Company’s Post-Termination Obligations. A. If this Agreement terminates for the reasons set forth in Sections 4.A, B, C, D, or E above, then the Company will pay You all accrued but unpaid wages, based on Your then current Base Salary, through the termination date. The Company shall have no other obligations to You, including under any provision of this Agreement, Company policy, or otherwise; however, You shall continue to be bound by Section 7 and all other post-termination obligations to which You are subject, including, but not limited to, the obligations contained in this Agreement. B. If this Agreement terminates for any of the reasons set forth in Sections 4.F or G above, then the Company will pay You (i) all accrued but unpaid wages through the termination date, based on Your then current Base Salary; (ii) a payment for all accrued but unpaid vacation through Your termination date, based on Your then current Base Salary; (iii) a payment for all approved, but unreimbursed, business expenses, provided that a request for reimbursement of business expenses is submitted in accordance with the Company's policies and submitted within five (5) business days of Your termination date; (iv) a payment for all earned and accrued but unpaid bonuses; and (v) payment of any COBRA continuation coverage premiums required for the coverage of You and Your eligible dependents under the Company's major medical group health plan for a period of up to 18 months (or, if less, the period that You and Your eligible dependents are entitled to such COBRA continuation coverage). (1) In addition, the Company will continue to pay You Your then current Base Salary for either the remainder of the initial Employment Period (excluding any Renewal Period), to be paid in accordance with the Company's regular payroll practices, or for a period of twelve (12) months, to be paid over a period of 12 months in accordance with the Company's regular payroll practices, whichever is (1) You and Your eligible dependents shall be solely responsible for any requirements which must be satisfied or actions that must be taken in order to obtain such COBRA continuation coverage other than the payment of COBRA premiums.
Appears in 1 contract
Samples: Executive Employment Agreement (Education Realty Trust, Inc.)
Company’s Post-Termination Obligations. A. If this Agreement terminates for the reasons set forth in Sections 4.A, B, C, D, or E above, then the Company will pay You all accrued but unpaid wages, based on Your then current Base Salary, through the termination date. The Company shall have no other obligations to You, including under any provision of this Agreement, Company policy, or otherwise; however, You shall continue to be bound by Section 7 and all other post-termination obligations to which You are subject, including, but not limited to, the obligations contained in this Agreement.
B. (i) If this Agreement terminates for any of the reasons set forth in Sections 4.F or G 4(a)(v) and 4(a)(vi) above, then the Company will pay You Employee all accrued but unpaid wages, based on Employee’s then current Salary, through the termination date. All of Employee’s unvested Frankly equity awards shall forfeit.
(iii) If this Agreement terminates for any of the reasons set forth in Sections 4(a)(vii) or (viii), then the Company will pay Employee: (A) all accrued but unpaid wages through the termination date, based on Your Employee’s then current Base Salary; Salary (iiB) a payment for all accrued but unpaid vacation through Your termination date, based on Your separation pay equal to eighteen (18) months of Employee’s then current Base Salary; , divided and paid in separate equal monthly installments over a period of eighteen (iii18) a payment for all approvedmonths, but unreimbursed, business expenses, provided that a request for reimbursement of business expenses is submitted in accordance with the Company's policies and submitted within five (5) business days of Your termination date; (iv) a payment for all earned and accrued but unpaid bonuses; and (vC) payment of any an amount sufficient to cover the COBRA continuation premiums necessary for Employee to continue coverage premiums required for the coverage of You and Your eligible dependents under the Company's major medical ’s group health plan for the eighteen (18) month period immediately following Employee’s termination date; provided, that the Employee is then eligible to continue participation under the Company’s group health plan pursuant to a period of up timely made COBRA election made by Employee to 18 months (orcontinue such coverage; provided further, if less, the period that You and Your eligible dependents are entitled to such COBRA continuation coverage).
