Additional Separation Benefits. In the event the Executive’s employment with the Company is terminated at any time during the Employment Period by the Company other than for Cause, Death or Disability, or the Executive’s voluntary separation from service for Good Reason or within three months preceding or twenty four months following a Change in Control, the Company shall permit for a period of three years following the Date of Termination, at the Company’s expense, the Executive, his spouse and dependents, as applicable (the “Benefit Participants”), to participate in all group medical health insurance plans and employee benefit plans, programs and arrangements now or hereafter made available to the senior executive employees of the Company (the “Plans”) (including but not limited to such Plans in which Executive was entitled to participate immediately prior to the Date of Termination), in the same manner provided to its other senior executive employees; provided, however, that this paragraph 6(4) shall not apply in the event that (i) the Company shall hereafter terminate the applicable Plan, or (ii) the participation of the Benefit Participants in such Plan is prohibited by law or, if applicable, would disqualify such Plan as a tax qualified plan pursuant to the Code, or (iii) the participation of the Benefit Participants violates the general terms and provisions of such applicable Plan. In the event that any of the Benefit Participants’ participation in such Plans is prohibited by law or, if applicable, would disqualify the Plan as a tax qualified plan, or the participation of the Benefit Participants violates the general terms and provisions of such applicable Plan, the Company shall permit the Benefit Participants to acquire substantially comparable coverage or benefits, at the Company’s expense, from a source of Executive’s or his spouse’s choosing, provided, however, that if provision of such coverage or benefit would result in a cost of excess of 130% of the cost to the Company if provided under a Company Plan, the Company may satisfy its obligations under this paragraph 6(4) by contributing to the Benefit Participants 130% of the cost to the Company under the Company Plans. Notwithstanding the foregoing, in no event will the Benefit Participants receive from the Company the coverage and benefits contemplated by this paragraph 6(4) if the Benefit Participants receive such coverage and benefits from any other source.” SIXTH A new Section shall be added to the end of the Agreement t...
Additional Separation Benefits. Subject to the provisions of Section 7 below and in consideration of Employee’s execution of this Agreement and his full and timely performance of all his promises and obligations in this Agreement, Employer agrees to provide Employee the following additional severance benefits upon the execution of this Agreement by Employee and the expiration of the seven (7) day revocation period described in Section 7 below.
a. Except as otherwise provided in Section 7 below, which shall supersede anything stated herein to the contrary, a severance payment in the amount of Three Hundred Fifty Thousand and No/1000 Dollars ($350,000.00), less applicable payroll taxes payable as follows:
(1) Seventy-Five Thousand and No/100 Dollars ($75,000.00), less applicable payroll taxes, upon expiration of the seven (7) day recission period described in Section 7 below;
(2) One Hundred Thousand and No/100 Dollars ($100,000.00), less applicable payroll taxes, on or before January 3, 2003; and
(3) One Hundred Seventy-Five Thousand and No/100 Dollars ($175,000.00), less applicable payroll taxes, on or before January 5, 2004.
b. Employee will be entitled to participate in the 2002 Executive Incentive Compensation Plan (“EICP) with no pro-rata adjustment for retiring prior to December 31, 2002. In addition, if the earnings threshold is met for the 2002 EICP, Employee will receive a payout at the “Target” level for the goal “Overall performance evaluation by the President,” weighted at 30 percent of Employee’s 2002 EICP. Employee will also be entitled to participate in the 2000-2002 Long-Term Incentive Plan (“LTIP”), 2001-2003 LTIP and the 2002-2004 LTIP with no pro-rata adjustment for retiring prior to December 31, 2002; provided, however, that if there is a payout for the HEI officers under the 2001-2003 LTIP and the 2002-2004 LTIP, Employee will be eligible for a 24/36 payout and a 12/36 payout, respectively. Effective upon the date of Employee’s retirement, all outstanding non-qualified stock option (“NQSO”) grants already made to Employee (1999, 2000, 2001 and 2002 grants) will become fully exercisable, notwithstanding that the option may not be otherwise fully exercisable under Section 3.1 (a) of Employee’s Non-qualified Stock Option Agreement. In addition, upon Employee’s exercise of each NQSO stock option, Employee will be entitled to receive all dividend equivalent awards on Employee’s outstanding NQSO grants up to and including dividend equivalent awards made on November 12, 2002...
