ADMINISTRATIVE LEAVE AND SEPARATION DATE Sample Clauses

ADMINISTRATIVE LEAVE AND SEPARATION DATE. Effective at the close of business on June 1, 2004 you will be placed on administrative leave, said leave to extend through June 1, 2006 (the “Leave Period”). During the Leave Period you will remain an employee of the Company and you will receive one-half of your base salary in effect as of April 1, 2004, subject to standard deductions and withholdings and in accordance with the Company’s standard payroll practices. The Company will pay the cost of COBRA medical insurance coverage for you and your family on the same terms as you currently enjoy until the earlier of (i) the expiration of the Leave Period, ii) the date on which you become employed by an entity or organization other than the Company that provides you with medical insurance, or iii) the expiration of the COBRA insurance continuation coverage period as mandated by law. During the Leave Period, you will not have the authority to conduct or transact business on behalf of the Company or to authorize or approve any expenditure by the Company. You agree that during the Leave Period you will not represent or hold yourself out as being able to bind the Company or transact or conduct business on its behalf. Likewise, you will be free to engage in other employment or self-employment. You will not accrue any vacation or paid time off benefits during the Leave Period. Your employment will be terminated effective June 1, 2006 (the “Separation Date”).