Transition Period Compensation. The Parties agree that following the Effective Date of this Agreement (as defined in provision 15 below), and provided all conditions of this Agreement are met by Executive, First Charter shall provide Executive with the following general compensation and other benefits and services during the Transition Period (the "Transition Period Compensation):
Transition Period Compensation. During the Transition Period, the Company shall compensate X’Xxxx at the annual rate of $548,625, less applicable taxes and withholdings, (the “Base Salary”) to be paid in accordance with the Company’s regular payroll practices. In addition, provided X’Xxxx has not voluntarily terminated his employment prior to August 31, 2007, he shall be entitled to an annual bonus for calendar year 2007 equal to $219,450, less applicable taxes and withholdings. The bonus shall be paid to X’Xxxx in a lump sum, on or prior to March 1, 2008. For the duration of the Transition Period, the Company shall also continue to provide X’Xxxx with the benefits which he currently enjoys under the Company’s plans and policies, under the same terms that applied to him immediately prior to the Effective Date, subject to the terms of those plans and policies.
Transition Period Compensation. (a) Xxxxxx acknowledges receipt of all compensation, except accrued but unused vacation time, due from Quixote through the payroll period immediately prior to the date he signed this Agreement. Xxxxxx acknowledges that he will receive all owed accrued but unused vacation time on the first payroll date following December 31, 2008.
(b) During the Transition Period, Xxxxxx’x annual base salary shall be One Hundred Twenty Thousand and 00/100 Dollars ($120,000.00), payable at a rate of $10,000 per month in accordance with Quixote’s payroll schedule in equal installments in accord with Quixote’s payroll schedule.
(c) During the Transition Period, Xxxxxx shall be entitled to participate in Quixote’s employee benefits programs at the level applicable to a full-time employee
Transition Period Compensation. During the Transition Period, subject to the compliance with the terms of this Agreement and the reasonable requests of the Company, the Executive shall continue to receive his base salary based on his current annual rate of base salary of $481,320.06, which shall be paid in accordance with the Company’s normal payroll practices, subject to applicable federal, state, local and employment tax withholding. Additionally, during the Transition Period, the Executive will remain eligible to participate in the employee benefits offered by the Company in accordance with the terms of such employee benefit plans, including, without limitation, continued vacation accrual during the Transition Period and continued vesting until the Termination Date with respect to any outstanding equity award granted to you pursuant to the Plan that vests based on the passage of time. The Executive’s right to participate in the employee benefits offered by the Company shall cease on the Termination Date, except as set forth herein or as required by applicable law.
Transition Period Compensation. During the Transition Period, subject to Executive’s continued compliance with the terms of this Agreement, Executive will (a) continue to receive his base salary at a rate of $725,000 per annum (“Base Salary”) in accordance with the Company’s regular payroll practices, (b) remain eligible to receive his Annual Incentive Award for the 2019 Bonus Year (as each such term is defined in the Employment Agreement) to the extent such bonus is earned based on actual achievement during the 2019 Bonus Year, as if Executive had continued to remained employed with the Company, and, to the extent earned (as determined in the Board’s sole discretion, without consideration of Executive’s transition and ultimate separation from the Company) at the same time that annual bonuses with respect to 2019 are paid to active employees of the Company, and (c) continue to participate in the Company’s benefit plans, subject to the eligibility provisions contained therein and on the same terms and conditions; provided, that the Company may modify or terminate any employee benefit plan or program at any time, in its sole discretion, if such modification or termination is consistent with the modification or termination for other similarly-situated employees of the Company.
Transition Period Compensation. Despite your position transition beginning today, Premier agrees that you shall be paid your regular compensation at your current semi-monthly base amount of $20,063.75 and benefits during your Transition Period from June 27, 2016 through your final Separation Date (i.e., August 31, 2016), less applicable withholding as required by law, except that you and Premier agree that you shall not remain eligible for and shall not participate in the Annual Incentive Plan for fiscal year 2017 (July 1, 2016 — June 30, 2017) (collectively, the “Transition Period Compensation”). Further, all insurance coverage and other benefits provided to you by Premier will then terminate and cease to be in effect as of the Separation Date, unless otherwise continued by you under COBRA or converted to individual plans if and as allowed under the terms of such applicable plans / policies.
