Salary and Benefits Continuation. During the Employment Period, Executive will continue to be paid base salary at the rate in affect on the Effective Date, accrue paid vacation and be eligible for all employee benefit plans available to senior executives of the Company through the Termination Date. All payments made to Executive during the Employment Period will be subject to standard payroll deductions and withholdings.
Salary and Benefits Continuation. During the Transition Period, Executive will continue to be paid his base salary at the rate in effect on the Effective Date, reimbursement of commuting expenses as set forth in Employment Agreement, accrue paid vacation and be eligible for all employee benefit plans generally available to executives of the Company through the Termination Date; provided, however, that Executive shall not be eligible for any annual performance bonus for fiscal year 2016. All payments made to Executive during the Transition Period will be subject to standard payroll deductions and withholdings.
Salary and Benefits Continuation. During the Transition Period, Executive will be paid a base salary at the rate of $55,000 per annum in accordance with the Company’s standard payroll procedures. All payments made to Executive during the Transition Period will be subject to standard payroll deductions and withholdings. Executive will remain eligible to participate in the Company’s employee benefit programs in accordance with their terms.
Salary and Benefits Continuation. Upon the execution of this Agreement, the Parties agree as follows:
a. Employee shall be laid off from employment with Employer effective January 19, 2008 (hereinafter the “Layoff Date”).
b. Employee will be provided with his/her final paycheck, including any earned but unused paid time off, within (6) days of termination date.
c. In an effort to ease the transition into different employment, Employer agrees to pay Employee 26 weeks of Employee’s current base salary, less FIT and FICA withholding, as required by law, on regularly scheduled pay days commencing on the first scheduled pay day after the end of the Revocation Period, as defined herein.
d. Employee agrees that s/he will not apply or reapply for employment with Employer, and understands that if s/he does, such application will be rejected pursuant to this Agreement.
e. Employee acknowledges that by signing this Agreement and accepting the benefits provided herein, s/he is receiving benefits to which s/he would not otherwise be entitled. Employee pledges that s/he has carefully read and fully understands all the provisions of this Agreement, and that s/he is signing it voluntarily because s/he wants to take advantage of Employer’s separation offer as outlined in this Agreement.
f. Following the Layoff Date, Employee shall be entitled to any and all other rights or benefits afforded to other terminated employees of Employer, including, without limitation, the right to elect to continue, at Employee’s cost, coverage under Employer’s health plan, in accordance with the health care continuation coverage provisions of the Consolidated Omnibus Budget Reconciliation Act of 1985 (“COBRA”) and applicable law. A separate notice of COBRA rights will be provided to Employee.
g. The Parties understand that any vested rights Employee may have under Employer’s health care program, life insurance program, employee stock purchase program, employee investment plan, flexible benefit plan, and flexible spending account are excluded from the scope of this Agreement, and are not terminated or released by it.
Salary and Benefits Continuation. In recognition of your continued employment, if your service to the Company ceases at any time hereafter due to a termination by the Company without Cause or due to a resignation by you for Good Reason, you will be entitled to: (i) separation payments in the form of salary continuation (less applicable withholding) for a period ending on the date that is twelve months after the last day of your employment with the Company, and (ii) if you elect to receive continuation coverage under the Company’s group health plan pursuant to the Consolidated Omnibus Budget Reconciliation Act of 1985 (“COBRA”), for the twelve (12) month period immediately following the last day of your employment with the Company, waiver of the applicable premium otherwise payable for COBRA continuation coverage for you to the extent such premium exceeds the monthly amount charged to active similarly-situated employees of the Company for the same coverage. The separation payments described above will be paid at the base salary rate in effect as of the date of your separation from the Company and will be payable in accordance with the Company’s normal payroll practices.
Salary and Benefits Continuation. Upon the execution of this Agreement, the parties agree as follows: • Xx. XxXxxxxx’x employment with NeuroMetrix shall end on March 31, 2020 (“Separation Date”). Prior to the Separation Date, NeuroMetrix shall continue to provide Xx. XxXxxxxx his regular salary, compensation and all other benefits. Xx. XxXxxxxx is entitled to these payments regardless of whether or not he signs this Separation Agreement. NeuroMetrix shall pay Xx. XxXxxxxx any outstanding accrued, but unused, vacation days in his final paycheck. If Xx. XxXxxxxx will have used more PTO than accrued at that date, Xx. XxXxxxxx will not be required to pay it back. • Additionally, Xx. XxXxxxxx will receive from NeuroMetrix a separation payment of $75,000, reduced by appropriate taxes which shall be paid in one lump sum within 8 calendar days of signing this agreement. • Additionally, Xx. XxXxxxxx will receive an unrestricted separation grant in shares of NeuroMetrix common stock with a value of $75,000, reduced by appropriate taxes to be paid in cash by NeuroMetrix. The number of shares will be set as of the closing price on the business day immediately preceding the signing date. • As Xx. XxXxxxxx elects to continue health insurance coverage under the NeuroMetrix health insurance plan, in accordance with the health care continuation coverage provisions of the Consolidated Omnibus Budget Reconciliation Act of 1985 ("COBRA"), NeuroMetrix will directly pay to ADP TotalSource the full cost of such insurance during the period from April 1, 2020 through December 31, 2020. Continuation of COBRA coverage beyond this period, if available, will be Xx. XxXxxxxx’x responsibility. NeuroMetrix shall provide Xx. XxXxxxxx with additional information regarding COBRA benefits under separate cover. • Xx. XxXxxxxx agrees that, within fifteen (15) days of the Separation Date, he will submit his final documented expense reimbursement statement reflecting all business expenses he incurred through the Separation Date, if any, for which he seeks reimbursement. NeuroMetrix will reimburse him for these expenses pursuant to its regular business practice.
Salary and Benefits Continuation a. You will be eligible for a payment of $143,241.98. This sum shall be paid in a lump sum, single payment ten (10) days after the Termination Date or, if later, ten (10) days after the Company’s receipt of this signed unrevoked Agreement provided the Agreement is received by the Company within 45 days of your Termination Date.
b. You will be eligible to continue your Pilgrim’s Pride health plan for a period of 21 weeks by making appropriate payments on a monthly basis. These payments will be based on employee contribution rates for any health, dental or vision plans in which you are enrolled. When your Pilgrim’s Pride health plan at employee contribution rates ends, due to acquiring coverage at a new employer or due to the end of the covered period, you will be eligible for any continuation coverage you may have under the Consolidated Omnibus Budget Reconciliation Act of 1985 (“COBRA”). Please note that you can continue, at your option, vision or dental coverage as separate COBRA coverage if these plans are not available at your new employer.
c. You and the Company agree that the Change in Control Agreement (herein so called) dated October 21, 2008 between you and the Company is hereby terminated and shall be of no further force and effect.
Salary and Benefits Continuation. In exchange for agreeing to and complying with the terms of this Agreement (including the general release it contains), Employee will receive the following payments and benefits from the Company:
a. The Company will pay Employee at Employee’s most recent base salary amount (determined without regard to any reduction in such base salary constituting “Good Reason” as that term is defined in Employee’s Employment Agreement with the Company dated _________ (the “Employment Agreement”)) for [ _________ ] months after the Separation Date, less lawful deductions such as tax withholdings, FICA, and Medicare (the “Separation Payments”). The Separation Payments shall be paid in [ _________ ] equal semi-monthly installments on the Company’s established pay days through the Company’s regular payroll system, provided however, that the Separation Payments shall not begin until the first pay day following the Effective Date (as defined in paragraph 12(g) below) at which time, the amounts that would have been paid for the period between the Separation Date and the Effective Date, but which have not been paid as a result of the delay described in this section (a), shall be paid.
b. If Employee elects to continue the Company-sponsored medical, dental, and/or vision coverage through COBRA, the Company will continue to provide such medical, dental, and vision coverage through [ _________ ], with the cost sharing of the associated premiums continuing on the same terms and conditions as such costs are shared with active employees. After such date, Employee may elect to continue COBRA at his expense. The Company will pay Employee $ _________, less lawful deductions such as tax withholdings, FICA, and Medicare, which is the full amount of Employee’s target bonuses for the fiscal year in which the Separation Date occurs, prorated based upon goals achieved through the Separation Date (the “Bonus Payment”). Such payment will be made in equal installments on each payment date.
c. Other than the payments and benefits specifically set forth in paragraph 1 and this paragraph 2, any vested equity, and any other amounts vested under the Company’s 401(k) plan, Employee agrees that the Company and its affiliates do not owe Employee any further payments, compensation, bonuses, benefits, stock options, severance, commissions, or any other remuneration of any kind whatsoever. The Separation Payments and the Bonus Payment, if applicable, shall not be included in any calculation of benefits for ...
Salary and Benefits Continuation. Executive will be paid base salary at the rate of $40,000 per month during the first year of the Transition Period and $20,000 per month for the balance of the Transition Period, in each case, in accordance with the Company’s regular payroll practices, pro-rated for any partial month of service. During the Transition Period, Executive will be eligible for all employee benefit plans available to senior executives of the Company, in accordance with their terms. Notwithstanding the foregoing, as of the Transition Date, Executive shall cease to accrue additional vacation time under the applicable Company policy, and, on the first Company payroll date following the Transition Date, Executive shall be paid an additional lump sum amount equal to (and in full satisfaction of) all Executive’s accrued but unpaid vacation time as of the Transition Date (with such payment based on Executive’s base salary in effect as of immediately prior to the Transition Date). All payments made to Executive during the Transition Period will be subject to required withholding taxes and authorized deductions.
Salary and Benefits Continuation. During the Employment Period, you will continue to be paid your base salary at the rate in effect on the date of this Amendment and be eligible for employee benefit plans as set forth in your Offer Letter. Your bonus for the first half of fiscal year 2017 will be paid consistent with standard Company practices, at a rate based on the greater of (i) the standard rate applied to the senior leadership team or (ii) the amount paid to the Company’s Chief Executive Officer. Notwithstanding the foregoing, Section 5 (Compensation Equivalency) in your Offer Letter shall cease to apply.
