of Employee’s benefits currently in effect through Employee’s separation from service. Employer’s continued obligation hereunder is expressly conditioned on Employee’s continued employment through the effective date of his separation and his compliance with Section 3, unless Employer expressly agrees to the contrary in writing.
Transition Compensation. Employee will receive a cash payment of _______________ Dollars ($__________) (less withholdings) within 30 days following hire.
Transition Compensation. If Executive (a) signs this Agreement and complies with her obligations hereunder, (b) remains an Active Executive during the full Retention Period, (c) has not engaged in willful misconduct during employment, whenever discovered and (d) signs and does not revoke the General Release attached hereto as Exhibit A within thirty (30) days following the end of the Retention Period, Schneider will pay Executive a total gross amount of Six Hundred Thousand Dollars ($600,000) which shall, as applicable, be treated as wages or supplemental earnings for purposes of federal and state taxation and withholding (the “Transition Compensation”). The Transition Compensation shall be paid to Executive on the first business day that is at least twenty (20) business days after the occurrence of both the following events: after the Separation Date and after Executive has signed, and not revoked within the applicable revocation period, Exhibit A to this Agreement. Executive acknowledges and agrees that, in the absence of this Agreement, Executive would otherwise not be entitled to receive the amounts represented by the Transition Compensation given Executive’s separation from employment on the Separation Date. If, prior to the expiration of the Retention Period, Schneider terminates Executive’s employment for Cause, Executive will forfeit eligibility to receive the Transition Compensation. For purposes of this Agreement, “Cause” means (a) Executive has engaged in gross negligence, gross incompetence, or willful misconduct in the performance of the duties and services required by Schneider; (b) Executive has engaged in willful conduct (i) involving destruction or culpable dishonesty against Schneider or (ii) resulting in a conviction of or plea of no contest to any crime involving fraud, theft, misappropriation, embezzlement, dishonesty; or (c) any serious and intentional violation of any Schneider employment policy. Notwithstanding anything to the contrary herein, Executive will remain eligible for the Transition Compensation in the event that she is discharged during the Retention Period for a reason other than for Cause. For clarity, Executive will forfeit Profit Share eligibility effective as of the Separation Date. Executive also forfeits, as of the Separation Date, all unvested and/or unaccrued amounts under any and all long term incentive plans and awards thereunder including but not limited to the Xxxxxxxxx National Inc. 2017 Omnibus Incentive Plan, the Xxxxxxxxx Nationa...
