Severance Opportunity. Upon termination of Executive’s employment by the Company without Cause or by Executive’s Death or Disability, in addition to any accrued but unpaid base salary and any vested rights under any Company employee benefit plan, the Executive shall be entitled to receive the following severance benefits, receipt of which is subject to (a) Executive’s full and continued compliance with the Covenants set forth in Section 2 of this Agreement; (b) Executive’s execution, and non-revocation, of a separation agreement containing a release of claims in favor of the Company, its affiliates, and their respective officers and directors, and other relevant provisions in a form provided by and acceptable to the Company (the “Release”); and (c) Executive’s agreement to forego any other severance payment to which Executive may be entitled under any other agreement with the Company: a. Continued Base Salary for [*] following the Separation Date, payable in equal installments in accordance with the Company’s normal payroll practices, which payments shall commence on 51 the next scheduled payroll date after the effective date of the Release (“Salary Continuation Period”). In the event Executive accepts an offer of employment or an offer to provide services in a consulting or other capacity during the Salary Continuation Period, Executive agrees to so inform the Company within three (3) business days, at which time Salary Continuation payments under this Section 4(a) shall cease. b. If Executive timely and properly elects health continuation coverage under the Consolidated Omnibus Budget Reconciliation Act of 1985 (“COBRA”), the Company shall reimburse Executive for the monthly COBRA premium paid by Executive for Executive and Executive’s qualified beneficiaries during the Salary Continuation Period. Such reimbursement shall be paid to Executive on a monthly basis, within ten (10) business days following the month in which Executive timely remits the premium payment. In the event Executive receives or becomes eligible to receive substantially similar coverage from another employer or other source during the Salary Continuation Period, Executive agrees to so inform the Company within three (3) business days, at which time COBRA reimbursements shall cease. Executive shall be solely responsible for the tax consequences of any such payments. c. The treatment of any outstanding equity awards shall be determined in accordance with the terms of the Dollar Tree, Inc. Omnibus Incentive Plan or any other applicable plan or award agreement under which the equity awards were granted and nothing in this Agreement shall be construed as superseding the terms of any such plan or award. d. For purposes of this Agreement, “Disability” shall mean (i) Executive’s inability, due to physical or mental incapacity, to perform the essential functions of Executive’s job, with or without reasonable accommodation, for one hundred eighty (180) days out of any three hundred sixty-five (365) day period or one hundred twenty (120) consecutive days, or (ii) Executive’s entitlement to receive long-term disability benefits under the Company’s long-term disability plan. Any question as to the existence of Executive’s Disability as to which Executive and the Company cannot agree shall be determined in writing by a qualified independent physician selected by the Company, which determination shall be final and conclusive for all purposes of this Agreement.
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Samples: Executive Agreement
Severance Opportunity. Upon termination of Executive’s 's employment during the Original Term by the Company without Cause or by Executive’s Death or DisabilityCause, in addition to any accrued but unpaid base salary and any vested rights under any Company employee benefit plan, the Executive shall be entitled to receive the following severance benefits, receipt of which is subject to (a) Executive’s full and continued compliance with the Covenants covenants set forth in Section 2 4 of this Agreement; (b) Executive’s execution, and non-revocation, of a separation agreement containing a release of claims in favor of the Company, its affiliates, and their respective officers and directors, and other relevant provisions in a form provided by and acceptable to the Company Company, which release has become irrevocable within 30 days after the Separation Date (the “"Release”"); and (c) Executive’s agreement to forego any other severance payment to which Executive may be entitled under any other agreement with the Company:
a. Continued Base Salary for [*] following the Separation Dateremainder of the Original Term, payable in equal installments in accordance with the Company’s normal payroll practices, which payments shall commence on 51 the next scheduled payroll date after the effective date of the Release Release, (“Salary Continuation Period”), with the first payment inclusive of any installment delayed pending the effective date of the Release. In the event Executive accepts an offer of employment or an offer to provide services in a consulting or other capacity during the Salary Continuation Period, Executive agrees to so inform the Company within three (3) business days, at which time Salary Continuation payments under this Section 4(a) 6.a shall cease.
