Resignation Benefits Sample Clauses

Resignation Benefits. If you timely sign this Agreement and do not rescind it, the Company will provide you with resignation benefits (the “Resignation Benefits”) in accordance with the following: (a) The Company will continue to pay you your base salary at the semi-monthly rate of $4,604.17, less applicable withholding and deductions, for a period of six (6) months following the Separation Date (the “Severance Pay”). The Severance Pay shall be paid in accordance with the Company’s regular payroll periods and procedures. The first payment of the Severance Pay shall be made on the first regular Company payroll date following the expiration of the rescission period described below, and shall include any retroactive amounts accrued. (b) Provided you are eligible for and elect to continue your current coverage under the Company’s group health insurance plan pursuant to the Consolidated Omnibus Budget Reconciliation Act (COBRA) or applicable state law, the Company will pay the premium for such coverage for a period of six (6) months following the Separation Date at the same rate to coverage for active employees. (c) Vesting of the existing option grants issued to you by the Company prior to June 30, 2020 will continue (and, where so provided, accelerate) in accordance with the vesting schedules set forth in those grants for a period of six (6) months following the Separation Date. In the event the Company offers new or additional vesting-acceleration rights to employee option-holders of the Company during the six (6) months following the Separation Date, such new or additional rights will be offered to you on substantially the same terms. (d) Within three (3) business days of the Separation Date, the Company will reimburse you in the amount of $25,000.00 for out-of-pocket moving expenses. Such payment shall be made by wire transfer to a bank account designated by you. (e) The Resignation Benefits are provided in lieu of any other severance benefits to which you may be or claim to be entitled, including, but not limited to, the “Severance Amount” defined in Section 2.2(a) of the Executive Employment Agreement between you and the Company dated June 4, 2019 (the “Employment Agreement”). You acknowledge and agree that the Resignation Benefits are over and above anything owed to you by law, contract, or under the policies of the Company, and that they are being provided to you expressly in exchange for you entering into this Agreement. (f) Provision of the Resignation Benefits is conting...
Sample 1
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Resignation Benefits. In consideration of the release and other promises contained herein, the adequacy of which Xxxxx hereby acknowledges, Embrex shall pay resignation benefits as follows: (i) on September 29, 2006, Embrex shall pay Xxxxx One Hundred Thousand Dollars ($100,000.00), less required withholdings; and (ii) on or before the last day of each month, commencing on October 31, 2006, and ending on July 31, 2007, Embrex shall pay Xxxxx Sixteen Thousand Six Hundred and Sixty-Six Dollars and Sixty-Seven Cents ($16,666.67) per month, less required withholdings. As of and after the Resignation Date, Xxxxx shall not be entitled to participate in any employee benefit plans or programs, bonus plans, or incentive plans not otherwise offered to other similarly situated part-time employees. Nothing in this Agreement shall be deemed to limit Xxxxx’ continuation coverage rights under COBRA or Xxxxx’ vested rights, if any, under the 401(k) plan or other plans, and the terms of those plans shall govern.
Sample 1Sample 2
Resignation Benefits. A. Beginning with the first month following date of resignation, and thereafter in accordance with its payroll schedule, the Employer will pay the resignee as follows: 1. Resignation at age fifty-eight (58) – Two hundred dollars ($200.00) bi-weekly until the resignee reaches age sixty-two (62); or 2. Resignation at ages fifty-nine (59) to sixty-two (62) - Three hundred and thirty dollars ($330.00) bi-weekly until the employee reaches age sixty-two (62). B. Provided that the insurance carrier allows, the resignee may continue health insurance as provided for active employees under this Agreement only until the resignee (1) is eligible for Medicare, (2) is eligible for full social security benefits (i.e., no age penalty), or (3) is eligible for insurance paid for, in whole or in part, by another entity as the primary insured, whichever occurs first. Under no circumstances will the Employer contribute toward the premium for insurance an amount greater than the amount it would have paid on the resignee’s behalf had they remained employed by the University. The Member is responsible for any premium not paid by the Employer. C. Resignees shall be paid fifty percent (50%) of the cash value of their accumulated sick leave up to two hundred (200) days, computed at their rate of pay at the time of resignation. The maximum amount payable is the cash value equivalent of one hundred (100) days’ pay.
Sample 1Sample 2
