Separation Date; Consideration. Subject to the terms and conditions of this Agreement, the consummation of the Separation shall take place remotely via the electronic exchange of documents and signature pages on the date on which the Initial Public Offering closes or in such other manner or on such other date as J&J and Kenvue may mutually agree upon in writing (the day on which such closing takes place being the “Separation Date”). As partial consideration for the direct or indirect transfer of Kenvue Assets to Kenvue pursuant to this Agreement or any Ancillary Agreement, Kenvue agrees to pay to J&J, promptly following the consummation of the Separation and the Initial Public Offering, by wire transfer of immediately available funds to an account designated by J&J to Kenvue in writing, all of the Cash of the Kenvue Group, including (x) all of the net proceeds of the Initial Public Offering (including, promptly following the receipt thereof, the net proceeds from the exercise of the Underwriters’ overallotment option if it is so exercised), after deducting only the Underwriters’ discount, and (y) all of the net proceeds of the Kenvue Financing Arrangements (together with any interest accrued thereon following the receipt of such proceeds by the Kenvue Group); provided that the Kenvue Group shall retain an amount in Cash as determined pursuant to Schedule X, after giving effect to the Initial Public Offering, the Kenvue Financing Arrangements and the settlement of Intercompany Accounts as contemplated by the Internal Transactions and Section 2.03(b).
Separation Date; Consideration. In consideration for my releases, promises and representations in this Agreement, and provided that (i) this Agreement becomes effective in accordance with Section XIV below, (ii) my employment continues through the Separation Date or the Company terminates my employment other than for Cause prior to the Separation Date as set forth in Section IV.B, (iii) I or my legal representative and/or a representative of my estate re-execute this Agreement following the Separation Date or, if earlier, the Termination Date (and do/does not revoke such re-execution) and (iv) I do not materially breach the terms of this Agreement, the Company shall deliver the following compensation and benefits (the “Separation Benefits”) to me as follows:
