Separation Payment and Benefits. Company agrees to provide Executive with separation payment and benefits and described as follows:
Separation Payment and Benefits. (a) Provided that Executive (i) executes this Agreement and returns it to Xxxxx Xxxx, Corporate Attorney, at 00000 Xxxx Xxx, Xxxxx 000, Xxxxxxx, Xxxxx, 00000, so that it is received by Xx. Xxxx no later than May 1, 2018; (ii) provides the assistance and services described in Section 1 above; (iii) timely executes and returns the Confirming Release as set forth in Section 7 below (and does not exercise his revocation right described in the Confirming Release); and (iv) abides by each of Executive’s commitments set forth herein, then:
(i) The Company will provide Executive with a total severance payment equal to $515,000, less applicable taxes and withholdings (the “Separation Payment”). The Separation Payment will be paid in a single lump sum on the Company’s first regularly scheduled payroll date that is on or after the date that is 30 days after the Resignation Date (the “Separation Payment Date”);
(ii) The Company will provide Executive with an additional payment equal to the product of (A) $515,000 multiplied by (B) a fraction, the numerator of which is the number of days that have elapsed from January 1, 2018 through the Resignation Date and the denominator of which is 365, less applicable taxes and withholdings (the “STIP Payment”), which STIP Payment represents a prorated portion of the target amount of Executive’s 2018 short-term incentive program bonus. The STIP Payment will be paid in a single lump sum on the Separation Payment Date; and
(iii) Effective as of the Resignation Date, Parent will cause a number of the outstanding equity-based awards in Parent and held by Executive (collectively, the “Awards”) to vest and become nonforfeitable in the following amounts: (A) 62,893 of the restricted stock units granted to Executive on November 9, 2017; (B) 46,649 of the restricted stock units granted to Executive on March 26, 2018; and (C) 46,649 of the performance share units granted to Executive on March 26, 2018 (representing approximately one-third of the target number of performance share units originally granted pursuant to such Award) (the restricted stock units and performance share units described in the foregoing clauses (A)–(C), collectively, the “Accelerated Awards”). The Accelerated Awards shall become fully vested and nonforfeitable as of the Resignation Date, and, on or before the Separation Payment Date, Parent shall deliver to Executive a number of shares of Parent’s Class A common stock, par value $0.0001 per share (“Stock”), equal to t...
Separation Payment and Benefits. Subject to your compliance with the terms and conditions of this Release Agreement, and provided that you do not revoke your consent to this Release Agreement as permitted by paragraph 14 of this Release Agreement, the Company shall, in accordance with the terms of Section 4 of the Key Employee Retention Agreement effective as of _________ (the "Key Employee Retention Agreement"): (a) pay, or cause to be paid, to you a separation payment of $_________ (______Dollars), less all amounts required to be withheld by law, including, but not limited to, any applicable federal, state or local taxes within five (5) business days of the Effective Date (as defined in paragraph 14 of this Release Agreement); and (b) if you timely elect COBRA health insurance continuation coverage, reimburse you for COBRA premiums for up to _______ (___) months following the date of termination.
Separation Payment and Benefits. Provided that Executive (i) executes this Agreement and returns it to the Company, care of Xxxx Xxx, Senior Vice President, General Counsel & Corporate Secretary at 0000 X. Xxxx Xxxxx, Xxxxx 0000, Xxxxxxx, XX 00000 (or via e-mail at XXxx@xxxxxxxxxxxx.xxx) so that it is received by Mr. Law on or before January 31, 2021; (ii) does not exercise her revocation right as described in Section 7 below; and (iii) abides by each of Executive’s commitments set forth herein, then:
(a) The Company will provide or cause to be provided to Executive with a total severance payment equal to $3,225,000, less applicable taxes and withholdings (the “Separation Payment”), which Separation Payment will be paid in a lump sum on the date that is 60 days after Separation Date;
(b) The Company will provide or cause to be provided to Executive a pro rata bonus payment for 2021, if any, to which Executive is entitled pursuant to the terms of Section 7.1(b)(A) of the Employment Agreement, which payment, if any, will be paid at the time set forth in Section 7.1(b)(A) of the Employment Agreement;
(c) Select will cause 70,250 restricted shares granted to Executive that would have become vested had Executive remained continuously employed by the Company through US 7608994 January 19, 2021 to become vested and nonforfeitable, with such vesting deemed to have occurred as of the Separation Date; and
(d) During the portion, if any, of the eighteen (18)-month period following the Separation Date (the “Reimbursement Period”) that Executive elects to continue coverage for Executive and her spouse and eligible dependents, if any, under the Company’s group health plans pursuant to Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”), the Company shall promptly reimburse or cause to be reimbursed to Executive on a monthly basis for the difference between the amount Executive pays to effect and continue such coverage and the employee contribution amount that active senior executive employees of the Company pay for the same or similar coverage under such group health plans (the “COBRA Benefit”). Notwithstanding the foregoing, if the provision of the benefit described in this clause cannot be provided in the manner described without penalty, tax or other adverse impact on the Company, then the Company and Executive shall negotiate in good faith to determine an alternative manner in which the Company may provide a substantially equivalent benefit to Executive without such an a...
