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 and other benefits until the Separation Date. Further, provided Employee has strictly complied with his obligations under Section 5 below during the Transition Period and further provided that Employee signs and delivers to the Company the Post-Employment Release of Claims (“Release”) in the form attached hereto as Exhibit A no later than twenty-one (21) days following the Separation Date, then the Company shall pay Employee the sum of $1,820,870, less applicable withholdings (the “Separation Payment”). The Separation Payment shall be paid in two installments as follows: (a) the first installment of $153,956, less withholdings, within twenty (20) days following Employee’s signature and delivery of the Release to the Company following the Separation Date, and (b) the second installment of $1,666,914, less withholdings, on February 15, 2016. The parties acknowledge that the first installment of the Separation Payment shall be inclusive of Employee’s accrued and unused vacation. Employee expressly understands and agrees that he is not entitled to any other payments for any accrued and/or unused vacation. Provided Employee signs and delivers the Release to the Company no later than twenty-one (21) days following the Separation Date, then the Company will pay to Employee an additional lump sum of $34,316, 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 with the first installment of the Separation Payment. As a participant in the Pentair Management Incentive Plan (“MIP”), Employee will receive a prorated MIP bonus award for the 2015 year on the regular payout date in 2016 subject to the terms and conditions of the MIP. Such 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. Employee understands and agrees that the amounts described in this Section 1 and the awards described in Section 9 below provide all the rights and benefits available to Employee under bonus or incentive compensation plans of any type maintained by the Company, 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. 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:
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:
