Severance Conditions. As a condition of and prior to the receipt of all or any of the Severance Benefits, Employee must execute and allow to become effective a general release of claims in the form attached hereto as Exhibit A within sixty (60) days of termination and to comply with the terms of this Agreement (the “Severance Conditions”). Upon any termination of Employee’s employment by the Company without Cause or by Employee for Good Reason, the Company and its affiliates (by and through their respective directors and senior executive officers) and Executive agree not to disparage the other party.
Severance Conditions. As a condition of and prior to the receipt of all or any of the Severance provided for death or Disability, Employee (or, in the case of death, Employee’s estate) must execute and allow to become effective a general release of claims in the form attached hereto as Exhibit A within sixty (60) days of termination and to comply with the terms of this Agreement (the “Severance Conditions”). Upon any termination of Employee’s employment for death or Disability, the Company and its affiliates (by and through their respective directors and senior executive officers) and Executive (or, in the case of death, Employee’s estate) agree not to disparage the other party.
Severance Conditions. Your receipt of the severance benefits set forth in Section 6 is conditional upon (a) your continuing to comply with your obligations under your Employee Proprietary Information and Invention Assignment Agreement; and (b) your delivering to the Company an effective, general release of claims in favor of the Company within 60 days following your termination date. The salary continuation set forth in Section 6(c)(i) will be paid in equal installments on the Company’s regular payroll schedule and will be subject to applicable tax withholdings over the period outlined above following the date of your termination date; provided, however, that no payments will be made prior to the 60th day following your Separation from Service. On the 60th day following your Separation from Service, the Company will pay you in a lump sum the salary continuation that you would have received on or prior to such date under the original schedule but for the delay while waiting for the 60th day in compliance with Section 409A (“Section 409A”) of the Internal Revenue Code of 1986, as amended (the “Code”) and the effectiveness of the release, with the balance of the salary continuation being paid as originally scheduled.
Severance Conditions. The Company's obligation to make severance payments shall be conditioned upon (a) the Employee signing and returning to the Company (without revoking) a timely and effective general release and waiver in such form and covering such matters as the Company may in its reasonable discretion require, including without limitation releasing all Group Companies and their present and former directors, officers and employees from all claims related to Employee's employment or the termination thereof, by the deadline specified therein, which in all events shall be no later than the fiftieth (50th) calendar day following the date of termination (any such release submitted by such deadline, the "Release of Claims"), the form of which is attached hereto as Exhibit A; and (b) the Employee's compliance with all obligations contained in the Restrictive Covenants Agreement (or any similar agreement between the Employee and any of the Group Companies, whether in existence on the Effective Date or entered into thereafter). The Employee acknowledges and agrees that in the event of Employee's breach of the Restrictive Covenants Agreement the Company shall be entitled to repayment in full of any severance paid to Employee.
Severance Conditions. Your receipt of the severance benefits set forth in Section 6 is conditional upon (a) your continuing to comply with all of your legal and contractual obligations to the Company; and (b) your delivering to the Company an effective and irrevocable general release of claims in favor of the Company within 60 days following your termination date. The salary continuation set forth in Section 6(b) will be paid in equal installments on the Company’s regular payroll schedule and will be subject to applicable tax withholdings over the period outlined above following the date of your termination date; provided, however, that no payments will be made prior to the release becoming effective. Within 60 days following your Separation from Service, and subject to the release being effective by the payment date, the Company will pay you in a lump sum the salary continuation that you would have received on or prior to such date under the original schedule but for the delay while waiting for the effectiveness of the release, with the balance of the salary continuation being paid on the Company’s regular payroll schedule.
Severance Conditions. The payment of Termination Benefits is subject to all the following conditions precedent (“Severance Conditions”):
(1) Employee must work until Employee’s last day of employment by Verso as reasonably instructed by Verso, provided that if Employee has accrued vacation that Employee may take, taking such vacation will not be a VERSO SEVERANCE AGREEMENT – X. XXXXXX violation of this requirement; and Employee must fulfill in all material respects all of Employee’s duties to Verso in good faith through that date.
(2) Employee must meet, in all material respects through the date that Employee’s Termination Allowance is actually paid to Employee, all of Employee’s obligations under this Agreement, the Restrictive Covenant Agreement, and all other agreements, if any, between Employee and Verso that survive termination of Employee’s employment with Verso.
(3) Employee must execute and not revoke a Waiver and Release of Claims Agreement (“Release”) in accordance with the timing and other requirements set forth in this paragraph. The Release must be signed in connection with the termination of Employee’s employment with Verso and not any earlier than Verso may prescribe. The Release will be in substantially the form attached hereto as Exhibit A, with such changes as Verso may reasonably believe are necessary or advisable to comply with applicable laws, rules and regulations or as Verso may otherwise believe are appropriate and consistent with the purposes and intent of the Release. Verso will provide the final form of Release to Employee no later than ten (10) days following Employee’s termination of employment, and Employee will be required to execute and return the Release to Verso within twenty-one (21) days (or forty-five (45) days if such longer period of time is required to make the Release maximally enforceable under applicable law) after Verso provides the form of Release to Employee.
(4) If as of Employee’s last day of employment with Verso, Employee is no longer or otherwise not party to a Restrictive Covenant Agreement providing that Employee will not compete with Verso for a period of at least eighteen (18) months after Employee’s Separation of Service from Verso, then Employee must execute and not revoke a Restrictive Covenant Agreement requiring Employee not to compete with Verso (or solicit Verso employees or customers) for 18 months after Employee’s Separation from Service, and Employee will be required to execute and return the Restrictive Covenant ...
Severance Conditions. As a condition of and prior to the receipt of all or any of the Severance Benefits, Employee must execute and allow to become effective a general release of claims in a form mutually acceptable to the parties in their reasonable determination and to comply with the terms of this Agreement (the "Severance Conditions"). Upon any termination of Employee's employment by the Company without Cause or by Employee for Good Reason, the Company and its affiliates (by and through their respective directors and senior executive officers) and Executive agree not to disparage the other party.
Severance Conditions. As a condition of and prior to the receipt of all or any of the Severance provided for death or Disability, Employee (or, in the case of death, Employee’s estate) must execute and allow to become effective a general release of claims in a form mutually acceptable to the parties in their reasonable determination and to comply with the terms of this Agreement (the “Severance Conditions”). Upon any termination of Employee’s employment for death or Disability, the Company and its affiliates (by and through their respective directors and senior executive officers) and Executive (or, in the case of death, Employee’s estate) agree not to disparage the other party.
Severance Conditions. Your receipt of the severance benefits set forth in Section 6 is conditional upon (a) your continuing to comply with your obligations under your Employee Proprietary Information and Invention Assignment Agreement; (b) your delivering to the Company an effective, general release of claims in favor of the Company in substantially the form attached as Exhibit A within 60 days following your termination date; and (c) if you are then a member of the Board, your resignation from the Board, to be effective no later than the date of your termination date (or such other date as requested by the Board). The salary continuation set forth in Section 6(c)(i) will be paid in equal installments on the Company’s regular payroll schedule and will be subject to applicable tax withholdings over the period outlined above following the date of your termination date; provided, however, that no payments will be made prior to the 60th day following your Separation from Service. On the 60th day following your Separation from Service, the Company will pay you in a lump sum the salary continuation that you would have received on or prior to such date under the original schedule but for the delay while waiting for the 60th day in compliance with Section 409A (“Section 409A”) of the Internal Revenue Code of 1986, as amended (the “Code”) and the effectiveness of the release, with the balance of the salary continuation being paid as originally scheduled.
Severance Conditions. Receipt of the severance and other benefits outlined in Section 1 of the Agreement shall be conditioned upon your:
a) Performing all of the following tasks in accordance with acceptable performance standards through the Separation Date:
i) fully performing your current duties;
ii) providing reasonable assistance to the Company in connection with a smooth and orderly transition of your responsibilities
iii) performing such other duties reasonably requested of you by the Chief Executive Officer;
b) overseeing the preparation of and filing with the Securities and Exchange Commission the FY11 second quarter Form 10-Q of the Company and taking customary actions and executing customary representation letters, certifications and other documents in connection therewith;
c) overseeing and delivering customary reports with respect to the Company’s FY11 second quarter financial results to the Board of Directors of the Company and the Audit Committee and assisting in the preparation of the second quarter press release;
d) being reasonably available during normal business hours to work on matters as assigned by the Chief Executive Officer of the Company; and
e) Executing, after the Separation Date, the Release attached as Exhibit A, and not revoking your release of claims under the Age Discrimination in Employment Act in accordance with the terms therewith. Xx. Xxxxxxx X. Kossin September 15, 2010 Page 3