(1) In additionthat, the Company shall not be required to make more than the maximum number of payments allowed under COBRA, (D) (i) In the event this Agreement is terminated Without Cause or for Good Reason: Pro-rata vesting will continue apply to pay You Your then current Base Salary for either all of Employee’s outstanding Frankly equity awards through the remainder end of the initial Employment Period (excluding 18-month severance period, provided that any Renewal Period)equity awards with performance conditions will be prorated for active employment, with final payment to be paid in accordance made consistent with the Company's regular payroll practicesterms of the performance plan and the value to be adjusted for actual performance, or for (ii) In the event there is a period Change of Control and, within twelve (12) monthsmonths thereafter, this Agreement is terminated Without Cause or For Good Reason: Accelerated vesting will apply to all of Employee’s outstanding Frankly equity awards, provided that performance based awards to vest 100%, although final payout to be paid over a period of 12 months made in accordance line with the Company's regular payroll practices, whichever is
terms of the performance plan design; (1E) You Payments due under subsections 4(b)(ii)(B) and Your eligible dependents (C) are collectively referred to as the “Separation Payment”. Each installment of the Separation Payment shall be solely responsible paid on the first business day of each month for any requirements which must be satisfied or actions the applicable number of months specified above, beginning with the first such date that must be taken in order to obtain such COBRA continuation coverage other than is at least thirty (30) days after the payment date of COBRA premiumsEmployee’s termination.
Appears in 1 contract
Samples: Employment Agreement (Frankly Inc)
Company’s Post-Termination Obligations. A. If this Agreement terminates for the reasons set forth in Sections 4.A, B, C, D, or E above, then the Company will pay You all accrued but unpaid wages, based on Your then current Base Salary, through the termination date. The Company shall have no other obligations to You, including under any provision of this Agreement, Company policy, or otherwise; however, You shall continue to be bound by Section 7 and all other post-termination obligations to which You are subject, including, but not limited to, the obligations contained in this Agreement.
B. (i) If this Agreement terminates for any of the reasons set forth in Sections 4.F or G 4(a)(i) through 4(a)(vi) above, then the Company will pay You Employee all accrued but unpaid wages, based on Employee’s then current Salary, through the termination date. All of Employee’s Company equity awards, including any awards held by Employee through a Company subsidiary (icollectively, the “Company Equity Awards”), that are unvested at the time of termination shall forfeit.
(ii) If this Agreement terminates for any of the reasons set forth in Sections 4(a)(vii) or (viii), other than upon a Change of Control fitting the description set forth in subsection (D)(ii) below, then the Company will pay Employee: (A) all accrued but unpaid wages through the termination date, based on Your Employee’s then current Base Salary; , (iiB) a payment for all accrued but unpaid vacation through Your termination date, based on Your separation pay equal to twelve (12) months of Employee’s then current Base Salary; (iii) a payment for all approved, but unreimbursed, business expenses, provided that a request for reimbursement of business expenses is submitted in accordance with the Company's policies divided and submitted within five (5) business days of Your termination date; (iv) a payment for all earned and accrued but unpaid bonuses; and (v) payment of any COBRA continuation coverage premiums required for the coverage of You and Your eligible dependents under the Company's major medical group health plan for a period of up to 18 months (or, if less, the period that You and Your eligible dependents are entitled to such COBRA continuation coverage).
(1) In addition, the Company will continue to pay You Your then current Base Salary for either the remainder of the initial Employment Period (excluding any Renewal Period), to be paid in accordance with the Company's regular payroll practices, or for separate equal monthly installments over a period of twelve (12) months, and (C) an amount sufficient to cover the COBRA premiums necessary for Employee to continue family coverage under the Company’s group health plan for the twelve (12) month period immediately following Employee’s termination date; provided, that the Employee is then eligible to continue participation under the Company’s group health plan pursuant to a timely made COBRA election made by Employee to continue such coverage; provided further, that, the Company shall not be required to make more than the maximum number of payments allowed under COBRA, (D) (i) In the event this Agreement is terminated Without Cause or for Good Reason: Pro-rata vesting will apply to all of Employee’s outstanding Company Equity Awards through the end of the 12-month severance period, provided that any equity awards with performance conditions will be prorated for active employment, with final payment to be paid over a period of 12 months in accordance made consistent with the Company's regular payroll practicesterms of the performance plan and the value to be adjusted for actual performance, whichever is
(1ii) You In the event there is a Change of Control and, within twelve (12) months thereafter, this Agreement is terminated Without Cause or for Good Reason: (a) Accelerated vesting will apply to all of Employee’s outstanding Company Equity Awards, including that performance based awards to vest 100%, although final payout to be made in line with the terms of the performance plan design and Your eligible dependents (b) Employee will be entitled to twenty-four (24) months of the benefits set forth in subsections (A) and (B) above and eighteen (18) months of the benefits set forth in subsection (C) above in lieu of the twelve (12) month payments described therein; (E) Payments due under subsections 4(b)(ii)(B) and (C) are collectively referred to as the “Separation Payment”. Each installment of the Separation Payment shall be solely responsible paid on the first business day of each month for any requirements which must be satisfied or actions the applicable number of months specified above, beginning with the first such date that must be taken in order to obtain such COBRA continuation coverage other than is at least thirty (30) days after the payment date of COBRA premiumsEmployee’s termination.