Separation Payment and Benefits. Without admission of any liability, fact or claim, the Company hereby agrees, subject to Executive signing and delivering to the Company this Agreement, this Agreement becoming no longer subject to revocation as provided in Section 6(c)(iii), and Executive’s continued performance of his obligations under the Confidentiality Agreement to provide Executive the benefits set forth below. Specifically, the Company and Executive agree as follows:
Separation Payment and Benefits. If Employee signs this Agreement on March 31, 2020, and the Revocation Period specified in Section 11 below expires without revocation, the Company agrees to provide the pay and benefits specified in this Section 2:
Separation Payment and Benefits. Employee will be paid a separation payment equal to Employee’s annual base salary, as then in effect, in a lump sum. Separation payments will be made within fifteen (15) days following the date on which the employee’s Separation Agreement and Release becomes effective and irrevocable.
Separation Payment and Benefits. In consideration for the promises ------------------------------- contained in this Agreement, you are entitled to receive the following on account of your separation:
A. Separation Payment. Leapnet, Inc. will pay you $550,000, less all ------------------ applicable federal, state, and local payroll deductions (the "Separation Payment"), in a lump sum on the day following the Revocation Period set forth in Paragraph 4.
B. Company-paid Health Care Benefits. Leapnet, Inc. will provide you and --------------------------------- your eligible dependents with Company-paid health care benefits through December 31, 2001, subject to the continued payment of your share of the monthly premium, and thereafter you may be entitled to purchase additional months of continuation coverage at your sole cost under the Consolidated Omnibus Budget Reconciliation Act of 1985 (the federal law known as "COBRA") for the maximum period permitted by law. You will be deemed to have elected to exercise your rights under COBRA as of the first day following the Effective Date.
C. Company-paid Life Insurance Premiums. Leapnet, Inc. will continue to ------------------------------------ pay the premiums on your two current Company-provided life insurance policies through December 31, 2001. Leapnet, Inc. will pay you: (1) your current salary through December 31, 2000, in accordance with the Company's normal payroll practices; (2) all accrued but unused vacation time through the Effective Date, which amount will be paid as soon as practicable after the Effective Date; and (3) all reimbursements due to you for approved business expenses incurred before the Effective Date, which amount will be paid in accordance with Leapnet's customary business expense reimbursement policies and procedures. You will also be entitled to receive all vested benefits payable in accordance with Leapnet's benefit plans and programs.
Separation Payment and Benefits. Per the Executive Severance Agreement dated September 27, 1996 between yourself and Titanium Hearth Technologies Inc. (the "Prior Agreement"), within fourteen (14) calendar days after your termination date, TIMET will make a settlement payment in the amount of $300,000 less all customary or required withholdings. As additional consideration for this Agreement, TIMET will agree to continue your health care benefits (medical, dental, and vision) until the earlier of (a) the last day of the sixth full calendar month after the month in which you terminate employment or (b) the date you secure alternate health care benefits through another employer. Such benefits will be provided to you on the same terms as they are provided to other executives within TIMET during such period. The start date of the period for voluntary benefit continuation under COBRA would be at the end of the six-month period (i.e., the six months would not be counted against your COBRA period). You will also receive a lump sum payment equivalent to your cash incentive "profit sharing" bonus for 1998 at an individual performance level no less than "Fully Proficient".
Separation Payment and Benefits. Upon signing and returning this Agreement as described below and if this Agreement remains effective on the Separation Date and has not been terminated under paragraph 1, and subject to your timely signing and returning the Renewal and Ratification of Release attached as Exhibit A to this Agreement and incorporated here by reference (the “Ratification”) to the Company, you will receive the following pay and/or benefits from the Company (the “Separation Payment and Benefits”):
