Transitional Compensation Clause Samples

The Transitional Compensation clause provides for financial support to an individual, typically an employee or service member, during a period of transition following separation from an organization or position. This compensation may be paid as a lump sum or in installments and is often contingent on specific circumstances, such as involuntary separation or organizational restructuring. Its core practical function is to offer temporary financial stability, helping the individual adjust to new circumstances and mitigating the immediate economic impact of the transition.
Transitional Compensation. Employee will receive the greater of (i) one month of Transitional Compensation for every month (full or partial) from the date of Employee's Severance Event through the last day of Employee's Transitional Period; or (ii) the amount described in Section 7(b) of the Agreement. One month of Transitional Compensation is equal to Employee's base monthly salary determined as of Employee's Severance Event. This will be the greater of Employee's annual salary as of the Severance Event, or as of the Change in Control Date, divided by 12. Solely for purposes of determining the amount payable upon the occurrence of a Severance Event, the base salary under Section 7(b) of the Agreement shall be the greater of Employee's annual salary as of the Severance Event, or as of the Change in Control Date. Employee's Transitional Compensation will not be subject to reduction for any earnings Employee may have from other employment following Employee's Severance Event. However, Transitional Compensation is subject to all applicable federal and state deductions and withholding. 10
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Transitional Compensation. Subject to compliance with Section 3.08, in consideration of your service as required in the transition to a new Chief Executive Officer and as Chairman of the Board during part or all of 2009 and assuming your employment ends other than under Section 4.01, Arbitron shall pay you or your estate, on July 1, 2010 (or such later date as is required by Section 409A), $1,018,888.67, reduced by any required tax withholdings. Arbitron waives any requirement that you provide consulting services under your employment agreement with Arbitron, most recently amended as of July 3, 2006 (the “Predecessor Agreement”).
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Transitional Compensation. In lieu of certain compensation that Executive would otherwise have been entitled to receive under the Prior Agreement, Executive shall be eligible to receive a bonus, solely in respect of each of the fiscal quarters ending June 30, 2015, September 30, 2015 and December 31, 2015, of up to a maximum of $250,000 per quarter (the “2015 Transitional Bonus”), in the form of an award under the Banc of California, Inc. 2013 Omnibus Incentive Plan (the “Plan”) (or its successor) (the “2015 Transitional Bonus”), which 2015 Transitional Bonus shall be based upon attainment, on both a quarterly and cumulative basis, of performance objectives and metrics determined and established by the Compensation Committee, taking into account, as appropriate, the criteria deemed relevant related to overall performance of the residential lending division of Bank. The actual 2015 Transitional Bonus shall be paid in cash in quarterly installments, each installment due no later than sixty (60) days following the end of each the three fiscal quarters during 2015 to which the Transitional Bonus relates.
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Transitional Compensation. On 1 July 2015, severance pay made way for transitional compensation. This compensation is payable to every employee whose employment is terminated after at least two years, either on the employer's initiative or on their own initiative on account of serious acts or negligence on the part of the employer. In the event of serious imputable acts or negligence on the part of the employee, and this being an employee who is aged eighteen or under and who has worked an average of under twelve hours a week, transitional compensation is not payable. Transitional compensation is calculated as follows: for the first ten years of employment, the employee will receive a sixth of their monthly salary for each six-month period. From the tenth year of service onward, the employee receives half a month's salary for each year of service. As of 2016, transitional compensation is capped at € 76,000 or one year's salary if the employee is on a salary that tops the maximum compensation.
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Transitional Compensation. 7.1 It is acknowledged and agreed that (i) the Stockholder has been providing administrative, manufacturing and engineering services to the Company since the acquisition of the Company by the Stockholder and may continue to provide certain of such services in the future although it is expected that the Company will be transitioning to provide such services internally and not through the Stockholder, (ii) the Stockholder will be seeking to exploit its rights in connection with the Licensing Rights Agreement described in Section 6 hereof which may result in licensing fees becoming payable to the Company in the future, and (iii) the financial stability of the Stockholder is of significant value to the Company in securing a stable shareholder base and public market for its Common Stock. Accordingly, in consideration of the foregoing, the parties have agreed that the Company shall make the following payments to the Stockholder: · $250,000 shall be paid in equal monthly installments during the quarter ended 6/30/06 · $250,000 shall be paid in equal monthly installments during the quarter ended 9/30/06 · $250,000 shall be paid in equal monthly installments during the quarter ended 12/30/06 · $250,000 shall be paid in equal monthly installments during the quarter ended 3/31/07 7.2 In addition to the foregoing, the Company will continue to repay the intercompany balance outstanding as of the date hereof owed by the Company and its subsidiaries to the Stockholder in monthly installments of $100,000, until the balance is extinguished. 7.3 The Company shall afford the Stockholder the right to bid, on a competitive basis, any outsourced product engineering and manufacturing services that it hereafter requires on an as needed and as used basis. 7.4 In all events, the payments to be made by the Company to the Stockholder as set forth herein shall be made by the Company to the Stockholder promptly, time being of the essence.
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Related to Transitional Compensation

