Severance Package. If the Executive’s employment is terminated by the Company pursuant to subsection 8.2 or if the Executive resigns pursuant to subsection 8.3.2, the Executive shall be entitled to receive:
(a) (i) a severance payment equivalent to one and a half (1.5) times the sum of the Base Salary then in effect on the date of termination; and (ii) payments by the Company of the premiums required to continue the Executive’s group health care coverage for one (1) year, under the applicable provisions of the Consolidated Omnibus Budget Reconciliation Act of 1985 (“COBRA”), provided that the Executive elects to continue and remains eligible for these benefits under COBRA, and does not become eligible for health coverage through another employer during this period, and provided, further, however, that the Executive’s continued participation is permissible under the terms and provisions of such plans and programs, and the Company’s payment of COBRA premiums does not violate the nondiscrimination rules of the Patient Protection and Affordable Care Act of 2010. Subject to the separation agreement, as described in subsection 8.2.2 below, becoming effective and irrevocable in accordance with its terms, commencing on the first payroll date next following or coincident with the 60th day following the termination of employment, (i) the severance payments will be paid in substantially equal installments in accordance with the Company’s standard payroll practices over a period of twelve (12) consecutive months, and (ii) COBRA payments will be paid in installments in accordance with the Company’s standard payroll practices over a period of twelve (12) consecutive months provided that at the first payment date next following or coincident with the 60th day following the termination of employment, the Executive shall receive COBRA payments relating to such 60 day period (or longer, as the case may be) that elapsed since the termination of employment; and
(b) outplacement services by qualified consultants selected by the Company, at the Company’s expense, in an amount not to exceed $10,000. The expenses for outplacement services shall be paid by the Company directly to the entity providing such services to the Executive promptly following the Company’s receipt of appropriate invoices documenting such expenses. All outstanding equity awards shall be treated in accordance with the documentation governing such awards.
Severance Package. Employer agrees to provide Employee with the following payments and benefits (“Severance Package”). Employee acknowledges and agrees that the Severance Package constitutes adequate legal consideration for the promises and representations made by him or her in the Agreement. Receipt of the Severance Package is contingent upon the following conditions: (i) Employee must continue to abide by the covenants regarding confidentiality, non-solicitation and non-disparagement described in Section 11 of the Retention Agreement, and (ii) application of the Recoupment Policy described in Section 6 of the Retention Agreement, the Golden Parachute Payments provision described in Section 7 of the Retention Agreement, and the provisions regarding compliance with Section 409A of the Internal Revenue Code described in Section 13 of the Retention Agreement. Subject to the foregoing, Employer will pay the Severance Payment on the sixtieth (60th) day after the Separation Date.
Severance Package. In exchange for the promises set forth herein, Company agrees to provide Employee with the following payments and benefits (“Severance Package”), to which Employee is not otherwise entitled. Employee acknowledges and agrees that this Severance Package constitutes adequate legal consideration for the promises and representations made by Employee in this Separation Agreement.
Severance Package. If within one (1) year after a Change of Control (as that term is defined below) Employee’s employment is terminated without “Cause,” or Employee resigns for “Good Reason” (each a “Qualifying Termination”), then Entropic will provide Employee with the following “Severance Package,” provided Employee complies with the conditions set forth in section 1.2 below: (i) Employee will receive a severance payment equal to twelve (12) months of Employee’s Base Salary (as defined below), payable in a single lump sum within ten (10) days following the effective date of the release of claims required by Section 1.2 below, subject to applicable tax withholdings; (ii) Entropic will continue to provide Employee with health, dental and vision benefits by reimbursing the Employee for payment of Consolidated Omnibus Budget Reconciliation Act of 1985 (“COBRA”) premiums for twelve (12) months following the date of Employee’s Qualifying Termination (the “COBRA Payment Period”), provided that Employee elects to continue and remain eligible for these benefits under COBRA and timely remits the applicable COBRA premium payments and proof of such payments to the Company; and (iii) immediate and full accelerated vesting of all stock options, stock units and other equity arrangements
1. subject to vesting, and release of any repurchase options in favor of Entropic on shares of restricted stock to the extent permissible by law. For purposes of determining the number of shares that will vest pursuant to the foregoing provision with respect to any performance based vesting equity award that has multiple vesting levels depending upon the level of performance, where the applicable level of performance has not otherwise been determined by the Company’s Board of Directors on or prior to the date of the Qualifying Termination, vesting acceleration shall occur with respect to the number of shares subject to the equity award as if the applicable performance criteria had been attained at 100% of the targeted level. Moreover, the acceleration of vesting provision set forth in this section 1.1 is notwithstanding and in addition to any existing vesting provisions set forth in Entropic’s equity incentive plans or any agreements or grant notices thereunder.
