Transition Compensation Sample Clauses
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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. This covenant/contract can be terminated with the concurrence of the Presbytery with thirty
Transition Compensation. From the Agreement Effective Date through the Separation Date (the “Transition Period”), you will be paid a fixed weekly salary in the amount indicated in Exhibit C, less required withholding. This salary serves as compensation for all hours worked, up to a maximum of 10 hours in a given workweek. If you work more than 10 hours in a given workweek, you will be paid at the hourly rate identified in Exhibit C for such additional hours. You agree that you will not work more than 10 hours in a workweek without notifying and obtaining consent from ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇.
Transition Compensation. You will be eligible to receive compensation for (i) transition services with respect to your assistance in transferring to employees of the Company the scope of your duties and long standing knowledge regarding the Company, (ii) advice on business development, engagements, projects and reports, (iii) your cooperation with regard to any third party claims that may arise prior to January 1, 2022, and (iv) such other advice or services as the Company may reasonably request that were within the scope of your duties as President of JMP. The Transition Compensation will be structured as follows: ● You will receive your current base salary through December 31, 2020 in semi-monthly payments of $16,666.67, subject to customary deductions and withholdings, including to cover your health insurance benefits under JMP’s Group Health Plan (including ArmadaCare or any other group health plan the Company selects) (the “Health Insurance Benefits”). ● From January 1, 2021 through January 1, 2022 you will receive semi-monthly base salary payments of approximately $695, which amounts will be used to cover the Health Insurance Benefits from January 1, 2021 through January 31, 2022. ● In addition, subject to your compliance with the terms of this agreement, you will be eligible to receive three balloon payments of (i) Eight Hundred Thousand Dollars ($800,000) to be paid on February 28, 2021, (ii) Four Hundred Thousand Dollars ($400,000) to be paid on July 30, 2021, and (iii) if you sign and do not revoke the Supplemental Release referred to in paragraph 24 below, you will receive the final payment of Four Hundred Thousand Dollars ($400,000) on February 28, 2022. The payments and health insurance coverage set forth in this paragraph 2(a) are referred to in the aggregate as “Transition Compensation” and, as such, will be subject to all payroll deductions.
Transition Compensation. In exchange for my commitment to continue to serve the Company as Chairman following the Transition Date, on the Transition Date, the Company shall grant me an RSU award covering 33,832 shares (the “Transition Grant”). The Transition Grant shall be subject to two separate vesting requirements: (a) the Service-Based Requirement, which will be satisfied on the third anniversary of the Transition Date subject to continued service, as provided herein, to the Company through such date, and (b) the Liquidity Event Requirement (as defined in the RSU award agreement described in Section 4.b above). If a Change of Control (as defined in the Company’s 2011 Equity Incentive Plan) occurs (a “Change in Control”) or if I am asked to resign as Chairman without Cause or am removed, or am not reelected as Chairman of the Board prior to the Chairman Target Date, then upon the date I cease to be Chairman for such reasons (the “Chairman Departure Date”), the Service-Based Requirement of the Transition Grant will become immediately achieved on the Chairman Departure Date. In addition, in the event that following the Transition Date my service as Chairman of the Board terminates as a result of my death or disability, the Service-Based Requirement of the Transition Grant will become immediately achieved on the Chairman Departure Date.
Transition Compensation. Subject to the terms and conditions of this Section 4.1, Sprint agrees to compensate Horizon for the net operating losses which Horizon will incur in the operation of the nTelos Service Area from the date of this Agreement to the earliest to occur of the following (i) August 2, 2004; (ii) the Effective Date; (iii) entry by the Bankruptcy Court of a final order of the Bankruptcy Court denying Horizon's motion to approve this Agreement and the Release; or (iv) the mutual written agreement of the parties (the "Transition Period"). The compensation payment will be equal to $25,000 multiplied by the number of days during the Transition Period (the "Transition Payment"). The Transition Payment shall be due in full upon the earliest to occur of (a) the Effective Date and (b) 3 business days following the expiration of the Transition Period. The Transition Payment shall be treated as additional Purchase Price for the Purchased Assets. Notwithstanding any provision herein to the contrary, in no event will the Transition Payment exceed $2 million.
Transition Compensation. In connection with the elimination of Your position with jcpenney, if You remain employed until Your Employment Termination Date You will be entitled to the following transition compensation, subject to Your agreement to the Covenants and Representations contained in Section 4 and the Releases contained in Section 6.
Transition Compensation. Subject to Section 1.05, the Manager shall be solely responsible for the determination and payment of all compensation payable to the Key Employees, the Offer Employees and any other employee of the Manager providing services to the Company with respect to all periods prior to the Effective Date, whether payable prior to or following the Effective Date; provided, however, that the total annual compensation payable by the Manager to each such employee with respect to all periods prior to the Effective Date shall not be less than the total annual salary and cash bonus that was paid by the Manager to such employee in 2019 (the “Minimum Cash Compensation”) and that the Minimum Cash Compensation for the fiscal year in which the Effective Date falls shall be prorated through the Effective Date.
Transition Compensation. The Company shall pay you a base salary at the annual gross rate of $500,000 during the Transition Period, payable in substantially equal installments in accordance with the Company’s normal payroll practices. To the extent the Termination Date occurs as a result of any reason included in the first sentence of Section A.1 other than your resignation or material breach of your obligations pursuant to Sections A.1, E.1 and G.1 of this Agreement or RSU Cause, you (or your estate, in the case of your death) shall continue to receive payments in amounts and as frequently as contemplated by the first sentence of this Section A.2 from the Termination Date until December 31, 2007. During the Transition Period you will also continue to be eligible to participate in the welfare, pension and other employee benefit plans and programs of the Company in which you were participating as of the Execution Date. In addition, without limiting the foregoing, you shall be entitled to; (i) payment for your accrued and unused vacation days within 30 days following the Termination Date, and (ii) reimbursement by the Company for all reasonable business-related expenses you have incurred or will incur during the Transition Period in connection with the performance of your duties in accordance with its policies, which reimbursement shall be made promptly following your submission of a request for reimbursement but in no event later than 90 days following the Termination Date. Subject to your continued compliance with the provisions of Section A.1, E.1 and G.1 of this Agreement and the non-occurrence of RSU Cause during the Transition Period, your execution and non-revocation of this Agreement and your execution and non-revocation of a general release substantially in the form attached hereto as Exhibit 1 (the “Release of Claims”), the Company shall pay you a partnership compensation award (the “Partnership Payment”) in the gross amount of $400,000, which amount shall be paid in a lump sum at the same time that bonuses are paid to employees generally in respect of 2007, but in no event later than March 15, 2008. Except as otherwise provided herein, from and after your Termination Date, you hereby agree that, by operation of this Agreement, and without any further action by you or the Company, you shall no longer be an employee of the Company and you hereby resign and will no longer be a director, officer, managing member, partner, or member of any committee of the Company as of the Te...
Transition Compensation. To assist Executive in his transition from his current partnership position at C▇▇▇▇▇ Godward, for the period from July 1, 2006 through December 31, 2006, Executive will receive additional compensation of US$ 16,666 per month, payable in accordance with the Company’s payroll policies and subject to customary deductions and withholdings, as required by law.