Transitional Term definition
Examples of Transitional Term in a sentence
The Executive further acknowledges and agrees that all Confidential Information about the Spectra Group that was previously provided in the course of employment or through the Executive’s service for the Spectra Group and Confidential Information that will be provided to her in the course of the Transitional Term are and will continue to be the exclusive property of the Spectra Group.
Spectra Group agrees that, if Executive’s employment with Spectra Group terminates during the Transitional Term, Executive is not required to seek other employment or to attempt in any way to reduce any amounts payable to Executive by Spectra Group pursuant to this Paragraph 13.
Purchase and Sale obligations for the preceding Products shall commence upon the termination of the Transitional Term and will be for the initial term as set forth below (the “Offtake Term”), and thereafter the obligation shall continue on a month-to-month evergreen basis, unless and until terminated.
Finally, if the Spectra Group terminates Executive for Cause or if Executive terminates her employment without Good Reason, either during the Agreement Term or Transitional Term, then Spectra Group will only be obligated to pay Executive any accrued salary and benefits through the Cause or without Good Reason termination date, and the Spectra Group will not be liable to pay Executive any Cash Payment or other compensation as described in Paragraphs 13 and 14 of this Agreement.
The Executive agrees that she relinquishes any right to re-employment or to be restored to any position with the Spectra Group after the end of the Transitional Term.
The parties acknowledge and agree that, other than as specifically set forth above or elsewhere in this Agreement, Executive is not eligible for any Award under the STIP or under any other deferred compensation plan or program of the Spectra Group after the end of the Transitional Term, and Executive acknowledges that she is releasing and waiving any rights to such benefits in this Agreement.
The Executive shall continue to abide by the Spectra Group’s confidentiality policies throughout the Transitional Term.
Effective as of the beginning of the Transitional Term, Executive will receive outplacement assistance services in an amount not to exceed fifty thousand dollars ($50,000) on a basis that is mutually agreed upon by the Executive and the Group Vice President, Human Resources and Support Services to assist with her transition from the Spectra Group.
The Executive acknowledges that she has received valuable Confidential Information during the course of her employment and that she will continue to remain responsible to safeguard and protect Spectra Group Confidential Information during the Transitional Term.
Unless otherwise set forth in an Order, and subject to the Transitional Term (as defined in Section 17.3), the rights granted in this Section 3 terminate when the Agreement expires or is terminated as set forth herein.