Early Separation Date. Mx. Xxxxxxxxxx understands and agrees that if he accepts a position as an employee, acts as an independent contractor, consultant or sole proprietor, or acts as an officer, director, or partner in another public or privately held company at any time prior to March 31, 2015, he will notify Jxx Xxxxx, EVP and Chief Administrative Officer at (000) 000-0000 immediately. If Mx. Xxxxxxxxxx commences employment or otherwise begins to act in any such capacity with a company or entity that is not a Competitor Business then Mx. Xxxxxxxxxx’x Separation Date will be deemed to be the earlier of March 31, 2015 or the business day prior to the commencement of employment or other act in any such capacity,, and his salary and benefits as an active employee shall cease as of such date. Mx. Xxxxxxxxxx will then be eligible to receive payments set forth under Paragraphs 2(ii) and 4, less usual and customary taxes, withholding and authorized deductions, on the dates set forth therein, provided he meets any eligibility requirements applicable to such payments hereunder. If Mx. Xxxxxxxxxx commences employment or otherwise begins to act in any capacity with a Competitor Business at any time on or prior to December 31, 2015, his Separation Date will be deemed to be the earlier of March 31, 2015 or the business day prior to commencement of employment or other act in any such capacity and all remaining payments (including the Additional Consideration) and benefits under this Agreement shall cease immediately. In addition, any payments made pursuant to Paragraph 2(ii) will be required to be repaid to Schwab in their entirety because Mx. Xxxxxxxxxx has not earned the payments until December 31, 2015 (if it has not already occurred), as long as he has not worked for a Competitor Business.
Early Separation Date. If Executive chooses a voluntary Separation Date earlier than the Separation Date set forth above (such date referenced as the “Early Separation Date” or “ESD”), Executive will be released as of the ESD. Executive will still be eligible for the Consideration set forth in Paragraph 3 of this Agreement and General Release (“Agreement”). However, Executive agrees to waive any additional salary payment for the balance of the time period commencing on the date of the ESD through the Separation Date. In addition, Long Term Equity Agreements (LTI’s), vacation payout and healthcare coverage set forth in Paragraphs 3 (c), (e), and (f) below, respectively, will be prorated to the ESD. For purposes of this Agreement, the last day of employment will be either the Separation Date or ESD, whichever is applicable.
Early Separation Date. If Employer and Executive mutually agree on a Separation Date earlier than that set forth above (such date referenced as the “Early Separation Date” or “ESD”), Executive will be released from work as of the ESD. Executive will still be eligible for the Consideration set forth in Paragraph 3 of this Agreement and General Release (“Agreement”). However, Executive agrees to waive any additional salary payment for the balance of the time period commencing on the date of the ESD through the Separation Date. In addition, the bonus payment, Long Term Equity and Cash Agreements (LTI’s) and vacation payout set forth in Paragraphs 3 (c), (d), and (f) below, respectively, will be prorated to the ESD. For purposes of this Agreement, the last day of employment will be either the Separation Date or the ESD, whichever is applicable.
Early Separation Date. If Employee voluntary resigns as an employee prior to the Separation Date (such date referenced as the “Early Separation Date” or “ESD”), Employee will be released as of the ESD. Employee will still be eligible for the Consideration set forth in Paragraph 3 below. However, Employee agrees to waive any additional salary payment for the balance of the time period commencing on the date of the ESD through the Separation Date. In addition, the bonus payment, LTI and vacation payout set forth in either Paragraphs 3 (c), (d), (f) will be prorated to the ESD. For purposes of this Agreement, the last day of employment will be either the Separation Date or ESD, whichever is applicable.