b. If Executive timely and properly elects health continuation coverage under the Consolidated Omnibus Budget Reconciliation Act of 1985 (“"COBRA”"), the Company shall reimburse Executive for the monthly COBRA premium paid by Executive for Executive and Executive’s qualified beneficiaries during the Salary Continuation Period. Such reimbursement shall be paid to Executive on a monthly basis, within ten (10) business days following the month in which Executive timely remits the premium payment. In the event Executive receives or becomes eligible to receive substantially similar coverage from another employer or other source during the Salary Continuation Period, Executive agrees to so inform the Company within three (3) business days, at which time COBRA reimbursements shall cease. Executive shall be solely responsible for the tax consequences of any such payments.
c. The treatment of any outstanding equity awards shall be determined in accordance with the terms of the Dollar Tree, Inc. Omnibus Incentive Plan or any other applicable plan or award agreement under which the equity awards were granted and nothing in this Agreement shall be construed as superseding the terms of any such plan or award[Reserved.]
d. [Reserved.]
e. For purposes of this Agreement, “DisabilityCause” shall mean Executive’s: (i) failure to perform Executive’s inability, due to physical or mental incapacity, to perform the essential functions of Executive’s job, with or without reasonable accommodation, for one hundred eighty (180) days out of any three hundred sixty-five (365) day period or one hundred twenty (120) consecutive days, or duties; (ii) Executive’s entitlement engagement in dishonesty, illegal conduct, or gross misconduct, which is, in each case, injurious to receive long-term disability benefits under the Company’s long-term disability plan. Any question as ; (iii) embezzlement, misappropriation, or fraud, whether or not related to the existence of Executive’s Disability as to which Executive and the Company cannot agree shall be determined in writing by a qualified independent physician selected by 's employment with the Company, which determination shall be final and conclusive for all purposes ; (iv) conviction of or plea of guilty or nolo contendere to a crime that constitutes a felony (or state law equivalent) or a crime that constitutes a misdemeanor involving moral turpitude; (v) willful unauthorized disclosure of Confidential Information; (vi) breach of any material obligation under this Agreement; or (vii) failure to comply with material Company written policies or rules, as they may be in effect from time to time.
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Severance Opportunity. Upon termination of Executive’s employment by the Company without Cause or by Executive’s Death or Disability, in addition to any accrued but unpaid base salary and any vested rights under any Company employee benefit plan, the Executive shall be entitled to receive the following severance benefits, receipt of which is subject to (a) Executive’s full and continued compliance with the Covenants set forth in Section 2 of this Agreement; (b) Executive’s execution, and non-revocation, of a separation agreement containing a release of claims in favor of the Company, its affiliates, and their respective officers and directors, and other relevant provisions in a form provided by and acceptable to the Company (the “Release”); and (c) Executive’s agreement to forego any other severance payment to which Executive may be entitled under any other agreement with the Company:
a. Continued Base Salary for [*] following the Separation Date, payable in equal installments in accordance with the Company’s normal payroll practices, which payments shall commence on 51 the next scheduled payroll date after the effective date of the Release (“Salary Continuation Period”). In the event Executive accepts an offer of employment or an offer to provide services in a consulting or other capacity during the Salary Continuation Period, Executive agrees to so inform the Company within three (3) business days, at which time Salary Continuation payments under this Section 4(a) shall cease.
b. If Executive timely and properly elects health continuation coverage under the Consolidated Omnibus Budget Reconciliation Act of 1985 (“COBRA”), the Company shall reimburse Executive for the monthly COBRA premium paid by Executive for Executive and Executive’s qualified beneficiaries during the Salary Continuation Period. Such reimbursement shall be paid to Executive on a monthly basis, within ten (10) business days following the month in which Executive timely remits the premium payment. In the event Executive receives or becomes eligible to receive substantially similar coverage from another employer or other source during the Salary Continuation Period, Executive agrees to so inform the Company within three (3) business days, at which time COBRA reimbursements shall cease. Executive shall be solely responsible for the tax consequences of any such payments.
