Common use of Transition Period and Separation Clause in Contracts

Transition Period and Separation. (a) As of the date hereof, you and the Company agree that you will cease to be employed as the Company's Executive Vice President, General Counsel and Secretary and immediately become employed as Senior Advisor to the Company's Chief Executive Officer (the "CEO") through March 31, 2020 (the "Separation Date"). Accordingly, as of the date hereof, you will no longer serve as an executive officer or Section 16 reporting person of the Company. During the period beginning on the date hereof and ending on the Separation Date, or such earlier date as your employment with the Company terminates (the "Transition Period"), you shall cooperate with the Company to transition the duties from your prior position to your successor, and, in your capacity as Senior Advisor to the CEO, you shall advise on, and continue to provide legal advice to the Company with respect to, select M&A, litigation and regulatory matters and perform such other duties in all cases consistent with your experience as the Company may from time to time reasonably request. (b) During the Transition Period , the Company will continue to pay your base salary at the rate in effect as of the date hereof, and you will continue to participate in the Company's benefit plans, subject to the terms thereof, in a manner consistent with an employee with the title of Executive Vice President. In addition, you will receive a bonus of $240,000 for calendar year 2019, which shall be paid no later than March 15, 2020. (c) If, prior to the Separation Date, the Company terminates your employment for Cause (as defined in the letter agreement dated August 2, 2016 between you and the Company), you voluntarily resign for any reason other than pursuant to an Approved Early Resignation (defined below), or your employment is terminated due to death or Disability (as defined in the Altice USA 2017 Long Term Incentive Plan (the "Plan")), you will be entitled to receive only the base salary and earned or accrued, but unpaid , benefits up to the final date

Appears in 1 contract

Sources: Separation Agreement (Altice USA, Inc.)

Transition Period and Separation. (a) As of the date hereof, you and the Company agree that you will cease to be employed as the Company's Executive Vice ’s President, General Counsel Telecom and Secretary Chief Operating Officer and immediately become employed as Senior Advisor to the Company's ’s Chief Executive Officer (the "CEO") through March December 31, 2020 2021 (the "Separation Date"). Accordingly, as of the date hereof, you will no longer serve as an executive officer or Section 16 reporting person of the Company. During the period beginning on the date hereof and ending on the Separation Date, or such earlier date as your employment with the Company terminates (the "Transition Period"), you shall cooperate with the Company to transition the duties from your prior position to your successor, the appropriate Company parties and, in your capacity as Senior Advisor to the CEO, you shall advise on, and continue to provide legal operational and technical advice to the Company with respect to, select M&A, litigation and regulatory matters and perform such other duties in all cases consistent with your experience as the Company may from time to time reasonably request. (b) During the Transition Period Period, the Company will continue to pay your base salary at the rate in effect as of the date hereof, and you will continue to participate in the Company's ’s benefit plans, subject to the terms thereof, in a manner consistent with an employee with the title of Executive Vice Presidentyour employment preceding this Agreement. In addition, you will receive a bonus of $240,000 for calendar year 2019, which shall be paid no later than March 15, 2020the fiscal year2021 in an amount as described more fully in the Separation Agreement attached hereto. (c) IfYou hereby provide notice of your resignation effective as of the date of this Agreement, prior from your role as President, Telecom and Chief Operating Officer of the Company, as well as any and all titles, positions and appointments you hold with the Company or any member of the Company Group, whether as an officer, director, trustee, committee member, agent or otherwise, other than your employment as Senior Advisor to the CEO, which employment shall terminate on the Separation Date. Effective as of the date of this Agreement, without the prior approval of the CEO, you shall have no authority to act on behalf of any member of the Company terminates your employment for Cause (Group and shall not hold yourself out as defined having such authority to enter into any agreement or incur any obligations on behalf of any member of the Company Group, commit any member of the Company Group in any manner or otherwise act in an executive or other decision-making capacity with respect to any member of the letter agreement dated August 2, 2016 between you and the Company), you voluntarily resign for any reason other than pursuant Company Group. You agree to an Approved Early Resignation (defined below), or your employment is terminated due promptly execute such documents as reasonably necessary to death or Disability (as defined in the Altice USA 2017 Long Term Incentive Plan (the "Plan")), you will be entitled to receive only the base salary and earned or accrued, but unpaid , benefits up to the final dateeffect such resignations.

Appears in 1 contract

Sources: Separation Agreement (Altice USA, Inc.)

Transition Period and Separation. (a) As of Effective December 31, 2024 (the date hereof“Transition Date”), you and the Company agree that you will cease to be employed as the Company's Executive Vice President’s EVP, General Counsel HR and Secretary and will immediately become employed as a non-executive Senior Advisor to the Company's Chief Executive Officer CEO until the Separation Date (the "CEO") through March 31, 2020 (the "Separation Date"“Transition Period”). Accordingly, as of the date hereof, you will no longer serve as an executive officer or Section 16 reporting person of the Company. During the period beginning on the date hereof and ending on Until the Separation Date, or such earlier date as your employment with the Company terminates (the "Transition Period"), you shall cooperate with the Company to transition the EVP, HR duties from your prior position to your successor, successor and, in your capacity as Senior Advisor to the CEO, you shall advise the CEO on, and continue to provide legal operational advice to the Company with respect to, select M&A, litigation and regulatory matters and perform such other duties in all cases consistent with your experience as the Company may reasonably request from time to time reasonably requesttime. (b) During Through the Transition Period Separation Date, the Company you will continue to pay receive your current annual base salary at of $400,000, subject to reduction for applicable withholding taxes and deductions, and paid in accordance with the rate in effect as of the date hereofCompany's usual and customary payroll practices, and you will continue to participate in the Company's ’s benefit plans, subject to the terms thereof, in a manner consistent with an employee with your employment as of the title date of Executive Vice President. In additionthis Agreement. c) Effective on the Transition Date, you will receive a bonus resign from your role as EVP, HR of $240,000 for calendar year 2019the Company, as well as any and all titles, positions and appointments you hold with the Company or any member of the Company Group, whether as an officer, director, trustee, committee member, agent or otherwise, other than your employment as Senior Advisor to the CEO, which employment shall be paid no later than March 15, 2020. (c) If, prior to terminate on the Separation Date. Accordingly, effective as of the Transition Date, without the prior approval of the Chief Executive Officer of the Company, you shall have no authority to act on behalf of any member of the Company terminates your employment for Cause (Group and shall not hold yourself out as defined having such authority to enter into any agreement or incur any obligations on behalf of any member of the Company Group, commit any member of the Company Group in December 10, 2024 any manner or otherwise act in an executive or other decision-making capacity with respect to any member of the letter agreement dated August 2, 2016 between you and the Company), you voluntarily resign for any reason other than pursuant Company Group. You agree to an Approved Early Resignation (defined below), or your employment is terminated due promptly execute such documents as reasonably necessary to death or Disability (as defined in the Altice USA 2017 Long Term Incentive Plan (the "Plan")), you will be entitled to receive only the base salary and earned or accrued, but unpaid , benefits up to the final dateeffect such resignations.

Appears in 1 contract

Sources: Transition Agreement (Altice USA, Inc.)

Transition Period and Separation. (a) As of Effective March 1, 2023 (the date hereof“Transition Date”), you and the Company agree that you will cease to be employed as the Company's Executive Vice President, General Counsel ’s Chief Financial Officer (the “CFO”) and Secretary and will immediately become employed as a non-executive Senior Advisor to the Company's Chief Executive Officer (the "CEO") through March 31CEO until July 3, 2020 (the "Separation Date")2023. Accordingly, as of the date hereofMarch 1, 2023, you will no longer serve as an executive officer or Section 16 reporting person of the Company. During the period beginning on the date hereof March 1, 2023 and ending on the Separation Date, or such earlier date as your employment with the Company terminates Date (the "Transition Period"), you shall cooperate with the Company to transition the CFO duties from your prior position to your successor, successor and, in your capacity as Senior Advisor to the CEO, you shall advise the CEO on, and continue to provide legal financial and operational advice to the Company with respect to, select M&A, litigation and regulatory matters and perform such other duties in all cases consistent with your experience as the Company may reasonably request from time to time reasonably requesttime. During the Transition Period, you shall continue to be covered by the Company’s directors’ and officers’ liability insurance in place for company officers. (b) During the Transition Period period beginning March 1, 2023 up to and including July 3, 2023 (or, if earlier, the date your employment is terminated by the Company pursuant to Section 4), and subject to you executing this Agreement, you will continue to pay receive your current annual base salary at of $400,000, subject to reduction for applicable withholding taxes and deductions, and paid in accordance with the rate in effect as of the date hereofCompany's usual and customary payroll practices, and you will continue to participate in the Company's ’s benefit plans, subject to the terms thereof, in a manner consistent with an employee with your employment as of the title date of Executive Vice President. In addition, you will receive a bonus of $240,000 for calendar year 2019, which shall be paid no later than March 15, 2020this Agreement. (c) IfEffective on the Transition Date, prior you will resign from your role as CFO of the Company, as well as any and all titles, positions and appointments you hold with the Company or any member of the Company Group, whether as an officer, director, trustee, committee member, agent or otherwise, other than your employment as Senior Advisor to the CEO, which employment shall terminate on the Separation Date. Effective as of the Transition Date, without the prior approval of the Chief Executive Officer of the Company, you shall have no authority to act on behalf of any member of the Company terminates your employment for Cause (Group and shall not hold yourself out as defined having such authority to enter into any agreement or incur any obligations on behalf of any member of the Company Group, commit any member of the Company Group in any manner or otherwise act in an executive or other decision-making capacity with respect to any member of the letter agreement dated August 2, 2016 between you and the Company), you voluntarily resign for any reason other than pursuant Company Group. You agree to an Approved Early Resignation (defined below), or your employment is terminated due promptly execute such documents as reasonably necessary to death or Disability (as defined in the Altice USA 2017 Long Term Incentive Plan (the "Plan")), you will be entitled to receive only the base salary and earned or accrued, but unpaid , benefits up to the final dateeffect such resignations.

Appears in 1 contract

Sources: Transition Agreement (Altice USA, Inc.)