Common use of Transition Schedule Clause in Contracts

Transition Schedule. Executive shall continue as Chairman and Chief Executive Officer of the Company through December 31, 2014 or such earlier date as his successor as Chief Executive Officer is appointed (the earlier of such dates is referred to as the “CEO Transition Date”). Upon appointment of the new Chief Executive Officer and continuing until the earlier of the appointment of Executive's successor as Chairman of the Board and December 31, 2015, Executive will continue as a full-time employee of the Company in the position of Executive Chairman. Effective upon the appointment of Executive's successor as Chairman of the Board, Executive's service as an employee and member of the Board will cease, and the Term of Employment will end (the date of such appointment is referred to as the “Separation Date”). The termination of Executive's service as a result of the appointment of his successors as Chief Executive Officer and Chairman of the Board will be considered a termination of Executive's employment without Cause for purposes of the Employment Agreement, but Executive will not be considered to experience a termination of employment as a result of the appointment of his successor as Chief Executive Officer for so long as the Company has not terminated his service as Executive Chairman.

Transition Schedule. Executive shall continue as Chairman and Chief Executive Officer of the Company through December 31June 30, 2014 2015, or such earlier date as his successor as Chief Executive Officer is appointed (the earlier of such dates is referred to as the “CEO Transition Date”). Upon appointment of the new Chief Executive Officer and continuing until the earlier of the appointment of Executive's ’s successor as Chairman of the Board and December 31June 30, 20152016, Executive will continue as a full-time employee of the Company in the position of Executive Chairman. Effective upon the appointment of Executive's ’s successor as Chairman of the Board, Executive's ’s service as an employee and member of the Board will cease, and the Term of Employment will end (the date of such appointment or other termination of Executive’s employment is referred to herein as the “Separation Date”). The termination of Executive's ’s service as a result of the appointment of his successors as Chief Executive Officer and Chairman of the Board will be considered a termination of Executive's ’s employment without Cause for purposes of the Employment Agreement, but Executive will not be considered to experience a termination of employment as a result of the appointment of his successor as Chief Executive Officer for so long as the Company has not terminated his service as Executive Chairman.