Resignation Benefits. Subject to Executive’s strict compliance with the terms of this Agreement, including his re-execution of this Agreement (without revocation) as described below, the Company shall provide Executive with the following benefits: (a) Any Equity that is unvested as of the Resignation Date shall become vested in full as of that date; (b) Executive shall have a period of one year following the Resignation Date (through July 28, 2017) to exercise his right to purchase any vested Company stock options that are part of the Equity; and (c) On or after the Resignation Date, the Company will enter into the Independent Contractor Services Agreement with Executive that is attached as Exhibit B. Except as modified by (a) and (b), the Equity Agreements will remain in full force and effect, and the parties’ rights and obligations with respect to the Equity will continue to be governed by the Equity Agreements. Executive will be reimbursed for any necessary, documented business expenses that he incurred during his employment with the Company in accordance with the Company’s expense reimbursement policies; Executive agrees to submit any such unreimbursed expenses (and all required supporting documentation) to the Company for reimbursement by no later than July 26, 2016. Executive acknowledges and agrees that he is not entitled to any additional compensation, equity, reimbursements, or benefits from the Company other than as set forth in Paragraphs 3 and 4.
Sample 1
Resignation Benefits. In consideration for and subject to the Director’s continued compliance with the agreements, releases and covenants set forth in Sections 1, 3 and 4 below, the Director shall, effective as of the Resignation Date and contingent upon his compliance with Sections 3 and 4, be entitled to receive the following from the Company (the “Resignation Benefits”), which Resignation Benefits shall be paid to the Director within five (5) business days of the date of this Agreement: a) cash payment of $335,000; b) continuation of the Director’s current health benefits for 18 months after the Resignation Date; and c) payment by Ciber of the 2017 annual premium for the long-term care policy for the Director and his spouse, currently in effect.
Sample 1
Resignation Benefits. In consideration for and subject to the Director’s continued compliance with the agreements, releases and covenants set forth in Sections 1, 3 and 4, the Director shall, effective as of the Resignation Date and contingent upon his compliance with Sections 3 and 4, be entitled to receive the following from the Company (the “Resignation Benefits”): a) Aggregate cash payments in a total amount equal to $175,000, which shall be divided into twelve substantially equal installments (each a “Resignation Installment Payment”), which Resignation Installment Payments shall payable on the first day of each of the first twelve months which occur following the Resignation Date; and b) Effective as of the Resignation Date, accelerated vesting of 30,288 restricted stock units (the “Accelerated Awards”) granted pursuant to the Company’s 2004 Incentive Plan (as amended, the “LTIP”).
Sample 1
Resignation Benefits. If: (a) you remain a Company employee in good standing through and including the Separation Date or if your employment is terminated pursuant to either Section 3(b)(i) or Section 3(b)(ii) above, (b) you resign from your Company employment and all officer positions with the Company on the Separation Date or the Early Separation Date (as applicable), and also resign as a director of the Board (if requested by the Board); (c) you comply with the terms of this Agreement and your other continuing obligations owed to the Company, and (d) on or within twenty-one (21) calendar days following the Separation Date or Early Separation Date (as applicable), you sign, date, and return to the Company, the General Release of Claims (the “General Release”) attached hereto as Exhibit A, and allow the General Release to become effective in accordance with its terms; then the Company will provide you with the following “Resignation Benefits” set forth in this Section 4. You acknowledge and agree that if you are eligible for the Resignation Benefits, you will not be eligible for, and will not receive, the Severance Benefits pursuant to the terms and conditions of Section 8.2 of the Employment Agreement or any other severance or termination benefits from the Company, except that you will remain eligible for the CIC Severance Benefits, if applicable, pursuant to the terms and conditions of this Agreement and Section 8.3 of the Employment Agreement.
Sample 1
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Resignation Benefits. Xxxxxx shall receive the benefits provided by: (i) the Pension Plan in accordance with the terms of such plan; and (ii) the Executive Supplemental Retirement Plan that he would have received under such plan if he had continued as an active employee of the Bank and until he had attained the Normal retirement age (as defined in such plan) and to the extent necessary such plan shall be amended to effect this result. Except as otherwise provided in this Section 2, Xxxxxx’x participation in the benefit or incentive plans, programs and arrangements offered to officers or employees of the Company, the Bank, and their respective subsidiaries and affiliates shall cease as of the Resignation Date.
Sample 1

