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
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”).
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.
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.
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.