c. The treatment of any outstanding equity awards shall be determined in accordance with the terms of the Dollar Tree, Inc. Omnibus Incentive Plan or any other applicable plan or award agreement under which the equity awards were granted and nothing in this Agreement shall be construed as superseding the terms of any such plan or award.
d. For purposes of this Agreement, “Disability” shall mean (i) Executive’s inability, due to physical or mental incapacity, to perform the essential functions of Executive’s job, with or without reasonable accommodation, for one hundred eighty (180) days out of any three hundred sixty-five (365) day period or one hundred twenty (120) consecutive days, or (ii) Executive’s entitlement to receive long-term disability benefits under the Company’s long-term disability plan. Any question as to the existence of Executive’s Disability as to which Executive and the Company cannot agree shall be determined in writing by a qualified independent physician selected by the Company, which determination shall be final and conclusive for all purposes of this Agreement.
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Severance Opportunity. Upon termination of Executive’s 's employment by the Company without Cause or by Executive’s Death death or Disability, in addition to any accrued but unpaid base salary and any vested rights under any Company employee benefit plan, the Executive shall be entitled to receive the following severance benefits, receipt of which is subject to (a) Executive’s full and continued compliance with the Covenants covenants set forth in Section 2 of this Agreement; (b) Executive’s execution, and non-revocation, of a separation agreement containing a release of claims in favor of the Company, its affiliates, and their respective officers and directors, and other relevant provisions in a form provided by and acceptable to the Company Company, which release has become irrevocable not later than 30 days after the Separation Date (the “"Release”"); and (c) Executive’s agreement to forego any other severance payment to which Executive may be entitled under any other agreement with the Company:
a. Continued Base Salary for [*] twenty-four (24) months following the Separation Date, payable in equal installments in accordance with the Company’s normal payroll practices, which payments shall commence on 51 the next scheduled payroll date after the effective date of the Release has become irrevocable (“Salary Continuation Period”), with the first payment inclusive of any installment delayed pending the irrevocability of the Release. In the event Executive accepts an offer of employment or an offer to provide services in a consulting or other capacity during the Salary Continuation Period, Executive agrees to so inform the Company within three (3) business days, at which time Salary Continuation payments under this Section 4(a) 4.a shall cease.
b. If Executive timely and properly elects health continuation coverage under the Consolidated Omnibus Budget Reconciliation Act of 1985 (“"COBRA”"), the Company shall reimburse Executive for the monthly COBRA premium paid by Executive for Executive and Executive’s qualified beneficiaries then during the Salary Continuation Period. Such reimbursement , Employee shall be paid required to Executive on a monthly basis, within ten (10) business days following pay the month in which Executive timely remits active employee rate for health insurance premiums and the premium paymentEmployer shall satisfy the remaining portion of the COBRA coverage. In the event Executive receives accepts an offer of employment or becomes eligible an offer to receive substantially similar coverage from another employer provide services in a consulting or other source capacity during the Salary Continuation Period, Executive agrees to so inform the Company within three (3) business days, at which time the COBRA reimbursements premium benefits under this Section 4.b shall cease. Executive shall be solely responsible for the tax consequences of any such paymentspremium benefits.
c. The treatment of any outstanding equity awards shall be determined in accordance with the terms of the Dollar Tree, Inc. Omnibus Incentive Plan or any other applicable plan or award agreement under which the equity awards were granted and nothing in this Agreement shall be construed as superseding the terms of any such plan or award.
d. For purposes of this Agreement, “"Disability” " shall mean (i) Executive’s 's inability, due to physical or mental incapacity, to perform the essential functions of Executive’s job, with or without reasonable accommodation, for one hundred eighty (180) days out of any three hundred sixty-five (365) day period or one hundred twenty (120) consecutive days, or (ii) Executive’s entitlement to receive long-term disability benefits under the Company’s 's long-term disability plan. Any question as to the existence of Executive’s 's Disability as to which Executive and the Company cannot agree shall be determined in writing by a qualified independent physician selected by the Company, which determination shall be final and conclusive for all purposes of this Agreement.
Appears in 1 contract
