CONSIDERATION TO THE EMPLOYEE Sample Clauses
The 'Consideration to the Employee' clause defines the compensation or benefits that the employee will receive in exchange for their agreement to the terms of the contract, such as signing a non-compete or confidentiality agreement. This consideration may take the form of a monetary payment, continued employment, or other tangible benefits provided by the employer. By clearly outlining what the employee receives, this clause ensures the enforceability of the agreement and addresses the legal requirement that both parties receive something of value, thereby preventing disputes over the validity of the contract.
CONSIDERATION TO THE EMPLOYEE. The Company shall make the following payments and provide the following additional benefits and consideration to the Employee, subject to the Employee complying with Sections 3, 4, 6 and 7 hereof:
CONSIDERATION TO THE EMPLOYEE. The Company shall make the following payments and provide the following additional benefits and consideration to the Employee, subject to Section 6 hereof:
(A) COMPENSATION AND BENEFITS THROUGH THE RETIREMENT DATE. Through March 31, 2003 the Employee shall continue to be paid the sum of $44,833.33 per month, which sum shall be paid in semi-monthly installments of $22,416.67. Commencing on April 1, 2003 and continuing through and including the Retirement Date, the Employee shall be paid the sum of $36,722.22 per month (a total of $1,322,000 for the 36-month period commencing April 1, 2003), which sum shall be paid in semi-monthly installments of $18,361.11, and which represents the Employee's severance entitlement under the Company's Executive Separation Policy ((the "ESP"), but paid over 36 months. Through and including the Retirement Date, except as otherwise provided in this Section 3 the Employee shall continue to be entitled to all of the benefits--including but not limited to participation in the Company's medical, dental and group insurance plans, including the Executive Death Benefit Plan--that he currently enjoys as an executive officer of the Company. For such benefits the Employee shall make the same contributory payments required to be made at any time by other exempt United States employees of the Company generally. Should the Company change or eliminate any of such benefits for United States employees of the Company generally, the Employee's benefits will likewise be affected. Should the Company institute new benefits for United States employees of the Company between April 1, 2003 and the Retirement Date, the Employee shall not be entitled, and the Employee waives all rights, to participate in any of such new benefits unless such participation is required by law and except that, should the Company, prior to the Retirement Date, offer executive employees long-term care for them and/or their spouses, the Employee shall be eligible to participate in such program to the same extent as such other executive employees.
CONSIDERATION TO THE EMPLOYEE. The Company shall make the following ----------------------------- payments and provide the following additional benefits and consideration to the Employee, subject to Section 6 hereof:
(a) Salary and Benefits through the Separation Date. Through and including ----------------------------------------------- the Separation Date, the Employee shall continue to be paid his current base salary of $19,583.33 per month ($235,000 per year), and shall continue to be entitled to all of the benefits that he currently enjoys.
CONSIDERATION TO THE EMPLOYEE. The Company shall make the following payments and provide the following additional benefits and consideration to the Employee, subject to Section 6 hereof:
(a) SALARY AND BENEFITS THROUGH THE RETIREMENT DATE. Through and including the Retirement Date, the Employee shall continue to be paid his current base salary of $31,583.33 per month ($379,000. per year), and shall continue to be entitled to all of the benefits that he currently enjoys.
CONSIDERATION TO THE EMPLOYEE. The Company shall make the ----------------------------- following payments and provide the following additional benefits and consideration to the Employee, subject to Section 6 hereof:
(a) Salary and Benefits through the Separation Date Payments. -------------------------------------------------------- Through and including the Separation Date, the Employee shall continue to be paid his current base salary of $32,083.33 per month ($385,000 per year), and shall continue to be entitled to all of the benefits that the Company is currently making available to employees who are officers of the Company. The Employee shall be entitled to the same percentage contribution by the Company in respect of the year 2000 under the Company's Retirement Investment Fund Plan, including the Supplemental Retirement Investment Plan, as the Company makes to United States employees of the Company generally.