Examples of CEO Transition Period in a sentence
For the avoidance of doubt, the special rules under this Section 1.6 will not apply if your Termination Date occurs after the expiration of the CEO Transition Period.
Unless earlier terminated by the Company, the Policy shall, without any further action by the Company, terminate effective as of 11:59 PM Eastern Time on the last day of the CEO Transition Period.
If, during the CEO Transition Period, your Termination Date occurs by reason of a Termination without Cause or a Separation for Good Reason, then the PRSUs awarded under Section 1.1 shall vest or be forfeited as of the PRSU Vesting Date, depending on the attainment of Performance Goals; provided, however, that you timely execute and deliver (and do not revoke) a release in the form and manner prescribed by the Company and adhere to the restrictive covenants contained therein.
For the avoidance of doubt, the special rules under this Section 1.4 will not apply if your Termination Date occurs after the expiration of the CEO Transition Period.
In the event that Executive’s employment is terminated during the CEO Transition Period pursuant to Section II(B)(ii)(1) of this Agreement or Executive’s death, and Executive has fully complied with all of his obligations in this Agreement, Executive shall be eligible for the benefits and payments set forth on Addendum A to this Agreement.
If Executive voluntarily terminates his employment with the Company during the CEO Transition Period or the Employee Transition Period for any reason, he will not be entitled, to the extent not already paid, to any of the benefits or payments set forth in Addendum A or the continued payment of the base compensation set forth in II.B.(i)(2).
Additionally, during the CEO Transition Period, the Executive shall assist the Company and the Company’s current co-Chief Executive Office and such other members of management as reasonably deemed necessary to ensure the efficient and uninterrupted transition of such co-Chief Executive Officer to the position of sole Chief Executive Officer and the Executive’s transition out of the role of Chief Executive Officer.
In the event that Executive’s employment is terminated for Cause during the CEO Transition Period pursuant to Section II(B)(ii)(2) of this Agreement, Executive will not be entitled to receive the benefits or payments set forth on Addendum A to this Agreement.
Effective as of the earlier of (a) June 1, 2024 and (b) the end of the CEO Transition Period, the Executive hereby resigns his position as co-Chief Executive Officer of the Company, and shall serve as the Executive Chairman of the Board of the Company during the Term (as defined in the August 2023 Employment Agreement).
While Executive’s employment during the Interim CEO Period or the CEO Transition Period may only be terminated by the Company for Cause, the election of another individual as Interim CEO, CEO, President or Chair of the Board shall not be considered a breach of this Agreement or termination of employment, nor reduce any of 3 the compensation or other obligations under this Agreement or have any impact on any other provision of this Agreement.