Employees Retirement Clause Samples

Employees Retirement. 1. For work performed on and after July 1, ▇▇▇▇, ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇ University shall continue to pay on behalf of members then participating in the Public Employee Retirement System the statutorily required employee contribution under ORS 238.200, 238(A), and ORS 243.800, including the amount required under ORS 238.215 if other options have been elected. Such payments on behalf of members shall continue for the life of this agreement or until such earlier time as a member may cease to be a participating member of PERS/OPSRP or the ORP. 2. The full amount of each member’s required contributions paid by Southern Oregon University to PERS on behalf of members shall be considered as “salary” within the meaning of ORS 238.005(26) for the purpose of computing “final average salary” within the meaning of ORS 238.005(9), but shall not be considered “salary” for the purposes of determining the amount of required employee contributions. 3. Effective January 1, 2004, in lieu of paying the 6% employee contribution to PERS, Southern Oregon University will pay the 6% employee contribution for PERS members to the Individual Account Program (IAP) established under ORS 238A.300 and ORS 238A.305. 4. If for any reason the 6% payment by Southern Oregon University described above is declared invalid or is otherwise eliminated, then effective on the date of its invalidation or elimination, a corresponding general salary increase of 6% shall be paid to eligible bargaining unit members. In such case, members’ 6% contributions shall be deducted for payment to the applicable IAP employee accounts and shall be treated as “pre-tax” contributions pursuant to Internal Revenue Code Section 414(h)(2).

Employees Retirement. Employee and Employer confirm and agree that Employee will retire from employment with Employer as of the Retirement Date, that the employment relationship which existed between Employee and Employer and/or any of Employer’s affiliated companies will cease as of the Retirement Date, and that the Employment Agreement will terminate on the Retirement Date. However, nothing contained herein shall prevent or interfere with the ability of the parties to enter into future agreements for Employee to provide consulting services and advice to Employer or Employer’s affiliates on an independent contractor basis (“Subsequent Agreement”). In addition, it is anticipated that Employee will continue to serve as a non-employee Class III member of the Board of Directors of Willbros Group, Inc. (“WGI”), Employer’s parent company, after the Retirement Date and that Employee will also serve as Chairman of such Board. Employer acknowledges that Employee will be entitled to receive compensation as a non-employee member of the Board of Directors of WGI and Employee hereby declines his Initial Award under the Willbros Group, Inc. 2006 Director Restricted Stock Plan. Except as provided in any Subsequent Agreement or in policies which apply generally to non-employee members of the WGI Board (“Board Policies”), all of Employer’s obligations to Employee on or after the Retirement Date are set forth herein. Accordingly, except as otherwise provided herein, in a Subsequent Agreement or in Board Policies, Employer shall have no further obligations whatsoever to Employee after the Retirement Date. Employer shall cause its personnel records to reflect that Employee retired from employment with Employer effective on the Retirement Date.

Employees Retirement. Employee’s employment with the Company shall end on the Retirement Date as a result of Employee’s voluntary retirement and, as of the Retirement Date, Employee shall no longer have an employment relationship with the Company or any other Company Party (as defined in Section 4 below).

Employees Retirement. Employee and Employer confirm and agree that Employee will retire from employment with Employer as of the Retirement Date and that the employment relationship which existed between Employee and Employer and/or any of Employer’s affiliated companies will cease as of the Retirement Date. Nothing contained herein shall prevent or interfere with the ability of the parties to enter into agreements for Employee to provide consulting services and advice to Employer or Employer’s affiliates on an independent contractor basis (a “Subsequent Agreement”), including without limitation the Consulting Services Agreement (as defined in Section 9 below). In addition, it is anticipated that (a) Employee will continue to serve as a non-employee Class III member of the Board of Directors of Employer after the Retirement Date, (b) Employee will also serve as Chairman of such Board and as a member of various committees of such Board, and (c) Employee will be compensated for such services pursuant to the policies which apply generally to non-employee members of such Board. Employer shall cause its personnel records to reflect that Employee retired from employment with Employer effective on the Retirement Date. The Employment Agreement dated as of May 1, 2002, between Employer and Employee (as the same may subsequently be amended, supplemented or replaced, the “Employment Agreement”) shall continue in effect until the first to occur of its expiration or the Retirement Date. Employee acknowledges that neither the discontinuation of Employee’s service as Employer’s President nor any other circumstances referred to in this Agreement shall constitute “Good Reason” as such term is defined and used in the Employment Agreement.

Employees Retirement. Employer shall make full contributions on the Employee’s behalf to the Florida Retirement System or lifetime monthly Annuity program as provided in Section 121.055, Florida Statutes for all compensation which included the amount of compensation paid into the Employee elected deferred compensation plan account. Employee shall be designated a member of the Senior Management Service Class.

Employees Retirement. For work performed on and after July 1, 1985, Western Oregon University shall continue to pay on behalf of members then participating in the Public Employee Retirement System (PERS) the statutorily required employee contribution under ORS 238.200 and ORS 243.800, including the amount required under ORS 238.215, if other options have been elected. Such payments on behalf of members shall continue for the life of this agreement or until such earlier time as a member may cease to be a participating member of PERS. a. Effective January 1, 2004, in lieu of paying the six percent (6%) employee contribution to PERS for PERS members, Western Oregon University will pay the six percent (6%) employee contribution to the employee’s Individual Account Program (IAP) established under HB 2020 through December 31, 2005. b. Effective January 1, 2004, if the employee IAP account is declared invalid or is otherwise eliminated and a replacement is not available, then, effective upon the date of its invalidation or elimination, a corresponding general salary increase of six percent (6%) shall be paid to eligible employees., or its equivalent, pursuant to the relevant chapter of law for governing PERS employee contributions. c. If for any reason the six percent (6%) payment by Western Oregon University described above is declared invalid or is otherwise eliminated, then effective on the date of its invalidation or elimination, a corresponding general salary increase of six percent (6%) shall be paid to eligible employees. In such case, employees’ six percent (6%) contributions shall be deducted for payment to the applicable employee accounts and shall be treated as "pre-tax" contributions pursuant to Internal Revenue Code Section 414(h)(2). In no case shall there be a six percent (6%) increase under both (b) and (c). The above provisions regarding the IAP and the six percent (6%) employee contribution are not applicable to Optional Retirement Plan members.

Employees Retirement. Pursuant to this Agreement, Employee will retire effective as of…………,………………………….. (the "Retirement Date").

Employees Retirement. In the event of Employee's retirement from active employment or consulting services of any sort in the payment processing industry, on a date no earlier than March 2, 2021 ("Qualifying Retirement"), Employee will be eligible for a one-time payment ("Retirement Payment") under terms substantially similar to those applicable in a Transaction contemplated in Section 2.a. above. For purposes of clarity, and by way of example only, assuming an Original Purchase Price of $10 million dollars and Agilivant Previous Year Operating Income of $5 million prior to the Qualifying Retirement, Employee would be eligible for a Retirement Payment equal to [(5 x $5 million) – $10 million] x 10%=$1.5 million; provided, however, in the event that 5 times the Previous Year Operating Income is less than the Original Purchase Price, Employment shall not be entitled to a Retirement Payment. Further, any Retirement Payment shall be subject to claw-back in the event that Employee violates the provisions of Section 3.5 of the Agreement or the terms and conditions of Exhibit A (the Proprietary Information and Confidentiality Agreement).

Employees Retirement the Stock Option Award shall continue to become exercisable under the applicable exercise schedule for three years following Employee’s Retirement and once exercisable shall remain exercisable for the three year period following Employee’s Retirement.