Related to Resignation Benefits

  • Termination Benefits (a) Upon the occurrence of a Change in Control, followed at any time during the term of this Agreement by the involuntary termination of the Executive’s employment (other than for Termination for Cause or death), or by the Executive for Good Reason, the Employers shall: (i) pay the Executive, or in the event of his subsequent death, his beneficiary or beneficiaries, or his estate, as the case may be, a lump sum payment within thirty (30) days of the Date of Termination an amount equal to three (3) times the Executive’s average annual compensation for the five most recent taxable years that the Executive has been employed by the Employers or such lesser number of years in the event that the Executive shall have been employed by the Employers for less than five years. For this purpose, annual compensation shall include base salary and any other taxable income, including, but not limited to, amounts related to the granting, vesting or exercise of restricted stock or stock option awards, commissions, bonuses, pension and profit sharing plan contributions or benefits (whether or not taxable), severance payments, retirement benefits, and fringe benefits paid or to be paid to the Executive or paid for the Executive’s benefit during any such year; and (ii) cause to be continued life insurance and non-taxable medical, dental and disability coverage substantially identical to the coverage maintained by the Employers for the Executive prior to his Date of Termination, except to the extent such coverage may be changed in its application to all employees on a nondiscriminatory basis. Such coverage and payments shall cease upon the expiration of thirty-six (36) full calendar months from the Date of Termination. (b) Notwithstanding the foregoing, to the extent required to avoid penalties under Section 409A of the Code, the cash severance payable under Section 3 of this Agreement shall be delayed until the first day of the seventh month following the Executive’s Date of Termination. (c) For purposes of this Agreement, a “termination of employment” shall mean a “Separation from Service” as defined in Section 409A of the Code and the regulations promulgated thereunder, such that the Employers and the Executive reasonably anticipate that the level of bona fide services the Executive would perform after a termination of employment would permanently decrease to a level that is less than 50% of the average level of bona fide services performed (whether as an employee or as an independent contractor) over the immediately preceding thirty-six (36) month period.

  • Separation Benefits If this Agreement is terminated either by the Company without Cause in accordance with Section 6(c) (including the Company’s non-renewal of this Agreement) or by Employee resigning his employment for Good Reason in accordance with Section 6(d), the Company shall have no further obligation to Employee under this Agreement, except the Company shall provide the Accrued Obligations to Employee in accordance with Section 7(a) plus the following payments and benefits (collectively, the “Separation Benefits”) to Employee: (i) an amount equal to one times the sum of the Base Salary in effect immediately before the Termination Date plus the Annual Bonus received by Employee for the fiscal year preceding the Termination Date (or if Employee was employed for less than one full fiscal year prior to the Termination Date, the Annual Bonus for purposes of this Section 7 shall be the Annual Bonus payable during the current fiscal year at the target amount provided above) (together, the “Separation Pay”); and (ii) during the six-month period commencing on the Termination Date that Employee is eligible to elect and elects to continue coverage for himself and his eligible dependents under the Company’s group heath insurance plan pursuant to the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”), or similar state law, the Company shall reimburse Employee on a monthly basis for the difference between the amount Employee pays to effect and continue such coverage under COBRA and the employee contribution amount that active employees of the Company pay for the same or similar coverage; provided, however, that Employee shall notify the Company in writing within five days after he becomes eligible after the Termination Date for group health insurance coverage, if any, through subsequent employment or otherwise and the Company shall have no further reimbursement obligation after Employee becomes eligible for group health insurance coverage due to subsequent employment or otherwise. The Separation Pay shall be paid to Employee in a lump sum within 60 days of the Termination Date; provided, however, that no Separation Pay shall be paid to Employee unless the Company receives, on or within 55 days after the Termination Date, an executed and fully effective copy of the Release (as defined below). Any COBRA reimbursements due under this Section shall be made by the last day of the month following the month in which the applicable premiums were paid by Employee. For the avoidance of doubt, Employee shall not be entitled to the Separation Benefits if this Agreement is terminated (i) due to Employee’s death; (ii) by the Company due to Employee’s Inability to Perform; (iii) by the Company for Cause; (iv) by Employee without Good Reason; or (v) by non-renewal by Employee in accordance with Sections 4(b) and 6(f).

