Transition Bonus Payment definition
Examples of Transition Bonus Payment in a sentence
If, prior to the end of the Transition Period, Executive resigns his employment absent a written request of the Company to do so (other than due to death or Disability), or is terminated by the Company for Cause, he will not be entitled to any Transition Bonus Payment.
In the event of a breach of any provision of this Agreement by the Employee, including Sections 13 and 15, the Company shall, without excluding other remedies available to them, be entitled to an award in an amount equal to the Transition Bonus Payment paid to her as of the date of such breach.
The Employee acknowledges that any violation of this Section 17 will result in irreparable harm to the Company and will, in addition to other available remedies, shall be entitled to immediate injunctive relief and to an award in an amount equal to the Transition Bonus Payment paid to her as the date of such breach.
The Transition Bonus Payment will be paid in a single, lump-sum payment at the same time that bonuses for 2020 are paid to other executives, as long as this Agreement has become effective.
Executive will receive a lump sum cash payment of $562,500 (the “Transition Bonus Payment”) to be paid at the end of the Transition Period for completion of the Transition Services, subject to Executive’s execution and non-revocation of the Final Release by the Final Release Deadline, with such Transition Bonus Payment to be paid within ten (10) days following the effectiveness of the Final Release.
If the Employee timely revokes the Specified Sections of this Agreement, she will not receive any portion of the Transition Bonus Payment or other benefits under this Agreement.
The Transition Bonus Payment and Noncompete/Release Payment provided to Hollister shall not be considered compensation for purposes of any employee benefit plan, program, policy or arrangement maintained or hereafter established by the Company or any of its Affiliates.
The Transition Bonus Payment shall be payable by the Company to Hollister in a single lump sum on March 9, 2007 (the “Effective Date”); provided that such payment shall be subject to reduction in respect of applicable federal, state and local tax withholdings.
In exchange for Hollister’s execution of this Agreement, including the Release in Section 4 and the Extension of Noncompete Period in Section 6(b) hereof, and Hollister’s continued compliance with the Employment Agreement, including, without limitation, paragraphs 5, 6 and 7 thereof, the Company agrees to provide Hollister with the Purchase Price and Transition Bonus Payment (as defined herein).
Transition Bonus Payment: Colleague’s bonus, if any, under the Executive Officer Bonus Plan (the “Bonus Plan”) for the fiscal year ending September 30, 2021 shall be earned and payable pursuant to the terms of the Bonus Plan.