Transition Term Clause Samples

Transition Term. (a) The Transition Term of this Lease shall commence on the Effective Date and, unless sooner terminated as specifically provided in this Lease, shall end on the Commencement Date. In the event Tenant has not received Bona Ride Prospective Lessee Letters in form and substance satisfactory to Tenant within six (6) months of the Effective Date, Tenant shall, in its sole and absolute discretion, either (i) waive the requirement for delivery of Bona Ride Prospective Lessee Letters, in which event the Commencement Date shall be determined as set forth in the Basic Lease Information, or (ii) terminate this Lease, in which event this Lease shall terminate and be of no further force, unless the date for the delivery of Bona Ride Prospective Lessee Letters in form and substance satisfactory to Tenant is further extended by the Parties in writing. Landlord shall deliver possession of the Premises to Tenant on the Commencement Date, and Tenant shall accept such delivery of the Premises on the -28- SAA2 - 402923 Commencement Date, provided, that Tenant shall have the right during the Transition Term to enter the Premises for the purpose of commencing and pursuing the planning, design, and permitting of the work contemplated by the Initial Projects. No Rent will be due or payable for the Transition Term. During the Transition Term, Tenant and Landlord shall fully cooperate with each other to ensure there will be a seamless turnover of possession of the Premises to Tenant on the Commencement Date and a seamless transition in the operations of the Airfield and the Golf Course on the Commencement Date as contemplated by the Airfield Management and Operations Plan and the Golf Course Operations Plan. During the Transition Term, Landlord shall not encumber the Property with a deed of trust or other monetary encumbrance, or voluntarily grant any easements, covenants, restrictions or conditions impacting the Premises except as otherwise provided in the Lease. In furtherance of such transition, Landlord will provide Tenant during the Transition Period access to the Premises and Landlord's staff, employees and contractors who are involved in the operations of the Premises. Landlord will also make available to Tenant for its review, inspection and copying the books, records and other information in Landlord's possession that relate to such operations, to ensure an orderly and smooth transition, including an orderly and smooth transition of the Airfield and Golf Course operations...

Transition Term. Notwithstanding the expiration of the initial term or any subsequent term or all options to renew, CONTRACTOR and CITY shall continue performance under this Contract until the CITY has a new contract in place with either CONTRACTOR or another provider or until the CITY terminates the Contract.

Transition Term. Promptly after June 30, 2002, the parties hereby agree to negotiate in good faith and enter into a Transition Services Agreement with terms reasonably acceptable to each party. The Transition Services Agreement will provide for the termination of all administrative support and information services provided by Continental to Express over a period of time to be set forth therein. Unless terminated earlier pursuant to another provision hereof, this Agreement shall terminate upon the effectiveness of the Transition Services Agreement referred to in the preceding sentences or, if no Transition Services Agreement is entered into, on December 31, 2003.

Transition Term. The Executive hereby agrees to continue to serve as a non-executive employee, with such non-executive employment to begin as of the Resignation Date and continue through December 31, 2013 (the “Transition Term”). The date the Transition Term ends is referred to in the Agreement as the “Retirement Date.”

Transition Term. The Transition Term shall begin on May , 2023 and continue through June 30, 2023. During the Transition Term, the Foundation shall focus on assessing current teaching faculty, administrative personnel and other District employees and personnel and recruiting additional faculty, administrative personnel and other employees as the Foundation determines to be necessary and appropriate to the operations and management of the District. Foundation, on behalf of the District, may begin entering into employment and teaching contracts with teachers, principals and other District personnel as it determines to be necessary and appropriate. The Commissioner hereby delegates its authority to enter into such employment contracts to the Foundation. Foundation shall provide copies of such contracts to the Commissioner. If the Commissioner does not object to any such contract within five (5) business days of receipt, the contract shall be deemed approved by the Commissioner. Additionally, the Foundation shall begin a facility assessment for the purpose of determining necessary repairs and improvements in order to provide a safe and secure educational environment that facilitates student success. During the Transition Term, the Foundation shall have full access to all necessary and appropriate information and records of and relating to the District. District shall retain other operational controls during the Transition Term.

Transition Term. During the Transition Term, Executive will be paid for his services to the Company in the manner described in this paragraph. During the period commencing on January 1, 2008 and ending on December 31, 2012, Executive will be paid a Salary at the annual rate of Five Hundred Thousand Dollars ($500,000), and during the period commencing on January 1, 2013 and ending on December 31, 2014, Executive will be paid a Salary at the annual rate of Two Hundred Fifty Thousand Dollars ($250,000). The Salary shall be payable in periodic installments in accordance with the Company's usual practice for its senior executives. During the Transition Term, Executive will be provided with office space on the Company's premises or comparable office space off-premises, as the Company may determine in its sole discretion.

Transition Term. The Transition Services shall be provided by ▇▇▇▇▇▇▇ from the date hereof until the earlier of: (i) December 31, 2012 and (ii) the Effective Time (the “Transition Term”), subject to earlier termination in accordance with the terms of this Agreement.

Transition Term. Except as set forth in Article VIII with respect to the Utility Services (as defined therein), the term of this Agreement shall commence on the Closing Date and continue until July 31, 2000, except to the extent (a) this Agreement is terminated in whole or in part (with respect to one or more services) pursuant to Section 2.2, or (b) the term hereof is extended (with respect to one or more services) pursuant to a mutual written agreement between the parties (the "Transition Term").

Transition Term. In consideration of his performing services as Consultant, and subject to his signing a Release on the Effective Date and not thereafter revoking such Release, Executive shall be granted, effective on the Transition Date, a stock option covering 100,000 shares of Company common stock, which shall vest as to 1/12th of the covered shares on a monthly basis, so as to be 100% vested on June 30, 2007, subject to Executive continuing to perform services as Chairman and Consultant through each applicable vesting date. The stock option will have a term of four years from the grant date, shall be granted with an exercise price equal to 100% of the Fair Market Value (as such term is defined in the Company’s 1995 Stock Plan) of the underlying shares on the grant date, and will accelerate vesting 100% in the event of a Change of Control or Executive’s death or Disability, as such terms are defined in the Change of Control Severance Agreement by and between Executive and the Company dated March 11, 2004 (the “Change of Control Agreement”).