  • Compensation Benefits In accordance with Section 142 of the State Finance Law, this contract shall be void and of no force and effect unless the Contractor shall provide and maintain coverage during the life of this contract for the benefit of such employees as are required to be covered by the provisions of the Workers' Compensation Law.

  • Compensation Benefits Etc During the Employment Period, the Manager shall be compensated as follows: (a) The Manager shall (i) receive an annual cash base salary, payable not less frequently than semi-monthly, which is not less than the annualized cash base salary payable to Manager as of the Effective Date; (ii) be entitled to at least as favorable annual incentive award opportunity under the Company's annual incentive compensation plan as he did in the calendar year immediately prior to the year in which the Change of Control Event occurs; and (iii) be eligible to participate in all of the Company's long-term incentive compensation plans and programs on terms that are at least as favorable to the Manager as provided to the Manager in the four calendar years prior to the Effective Date. (b) The Manager shall be entitled to receive fringe benefits, employee benefits, and perquisites (including, but not limited to, vacation, medical, disability, dental, and life insurance benefits) which are at least as favorable to those made generally available as of the Effective Date to all of the Company's salaried managers as a group. In addition, the Manager shall be eligible to participate in the Company's Supplemental Retirement Income Program ("SRIP"). (c) Notwithstanding any other provision of this Agreement (whether in this Section 4, in Section 6, or elsewhere), (i) the Board of Directors may authorize an increase in the amount, duration, and nature of and/or the acceleration of any compensation or benefits payable under this Agreement, as well as waive or reduce the requirements for entitlement thereto and (ii) the Company may deduct from amounts otherwise payable to the Manager such amounts as it reasonably believes it is required to withhold for the payment of federal, state, and local taxes.

  • Change in Control Benefits In the event there is a Change in Control, as defined below, and the Executive’s employment hereunder is terminated by the Executive for Good Reason or by the Employer without Cause (other than on account of the Executive’s death or disability), in each case within twelve (12) months either (a) after Executive’s employment has terminated or (b) following a Change in Control, the Executive shall be entitled to be paid, in a single lump sum, severance equal to two (2) years’ salary at that salary rate being paid to Executive as of the date of the Executive’s termination together with an amount equal to one times (1.0x) the average of the Annual Bonus paid to Executive for services during the preceding three (3) calendar years (or the Executive’s period of employment, if less than three (3) years), provided; that, in the event the Executive’s employment has terminated and Executive has been paid a severance benefit under Section 6 of this Agreement, such change in control benefit under this Section 7 shall be reduced by the amount of the severance benefit previously paid. Executive acknowledges and agrees that such payment is in lieu of all damages, payments and liabilities on account of the early termination of this Agreement and is the sole and exclusive remedy for Executive (other than rights, if any, to exercise any of the stock options vested prior to such termination), and shall only be paid, within 60 days after his separation from service with Employer, subject to Executive’s execution and delivery to Employer, within such 60-day period, of a complete release of all claims Executive may have against the Employer, its officers, directors, agents, employees, predecessors, successors, parents, subsidiaries, and affiliates. If the 60-day period referred to in the immediately preceding sentence begins in one calendar year and ends in the following calendar year, then the payment shall be made in the latter calendar year. If upon termination of employment Executive chooses to arbitrate any claims pursuant to Section 18, Executive shall be deemed to have waived Executive’s right, if any, to severance.

