Employment Status and Final Payments. (a) Your termination from employment with the Company will be effective as of , (the “Termination Date”). As of the Termination Date, your salary will cease, and any entitlement you have or might have under a Company-provided benefit plan, program, contract or practice will terminate, except as required by federal or state law, or as otherwise described in the Employment Agreement.
(b) You hereby acknowledge that as of the Termination Date, you have been paid, or provision has been made to promptly pay you within the normal payroll cycle of the Company, all wages earned and such other amounts as are provided for in the Employment Agreement including payment for all vacation time accrued but unused as of the Termination Date.
(c) The Termination Date shall be the date of the “qualifying event” under the Consolidated Omnibus Budget Reconciliation Act of 1985 (“COBRA”) and the Company will present you with information on COBRA under separate cover.
Employment Status and Final Payments. (a) You and the Company agree that you are resigning from your employment with OMTOOL effective September 2, 2003, (the “Separation Date”). As of the Separation Date, your salary will cease and any entitlement You have or might have under any employer provided benefit plans, programs or practices will terminate, except as required by federal or state law or otherwise described below. You and the Company agree that the severance letter agreement between you and the Company dated July 30, 2002 (the “letter agreement”) is hereby terminated and of no further force and effect.
(b) On the Separation Date, the Company will pay to You all base salary earned but unpaid along with any accrued but unused vacation pay due as of September 2, 2003. As set forth in Section 1(a), accrual of vacation pay and eligibility for paid holidays will cease on the Separation Date.
(c) All vesting of any and all stock options granted to You by OMTOOL under the OMTOOL Stock Option Agreement (the “Option Agreement”) prior to the Separation Date, shall cease as of the Separation Date. All of your rights and obligations to stock options, including without limitation vesting and expiration, will continue to be governed by the terms and conditions of the Option Agreement and the Stock Option Plan.
Employment Status and Final Payments. (a) Your termination from employment with the Company shall be effective as of December 31, 2012 (the “Termination Date”). As of the Termination Date, your salary shall cease, and any entitlement you have or might have under a Company-provided benefit plan, program, contract or practice shall terminate, except as required by federal or state law, or as otherwise described below.
(b) You hereby acknowledge that as of the Termination Date, you have been paid all wages earned but unpaid and have been paid for all vacation time accrued but unused as of the Termination Date.
(c) The Termination Date shall be the date of the “qualifying event” under the Consolidated Omnibus Budget Reconciliation Act of 1985 (“COBRA”) and the Company shall present you with information on COBRA under separate cover.
(d) You acknowledge that as of the Termination Date, you are vested in 112,584 stock options, and that following the Termination Date, you shall not have any further rights to vest in any stock options under any Company stock or stock option plan (of whatever name or kind) that you may have participated in or were eligible to participate in during your employment.
Employment Status and Final Payments. (a) Your termination of employment with the Company was effective as of September 11, 2015 (the “Termination Date”). As of the Termination Date, your right to continue receiving salary payments ceased, and any entitlement you had or might have had under a Company-provided benefit plan, program, contract or practice terminated, except as required by federal or state law, or as otherwise described below.
(b) You will receive payment for any unused vacation time accrued through the Termination Date. The parties had a good faith disagreement as to whether you had a positive or negative vacation balance as of the Termination Date. As a result of our negotiations, the Company has agreed to pay you 25 hours of vacation time in the October 2, 2015 payroll cycle.
(c) The Termination Date was the date of the “qualifying event” under the Consolidated Omnibus Budget Reconciliation Act of 1985 (“COBRA”) and you confirm having received information on COBRA under separate cover.
Employment Status and Final Payments. (a) Your termination from employment with the Company will be effective as of September 8, 2010 (the "Termination Date"). As of the Termination Date, your salary will cease, and any entitlement you have or might have under a Company-provided benefit plan, program, contract or practice will terminate, except as required by federal or state law and except with respect to the Company's group medical and dental plans, which shall be subject to continuation pursuant to Section 1(c) below. To the extent permitted by and under the Company's life insurance and long term disability policies, you may be eligible to elect to extend your coverage under such policies after the Termination Date at your own cost and expense.
(b) As of the Termination Date, you will have been paid all wages earned but unpaid and will have been paid for all vacation time accrued but unused as of the Termination Date.
(c) The Termination Date shall be the date of the "qualifying event" under the Consolidated Omnibus Budget Reconciliation Act of 1985 ("COBRA") and the Company will present you with information on COBRA under separate cover. If you timely elect continuation of coverage under COBRA, you may continue participating in the Company's group medical and dental plans in which you are currently participating ("Group Health Plans") after the Termination Date at your own premium cost subject to the terms of COBRA.
Employment Status and Final Payments. (a) Employee’s employment with the Company and all positions he holds at the Company or its subsidiaries or affiliates shall terminate effective as of the Separation Date. Accordingly, Employee’s regular salary and benefits shall terminate effective as of the Separation Date, and any entitlement he has or might have had under any Company-provided benefit plan, program or practice shall terminate effective as of the Separation Date, except as required by federal or state law or otherwise described below.