Transition Period Compensation. Subject to your compliance with the terms of this Agreement and in consideration for the transition services, during the Transition Period, you shall (a) receive regular base salary at the rate of $450,000 per year (which shall be pro-rated for the partial year represented by the Transition Period), subject to applicable deductions and (b) continue to be eligible to participate in the Company benefits plans in which you are currently participating. Subject to your compliance with the terms of this Agreement and continued employment through the end of the Transition Period, you shall continue to be
6 1 eligible to earn an annual cash incentive for the 2022 Award Period under the terms of the Performance-Linked Bonus Plan for Selected Executive Officers approved by Shareholders on May 6, 2016, provided that, if earned, your annual cash incentive award for the 2022 Award Period shall be prorated as follows: for the period of January 1, 2022 – July 13, 2022, it shall be calculated based on your annual base salary rate in effect during that period, and for the period of July 14, 2022 until your Retirement Date, it shall be calculated based on your annual base salary rate in effect during that period. You shall not receive any additional equity compensation during the Transition Period.
Transition Period Compensation. Additional services outside the scope of this Contract required by the End of Contract Transition will be paid out of the enhancement hours or through the rate card. There will be a $250,000 holdback applied to the Provider’s final invoice under this contract which will be released upon completion of the Provider’s responsibilities defined in 3.Transition Period Responsibilities of this Contract.
Transition Period Compensation. During the Transition Period, the Company shall continue to: (i) pay to Executive, in accordance with the Company’s standard payroll policies and subject to applicable withholding taxes, his base salary at the annual base salary rate in effect on the Effective Date, and (ii) reimburse Executive for all reasonable business expenses in accordance with and subject to the Company’s standard expense reimbursement policies for its executive officers. Nothing in this Agreement shall waive, alter or affect Executive’s entitlement to receive any bonus that may become payable to him under the Company’s 2009 Executive Officer Bonus Plan (the “2009 Bonus Plan”) in accordance with the terms and conditions thereof, except that notwithstanding any provision herein or in the 2009 Bonus Plan, Executive shall remain eligible for payment of the 2009 Bonus Plan if, through no fault of Executive, the Retirement Date or the termination date of Executive specified by the Company’s Board of Directors occurs before the payment date of such bonus. Executive shall not be eligible to participate in or to receive any bonus under any officer, employee or other bonus plan of the Company for any period beginning on or after January 1, 2010. Nothing in this Agreement shall waive, alter or affect Executive’s eligibility for or entitlement to any severance pay or benefits that, after the Effective Date and prior to the Retirement Date, Executive may become entitled to receive under the Company’s 2007 Officer Severance Plan (the “2007 OSP”) in accordance with the terms and conditions thereof, except that it is agreed that notwithstanding any provision herein or in the 2007 OSP Executive shall be treated as an “Eligible Officer” under the 2007 OSP; provided, however, that Executive acknowledges and agrees that he is not entitled to receive any such severance pay or benefits under the 2007 OSP resulting from this Agreement or his retirement from the Company hereunder. At the end of the Transition Period, Executive shall be entitled to be paid, subject to the Company’s vacation/personal time off policy and applicable withholding taxes, accrued and unused and unpaid vacation.
Transition Period Compensation. During the Transition Period, Employee will remain employed by the Company and will remain bound to the policies and procedures of the Company, will continue to receive her regular base rate of pay, subject to applicable taxes and withholdings according to the Company’s standard payroll practices, along with benefits to which she is currently entitled. Employee will also receive bonus compensation for which she may be eligible for the third and the fourth quarter of 2023 and for the first quarter of 2024. In addition, she will be eligible to receive the 2023 long-term executive cash bonus. The calculation of these bonuses will be based on the actual attainment of the bonus targets in accordance with the applicable plans adopted by the Company for the applicable periods or otherwise approved by the Company’s Board or the Company’s Compensation Committee using the same calculation methods as used with other senior executives at Employee’s level, and will be paid at the same time as such bonuses are paid to other senior executives. Employee will remain eligible to participate in the Company’s group health insurance on the same terms as during her employment and will continue to accrue paid time off during the Transition Period. Any equity award previously issued to Employee will continue to vest during the Transition Period in accordance with the terms of the award or otherwise provided herein. Employee will not be eligible for any bonus or other discretionary incentive during the Transition Period except as otherwise provided in this Agreement, in the Separation Agreement, or as otherwise required by applicable law. All other applicable employee benefits will terminate as of the Separation Date.
