Examples of Transition Date in a sentence
Executive’s employment and service as President and Chief Executive Officer of the Company (and as an officer or employee of any subsidiary or other affiliate of the Company) shall terminate on July 31, 2024, or such earlier date as may be agreed to by the Parties (the “Transition Date”), and commencing on the Transition Date, Executive shall serve as a Non- Employee Director of the Board to serve until his earlier resignation or removal.
For clarity, Executive shall not be entitled to any severance payment or benefits (other than accrued but unpaid base salary) and, after the Transition Date, Executive shall not receive any employee benefits other than any vested benefits under the Company’s employee benefit plans accrued through the Transition Date and any benefits required to be provided by applicable law.
As of the Transition Date, without any further action by either of the Parties and notwithstanding anything to the contrary in any plan or award agreement, Executive will forfeit any and all rights with respect to his 2024 annual cash incentive opportunity, and his long-term incentive cash award pursuant to that certain 2024 Long-Term Incentive Cash Award Agreement by and between Executive and Group, dated as of April 8, 2024.
As of the Transition Date, without any further action by either of the Parties and notwithstanding anything to the contrary in any plan or award agreement, Executive will forfeit any unvested restricted stock units relating to shares of the Holding’s common stock, including, for the avoidance of doubt, the restricted stock units awarded to Executive under the terms of that certain Award Agreement for Time-Lapse Restricted Stock Units, dated as of April 22, 2024.
Pursuant to the terms of the employment letter agreement between Group and Executive dated December 21, 2023, Executive will repay to Group 100% of the signing bonus in the amount of $2.0 million within 60 days after the Transition Date.