Separation Amount. In consideration for the Executive entering into this Agreement and abiding by all of its terms, the Company agrees to provide him with the separation payments and benefits set forth in Section 5 of the Employment Agreement by and between the Company and the Executive dated March 28, 2013 (the “Employment Agreement”), which the Executive acknowledges and agrees is consideration to which he is not otherwise entitled (the “Separation Amount”). The parties agree and acknowledge that the Separation Amount constitutes sufficient consideration for the promises, releases and other obligations in this Agreement.
Separation Amount. In consideration of the mutual covenants set forth in this Agreement, and the Employee’s compliance therewith, the Company will provide the Employee with the following in Severance Consideration, subject to lawful withholdings and deductions:
a. Lump sum payment of $1,881,360, equal to thirty-six (36) months of the Employee’s current base salary, payable on the sixty-first (61st) day following the Separation Date.
b. Lump sum payment of $376,272 equal to the Employee’s Target Annual Bonus, payable on the sixty-first (61st) day following the Separation Date.
c. Lump sum payment of $100,000, for successful completion of the proposed transaction;
d. Reimbursement for up to 18 months of any COBRA premium payments the Employee may make, payable within sixty-one days of submission by the Employee to the Company of a receipt reflecting such a payment. Employee may submit such receipts to Xxxxx Xxxxx via email at [***].
e. Within sixty (60) days of the Separation Date, the Company will accelerate all of the Employee’s unvested and earned equity awards held by the Employee as of the Separation Date, such that they become fully exercisable, as applicable. For clarification, this outstanding, unvested equity is comprised of 371,525 shares of Company Restricted Stock Units.
Separation Amount. (a) WH Bidco shall make payment of that part of the Scheme Loan equal to the Separation Amount (in one or multiple tranches) no later than one Business Day following the Effective Date or the Unconditional Date (as applicable) by telegraphic transfer for same day value to an account notified in writing by GVC.
(b) XXX acknowledges and agrees that:
(i) the Separation Amount shall be applied to the Separation Costs only; and
(ii) Xxxxxxx Xxxx shall have no liability to GVC or any third party for any failure or delay by GVC to settle any of the Separation Costs.
(c) None of WH Bidco or its Affiliates shall be obliged to increase the value of the Separation Amount (or, accordingly, the Scheme Loan or Takeover Offer Loan (as applicable)) or make any further contribution or loan to GVC for the purpose of any additional separation costs or otherwise.
(d) XXX agrees, no later than 60 days following the Effective Date to repay to WH Bidco in cash an amount equal to the Option Return Amount.
Separation Amount. Except as otherwise provided in this Subsection 2(A) or in any other provision of this Agreement:
(1) CFB will pay a Separation Amount to Employee by continuing to pay to Employee – through June 30, 2005 – Employee’s base salary at Employee’s base salary rate as in effect on April 1,
Separation Amount. In exchange for the release of claims and other covenants and promises by the Employee detailed in this Agreement, the Employer agrees (a) to pay a total of One Hundred Eighty-Five Thousand Eight Hundred Thirty Three Dollars and Twenty Eight Cents ($185,833.28), by paying Employee at his current salary through the Separation Date, as contemplated in Section 3.a., with paychecks payable in accordance with the normal payroll schedule (the “Severance Payments”) and (b) to make a payment to the Employee of one thousand fifty four dollars and thirty eight cents ($1,504.38) (the “Final Payment”), payable by October 15, 2019. The Employee acknowledges that the Employee would not be entitled to the Severance Payments and Final Payment but for his execution of this Agreement.
Separation Amount. Provided you sign this Agreement, and the Supplemental Release (attached as Exhibit A), and they become effective, you shall receive payment in the amount of Two Hundred Eighty-Five Thousand Dollars and Zero Cents ($285,000.00) (the “Separation Amount”), which is the equivalent, in the aggregate, of 33.28 weeks of severance at your current rate of pay plus the amount of the bonus set forth in paragraph 3(b) of the employment agreement between you and Gyrodyne Company of America, Inc., dated May 15, 2013 (“Employment Agreement”). The Separation Amount shall be paid in a single lump sum of Two Hundred Eighty-Five Thousand Dollars and Zero Cents ($285,000.00) within three (3) business following the later of the Effective Date of this Agreement or the Effective Date of the Supplemental Release (as defined in paragraph 19 below).
Separation Amount. The Company shall provide Xxxxx the following payments and benefits (hereinafter referred to collectively as the "Separation Amount"):
Separation Amount. The Company will pay Xxxxxx the gross amount equivalent to 22 months of his regular base monthly salary, subject to all appropriate withholdings. The Company will pay this separation amount within seven business days after the Effective Date.
Separation Amount. Within ten days of receipt of a fully executed Waiver and Release in the form attached hereto as Exhibit A, the Company shall pay to Executive the aggregate amount of $145,000, of which $30,000 shall be allocated for the payment of attorneys’ fees. Payment hereunder shall be made in one or more single-sums, as directed by Executive.