Severance Package. The Severance Package will consist of the following:
(i) a severance payment payable in one lump sum within thirty (30) days following the date of Executive’s termination of employment and equal to: (a) the greater of two (2) times Executive’s Base Salary then in effect on the date of termination or the balance of Executive’s Base Salary due for the remainder of the current term (in each case, Base Salary shall be determined without regard to any reduction thereof which would constitute “Good Reason” as defined in Section 7.4(c)), plus (b) the greater of two (2) times (i) the average cash bonus paid to Executive for each of the years completed under the terms of this Agreement or (ii) Executive’s annual bonus target;
(ii) full vesting of all unvested portions of Executive’s equity awards and the ability to exercise stock options for a period of three (3) years from the date of termination of employment; provided that such extension does not cause the option exercise period to be extended beyond the expiration of the option term; and
(iii) continuation of group health insurance benefits on the same terms as during Executive’s employment for the greater of (a) the remainder of the current term, or (b) two (2) years (the “Continuation Period”); provided Company’s insurance carrier allows for such benefits continuation. In the event Company’s insurance carrier does not allow such coverage continuation, Company agrees to pay the premiums required to continue Executive’s group health care coverage for the Continuation Period, under the applicable provisions of the Consolidated Omnibus Budget Reconciliation Act of 1985 (“COBRA”), provided that Executive elects to continue and remains eligible for these benefits under COBRA, and does not obtain health coverage through another employer during this period.
Severance Package. The Severance Package shall consist of the following:
(i) a severance payment equal to: (a) the greater of one and one-half (1-1/2) times Executive's Base Salary then in effect on the date of termination or the balance of Executive's Base Salary due for the remainder of the current term, payable in accordance with Company's regular payroll cycle; plus (b) one and one-half (1-1/2) times the average cash bonus paid to Executive for each of the years completed under the terms of this Agreement, payable no later than February 15 of the calendar year following Executive's termination;
(ii) accelerated vesting of all unvested portions of Executive's stock options; and
(iii) continuation of group health insurance benefits on the same terms as during Executive's employment for the remainder of the current term (the "Continuation Period"), provided Company's insurance carrier allows for such benefits continuation. In the event Company's insurance carrier does not allow such coverage continuation, Company agrees to pay the premiums required to continue Executive's group health care coverage for the Continuation Period, under the applicable provisions of the Consolidated Omnibus Budget Reconciliation Act of 1985 ("COBRA"), provided that Executive elects to continue and remains eligible for these benefits under COBRA, and does not obtain health coverage through another employer during this period.
Severance Package. Laid off employees who are eligible may receive the following severance package:
Severance Package. In exchange for the promises set forth herein and in compliance with the requirements set forth in the Employment Agreement, Company agrees to provide Employee with the payments and benefits set forth in Section 4 of the Employment Agreement (“Severance Package”), to which Employee is not otherwise entitled, absent entering into this Agreement. Employee acknowledges and agrees that this Severance Package constitutes adequate legal consideration for the promises and representations made by Employee in this Agreement. Employee acknowledges and agrees that if Employee violates the terms of this Agreement or the continuing obligations under the Employment Agreement including, but not limited to those pertaining to post-employment restrictions, Company may terminate any payments and the provision of benefits described herein, and seek such other damages or remedies as may be appropriate.
Severance Package. In exchange for the promises set forth herein and in compliance with the requirements set forth in the Employment Agreement, Company agrees to provide Employee with the payments and benefits set forth in Section 4 of the Employment Agreement (“Severance Package”), to which Employee is not otherwise entitled, absent entering into this Agreement. Employee acknowledges and agrees that this Severance Package constitutes adequate legal consideration for the promises and representations made by Employee in this Agreement. Employee acknowledges and agrees that if Employee violates the terms of this Agreement or the continuing obligations under the Employment Agreement including, but not limited to those pertaining to post-employment restrictions, Company may terminate any payments and the provision of benefits described herein, and seek such other damages or remedies as may be appropriate. Company acknowledges and agrees that if Company violates the terms of this Agreement or the continuing obligations under the Employment Agreement including, but not limited to those pertaining to post-employment restrictions, Employee may cease to perform any of his/her obligations described herein, and seek such other damages or remedies as may be appropriate.
Severance Package. If Executive's employment with Company is terminated pursuant to Sections 9.03 or 9.04, Executive shall be entitled to three (3) month severance package consisting of Executive's compensation and all benefits as provided for in Sections 5, 6 and 7 and all Executive's remaining unvested options shall vest immediately. Payments shall be made monthly or in a lump sum payment at the Board's sole discretion. In the event severance is paid in a lump sum, the cash amount excluding insurance benefits shall be paid at the present value for the time remaining in the 3-month severance agreement based on the current prime interest rate as charged by the Federal Reserve Bank in New York.
