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, Executive shall be entitled to the compensation and benefits described below.
Compensation and Benefits During Transition Period. During the Transition Period, Executive’s salary will be paid at the annual rate of $1,100,000. Executive will continue to accrue vacation time and be covered by the Company’s group Medical, Dental and Vision Programs, and the Company’s Supplemental Healthcare Program for Executive Officers.
Compensation and Benefits During Transition Period. As consideration for your agreements herein, the Company will continue to pay Executive his full regular base salary of $390,000.00 per year and employee benefits during this Transition Period, unless his employment is terminated prior to the Separation Date in accordance with section 17 below. Executive will not receive any bonus during this Transition Period and shall no longer be subject to the Policy or to any payments or benefits thereunder at any time after the Effective Date. If and to the extent that the Company cannot continue Executive’s benefits under a group health insurance plan during the Transition Period, it will directly pay all COBRA premiums associated with continuation of all health insurance coverage (inclusive of medical, dental and vision) Executive presently receives as an employee of the Company, contingent on Executive timely and properly electing such COBRA coverage; provided that, notwithstanding the foregoing, in the event such COBRA payment could result in a penalty, excise tax or other related liability to the Company, Executive or the group health plan under applicable law, Company may instead, at Company’s discretion, provide Executive with cash payments during the Transition Period equivalent in value, on an after-tax basis, to the COBRA payments otherwise payable hereunder but without regard as to whether Executive elects COBRA coverage under the Company’s group health plan (“Substitute Benefit”).
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
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. 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.
