Consideration and Severance Sample Clauses

Consideration and Severance. A. In consideration of the Employee’s prior service to the Company, the release of all claims that may exist against the Company in connection with his employment as more specifically set forth below in Section 6, and the Employee’s performance of or compliance with the obligations set forth below in Section 4, and provided that the Employee complies with all other terms and conditions of this Agreement and the continuing obligations set forth in Sections 4.1 through 4.3 of the Employment Agreement, the Company agrees that: i. The Company will pay Employee six (6) months of additional compensation, equal to $100,000.03, which will be paid according to the following schedule. The payment dates listed below represent the Company’s normal “paydays” and the payments will be made to Employee via direct deposit, if possible. The following payments do not include any amounts related to Employee’s final paycheck for the pay period beginning on December 26, 2005, and ending on the Resignation Date. January 12, 2006 $ 30,769.24 March 9, 2006 7,692.31 March 23, 2006 7,692.31 April 6, 2006 7,692.31 April 20, 2006 7,692.31 May 4, 2006 7,692.31 May 18, 2006 7,692.31 June 1, 2006 7,692.31 June 15, 2006 7,692.31 June 29, 2006 7,692.31 Total 100,000.03 Employee acknowledges and agrees that the foregoing payments will be subject to all legally required state and federal tax deductions and withholdings; ii. In addition to the foregoing payments, the Company will provide Employee a one-time payment of $4,102.18, which the Company and Employee agree is the total value of Employee’s accrued and unused vacation time of 42.66 hours as of the Resignation Date. Such payment will be made on January 12, 2006, together with the first payment listed above. Employee acknowledges and agrees that this payment shall be subject to all legally required state and federal tax deductions and withholdings. Employee further acknowledges and agrees that he is not entitled to, and will not be paid, for any other type of compensatory, sick or other accrued “time off”; iii. Employee will be reimbursed at the rate of $208 per month for health care and dental insurance premiums covering the period beginning January 4, 2006, and ending June 30, 2006. Employee understands and agrees that he will be responsible for payment of such premiums, and that the Company will promptly reimburse Employee at the abovementioned rate upon receiving a copy of the premium invoice from Employee. B. Employee acknowledges t...

Consideration and Severance. In exchange for the promises and covenants set forth herein, Employee will receive a one-time discretionary wage increase. In the event Employee later receives severance payment pursuant to HB’s severance policy, Employee shall be bound by the terms of the severance policy, including but not limited to the restrictive covenants contained therein, which would supersede the restrictive covenants contained in this Agreement.