Transition Period and Separation Clause Samples
The Transition Period and Separation clause defines the terms and conditions governing the period following the end of a business relationship or agreement, outlining how the parties will manage the transition and disentangle their operations. Typically, this clause specifies the duration of the transition period, the responsibilities of each party during this time, and the steps required to separate shared resources, data, or services. Its core function is to ensure a smooth and orderly transition, minimizing disruption and clarifying obligations as the parties move from joint operations to independent ones.
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Transition Period and Separation. Your employment with the Company will end on September 15, 2020 (the "Separation Date") provided that you satisfactorily perform your job duties and otherwise comply with Company rules and policies (as determined by the Company reasonably and good faith) from the date you received this Agreement through your Separation Date (“Transition Employment Period”). You agree to continue performing your job duties to the Company’s reasonable satisfaction through your last day of work, August 15, 2020. Throughout the Transition Employment Period, you will continue receiving your regular pay and benefits, and will be available to Biogen to assist with the transition of your successor and will respond to any inquiries necessary for an orderly transition. Upon your Separation Date, Biogen will pay you all unpaid wages due through that date, including all accrued but unused vacation (which the parties agree is a total of 21 days). Unless otherwise provided for in this Agreement, benefits which have vested under any other employee benefit plan of the Company on or before the Separation Date will be managed in accordance with and subject to the terms and conditions of such plans.
Transition Period and Separation. (a) As of the date hereof, you and the Company agree that you will cease to be employed as the Company's Executive Vice President, General Counsel and Secretary and immediately become employed as Senior Advisor to the Company's Chief Executive Officer (the "CEO") through March 31, 2020 (the "Separation Date"). Accordingly, as of the date hereof, you will no longer serve as an executive officer or Section 16 reporting person of the Company. During the period beginning on the date hereof and ending on the Separation Date, or such earlier date as your employment with the Company terminates (the "Transition Period"), you shall cooperate with the Company to transition the duties from your prior position to your successor, and, in your capacity as Senior Advisor to the CEO, you shall advise on, and continue to provide legal advice to the Company with respect to, select M&A, litigation and regulatory matters and perform such other duties in all cases consistent with your experience as the Company may from time to time reasonably request.
(b) During the Transition Period , the Company will continue to pay your base salary at the rate in effect as of the date hereof, and you will continue to participate in the Company's benefit plans, subject to the terms thereof, in a manner consistent with an employee with the title of Executive Vice President. In addition, you will receive a bonus of $240,000 for calendar year 2019, which shall be paid no later than March 15, 2020.
(c) If, prior to the Separation Date, the Company terminates your employment for Cause (as defined in the letter agreement dated August 2, 2016 between you and the Company), you voluntarily resign for any reason other than pursuant to an Approved Early Resignation (defined below), or your employment is terminated due to death or Disability (as defined in the Altice USA 2017 Long Term Incentive Plan (the "Plan")), you will be entitled to receive only the base salary and earned or accrued, but unpaid , benefits up to the final date
Transition Period and Separation. Your employment with the Company will end on December 6, 2013 (the "Separation Date"). Provided that your employment does not end earlier through resignation or otherwise, from the date of this letter through your Separation Date (“Transition Employment Period”), you will continue working if your supervisor so requires, will continue to receive your regular base pay, subject to applicable payroll withholdings, and will continue to receive benefits for which you are eligible under the Company’s benefit plans, including the accrual of vacation days. Upon your Separation Date, Biogen Idec will pay you all unpaid wages due through that date, including all accrued but unused vacation. You agree that with these payments, Biogen Idec will have paid you all compensation, wages, bonuses, and/or commissions due in connection with your employment or the termination of your employment. Unless otherwise provided for in this Agreement, benefits which have vested under any other employee benefit plan of the Company on or before the Separation Date will be managed in accordance with and subject to the terms and conditions of such plans. Your last day of required work (your “Last Work Day”) is the date on which you will be required to turn in your Company property.
Transition Period and Separation. Employee’s last day of work with the Company will be December 15, 2022 (the “Separation Date”). During the time period between the Effective Date and the Separation Date (the “Transition Period”), Employee will complete and transition previously assigned tasks and satisfactorily perform such other advisory duties as may be assigned to Employee by the Company (“Successful Transition”).
Transition Period and Separation