Severance By THQ; No Obligation To Make Payment Under Normal Policies Sample Clauses

Severance By THQ; No Obligation To Make Payment Under Normal Policies. THQ agrees that within ten calendar days following its receipt of the original executed Agreement, it will: (1) deliver a check payable to EMPLOYEE in the amount of $136,333.34, less all appropriate deductions, representing 4 months of salary; (2) deliver a check payable to EMPLOYEE in the amount of $87,208.00, less all appropriate deductions, representing three months of bonus. THQ further agrees that upon receipt of the original executed Agreement, it will: (3) provide payment for EMPLOYEE’s continuation of health benefits for a period not to exceed 18 months from his date of resignation, provided that such payment shall cease immediately upon EMPLOYEE’s receipt of medical coverage from any subsequent employer; and (4) immediately vest options to purchase 200,000 shares of THQ common stock of the stock option grant of 250,000 shares previously granted to EMPLOYEE pursuant to the THQ 1997 Stock Option Plan, as amended (the “Plan”), under the terms of EMPLOYEE’s Offer Letter dated October 17, 2003 (the “Stock Option Grant”), it being understood that pursuant to the terms of the Plan that EMPLOYEE shall have ninety (90) days following the Termination Date during which he may exercise his vested options. EMPLOYEE agrees to forfeit the balance of 50,000 shares of the Stock Option Grant. In addition, within ten calendar days following its receipt of the original executed Supplemental General Release (attached hereto as Exhibit A), THQ agrees that it will deliver a check payable to EMPLOYEE in the amount of $136,333.33 representing an additional 4 months of salary. (Collectively, the amounts described above in this paragraph shall be referred to herein as the “Payment”). EMPLOYEE acknowledges that upon execution of this Agreement and the Supplemental General Release, the Payment described herein shall constitute full and complete satisfaction of any and all amounts properly due and owing to EMPLOYEE as a result of his employment with THQ and/or his resignation from that employment and that in the absence of this Agreement, EMPLOYEE would not be entitled to the Payment specified in this Paragraph 1.
Sample 1
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Related to Severance By THQ; No Obligation To Make Payment Under Normal Policies

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