  • Additional Compensation Notwithstanding anything in this Memorandum of Understanding to the contrary when in the judgment of the Board, it becomes necessary or desirable to utilize the services of County employees in capacities other than those for which they are regularly employed, the Board may authorize and, if appropriate, fix an additional rate of compensation for such employees.

  • ADDITIONAL COMPENSATION AND BENEFITS The Executive shall receive the following additional compensation and welfare and fringe benefits:

  • PROFESSIONAL COMPENSATION A. The basic salaries of employees covered by this Agreement are set forth in Schedule A which is attached to and incorporated in this Agreement. Teachers shall have the option of receiving their salary in 21 or 26 equal increments and shall elect their option by July 1 for salary disbursements in the succeeding year. The Board agrees to adhere to the salaries set forth in Schedules A, B, & C (except as provided in section D below) and any deviation shall be immediately adjusted upon being brought to the attention of the Board. B. An Employee shall be placed on the salary schedule step which gives credit for educational preparation and the number of full years of experience as allowed by this paragraph for placement on the salary schedule. All experience credited shall be added together, except as noted below. 1. Experience credit shall be awarded for K-12 teaching experience in either public or non-public schools governed by the provisions of a state teacher certification code. To be credited on the salary schedule for experience, the teacher shall have been a certified teacher during the time of their teaching employment. Experience credit shall not be awarded for practice (student) teaching, day-to- day substitute teaching, private nursery school (day care) teaching, intern teaching (other than in Brighton schools), or graduate assistant or fellowship teaching at colleges or universities whether or not the teacher was certified, or other similar experience. New hire experienced employees may be placed on the salary schedule step of the Board of Education's choosing; however, they shall not be placed on a step that exceeds their total experience. Less than full-time employees shall be notified that they have no rights to a full- time position. Teachers recalled from layoff who have gained additional teaching experience in accordance with the provision contained herein (B.1) shall receive salary increment steps provided they agree in writing to have their yearly salary reduced by the gross dollar amount they received in unemployment compensation while laid off. 2. To the extent allowed by law, employees hired previously shall advance to the next step on the salary schedule on the first day of each school year. To the extent allowed by law, employees newly hired will advance according to the following: a. Employees hired before November 1 shall advance to the next step, and subsequent steps, on the first day of the next school year. b. Employees hired after October 31 and before April 1 shall advance to the next step at the beginning of the second semester of the following school year (paid at a rate halfway between the two steps) and subsequent years (unless hired from a similar position in another educational institution and then they shall advance on the first day of the next school year). c. Employees hired after March 31 shall remain on the same pay step for the next school year only and shall advance to the next pay step and subsequent steps on the first day of the following year unless hired from a similar position in another educational institution and then they shall advance on the first day of the next school year). 3. Shared and/or abbreviated teaching schedules (see Article 11.C) may at times be beneficial both to the Board and the individual employee. Employees placed on abbreviated schedules shall receive one full year experience step. 4. To the extent allowed by law, an employee advancing from one salary track to another will be placed on the advanced salary track as follows (retroactive if new level is completed prior to start of the semester and verification is submitted by the required date): Beginning of the year – Proof is submitted by November 1 First day second semester – Proof is submitted by March 1 5. Criteria for MA+30: a. No duplication of classes previously taken. b. Course must be: 1) related to current or future teaching assignments 2) minor or major program 3) transcript from an accredited university c. Does not have to be a graduate level course. (It is the intent to have teachers show some relevance to current teaching assignments or potential future teacher assignment.) d. It is recommended that MA+30 program classes be discussed with the Assistant Superintendent for Human Resources. e. Credits for MA+30 must be earned after the BA/BS. C. The salary schedule is based upon the regular school year calendar as set forth in Schedule A and the normal teaching assignment as defined in the Agreement. Any teacher who accepts an additional class for the school year over and above the normal teaching load shall receive a prorated increase (e.g. - 1/5 for a five-hour teaching day or 1/6 for a six-hour teaching day) in their annual base teaching salary or fraction thereof. There shall be a prorating of additional salary for additional class assignments when such additional assignments are fulfilled on a regular basis for less than a full year. D. Employees appointed to extra duty assignments set forth in Schedule B which are attached to and incorporated in this Agreement, shall be compensated in accordance with the provisions of this Agreement without deviation. In the event no qualified bargaining unit member applies for a Schedule B assignment and the board hires a non- bargaining unit applicant, the level of compensation may be equal to or less than the salary established in Schedule B. E. Schedule C positions are those teaching assignments that involve work responsibilities beyond contract time and are not optional. Additional compensation for such work shall be paid in accordance with Schedule C. F. Current and active job descriptions for Schedule B and Schedule C positions will be on file with both the Association and the Administration. These job descriptions will also be accessible on their respective websites. G. Employees required in the course of their work to drive personal automobiles from one school building to another shall receive a reimbursement equal to the current IRS approved mileage rate. The same reimbursement shall be given for use of personal cars for approved field trips or other approved business of the district. Appropriate requests for payment of mileage and other expenses shall be turned in to the principal/director on a monthly basis, but at least once each marking period. ▇. Any employee resigning before the completion of the school year has the professional and legal obligation to reimburse the Board for all over-paid monies. I. Longevity – Employees having the following years of experience employed with Brighton Area Schools shall receive longevity payments in annual amounts as set forth below. By July 1, employees will elect whether to receive their longevity in their first October paycheck or their TSA (October). If the payroll department is not contacted by July 1, the employee’s longevity stipend will be paid out into their first October paycheck. J. Tuition reimbursement/PD/Conference cost reimbursement for required courses (to maintain certification) will be $85,000 annual pool, to be paid out in accordance with the conditions outlined in the tuition reimbursement form included in Appendix A. After all required course reimbursements are paid out, reimbursements for administratively approved professional development (e.g., flex PD, conferences, etc.) may be submitted and will be paid out in the order they were received, until the annual pool is exhausted. Only conference registration fees will be reimbursed.

  • Final Compensation Final Compensation for an employee, who is employed by the State for the first time and becomes a member of CalPERS prior to January 15, 2011, is based on the highest average monthly pay rate during twelve (12) consecutive months of employment. Final Compensation for an employee, who is employed by the State for the first time and becomes a member of CalPERS on or after January 15, 2011, is based on the highest average monthly pay rate during thirty-six (36) consecutive months of employment.

  • Services and Compensation Consultant shall perform the services described in Exhibit A (the “Services”) for the Company (or its designee), and the Company agrees to pay Consultant the compensation described in Exhibit A for Consultant’s performance of the Services.