Separation Payment and Other Benefits. Provided Employee does not exercise her right of rescission under Section 8, the Company shall pay Employee the sum of $1,700,000.00, less applicable withholdings (the “Separation Payment”). The Separation Payment shall be paid as follows: (a) a first installment of $850,000.00, less withholdings, to be paid within twenty (20) days following Employee’s signature and delivery of this Agreement to the Company, and (b) a conditional second installment of $850,000.00, less withholdings, payable within twelve (12) months following the Separation Date provided Employee has remained in strict compliance with her obligations under this Agreement. Employee will be paid her accrued and unused vacation balance (equivalent to four (4) weeks, less applicable withholdings) following the Separation Date with or without this Agreement. Further, provided Employee does not exercise her right of rescission under Section 8, the Company will pay to Employee an additional lump sum of $37,320.00 less applicable withholdings (the “COBRA Subsidy”), which Employee may use toward the cost of future health insurance premiums or for other purposes. The COBRA Subsidy will be paid to Employee at the same time the first installment of the Separation Payment is made. As a participant in the Pentair Management Incentive Plan (“MIP”), Employee will receive a MIP bonus award for the 2017 year, subject to the terms and conditions of the MIP, with any payment earned under the MIP for the 2017 year payable in March 2018 at the same time other eligible participants in the MIP receive earned payments attributable to the 2017 year. Such MIP bonus amount will be calculated using Employee’s base salary in effect as of the Separation Date in accordance with the terms and conditions of the MIP. Further, provided Employee does not exercise her right of rescission under Section 8, then when the Company performs the 2017 year-end calculation in order to calculate the amount of the bonus payment for the 2017 year under the MIP, the SDF metric under the MIP shall be set at 100% of target. Employee shall not be eligible for any payment under the MIP for the 2018 year. Employee understands and agrees that, except as provided above and in Section 10 below, she has no rights to or claims under any other bonus or incentive compensation plans of any type, including, but not limited to, the Pentair Management Incentive Plan, the Omnibus Stock Incentive Plan, the 2008 Omnibus Stock Incentive Plan, the 2012 Stock a...
Separation Payment and Other Benefits. The parties have agreed that Employee’s employment will end on the Separation Date. Employee shall continue to receive his base salary through the Separation Date. Further, provided Employee executes this Agreement does not exercise his right of rescission pursuant to Section 7, and subject to the conditions of this Agreement, the Company shall pay Employee the total sum of $1,649,000.00, less applicable withholdings (the “Separation Payment”). The Separation Payment shall be paid as follows: (a) a first installment of $485,000.00 less withholdings, to be paid within twenty (20) days following Employee’s delivery of the signed Release to the Company following the Separation Date, and (b) a conditional second installment of $1,164,000.00 less withholdings, payable on or before February 1, 2018, provided Employee has remained in strict compliance with his obligations under this Agreement. The parties acknowledge and agree that the purpose and intent of the Separation Payment is for such amount to be inclusive of any end of service gratuity or pay in lieu of notice to which Employee might otherwise be entitled under the laws of any jurisdiction, including the laws of Switzerland. In other words, by amicably entering into this Agreement and accepting the offered benefit of the Separation Payment and the other lucrative financial benefits set forth in this Agreement, Employee agrees that any rights he might otherwise have under laws of Switzerland, including any potential right to receive an end of service gratuity or pay in lieu of notice, any other contractual severance entitlement, or any cash severance payment under any Company severance policy, practice or agreement, are being fully satisfied. Further, provided Employee does not exercise his right of rescission under Section 7, the Company will pay to Employee an additional lump sum of $31,036, less applicable withholdings (the “COBRA Subsidy”), which Employee may use toward the cost of future health insurance premiums or for other purposes. The COBRA Subsidy will be paid to Employee at the same time the first installment of the Separation Payment is made. As a participant in the Pentair Management Incentive Plan (“MIP”), Employee will receive a prorated MIP bonus award for the 2017 year, based upon the Separation Date, subject to the terms and conditions of the MIP, with any payment earned under the MIP for the 2017 year payable in March 2018 at the same time other eligible participants in the MIP receive...
Separation Payment and Other Benefits. Provided that Employee does not exercise his right of rescission under Section 8, the Company shall pay Employee the sum of $300,000.00, less applicable withholdings (the “Separation Payment”). The Separation Payment shall be paid as follows, beginning on the first regularly scheduled payroll date that occurs following the expiration of the fifteen (15) day rescission period described in Section 8 below:
Separation Payment and Other Benefits. As consideration for the Employee’s execution of, non-revocation of, and compliance with this Agreement and the post-employment restriction in the form attached hereto as Exhibit A, the Company shall pay Employee the total sum of $2,527,000.00, less applicable withholdings payable as follows:
