Retirement and Transition Clause Samples

Retirement and Transition a. You and the Company acknowledge and agree that you have provided notice of your intent to voluntarily resign and retire from your employment and officer positions with the Company and its subsidiaries, effective as of July 1, 2023 (such date, or such earlier date that your employment actually terminates, the “Transition Date”). Effective as of the Transition Date, your active employment with the Company will terminate and you hereby resign as an employee and from all other officerships of the Company and its subsidiaries; provided, that following the Transition Date, at the Company’s discretion, you will continue to serve as a member of the Board and in any other directorships you may hold at the Company and its subsidiaries. Until the Transition Date, that certain Employment Agreement by and between the Company and you, dated as of April 13, 2018, as subsequently amended (the “Employment Agreement”) will continue to control with respect to your salary, benefits and other matters with respect to your employment with the Company. Notwithstanding the foregoing, nothing herein shall limit the Company’s ability to terminate your employment for Cause (as defined in the Employment Agreement) prior to the Transition Date in the event you have committed any action or omission that would give rise to a Cause termination pursuant to the Employment Agreement, nor shall anything in this Letter Agreement be deemed to give rise to Good Reason (as defined in the Employment Agreement) or provide you with the right to terminate your employment for Good Reason. For the avoidance of doubt, if your employment is terminated by the Company for Cause or by you for any reason prior to the Transition Date, you acknowledge and agree that you will not be entitled to the benefits described in Sections 2 and 3 below. b. During the period beginning on the date of this Letter Agreement and ending on the Transition Date (the “Transition Period”), you will serve the Company in such capacities and perform such duties as may be specified from time to time by the Board. In particular, during the Transition Period you agree you will (i) continue to perform your duties as Chief Executive Officer of the Company, consistent with past practices, (ii) use your reasonable best efforts to advance the interests of the Company and facilitate the successful transition of your responsibilities to the individual who succeeds you as Chief Executive Officer in whatever reasonable capacity may be request...

Retirement and Transition. In connection with Long’s retirement and the transition of his duties to his successor, the parties agree that: (a) Long shall retire from his employment with Employer on the Retirement Date. (b) Long hereby resigns as Chief Executive Officer of the Company, as a director of the Bank, as a director of the Company and as an officer or director of any other subsidiary or affiliate of the Company, all of which resignations are effective immediately. (c) Long shall continue to serve as Chief Executive Officer of the Bank until the Retirement Date. From the date of this Agreement until the Retirement Date (the “Transition Period”), Long shall serve as senior advisor to ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇, successor Chief Executive Officer of the Bank and of the Company, and shall work to transition his knowledge, duties and responsibility to ▇▇. ▇▇▇▇▇▇. Additionally, Long shall have such appropriate transition, customer relations, investor relations and capital development duties as may be assigned by the Board of Directors from time to time. (d) During the Transition Period, Long shall continue to receive base salary at his current rate and shall continue to receive his current benefits (subject to any generally applicable changes the Company may make during the Transition Period); provided, however, (i) with respect to Long’s membership expenses associated with Statesville Country Club, The Point Country Club, one civic club, and family membership in a health facility, Employer will continue to pay for membership and dues only, but will not pay for associated personal charges and expenses; and (ii) Long will have continued use of the current automobile provided by Employer, the 2008 Lexus. During the Transition Period, Long will not be eligible to receive any bonuses. Long will not be entitled to any severance or any special separation pay upon or following his retirement. The Bank will continue to cover Long under its directors and officers liability insurance policy during the Transition Period. After Long’s retirement, Long will have the same coverage under this policy (or successor policies) and the same entitlement to corporate indemnification as other retired officers and directors. The benefits and payments Long receives under this Agreement are conditioned upon (A) his employment through the Retirement Date not being terminated by Long for any reason or by the Bank for Cause (as such term is defined by the Employment Agreement) and (B) Long’s performance of and complian...

Retirement and Transition. (a) An employee may request to enter into a transition to retirement arrangement by discussing their intentions with their supervisor in conjunction with People & Culture. (b) The employer will genuinely consider the employee’s request, taking into account operational requirements of the organisation as well as the personal needs of the employee. Where relevant, the arrangement will be reviewed on an annual basis to ensure it continues to meet the employer and employee needs. Where an application is refused, the reasons for the refusal shall be provided in writing to the employee. (c) Employees considering the option of entering into a transition to retirement arrangement are encouraged to seek independent financial advice. Part 2—Consultation and Dispute Resolution

Retirement and Transition. Executive currently serves as Executive Vice President and Chief Financial Officer (“CFO”) of UAL and the Company and as a director and officer of certain other subsidiaries and affiliates of UAL. Executive has informed UAL and the Company of his intention to retire in 2024. To support the effective transition of Executive’s responsibilities, Executive agrees (i) to serve as CFO until the effective date of UAL’s appointment of a successor CFO, after which time Executive will serve as Executive Vice President, Finance; (ii) to provide continuing services to UAL and the Company to support the successful transfer of responsibilities, the filing of UAL and the Company’s 2023 Annual Report on Form 10-K, and the execution of the United Next growth strategy and related aircraft acquisition and financing arrangements; and (iii) to voluntarily retire from the UAL and Company on September 30, 2024 or such earlier date as mutually agreed to by the parties (the “Retirement Date”).

Retirement and Transition. ▇▇. ▇▇▇▇▇▇’▇ retirement as Company Leader and as a Board member, as well as from all other officer and director positions he holds with the Company, the Company’s subsidiaries and its affiliates, is effective immediately. Also effective immediately, ▇▇. ▇▇▇▇▇▇ is appointed to the office of Interim Company Leader, to serve at the pleasure of the Board in such capacity until the effective date on which his successor becomes Company Leader but in no event later than June 30, 2008 (the “Transition Date”).

Retirement and Transition. Executive will not retire and will remain in his current position until (a) a successor to Executive is hired and starts full-time employment at the Company and (b) the Company files its 2004 Annual Report on Form 10-K with the Securities and Exchange Commission. Executive will retire effective the end of business on the date on which both of these tasks are completed (the “Retirement Date”). The Company and Executive will both use reasonable efforts to complete such tasks on or before March 15, 2005. The Company reserves the right in its sole discretion to waive these conditions and accelerate the Retirement Date. The Company will have sole discretion over the selection of a successor, and Executive will work in good faith to prepare for and effect a smooth transition of his responsibilities to the successor.

Retirement and Transition. Executive currently serves as ____________ (“EVP”) of UAL and the Company and as a director and officer of certain other subsidiaries and affiliates of UAL. Executive has informed UAL and the Company of Executive’s intention to retire __________. To support the effective transition of Executive’s responsibilities, Executive agrees to provide continuing services to UAL and the Company and to voluntarily retire from UAL and the Company on ___________ or such earlier date as mutually agreed to by the parties (the “Retirement Date”).

Retirement and Transition. In connection with ▇▇▇▇▇’▇ retirement and the transition of his duties to his successor, the parties agree that: ▇. ▇▇▇▇▇ shall retire from his employment with Employer on the Retirement Date. ▇. ▇▇▇▇▇ hereby resigns as Chief Executive Officer of the Company and as an officer or director of any other subsidiary or affiliate of the Company, all of which resignations are effective immediately. ▇. ▇▇▇▇▇ shall continue to serve as an officer of the Company until the Retirement Date. From the date of this Agreement until the Retirement Date (the “Transition Period”), ▇▇▇▇▇ shall serve as senior advisor to ▇▇▇▇ ▇▇▇▇▇▇, successor executive officer of the Company, and shall work to transition his knowledge, duties and responsibility to ▇▇. ▇▇▇▇▇▇. Additionally, ▇▇▇▇▇ shall have such appropriate transition, customer relations, and other duties as may be assigned by the Bank’s Board of Directors from time to time. d. During the Transition Period, ▇▇▇▇▇ shall continue to receive (i) base salary at his current rate; (ii) his expenses for membership and dues in one Country Club and one civic club, and any other fringe benefits which are now or may be or become applicable to the Bank’s executive employees; (iii) the continued use of the current automobile provided by Employer to ▇▇▇▇▇; and (iv) the right, but not the obligation, to purchase such automobile for its current fair market value on his Retirement Date. During the Transition Period, ▇▇▇▇▇ will not be eligible to receive any bonuses. ▇▇▇▇▇ will not be entitled to any severance or any special separation pay upon or following his retirement. The Bank will continue to cover ▇▇▇▇▇ under its directors and officers liability insurance policy during the Transition Period. After ▇▇▇▇▇’▇ retirement, ▇▇▇▇▇ will have the same coverage under this policy (or successor policies) and the same entitlement to corporate indemnification as other retired officers and directors. The benefits and payments ▇▇▇▇▇ receives under this Agreement are conditioned upon (A) his employment through the Retirement Date not being terminated by ▇▇▇▇▇ for any reason or by the Company for Cause (as such term is defined by the Employment Agreement) and (B) ▇▇▇▇▇’▇ performance of and compliance with the terms of this Agreement and any continued post-employment obligations under the Employment Agreement as provided in Section 4 of this Agreement.

Retirement and Transition