Severance Payment and Other Consideration. In exchange for the release, promises and other consideration provided by Executive pursuant to this Agreement, the Company agrees as follows:
Severance Payment and Other Consideration. API, in consideration for the promises contained herein, agrees as follows:
Severance Payment and Other Consideration. API, in consideration for the promises contained herein, agrees and states as follows: Pursuant to that certain Non-Statutory Stock Option Agreement, dated January 21, 2011, Employee was granted a fully vested option to acquire 147,000 shares of Common Stock of the Company (“Option”). API agrees to extend the time period which Employee has to exercise the Option until January 21, 2021. The consideration described in this Paragraph 4 reflects consideration provided to Employee over and above anything of value to which Employee is already entitled. In providing the benefits specified in this Xxxxxxxxx 0, XXX makes no representation as to the tax consequences or liability arising from said benefits or any other benefit described in this Paragraph 4. Moreover, the parties understand and agree that any tax consequences and/or liability arising from any benefits to Employee set forth in this Paragraph 4 shall be the sole responsibility of Employee. Employee acknowledges and agrees that he will pay any and all income tax which may be determined to be due in connection with the benefits described in this Paragraph 4. Employee also agrees to indemnify API from all tax and/or other liability (including, but not limited to, fines, penalties, interest, and costs) arising from or relating to any benefit described in this Paragraph 4 and/or imposed by the Internal Revenue Service, the State of New York, or any other taxing agency or tribunal as a result of API’s failure to withhold taxes on the benefits described in this Paragraph 4 or any portion thereof. Employee acknowledges and agrees that the consideration and sums included in this Paragraph 4 and Paragraph 3 are the maximum sums ever to be due to Employee from API, and he hereby relinquishes and waives any rights to other forms of payment or benefits under any other policy, practice, agreement or plan between Employee and API, whether written, oral, express or implied, including any rights in Employee’s Offer Letter. Employee further agrees that the extension of the exercise period for the Option, as described in this Paragraph 4 is contingent on this Agreement remaining in full force and effect.
Severance Payment and Other Consideration. As part of the severance package, if (A) Executive remains employed through December 30, 2007, (B) Executive signs this Agreement and this Agreement is not revoked by Executive by or before December 30, 2007, and (C) Executive delivers, fully executed by Executive and dated December 30, 2007 the Reaffirmation of Agreement, General Release and Covenant Not to Xxx attached as Exhibit A (the "Reaffirmation"), Xxxxx shall provide Executive with the following, all in consideration of the terms and conditions and releases contained in this Agreement:
Severance Payment and Other Consideration. (a) This Agreement is made effective by Employee signing and returning the Agreement to API. On or after the eighth (8th) day after Employee signs and returns the Agreement (the “Effective Date”), API will continue to pay Employee’s biweekly salary of Nineteen Thousand Two Hundred Three Dollars and Seventy-Seven Cents ($19,203.77) (less withholdings and standard deductions required by law) for a period that ends the sooner of the date: (i) that is thirteen (13) biweekly pay periods after the Effective Date; or (ii) that Employee accepts a position of full- or part-time employment (other than Employee’s acceptance of a position as an independent contractor in a bona fide consulting relationship to which Employee devotes less than 15 hours per week) with any Person and begins work at that position (the “Severance Period”), payable to Employee via direct deposit on API’s regular paydays. In the event Employee accepts a position of full- or part-time employment with any Person and begins work at that position within the Severance Period, Employee must notify API in writing at API Technologies Corp., 0000 X. Xxxxxx Xxxxxxxx Xxxx, Xxxxx 000, Xxxxxxx, Xxxxxxx 00000, Attn: Chairman of the Board, or at such other address designated by API in writing, within seven (7) days of Employee’s acceptance of the position.
Severance Payment and Other Consideration. Provided that Executive signs and executes the General Release of Claims attached hereto as Attachment A no earlier than the day following his Separation Date and further provided that Executive continues to abide by the terms of his Employment Agreement until the Separation Date, and thereafter with respect to terms of his Employment Agreement that survive the termination thereof, VIA shall pay or provide Executive the following severance benefits:
Severance Payment and Other Consideration. The Company will pay or provide to Employee the following amounts and benefits in consideration of the agreements contained in Sections 3, 4, 5, 6 and 7 of this Agreement.
Severance Payment and Other Consideration. In exchange for the Release in Section 6 and the covenants contained in this Agreement and the Future Consultation described in Section 6, the Company shall provide the following to Employee:
Severance Payment and Other Consideration. In exchange for the release, promises, and other consideration provided by Xxxxxxxxx pursuant to this Agreement, The City agrees as follows:
