Payment for Execution of Release and Amendment to Employment Agreement Sample Clauses

Payment for Execution of Release and Amendment to Employment Agreement. The Company shall pay to Hollister an aggregate amount of $457,000 in cash (the “Noncompete/Release Payment”) on the Effective Date; provided that such Noncompete/Release Payment shall be subject to reduction in respect of applicable federal, state and local tax withholdings. The Transition Bonus Payment and Noncompete/Release Payment provided to Hollister shall not be considered compensation for purposes of any employee benefit plan, program, policy or arrangement maintained or hereafter established by the Company or any of its Affiliates. Hollister acknowledges that he understands that the Noncompete/Release Payment provided to him represents consideration for signing this Agreement, including, without limitation, the Release in Section 4 and the Extension of Noncompete Period in Section 6(b) hereof and are not salary, wages or benefits to which Hollister was already entitled.
Sample 1
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Payment for Execution of Release and Amendment to Employment Agreement. Subject to Tyra’s continued compliance with the terms of this Agreement and the Employment Agreement, during the period commencing on March 20, 2006 (the “Effective Date”) and terminating on the thirty-nine month anniversary of the Effective Date (the “Payment Period”), the Company shall pay to Tyra an aggregate amount of $1,750,764.39 in cash (the “Payment”), payable in installments of $44,891.39 commencing on the Effective Date and each of the successive thirty-eight monthly anniversaries thereafter; provided that such Payment shall be subject to reduction in respect of applicable federal, state and local tax withholdings. In addition, the Company shall provide Tyra a waiver of the costs of COBRA continuation coverage for two (2) years from the Effective Date. The Payment and the other benefits provided to Tyra under this Section 1(b)(i) shall not be considered compensation for purposes of any employee benefit plan, program, policy or arrangement maintained or hereafter established by the Company or any of its Affiliates. Tyra acknowledges that he understands that the Payment and other benefits provided to him represents consideration for signing this Agreement, including, without limitation, the Release in Section 4 and the Extension of Noncompete Period in Section 6(b) hereof and are not salary, wages or benefits to which Tyra was already entitled.
Sample 1

Related to Payment for Execution of Release and Amendment to Employment Agreement

  • Amendment to Employment Agreement The Employment Agreement is hereby amended as follows:

  • Amendment of Employment Agreement The Employment Agreement is hereby amended as follows:

  • Amendments to Employment Agreement Effective as of the date hereof, the Employment Agreement shall be amended as provided in this Section 1.

  • Termination of Consulting Agreement As of the Effective Date, the Consulting Agreement is hereby terminated and is of no further force or effect.

  • Transition Agreement At Closing, Buyer and Seller shall execute the applicable Transition Agreements.

  • Separation Agreement The Parties agree that, in the event of a conflict between the terms of this Agreement and the Separation Agreement with respect to the subject matter hereof, the terms of this Agreement shall govern.

  • Separation Agreement and General Release The Company’s obligation to make the Severance Payment or to pay the Salary Continuation is conditioned on Executive’s or his legal representative’s executing a separation agreement and general release of claims related to or arising from Executive’s employment with the Company or the termination of employment, against the Company and its affiliates (and their respective officers and directors) in a form reasonably determined by the Company, which shall be provided by the Company to Executive within five (5) days following the Date of Termination; provided, that, if Executive should fail to execute (or revokes) such release within 60 days following the Date of Termination, the Company shall not have any obligation to provide the Severance Payment or the Salary Continuation. If Executive executes the release within such 60 day period and does not revoke the release within seven (7) days following the execution of the release, the Severance Payment will be made in accordance with Section 4(a)(ii) or the Salary Continuation shall commence at such time, as applicable.

  • Termination Agreement (1) If the Franchise Agreement shall be terminated due to the expiration, both parties shall sign a Termination Agreement through negotiation completed 180 days prior to the expiration date.

  • Incorporation of Separation Agreement Provisions The following provisions of the Separation Agreement are hereby incorporated herein by reference, and unless otherwise expressly specified herein, such provisions shall apply as if fully set forth herein (references in this Section 10.6 to an “Article” or “Section” shall mean Articles or Sections of the Separation Agreement, and references in the material incorporated herein by reference shall be references to the Separation Agreement): Article V (relating to Exchange of Information; Confidentiality); Article VI (relating to Additional Covenants and Other Matters); Article VII (relating to Mutual Releases; Indemnification); Article VIII (relating to Termination); Article IX (relating to Dispute Resolution); and Article X (relating to Miscellaneous).

  • Separation Agreement and Release of Claims The Executive’s receipt of any severance payments or benefits upon the Executive’s Qualifying Termination under Section 3 is subject to the Executive signing and not revoking the Company’s then-standard separation agreement and release of claims (which may include an agreement not to disparage any member of the Company Group, non-solicit provisions, an agreement to assist in any litigation matters, and other standard terms and conditions) (the “Release” and that requirement, the “Release Requirement”), which must become effective and irrevocable no later than the sixtieth (60th) day following the Executive’s Qualifying Termination (the “Release Deadline”). If the Release does not become effective and irrevocable by the Release Deadline, the Executive will forfeit any right to severance payments or benefits under Section 3.

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