Compensation and Benefits During Transition Period. During the Transition Period, the Company will pay Executive a base salary at the same base salary rate in effect for Executive on the Effective Date, subject to applicable tax withholding and payable in accordance with the Company’s regular payroll practices. In addition, during the Transition Period, Executive will continue to participate in such employee benefit plans and programs for which Executive may be eligible and in which Executive participated on the Effective Date, pursuant to the terms and conditions of such plans, including without limitation (i) the long-term incentive program and related long-term incentive bonus agreement dated February 21, 2013 between Executive and the Company (“Long-Term Incentive Plan”) and (ii) an annual physical for 2015 which may be taken through September 30, 2015. Executive agrees that the termination of Executive’s employment effective September 30, 2015 in accordance with Section 1 of this Agreement shall be deemed to be a voluntary resignation by Executive for the purposes of the Long-Term Incentive Plan and for the purposes of any other plan, program, agreement or benefit relating to severance or separation from employment. All earned but unused vacation shall be paid with the first payroll following the Separation Date.
Compensation and Benefits During Transition Period. If you: (i) execute and deliver a copy of this Agreement to the Company; (ii) do not revoke your acceptance of this Agreement during the seven (7) calendar day revocation period as described in Paragraph 9 below; and (iii) fully comply with the terms and conditions set forth in this Agreement, during the Transition Period: (1) the Company will continue to pay your current annualized base salary of Four Hundred Forty Thousand Dollars ($400,000)(the “Base Salary”), paid monthly in accordance with the Company’s normal payroll practices and shall be subject to the usual required withholdings; and (2) you will continue to receive Company benefits and participate in Company benefit plans on the terms currently in effect.
Compensation and Benefits During Transition Period. Through Xxxxx 00, 0000, Xxxxxxx Xxxxxxx will pay Employee at his pre-existing base salary rate of €18.000 gross per month; and commencing March 11, 2011 and for the duration of the Transition Period, Versant Germany will pay Employee at the rate of €9.000 gross per month, in each case less all statutory deductions and required withholdings, in installments at Versant Germany's regular payroll periods. For purposes of clarification only and not limitation, the provisions of this paragraph replace and supersede the terms of compensation set forth in Sections 2A and 5B of the Joint Employment Agreement and Managing Director Service Contract dated September 9, 2009 between Employee, Versant, and Versant Germany (the “Employment Agreement”), which was filed with the as Exhibit 10.03 in Versant's report on Form 10-Q filed with the U.S. Securities and Exchange Commission (“SEC”) on September 9, 2009 (SEC File/Film Number 091060600). During the Transition Period and ceasing upon the Separation Date, Employee shall be eligible to receive such other benefits as provided in Section 6B of the Employment Agreement (including use of leased automobile). Employee shall not be entitled to take vacation time after March 31, 2011 without the prior consent of the Managing Director of Versant Germany.
Compensation and Benefits During Transition Period. During the Transition Period, you will continue to receive your current regular salary of $9,615.38 per Company pay period (less applicable withholdings and tax deductions) and benefits, including coverage under the Company’s medical, dental, and vision plan, stock option plan (as discussed below in Section 7), employee stock purchase plan and 401(k) plan, subject to the terms of those plans, through the remainder of your employment with the Company, provided, however, that you will not accrue any additional vacation or personal time off during the Transition Period. If you elect to terminate your employment earlier than June 30, 2005, the Company will cease to provide you any further salary or any benefits under the above plans, but will pay you the severance payment described in Section 4 below (less applicable withholdings and tax deductions) provided that you deliver to the Company the signed and effective release described in Section 13 below within twenty-one (21) days of the employment termination date.
Compensation and Benefits During Transition Period. During the Transition Period, subject to the Executive’s continued employment with the Company and his compliance with the terms of this Agreement, the Executive shall continue to be eligible to receive the compensation and benefits set forth in Sections 3(a), 3(b), 3(d), 3(e), and 3(f) of the Employment Agreement pursuant to the terms thereof.
Compensation and Benefits During Transition Period. During the Transition Period, Xxxxxxxx shall be entitled to the compensation and benefits set forth in Section 3 of the Employment Agreement and Appendix A thereto, as amended. In the event, however, of Xxxxxxxx'x death prior to May 31, 2002, the Transition Period shall end and commencing with the month following his date of death, the Company shall pay to Xxxxxxxx'x designated beneficiary, or if none is designated, to his estate over a thirty month period the severance compensation described in paragraph 2 of this Agreement and Section 4.1 of the Employment Agreement shall not apply.
Compensation and Benefits During Transition Period. Executive will be eligible to receive the following compensation and benefits in connection with his services to the Company during the Transition Period:
Compensation and Benefits During Transition Period. You will continue to receive base compensation and standard employee benefits during the Transition Period. Base compensation will continue at the rate of $350,000 per year through the second pay period in October and will reduce to the rate of $175,000 per year beginning with the first pay period in November through the final pay period in December. You will continue to receive your temporary living and commuting allowance at the rate of $5,000 per month through the second pay period in October. Thereafter you will no longer receive the allowance, but you will be reimbursed for reasonable Company related travel and entertainment expenses in accordance with the Company’s policies and procedures for expense reimbursement. On the first payroll date after your employment ends, the Company shall pay you any remaining salary then due to you and all then accrued and unused vacation pay, with vacation pay calculated based on the salary rate of $350,000 per year.
Compensation and Benefits During Transition Period. During the Transition Period, Executive shall be entitled to the compensation and benefits described below.
Compensation and Benefits During Transition Period. During the Transition Period, you will continue to receive your current annual base salary (less applicable taxes and withholdings), as may be increased (but not decreased) from time to time, in accordance with Pericom’s normal payroll cycle. During the Transition Period, you also will continue to receive employee benefits that are provided to other similarly-situated employees (e.g., group health, dental and vision insurance, 401(k)), subject to the terms and conditions of each employee benefit plan.