Appears in 1 contract
Company’s Post-Termination Obligations. A. If this Agreement terminates for the reasons set forth in Sections 4.A, B, C, D, or E above, then the Company will pay You all accrued but unpaid wages, based on Your then current Base Salary, through the termination date. The Company shall have no other obligations to You, including under any provision of this Agreement, Company policy, or otherwise; however, You shall continue to be bound by Section 7 and all other post-termination obligations to which You are subject, including, but not limited to, the obligations contained in this Agreement.
B. (i) If this Agreement terminates for any of the reasons set forth in Sections 4.F or G 4(a)(v) and 4(a)(vi) above, then the Company will pay You Employee all accrued but unpaid wages, based on Employee’s then current Salary, through the termination date. All of Employee’s unvested Frankly equity awards shall forfeit.
(iii) If this Agreement terminates for any of the reasons set forth in Sections 4(a)(vii) or (viii), then the Company will pay Employee: (A) all accrued but unpaid wages through the termination date, based on Your Employee’s then current Base Salary; , (iiB) a payment for all accrued but unpaid vacation through Your termination date, based on Your separation pay equal to eighteen (18) months of Employee’s then current Base Salary; , divided and paid in separate equal monthly installments over a period of eighteen (iii18) a payment for all approvedmonths, but unreimbursed, business expenses, provided that a request for reimbursement of business expenses is submitted in accordance with the Company's policies and submitted within five (5) business days of Your termination date; (iv) a payment for all earned and accrued but unpaid bonuses; and (vC) payment of any an amount sufficient to cover the COBRA continuation premiums necessary for Employee to continue family coverage premiums required for the coverage of You and Your eligible dependents under the Company's major medical ’s group health plan for the eighteen (18) month period immediately following Employee’s termination date; provided, that the Employee is then eligible to continue participation under the Company’s group health plan pursuant to a period of up timely made COBRA election made by Employee to 18 months (orcontinue such coverage; provided further, if less, the period that You and Your eligible dependents are entitled to such COBRA continuation coverage).
(1) In additionthat, the Company shall not be required to make more than the maximum number of payments allowed under COBRA, (D) (i) In the event this Agreement is terminated Without Cause or for Good Reason: Pro-rata vesting will continue apply to pay You Your then current Base Salary for either all of Employee’s outstanding Frankly equity awards through the remainder end of the initial Employment Period (excluding 18-month severance period, provided that any Renewal Period)equity awards with performance conditions will be prorated for active employment, with final payment to be paid in accordance made consistent with the Company's regular payroll practicesterms of the performance plan and the value to be adjusted for actual performance,(ii) In the event there is a Change of Control and, or for a period of within twelve (12) monthsmonths thereafter, this Agreement is terminated Without Cause or for Good Reason: Accelerated vesting will apply to all of Employee’s outstanding Frankly equity awards, provided that performance based awards to vest 100%, although final payout to be paid over a period of 12 months made in accordance line with the Company's regular payroll practices, whichever is
terms of the performance plan design; (1E) You Payments due under subsections 4(b)(ii)(B) and Your eligible dependents (C) are collectively referred to as the “Separation Payment”. Each installment of the Separation Payment shall be solely responsible paid on the first business day of each month for any requirements which must be satisfied or actions the applicable number of months specified above, beginning with the first such date that must be taken in order to obtain such COBRA continuation coverage other than is at least thirty (30) days after the payment date of COBRA premiumsEmployee’s termination.
Appears in 1 contract
Samples: Employment Agreement (Frankly Inc)
