Separation Payments and Conditions. Employer and Employee acknowledge and agree that the Employee’s employment with Employer will end effective December 4, 2015 (“Effective Employment Separation Date”) in connection with a reduction in force. In consideration for Employee’s promises contained herein, and provided that Employee does not revoke the Age Discrimination in Employment Act (“ADEA”) release contained in Paragraph 3, Employer agrees to pay Employee a lump sum payment of $185,000.00, less withholdings, payable no sooner than the eighth day after Employee executes the Release. Employee acknowledges and agrees that he/she is not otherwise entitled to the separation payment described in this Paragraph 1 and that other than said consideration, he/she is not entitled to any other wages, bonuses, or benefits in connection with this decision or otherwise.
Separation Payments and Conditions. (a) Employer and Employee hereby acknowledge, agree and confirm that the Employee’s employment with Employer is terminated effective July 31, 2012 (“Effective Termination Date”). In consideration for Employee’s promises and undertakings contained herein, and provided that Employee does not revoke the Age Discrimination in Employment Act (“ADEA”) release contained in Paragraph 3 below, Employer will, subject to the provisions of Paragraph 6(d) below, provide Employee the following separation benefits:
Separation Payments and Conditions. Employer and Employee hereby acknowledge, agree and confirm that the Employee’s employment with Employer has terminated effective [insert date] (“Effective Termination Date”). In consideration for the parties’ promises contained herein and in the Letter Agreement between Employer and Employee entered into on August 4, 2014 (“Retention Agreement”) and any other agreements between Employer and Employee (collectively, the “Agreements”), Employer will pay Employee a lump sum of $[insert], less required withholdings. This payment will be paid no later than the next regular NTE payroll date after Employee has executed and delivered to Employer this Separation Release, all waiting and rescission periods contained herein have expired, and the Separation Release has become final and enforceable. The payment will be made through an electronic transfer to the bank account used to make salary payments to Employee unless Employee provides a written request at the time of returning this executed Separation Release to direct the payment elsewhere. Employee acknowledges that but for this Separation Agreement, Employee would have no right to the payments described in this paragraph.
Separation Payments and Conditions. (a) Employer and Employee hereby acknowledge, agree and confirm that the Employee’s employment with Employer shall be terminated effective October 5, 2012, unless sooner terminated by the Employee (which termination will occur upon written notice by the Employee or upon Employee’s acceptance of employment with any third party) or by Employer as herein provided (hereinafter the date of termination being referred to as the “Effective Termination Date”). In consideration for Employee’s promises and undertakings contained herein, and provided that Employee does not revoke the Age Discrimination in Employment Act (“ADEA”) release contained in Paragraph 3 below, Employer will, subject to the provisions of Paragraph 1(b) and Paragraph 5(b) below, provide Employee the following separation benefits: (i) Employee will continue to be employed through the Effective Termination Date and Employer will pay to Employee Employee’s base salary in the amount of $6,942.31 paid bi-weekly, minus normal federal, state and local tax withholdings, during such continued employment period to be paid in accordance with Employer’s standard pay practices, (ii) Employee will continue to be eligible to participate in Employer’s group health and dental insurance benefit plans as an “inactive employee” until the Effective Termination Date, and (iii) Employee will continue to vest in all outstanding equity awards previously granted by TETRA Technologies, Inc. (“TETRA”) and Compressco Partners through the Effective Termination Date. In addition to the foregoing and conditioned upon the Employee’s (i) execution and delivery of the Release Agreement attached hereto as Exhibit A (the “Subsequent Release Agreement”) upon the Effective Termination Date and (ii) non-revocation of the release of ADEA claims contained in the Subsequent Release Agreement, and subject to the provisions of Paragraph 1(b) and Paragraph 5(b) below, (x) all of Employee’s vested options previously granted by TETRA will, as of the date that is eight (8) days following the Effective Termination Date, continue to be exercisable for a period of two and one-half months after December 31, 2012, and (y) upon the date that is eight (8) days following the Effective Termination Date, all of Employee’s unvested Compressco Partners restricted unit awards as of the Effective Termination Date will become fully vested on that date. Employee acknowledges that he is not entitled to the separation benefits described in this Paragraph 1(a) e...
Separation Payments and Conditions. (a) Employee and Employer acknowledge and agree that the Effective Termination Date is _______________, 2012.
