Interim Role definition
Examples of Interim Role in a sentence
You acknowledge and agree that you will not be eligible for future salary increases while you are in the Interim Role.
You agree and acknowledge that you are not eligible for future equity grants under the Company’s stock incentive plans while serving in either the Interim Role or the VSP Role.
While serving in the Role, the Interim Role or the VSP Role, you may continue to participate, to the extent you may be eligible, in the “employee benefit plans” (as defined in Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended) maintained from time to time by Humana for employees of Humana and its subsidiaries.
This Agreement, the Retirement Equalization Plan and the Stock Agreements reflect the entire understanding between Humana and you with respect to compensation and benefits available during your service in the Interim Role and VSP Role, and no statements, promises or inducements, whether written or oral, made by either party that are not contained in this Agreement, the Retirement Equalization Plan or the Stock Agreements shall be valid or binding upon the parties to this Agreement.
You agree and acknowledge that you are not eligible for payments under any Humana severance policy or Humana’s Change In Control Policy while you are in either the Interim Role or VSP Role, except as provided in this Agreement and/or the Executive Severance Policy.
While serving in the Interim Role and the VSP Role, you will be expected to (i) continue to serve as a director representing Humana on the board of directors of various joint venture and investment companies in Humana’s portfolio, (ii) advise business teams as requested regarding ongoing operational and regulatory matters, including participating in public policy advocacy matters, and (iii) serve as a strategic consultant to the Company.
In the event that during the period that you are in the Interim Role (a) Humana elects to change your status in Humana to the VSP Role or (b) you obtain other employment and intend to accept such other employment and continue your status at Humana in the VSP Role (a “Voluntary VSP Status Change”), the party electing to so change your status shall give at least 30 days prior written notice to the other party, which notice shall set forth the date of such change in status.
If Executive serves as the Interim Chief Financial Officer beyond March 1, 2020, the amount of the Interim Role Bonus shall be $30,000.
The Company agrees to pay the Executive a base salary (the “Base Role Salary”) at an annual rate of not less than $319,300 plus a monthly stipend of $5,900 during the tenure of the Interim Role, payable in accordance with the regular payroll practices of the Company, but not less frequently than monthly.
Notwithstanding the change of such status, you shall still be entitled to all compensation, equity and benefits described in this Agreement as if your status was in the Interim Role through the VSP Transition Date, and you will be treated as continuing in the VSP Role through the Separation Date.