Payment to Employee. The Company agrees to pay Employee the sum of $________ (the "Payment") as severance pay, less all applicable withholdings for state, federal and FICA taxes. The Payment shall be paid in one lump sum as soon as practicable [following the expiration of the seven-day revocation period set forth in paragraph G below] OR [six (6) months following the Termination Date].
Payment to Employee. Pursuant to the Employment Agreement entered into between the parties and subject to certain conditions precedent set forth therein, Company agrees to provide a Severance Amount to Employee as set forth in paragraph 11(a)(i) of the Employment Agreement; provided, however, that Employee must execute and not revoke this Agreement.
Payment to Employee. In consideration of Employee's agreeing to the provisions contained in Sections I, II and III hereof, Employer shall, on the date of the closing under the Purchase Agreement, deliver to Employee 2,000,000 shares of Employer's common stock. Employee agrees that, for the one-year period immediately following the date hereof, he shall not sell or otherwise transfer any of the shares to be delivered to him hereunder, without the prior written consent of Employer. In further consideration of Employee's agreeing to the foregoing restriction on transfer, Employer agrees that it shall not implement a reverse split of its outstanding common stock at any time during the 18-month period immediately following the date hereof.
Payment to Employee. In consideration of the execution and delivery of this Agreement by Employee, and of the releases and covenant not to sue provided for hereunder, sevxx (7) days after execution by Employee of this Agreement (provided that he has not revoked this Agreement pursuant to the provisions of Section 5 hereof), Employee shall be entitled to receive an amount equal to one year's base salary at Employee's current rate of pay (the "Severance Payment"), less all amounts required by law to be withheld.
Payment to Employee. The Company agrees to pay Employee the sum of $________ (the “Payment”) as severance pay, less all applicable withholdings for state, federal and FICA taxes. The Payment shall be paid in [insert number of installments] equal installments of $_________ on each regular payroll date of the Company. Such installments shall commence on the first payroll date that follows the expiration of the seven-day revocation period set forth in paragraph G below.
Payment to Employee. The Company shall pay Employee _______ by check.
Payment to Employee. Company shall pay Employee Two Hundred Eleven Thousand Seven Hundred Fifty and 00/100 Dollars ($211,750.00), less applicable withholding, in a lump sum within ten (10) business days after Company’s receipt of this fully-executed Discharge and Termination Agreement.
Payment to Employee. In consideration of the releases, waivers, representations and obligations by Employee contained in this Agreement, and provided that Employee does not revoke this Agreement in accordance with Section 15(b), the Company will pay to Employee:
(a) a lump sum equal to three (3) years of Employee’s regular gross base salary less required deductions (“Severance Payment”). The Severance Payment will be payable on the 60th day following the Effective Date (as defined in Section 15(b) below.) The Severance Payment will be in the gross amount of Two Million Five Hundred Fifty Thousand Dollars ($2,550,000), subject to reduction for all required withholdings and deductions. For the avoidance of doubt, this payment shall satisfy any notice obligation which either the Company or Employee may have under the employment agreement between the parties dated November 16, 2012 (the “Employment Agreement”);
(b) a lump sum in respect of Employee’s annual bonus based on the Company’s performance in fiscal year 2017, prorated based on the number of days Employee was actually employed by the Company in fiscal year 2017 (including, for the avoidance of doubt, the sixty (60) days following the Termination Date). This payment will be payable at the same time as annual bonuses for fiscal year 2017 are paid to executive officers of the Company, but in any event prior to March 15, 2018, subject to reduction for all required withholdings and deductions;
(c) a lump sum equal to the portion of the premiums that the Company would have paid under the Company’s group health plan in which Employee was participating as of immediately prior to the Termination Date had Employee’s employment continued for the twenty (20) month period following the Termination Date (the “Premium Reimbursement”). The Premium Reimbursement will be payable on the 60th day following the Effective Date, subject to reduction for all required withholdings and deductions; and
(d) a lump sum in respect of the difference between Employee’s pension benefit under the Ruby Tuesday, Inc. Executive Supplemental Pension Plan (the “Pension Plan”) as of the Termination Date and Employee’s pension benefit under the Pension Plan as of January 1, 2016 for purposes of calculating Employee’s early retirement benefit under the Pension Plan, which such payment will be in the gross amount of Two Hundred One Thousand Two Hundred Five and 26/100 Dollars ($201,205.26), subject to reduction for all required withholdings and deductions.
Payment to Employee. 4.1 Conditioned upon the full execution of this Agreement, and the lapse of the seven (7) day period described in Section 12 below, the Company shall pay Employee on or before January 13, 2000 the total sum of One Million Nine Hundred Thirty-One Thousand Two Hundred Seventy-One and 57/100 Dollars ($1,931,271.57), less applicable withholding taxes and other governmental obligations. This amount represents severance in the amount of $931,271.57, less applicable withholding taxes and other governmental obligations, a bonus in the amount of $750,000, less applicable taxes and governmental obligations, for his services in connection with the sale of ICG Fiber Optic Technologies, Inc. and a bonus in the amount of $250,000, less applicable taxes and governmental obligations, for his services in connection with the sale of ICG Satellite Services, Inc.
4.2 The Company will permit Employee to continue participation in the Company's Medical/Dental/Vision benefit plans at Employee's present level through and including January 31, 2000, at which time all such benefits shall be terminated. At that time, Employee may be eligible to continue appropriate coverage pursuant to COBRA, subject to COBRA rules and provisions. Conditioned upon the full execution of this Agreement, and the lapse of the seven (7) day period described in Section 12 below, the Company shall pay Employee the net sum of Eight Thousand Four Hundred Dollars and 00/100 Dollars ($8,400.00) on or before January 13, 2000, which represents the approximate equivalent of 12 months' payments for coverage under COBRA. It is Employee's responsibility to pay these amounts and to obtain the appropriate coverage if the Employee so desires.
4.3 No additional time for vacation or sick leave or personal time shall accrue after Termination Date. Employee's participation in the 401(k) and, if applicable, 401(k) Wrap, and Employee Stock Purchase Plan shall cease as of the Termination Date. Employee's participation in the Company benefit programs for Basic Life Insurance, Accidental Death and Dismemberment Insurance ("AD&D"), Dependent Life Insurance, Short Term Disability benefits, Long Term Disability Insurance, and any participation in the Flexible Spending Cafeteria Plan, Voluntary Life Insurance, Voluntary AD&D, Pre-Paid Legal Insurance and Employee Assistance Program, and all other Company programs and benefits will terminate as of the Termination Date, subject to continuation rights, if any, required by law. Notwiths...
Payment to Employee. In exchange for executing this Agreement, the Company agrees to make a payment to Employee in the amount of One Hundred Twenty Five Thousand Dollars ($125,000.00) (less deductions for applicable federal, state, and local taxes, all and in each instance in accordance with the payment practices of the Company) on January 4, 2010; provided, however, that as conditions precedent to any entitlement to the payment under this Section 2, Employee must (i) execute and deliver this Agreement to the Company, (ii) not revoke or otherwise withdraw his acceptance of this Agreement for a period of seven (7) days following such delivery of this Agreement, and (iii) not be in breach or default of any provision of this Agreement. Employee acknowledges and agrees that he has no entitlement to such payment except as set forth in this Agreement.
