Departure Payments. The Company will provide Executive with the following compensation, provided that Executive has timely executed and not revoked the Release (as defined in Section 7 of this Agreement) and provided further that Executive does not violate Section 6 of this Agreement:
(a) The Company will pay Executive Three Hundred Thousand Dollars ($300,000) over a 12-month period commencing on the Departure Date in accordance with the payroll practices of the Company in effect from time to time, and less such taxes and other deductions required by applicable law or authorized by Executive; provided that any amounts that would have been payable hereunder prior to the time the Release becomes effective (without being revoked) will be accumulated and paid on the first payroll date following the date the Release becomes effective.
(b) Executive will be eligible for a payment, if any, under the Global Leadership Team (GLT) incentive plan for 2014.
(c) If Executive elects to exercise Executive’s rights to continue group medical and dental plan coverage for a limited period (commonly referred to as “COBRA rights”) within the statutorily prescribed time period commencing immediately following the Departure Date, and Executive pays an amount equal to an active employee’s share of the premium for such group medical and dental benefits, the Company will waive the remaining COBRA continuation premium for the eighteen (18) month period following the Departure Date. Notwithstanding the foregoing, if the group medical and dental plan coverage are fully-insured and, as a result of the Company’s subsidization of Executive’s COBRA premiums, the plans are considered discriminatory such that the Company would be subject to an excise tax, then in lieu of the foregoing, the Company shall pay Executive an amount equal to what would have been the Company’s subsidy amount had Executive continued COBRA coverage for the eighteen (18) month period.
(d) On December 31, 2014, three thousand and sixty (3,060) of Executive’s non-vested performance shares that were previously granted to Executive and scheduled to vest on March 1, 2015 shall vest.
(e) The Company shall pay (or promptly reimburse Executive) for up to $5,000 of legal or tax advisory services; provided that such services must be used by the first anniversary of the Departure Date. If Executive pays for such fees and then will be reimbursed, Executive must provide a copy of the invoice(s) for such fees to the Company no later than twelve (12) ...
Departure Payments. LECG will make the following payments to PA:
(a) $1,000,000 payable on April 15, 2001;
(b) $1,000,000 payable on December 31, 2001, such payment to be evidenced by a promissory note in the form attached hereto as Exhibit D and incorporated herein by this reference; and
(c) a payment on June 30, 2002 equal to the sum of the amounts set forth on Exhibit C under the column "Departure Payment" for those Practice Staff Members who accept employment with LECG prior to the Final Acceptance Date; provided, however, that if any of the Practice Staff Members listed on Exhibit C who accept employment with LECG prior to the Final Acceptance Date rejoin PA as an employee or independent contractor within two (2) years from the Effective Date, PA must promptly refund to LECG any Departure Payment paid by LECG for such Practice Staff Member. Within five (5) business days after the Final Acceptance Date, PA and LECG will determine the aggregate Departure Payments to be made by LECG to PA and LECG will deliver to PA a promissory note substantially in the form of Exhibit D attached hereto (but including the repayment provision set forth in this Section 6(c)) payable in the amount of such aggregate Departure Payments on June 30, 2002. Notwithstanding the foregoing, LECG will not be required to make a Departure Payment for any person who has been made an offer to join the Environmental Practice at PA prior to the Effective Date but who has not accepted that offer as of the Effective Date or who has not yet begun performing services for PA as of the Effective Date. LECG also will not be required to make a Departure Payment for each of Xxxxxxxx Xxx, Xxxxxxx Xxxxxx or Xxxxxxx Xxxxxxxxx if s/he is not employed by LECG on April 15, 2002.
Departure Payments. The Company will provide the Executive with the following compensation upon the Departure Date.
(a) The Company will pay the Executive Two Hundred Thousand Dollars ($200,000) on an annualized basis over a 12-month period commencing on the Departure Date in accordance with the payroll practices of the Company in effect from time to time, and less such taxes and other deductions required by applicable law or authorized by the Executive.
(b) The Executive will not be eligible for the Senior Management Bonus Plan for 2009.
(c) If the Executive elects to exercise her rights to continue group medical and dental plan coverage for a limited period (commonly referred to as “COBRA rights”) within the statutorily prescribed time period commencing immediately following the Departure Date, and the Executive pays an amount equal to an active employee’s share of the premium for such group medical and dental benefits, the Company will waive the remaining COBRA continuation premium for the twelve (12) month period following the Departure Date.
(d) The Company will reimburse the Executive for outplacement/career consulting up to a limit of $10,000 provided the Executive provides the Company with receipts of her expenditures for such expenses.
Departure Payments. The Company will provide the Executive with the following compensation, provided, in the case of paragraphs (b)-(d), that the Executive has timely executed and not revoked the Release (as set forth in Section 6 of this Agreement) and provided further that the Executive does not violate Section 5 of this Agreement; such compensation shall be in full satisfaction of Section 4 of the Employment Agreement:
(a) The Company has paid or will pay the Executive, in one or more cash payments within 50 calendar days after the Departure Date (specifically, no later than October 9, 2022), the aggregate of the following amounts: the sum of (i) Executive’s annual base salary earned through the Departure Date to the extent not theretofore paid; (ii) Executive’s business expenses that are reimbursable pursuant to Section 2(b)(viii) of the Employment Agreement but have not been reimbursed by the Company as of the Departure Date; and (iii) any accrued vacation pay to the extent not theretofore paid.
(b) On the 61st calendar day after the Departure Date (specifically, October 20, 2022), the Company will pay the Executive Three Hundred Sixty-Six Thousand Dollars ($366,000) in a lump sum in cash, which amount represents the Executive’s annual base salary.
(c) The Company shall pay to the Executive a lump sum cash amount equal to the product of $201,300 (Executive’s 2022 target annual bonus) multiplied by 1.25 (specifically, $251,625), payable at the time 2022 annual bonus payments are made to the Company’s then-current employees, in lieu of any other payment to which Executive may be entitled under the Company’s 2022 annual bonus program.
(d) On the 61st calendar day after the Departure Date (specifically, October 20, 2022), the Company will pay the Executive the amount in a lump sum in cash that represents the product of (i) 12 multiplied by (ii) the monthly COBRA premium for health, dental and vision benefits in effect for the Executive (and Executive’s spouse and dependents) immediately prior to the Departure Date, with such payment to be treated as taxable to the Executive.
(e) In lieu of and notwithstanding the default treatment set forth in the award agreements applicable to the service-based restricted stock unit awards granted to the Executive in 2018, 2019, 2020 and 2021 that remained unvested and outstanding as of the Departure Date (the “RSUs”), as set forth on Exhibit A, such RSUs shall accelerate and be deemed vested as of the Departure Date, and shall be settled i...