(b) Within thirty (30) days after the Separation Date (unless notice of revocation is provided pursuant to Section 6(g)(iii) below), Employee shall be entitled to and the Company shall be obligated to pay Employee the gross amounts of (i) One Hundred Seventy-five Thousand and No/100 Dollars ($175,000) representing an amount equal to twelve months (12) of Employee’s base salary in effect on the Separation Date; and (ii) Twenty Thousand and One Hundred Ninety-two Dollars ($20,192) representing Employee’s unpaid and accrued vacation and sick pay which is due and owing Employee through the Separation Date, for an aggregate gross payment by the Company to Employee of One Hundred Ninety-five Thousand and One Hundred Ninety-two Dollars ($195,192). All payments under this Section 1(b) shall be made net of any and all applicable taxes and other withholdings.
(c) Employee shall be entitled to and the Company shall be obligated to provide Employee with medical and dental coverage consistent with the coverage provided in Section V of the Employment Agreement until the first anniversary of the Separation Date.
(d) Employee acknowledges and agrees that from and after the Separation Date, Employee shall have no equity ownership rights (including options, warrants, stock appreciation rights, or phantom stock rights) in the Company or its subsidiaries or affiliates other than (i) 1,802,200 shares of MSM’s common stock, and (ii) a warrant (the “Warrant”) to purchase an aggregate of 500,000 shares of MSMI’s common stock, exercisable in whole or in part for three (3) years after the date of grant at an exercise price of $.55 per share (subject to adjustment in the event of stock splits, stock dividends and other similar events affecting MSMI’s common stock, which Warrant shall be issued to Employee within thirty (30) days after the Separation Date (unless notice of revocation is provided pursuant to Section 6(g)(iii) below). Employee further acknowledges and agrees that any ot...
Employment Status and Final Payments. (a) Termination Date: Your termination from employment with the Company will be effective as of December 31, 2003 (the "Termination Date"). As of the Termination Date, your salary will cease, and any entitlement you have or might have under a Company-provided benefit plan, program, contract or practice will terminate, except as required by federal or state law, or as otherwise described below.
Employment Status and Final Payments. (a) Your termination from employment with the Company will be effective as of January 31, 2002 (the "Termination Date"). As of the Termination Date, your salary will cease, and any entitlement you have or might have under a Company-provided benefit plan, program, contract or practice will terminate, except as required by federal or state law, or as otherwise described below.
(b) You hereby acknowledge that as of the Termination Date, you have been paid all wages earned but unpaid and have been paid for all vacation time accrued but unused as of the Termination Date.
(c) The Termination Date shall be the date of the "qualifying event" under the Consolidated Omnibus Budget Reconciliation Act of 1985 ("COBRA") and the Company will present you with information on COBRA under separate cover.
Employment Status and Final Payments. (a) The Employment Agreement between you and the Company dated November 1, 1994, as amended May 12, 1995, November 8, 2004 and December 30, 2008 (as amended, the “Employment Agreement”) is acknowledged to be in full force and effect as of the date hereof. The Employment Agreement is hereby amended to terminate on May 23, 2009 unless terminated earlier in accordance with the terms of the Employment Agreement (the “Term”). Except as provided in this Agreement, the provisions of the Employment Agreement shall apply and be in full force during the Term. All capitalized terms used herein without specific definition shall have the meanings set forth in the Employment Agreement.
(b) On February 5, 2009, you will resign your position as the President of Vertex. You will continue to serve as the Chief Executive Officer of the Company from February 5, 2009 until the end of the Term. All executive team members will report directly to the new President, who shall report to you.
(c) You will devote your full time to the business of the Company and faithfully perform such duties and responsibilities as the Board of Directors, or any of its designees, may reasonably assign to you from time to time, including but not limited to assisting the new President with his transition to the Company and his preparation to become the Chief Executive Officer of the Company on May 23, 2009.
(d) You will continue to receive the same level of compensation and other benefits under the Employment Agreement until the expiration of the Term except that the Company shall increase your base salary to the rate of $950,151 per annum effective February 5, 2009.
(e) Provided that you remain employed with the Company until May 23, 2009, you agree and acknowledge that (i) your employment shall immediately terminate on May 23, 2009, (ii) the Company thereafter shall have no further obligations to you under the Employment Agreement except as provided below in Section 5 of this Agreement, and (iii) your compensation and payments in connection with such termination and for all future periods shall be governed solely by this Agreement. In the event that you die or become disabled (within the meaning of the Employment Agreement) prior to May 23, 2009, whether or not there has then been a Change in Control, your employment shall be deemed to have terminated under this Section 1(e), and you agree and acknowledge that the Company thereafter shall have no further obligations to you under the Employment Agree...
Employment Status and Final Payments. (a) Your retirement from employment with the Company will be effective as of August 4, 2018 (the “Retirement Date”).
(b) Following the Retirement Date, you will receive payment for all earned salary or wages and for all accrued but unused vacation time.
(c) All outstanding stock options, RSUs or other equity awards that you have been granted and currently hold will be governed by and subject to the terms of the applicable plan and your specific grant documents.
