TRANSITION COMPENSATION AND BENEFITS. In consideration of Executive’s execution of the release of claims in this Agreement and as compensation for Executive’s services during the Transition Period, Cadence will provide the following payments and benefits to Executive (to which Executive would not otherwise be entitled), after Executive has returned to the Company all hard and soft copies of records, documents, materials and files in his possession or control, which contain or relate to confidential, proprietary or sensitive information obtained by Executive in conjunction with his employment with the Company, as well as all other Company-owned property, except to the extent retained pursuant to Section 7 of the Employment Agreement:
TRANSITION COMPENSATION AND BENEFITS. In consideration and compensation for Executive's services during the Transition Period, Cadence will provide the following to Executive:
TRANSITION COMPENSATION AND BENEFITS. In consideration of Executive’s execution of the release of claims in this Agreement and in Attachment 1 and as compensation for Executive’s services during the Initial Period and the Transition Period, Cadence will provide the following payments and benefits to Executive (to which Executive would not otherwise be entitled), so long as Executive returns to the Company, on the earlier of the Transition Commencement Date or the date the Executive ceases to serve as a full-time employee of the Company, all hard and soft copies of records, documents, materials and files in his possession or control, which contain or relate to confidential, proprietary or sensitive information obtained by Executive in conjunction with his employment with the Company, as well as all other Company-owned property, except to the extent retained pursuant to Section 7 of the Employment Agreement:
TRANSITION COMPENSATION AND BENEFITS. In consideration of Executive’s execution of the release of claims in this Agreement and as compensation for Executive’s services during the Transition Period, Cadence will provide the following payments and benefits to Executive (to which Executive would not otherwise be entitled), after Executive has returned to the Company all hard and soft copies of records, documents, materials and files in his possession or control, which contain or relate to confidential, proprietary or sensitive information obtained by Executive in conjunction with his employment with the Company, as well as all other Company-owned property:
TRANSITION COMPENSATION AND BENEFITS. During the Transition Period, the Company will continue to pay you your current base salary and you will continue to be eligible to participate in benefits customarily afforded to other similarly situated employees, including participation in the Company-sponsored health benefits plan, to the fullest extent allowed by the governing plan, agreements, or policies.
TRANSITION COMPENSATION AND BENEFITS. In consideration and compensation for Executive’s services during the Transition Period, the Company will continue in effect the same compensation arrangements as pertain to the Executive immediately prior to the Effective Date, including salary, cash and equity incentive opportunities, benefits and perquisites. Adjustments in compensation level and the grant of new incentive opportunities and changes in benefit and perquisite levels will be made at the discretion of the Board, but shall be consistent with normal salary administration afforded other named executive officers of the Company and with that of a CEO independent of these transition circumstances. In addition, as of the Transition Date, the Company will pay Executive $20,000 for transitional services. On the Effective Date, Executive shall voluntarily relinquish his individual Severance Agreement dated December 28, 2011, and shall become a participant in the Xxxxxx Xxxx Service Corporation Executive Change in Control Plan (“CIC Plan”), notwithstanding the provisions of Section 4.2 thereof; but subject to the provisions of Appendix A of this Agreement.
TRANSITION COMPENSATION AND BENEFITS. Until the Separation Date, provided you remain employed by the Company: (i) you shall continue to receive for services to be rendered hereunder your base salary currently in effect, subject to payroll withholding and deductions and payable in accordance with the Company’s regular payroll schedule, (ii) you shall continue to be eligible to earn a bonus under the terms of the current company incentive plan but only to the extent earned under the terms of the bonus plan; such bonus shall also be subject to payroll withholding and deductions, (iii) you shall continue to be entitled to all benefits for which you are eligible under the terms and conditions of the standard Company benefits, including but not limited to all life, dental, health, accident and disability benefit plans and other similar welfare plans and compensation practices which may be in effect from time to time and provided by the Company to its employees generally through the last day of your employment, and (iv) all equity awards granted to you by the Company that are outstanding as of the effective date of this Agreement shall continue to vest in accordance with the vesting terms set forth in the applicable equity award agreement.
TRANSITION COMPENSATION AND BENEFITS. Provided you both accept this Agreement and sign and do not revoke the general release and waiver of claims in favor of the Company, in the form attached hereto (the “First Release”), and satisfy all conditions stated in the First Release to make such release effective as of the date of this Agreement, you will be eligible for continued employment during the Transition Period and the compensation set forth in this “Transition Compensation and Benefits” section. Until the Separation Date, the Company will continue to pay you your regular base salary (annualized at $285,000), and you will continue to be eligible for benefits currently afforded to you, including vacation accrual, participation in the ESPP, 401(k) Plan, continued vesting of your equity awards and Company-sponsored health benefit plans to the fullest extent allowed by such plans. You will remain eligible to receive and will be paid your bonus under the Company’s executive bonus plan for the first half of the Company’s 2014 fiscal year for which you were eligible in your capacity as the Company’s President & General Manager, Cloud Division, subject to determination and approval by the Company’s Board of Directors (the “1HFY14 Variable Bonus”) and your continued employment on the earlier of: (a) the date the bonus is paid, and (b) February 28, 2014. For clarity, there will be no adjustment to the 1HFY14 Variable Bonus paid to you based on any calculation of the Company’s executive bonus plan for the second half of the Company’s 2014 fiscal year. You acknowledge that the Company paid you a one-time bonus in connection with your promotion to President and General Manager of ShoreTel’s Cloud Division in the amount of $76,250, (the “CY13 Performance Bonus”) and pursuant to the terms of the CY13 Performance Bonus the parties acknowledge that you are required to repay to the Company on a prorated basis the CY13 Performance Bonus in the event you voluntarily terminate your employment with the Company prior to February 1, 2014. Provided you remain employed through February 1, 2014 and the Company has not terminated your employment for Cause prior to such date, then, the Company and you acknowledge that your obligation to repay the CY13 Performance shall lapse on such date. For the avoidance of doubt, the parties agree that other than the 1HFY14 Variable Bonus and the CY13 Performance Bonus, you will not be eligible for any other bonus from the Company, including, but not limited to any bonus that relates...
TRANSITION COMPENSATION AND BENEFITS. During the Transition Period and as long as you continue to be employed by the Company during such Transition Period and subject to Section 2(d) below, the Company will continue to pay your current base salary and you will continue to be eligible to participate in benefits customarily afforded to other employees, including participation in the Company-sponsored health benefits plan (the “Transition Compensation”). For the avoidance of doubt, you will not be eligible to receive any annual bonus for 2022.
TRANSITION COMPENSATION AND BENEFITS. Until the Separation Date, the Company will continue to pay you your regular base salary (annualized at $400,000), and you will continue to be eligible for benefits currently afforded to you, including participation in the ESPP, 401(k) Plan, continued vesting of your equity awards and Company-sponsored health benefit plans to the fullest extent allowed by such plans. In addition to the foregoing, you will be eligible to receive your bonus for the second half of the Company’s 2013 fiscal year for which you were eligible in your capacity as the Company’s Chief Executive Officer, subject to determination and approval by the Company’s Board (the “2HFY13 Bonus”). For the avoidance of doubt, the parties agree that you will not be eligible for any bonus that relates to the Company’s 2014 fiscal year and you will no longer accrue vacation on August 12, 2013.
