Transition Benefit Sample Clauses

Transition Benefit. (1) Eligibility A Transition Benefit will be paid to the survivor or survivors, as defined herein, of an employee (which term for purposes of paragraphs A. and B. of this Section only, shall include an employee retired on a permanent and total disability pension under the Pension Plan who has not attained the age of 65) who dies while insured for group life insurance under this Program, provided there are survivors living to receive it. The benefit will commence on the first day of the month following the death of the employee, and continue for not more than 24 months.
Sample 1Sample 2
AutoNDA by SimpleDocs
Transition Benefit. Either Contributing Party may, in its sole discretion and at its sole cost, provide compensation ("Transition Benefit") to identified former employees of such Contributing Party who work for the Company in recognition of the differences between certain compensation and/or benefits which they may have had as employees of such Contributing Party, and such compensation and/or benefits which they may receive as employees of the Company. At its sole discretion, the respective Contributing Party shall determine eligibility, amounts, benefits and rights and features of any such Transition Benefit with respect to its former employees.
Sample 1
Transition Benefit. The members of the bargaining unit identified as possibly having a benefit reduction of approximately 20% (calculated over a 10 year period) as a result of moving from the Defined Benefit Plan to the 403(b) Plan shall receive a $750 payment, subject to applicable withholdings, in the first full pay period following January 1, 2017, January 1, 2018, January 1, 2019 and January 1, 2020, if they are employed on each of the dates set forth above, respectively. The $750 payment is not a contribution by MFH to the 403(b) Plan. MFH has provided the Union with a list of those RNs eligible to receive this transition benefit.
Sample 1
Transition Benefit. A monthly income benefit of $300 will be payable to your eligible survivor qualifying for an old age, survivor, or disability benefit under the Federal Social Security program. A monthly income benefit of $500 will be payable to your eligible survivor not qualifying for an old age, survivor, or disability benefit under the Federal Social Security program. In the event of more than one eligible survivor, payments will be made in equal shares. Transition benefits will begin the first day of the month following your death and will cease following the 24th payment or until there is no longer an eligible survivor, whichever comes first.
Sample 1
Transition Benefit. In recognition of the benefits furnished by Xx. Xxxxxx’ remaining with PCB and PCBNA until his successor is appointed and his offer to facilitate PCB and PCBNA’s community relations thereafter, PCB and PCBNA agree that on the Transition Date, Xx. Xxxxxx shall be entitled to a payment equal to (a) $1,100,000, less (b) the cumulative salary paid to Xx. Xxxxxx pursuant to this Agreement between the effective date of this Agreement and the Transition Date. This transition benefit shall be paid in a lump sum, or in such installments as Xx. Xxxxxx and PCB/PCBNA may mutually agree, and shall be subject to deductions for requisite income tax withholdings and payroll taxes. Xx. Xxxxxx agrees that (1) if PCB and PCBNA terminate his employment for “Cause” prior to the Transition Date pursuant to Section 4.1.3, below, or (2) if Xx Xxxxxx terminates this Agreement prior to the Transition Date pursuant to Section 4.2, below, then no payment, full or prorated, shall be due under this Section 2.6.
Sample 1
Transition Benefit. No later than ten (10) business days following the Effective Date, the Company shall pay Executive, in cash, the gross amount of $500,000 (the "INITIAL TRANSITION PAYMENT"). In addition, if, following the Termination Date, Executive executes and returns to the Company a Supplemental Legal Release in the form attached hereto as Exhibit A (the "SUPPLEMENTAL RELEASE"), does not thereafter revoke the Supplemental Legal Release in the manner described therein, and otherwise complies with his obligations under this Agreement, then the Company shall promptly execute and return to Executive a copy of the Supplemental Release and shall provide Executive with the following payments and benefits, which shall collectively be referred to herein as the "TRANSITION BENEFIT":
Sample 1
Transition Benefit 
Sample 1
AutoNDA by SimpleDocs

Related to Transition Benefit

  • Termination Benefits (a) If Executive’s employment is voluntarily (in accordance with Section 2(a) of this Agreement) or involuntarily terminated within two (2) years of a Change in Control, Executive shall receive:

  • Separation Benefits If this Agreement is terminated either by the Company without Cause in accordance with Section 6(c) (including the Company’s non-renewal of this Agreement) or by Employee resigning his employment for Good Reason in accordance with Section 6(d), the Company shall have no further obligation to Employee under this Agreement, except the Company shall provide the Accrued Obligations to Employee in accordance with Section 7(a) plus the following payments and benefits (collectively, the “Separation Benefits”) to Employee: (i) an amount equal to one times the sum of the Base Salary in effect immediately before the Termination Date plus the Annual Bonus received by Employee for the fiscal year preceding the Termination Date (or if Employee was employed for less than one full fiscal year prior to the Termination Date, the Annual Bonus for purposes of this Section 7 shall be the Annual Bonus payable during the current fiscal year at the target amount provided above) (together, the “Separation Pay”); and (ii) during the six-month period commencing on the Termination Date that Employee is eligible to elect and elects to continue coverage for himself and his eligible dependents under the Company’s group heath insurance plan pursuant to the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”), or similar state law, the Company shall reimburse Employee on a monthly basis for the difference between the amount Employee pays to effect and continue such coverage under COBRA and the employee contribution amount that active employees of the Company pay for the same or similar coverage; provided, however, that Employee shall notify the Company in writing within five days after he becomes eligible after the Termination Date for group health insurance coverage, if any, through subsequent employment or otherwise and the Company shall have no further reimbursement obligation after Employee becomes eligible for group health insurance coverage due to subsequent employment or otherwise. The Separation Pay shall be paid to Employee in a lump sum within 60 days of the Termination Date; provided, however, that no Separation Pay shall be paid to Employee unless the Company receives, on or within 55 days after the Termination Date, an executed and fully effective copy of the Release (as defined below). Any COBRA reimbursements due under this Section shall be made by the last day of the month following the month in which the applicable premiums were paid by Employee. For the avoidance of doubt, Employee shall not be entitled to the Separation Benefits if this Agreement is terminated (i) due to Employee’s death; (ii) by the Company due to Employee’s Inability to Perform; (iii) by the Company for Cause; (iv) by Employee without Good Reason; or (v) by non-renewal by Employee in accordance with Sections 4(b) and 6(f).

  • Vacation Benefits During the Term, the Executive shall be eligible for 20 vacation days annually, which shall be accrued and used in accordance with the applicable policies of the Company. During the Term, the Executive shall be eligible to participate in such medical, dental and life insurance, retirement and other plans as the Company may have or establish from time to time on terms and conditions applicable to other senior executives of the Company generally. The foregoing, however, shall not be construed to require the Company to establish any such plans or to prevent the modification or termination of such plans once established.

  • Compensation Benefits In accordance with Section 142 of the State Finance Law, this contract shall be void and of no force and effect unless the Contractor shall provide and maintain coverage during the life of this contract for the benefit of such employees as are required to be covered by the provisions of the Workers' Compensation Law.

  • Retirement Benefits Due to either investment or employment during the marriage, either the Husband or Wife: (check one) ☐ - DO NOT have retirement plans. ☐ - HAVE retirement plans. The Couple has the following retirement plans: (“Retirement Plans”). Upon signing this Agreement, the Retirement Plans shall be owned by: (check one) ☐ - Husband ☐ - Wife ☐ - Both Spouses ☐ - Other. .

  • Compensation Benefits Etc During the Employment Period, the Manager shall be compensated as follows:

  • Relocation Benefits If the Executive moves his residence in order to pursue other business or employment opportunities during the Continuation Period and requests in writing that the Company provide relocation services, he will be reimbursed for any expenses incurred in that initial relocation (including taxes payable on the reimbursement) which are not reimbursed by another employer. Benefits under this provision will include assistance in selling the Executive's home and all other assistance and benefits which were customarily provided by the Company to transferred executives prior to the Change in Control.

  • Retirement Benefit Should the Director still be in the Directorship ------------------ of the Association upon attainment of his 70th birthday, the Association will commence to pay him $590 per month for a continuous period of 120 months. In the event that the Director should die after becoming entitled to receive said monthly installments but before any or all of said installments have been paid, the Association will pay or will continue to pay said installments to such beneficiary or beneficiaries as the Director has directed by filing with the Association a notice in writing. In the event of the death of the last named beneficiary before all the unpaid payments have been made, the balance of any amount which remains unpaid at said death shall be commuted on the basis of 6 percent per annum compound interest and shall be paid in a single sum to the executor or administrator of the estate of the last named beneficiary to die. In the absence of any such beneficiary designation, any amount remaining unpaid at the Director's death shall be commuted on the basis of 6 percent per annum compound interest and shall be paid in a single sum to the executor or administrator of the Director's estate.

  • Post-Retirement Benefits The present value of the expected cost of post-retirement medical and insurance benefits payable by the Borrower and its Subsidiaries to its employees and former employees, as estimated by the Borrower in accordance with procedures and assumptions deemed reasonable by the Required Lenders is zero.

  • Severance Benefit If the Employee’s employment is terminated by the Company for any reason other than Cause (as defined below) or if the Employee terminates his/her employment for Good Reason (as defined below), the Company shall provide Employee with the following:

Time is Money Join Law Insider Premium to draft better contracts faster.