  • Vacation Benefits During the Term, the Executive shall be eligible for 20 vacation days annually, which shall be accrued and used in accordance with the applicable policies of the Company. During the Term, the Executive shall be eligible to participate in such medical, dental and life insurance, retirement and other plans as the Company may have or establish from time to time on terms and conditions applicable to other senior executives of the Company generally. The foregoing, however, shall not be construed to require the Company to establish any such plans or to prevent the modification or termination of such plans once established.

  • Relocation Benefits If the Executive moves his residence in order to pursue other business or employment opportunities during the Continuation Period and requests in writing that the Company provide relocation services, he will be reimbursed for any expenses incurred in that initial relocation (including taxes payable on the reimbursement) which are not reimbursed by another employer. Benefits under this provision will include assistance in selling the Executive's home and all other assistance and benefits which were customarily provided by the Company to transferred executives prior to the Change in Control.

  • Severance Pay Notwithstanding the provisions of Article 62 (Severance Pay) of this Agreement, where the period of continuous employment in respect of which severance benefit is to be paid consists of both full and part-time employment or varying levels of part-time employment, the benefit shall be calculated as follows: the period of continuous employment eligible for severance pay shall be established and the part-time portions shall be consolidated to equivalent full-time. The equivalent full-time period in years shall be multiplied by the full-time weekly pay rate for the appropriate group and level to produce the severance pay benefit.

  • Retirement Benefits Due to either investment or employment during the marriage, either the Husband or Wife: (check one)

  • Severance Benefits In addition, if a Change in Control Severance Payment Event (as defined below) occurs, then the Company shall pay to Employee the Accrued Payments, and contingent upon Employee satisfying the Severance Conditions, the Company shall also provide Employee the following payments and other benefits (the “Change in Control Severance Package”): (i) Payment of an amount equal to 2.0 times the sum of (i) Employee’s annual rate of Base Salary as of the Termination Date or as of the date of the Change in Control, whichever is greater, plus (ii) Employee’s Target STI Payment, calculated based on Employee’s Base Salary as of the Termination Date or, if greater, as of the date of the Change in Control, payable to Employee on the 30th day following the Termination Date in a lump sum payment; plus (ii) Payment of a Pro-Rata Bonus for the calendar year of termination, payable as soon as administratively feasible following preparation of the Company’s audited financial statements for the applicable calendar year, but in no event later than March 31 (or earlier than January 1) of the calendar year following the calendar year to which such STI Payment relates; and (iii) The Company shall pay or reimburse on a monthly basis the premiums required to continue Employee’s group health care coverage for a period of eighteen (18) months following Employee’s Termination Date, under the applicable provisions of COBRA, provided that Employee or his dependents, as applicable, elect to continue and remain eligible for these benefits under COBRA. If necessary to avoid inclusion in taxable income by Employee of the value of in-kind benefits, such health care continuation premiums shall be provided in the form of taxable payments to Employee, which payments shall be made without regard to whether Employee elects to continue and remain eligible for such benefits under COBRA, and in which event Company shall pay to Employee, with each monthly reimbursement, an additional amount of cash equal to A/(1-R)-A, where A is the amount of the reimbursement for the month, and R is the sum of the maximum federal individual income tax rate then applicable to ordinary income and the maximum individual Colorado income tax rate then applicable to ordinary income; (iv) Provided, however, that the sum of (i) and (ii) above shall be reduced, but not below zero, by the sum of any actually benefits provided to Employee pursuant to Section 5(a)(i), (ii), or (iii) and any payments otherwise required pursuant to Section 5(a)(i), (ii), and (iii) shall not be made. Nothing in this Section 6 shall relieve the Company or any successor-in-interest thereof of its obligation to continue, following any Change in Control, to provide Employee with the compensation due pursuant to Section 3 of this Agreement or to otherwise comply with its obligations hereunder in the event Employee’s service continues pursuant to this Agreement following the occurrence of such Change in Control.

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