Additional Separation Benefits. In consideration of the terms and ------------------------------ conditions set out in the paragraphs that follow in this Agreement, the Company will provide additional separation benefits as follows:
Additional Separation Benefits. In consideration for ASSOCIATE'S execution of this Separation Agreement and the adherence to its provisions, Tupperware agrees to provide ASSOCIATE with the following additional benefits to which ASSOCIATE would not otherwise be entitled (“Additional Benefits”):
a. A payment equal to fifty two (52) weeks of pay at the rate of the base pay ASSOCIATE was earning on ASSOCIATE’S Last Day of Work, which shall be paid in a lump sum, less applicable taxes, on Tupperware’s usual payroll cycle;
b. A payment equal to twelve (12) months of ASSOCIATE’S car allowance as of ASSOCIATE’S Last Day of Work, which shall be paid in a lump sum, less applicable taxes, on Tupperware’s usual payroll cycle;
c. If bonus payments are earned and approved in accordance with the terms of the 2020 Annual Incentive Plan (“AIP”), ASSOCIATE will be eligible for the bonus, subject to the AIP provisions and current Tupperware policies relating thereto, except that Tupperware will waive the requirement that ASSOCIATE be an active employee on the date the AIP bonus is paid - if such bonus payments are earned and approved, Tupperware agrees to pay ASSOCIATE such bonus no later than March 30, 2021;
d. Twelve (12) months of executive outplacement services - details will be furnished to ASSOCIATE under separate cover - that must be used no later than December 31, 2020.
e. If ASSOCIATE properly and timely elects to continue group health plan benefits coverage in accordance with the continuation requirements of the Consolidated Omnibus Budget Reconciliation Act (“COBRA”), Tupperware shall pay for the cost of the premium for such coverage beginning on the Separation Date and continuing for the full period of the severance payments, or until ASSOCIATE secures coverage elsewhere, whichever occurs sooner - thereafter, ASSOCIATE shall be entitled to elect to continue such COBRA coverage for the remainder of the COBRA period, at ASSOCIATE’S own expense; as ASSOCIATE will be moving out of the country, Tupperware will transfer ASSOCIATE’S medical benefit to Cigna International upon departure for the remaining months of the severance period.
f. ASSOCIATE will be reimbursed for actual expenses incurred for Executive Financial Planning services for Tax Year 2020 up to the allowed annual gross benefit of five thousand five hundred dollars ($5,500 USD); and,
g. ASSOCIATE will receive the following repatriation and transition benefits, provided that ASSOCIATE leaves the country within the legally obligated timefr...
Additional Separation Benefits. In addition to the employment benefits described in Paragraph 2.a. above, and in consideration of your release, indemnification and promises described below, MLP will provide the following Additional Separation Benefits:
(1) Defined Benefit Plan and SERP Target Benefit Enhancements: MLP will increase the age and or service credit for your Defined Benefit Plan Single Life Annuity and your Unfunded SERP Target Benefit Single Life Annuity so that your combined single life annuity annual benefit calculated as of January 1, 2004 under your Defined Benefit Plan Single Life Annuity and your SERP Target Benefit Single Life Annuity is increased to a total amount of $71,276.00. If you select a joint and survivor benefit, the foregoing benefit amount will be adjusted in accordance with the terms of the Plans. The amount of the benefit in excess of the amount paid from the Defined Benefit Plan will be paid from MLP's general assets under the terms of the SERP Plan.
Additional Separation Benefits. Provided that Executive’s employment with the Company is not terminated for “Cause” (as defined in the Executive Employment Agreement), the parties agree that, subject to Executive’s compliance with Section 7.2(b) of the Executive Employment Agreement and the other terms and conditions of this Agreement, Executive shall be entitled to receive additional separation benefits as follows (the “Additional Separation Payments”):
Additional Separation Benefits. Provided that you execute the Separation Certificate attached hereto as Attachment A not less than one (1) day and not more than ten (10) days following the Separation Date, and do not timely revoke your acceptance of the Separation Certificate, the Company will pay you an additional amount equal to a one-time, lump sum payment of one hundred thousand dollars ($100,000.00) within ten (10) days following the signing of the Separation Certificate, less applicable statutory deductions and authorized withholdings (the “Additional Severance Payment”).
Additional Separation Benefits. Executive will be entitled to the following additional payments and benefits:
Additional Separation Benefits. Through the first anniversary of this Agreement, the Company will fund Isel’s continued participation in the Company’s group medical and dental programs pursuant the Consolidated Omnibus Budget Reconciliation Act of 1985 (COBRA). The Company will also pay premiums due before the first anniversary of this Agreement with respect to the life insurance policy in Isel’s name in the face amount of $1,000,000 issued by Federal Kxxxxx Life Assurance Company, and will also assign to Isel its ownership of the policy. As of the date of this Agreement, Isel will no longer be eligible to participate in any other benefit programs offered to employees by the Company, including vacation, 401(k) plan, short-term and long-term disability, travel and accident, and independent life insurance programs.
Additional Separation Benefits. If Xxxxxx signs this Agreement, abides by its terms, and does not revoke the General Release before the eighth day after the Separation Date (the “Acceptance Date”) pursuant to Section 12 below, he will receive the following separation benefits (the “Separation Benefits”), which are in addition to anything he is otherwise entitled to or has been paid by Cyanotech, including, but not limited to, the Severance Payments, the 2016 Grant, final wages and any accrued and unused vacation pay:
