Severance Release. Executive acknowledges and agrees that the Company’s payment of the severance compensation pursuant to Sections 7.3, 7.5 or 7.6 of this Agreement shall be deemed to constitute a full settlement and discharge of any and all obligations of the Company to Executive arising out of this Agreement, Executive’s employment with the Company and/or the termination of Executive’s employment with the Company, except for any vested rights Executive may have under any insurance, stock option or equity compensation plan or any other employee benefit plans sponsored by the Company. Executive further acknowledges and agrees that as a condition to receiving any of the severance compensation pursuant to Section 7.3, 7.5 or 7.6 of this Agreement, Executive will execute and deliver to the Company a Release Agreement in form and substance reasonably satisfactory to the Company pursuant to which Executive will release and waive any and all claims against the Company (and its officers, directors, shareholders, employees and representatives) arising out of this Agreement, Executive’s employment with the Company, and/or the termination of Executive’s employment with the Company, including without limitation claims under all federal, state and local laws; provided, however, that such Release Agreement shall not affect or relinquish (a) any vested rights Executive may have under any insurance, stock option or equity compensation plan, or other employee benefit plan sponsored by the Company, (b) any claims for reimbursement of business expenses incurred prior to the employment termination date, or (c) any rights to severance compensation under Sections 7.3, 7.5 or 7.6 of this Agreement. Executive further agrees that the Release Agreement contemplated in this Section 7.12 must be executed, and the applicable revocation period must expire without Executive’s revocation, within the timeframe set forth in the Release Agreement but in no event later than fifty-five (55) days after the effective date of Executive’s termination.
Severance Release. In the event of and upon the termination by the Corporation of the employment of the Executive under this Agreement without "cause" at any time after the expiration of 180 days from the commencement of employment of Executive with the Corporation, in addition to the Salary and other compensation (including cash bonuses, incentive and performance compensation) earned hereunder and unpaid or not delivered through the date of termination and any benefits referred to in Section 5(b) hereof in which the Executive has a vested right under the terms and conditions of the plan or program pursuant to which such benefits were granted (without regard to such termination), the Corporation shall pay the Executive a cash payment (the "Severance Payment") equal in the aggregate to the sum of twelve months' Salary and all bonuses earned by the Executive during the twelve (12) months preceding such termination. In the event of termination of this Agreement by the Corporation by reason of the death or disability of the Executive, the Corporation shall not be obligated to make the Severance Payment to the Executive. The Severance Payment shall be paid to the Executive in consecutive, equal monthly installments, on the fifteenth day of each calendar month commencing during the month next following the (1) the first to occur of the month in which the Executive is no longer employed by the Corporation and (2) the effective date of a general release from the Executive in customary form for such circumstances. The Severance Payment shall be in lieu of any other claim for compensation under this Agreement, any wage continuation law or at common law, or any claim to severance or similar payments or benefits which the Executive may otherwise have or make. Without limiting any other rights or remedies which the Corporation may have, it is understood that the Corporation shall be under no further obligation to make any such severance payments and shall be entitled to be reimbursed therefor by the Executive or his estate if the Executive violates any of the covenants set forth in the Conditions of Employment attached as Exhibit A hereto. In the event that the Severance Payment shall become payable to the Executive, the Executive shall not be required, either in mitigation of damages or by the terms of any provisions of this Agreement or otherwise, to seek or accept other employment, and if the Executive does accept other employment, any benefits or payments under this Agreement shall n...
Severance Release. Employee acknowledges and agrees that the Company’s payment of the severance compensation pursuant to this Section 7 shall be deemed to constitute a full settlement and discharge of any and all obligations of the Company to Employee arising out of this Agreement, Employee’s employment with the Company and/or the termination of Employee’s employment with the Company, except for any vested rights Employee may have under any insurance, stock option or equity compensation plan or any other employee benefit plans sponsored by the Company.
Severance Release. Executive acknowledges and agrees that as a condition to receiving any of the severance compensation pursuant to Section 6.3 of this Agreement (such severance compensation being collectively referred to as the “Severance Compensation”), Executive shall execute and deliver to Company a Release Agreement in form and substance reasonably satisfactory to the Company pursuant to all of which subsidiaries and Executive releases and waives any and all claims against the Company and all of their subsidiaries and Affiliates and its and their shareholders, directors, officers and employees arising out of this Agreement, Executive’s employment with the Company, Executive’s work for the Company or any of its Affiliates and/or the termination of Executive’s employment with the Company; provided, however, that such Release Agreement shall not affect or relinquish:
Severance Release. Executive acknowledges and agrees that the Company’s payment of the severance compensation pursuant to Section 7.4, Section 7.5 or Section 7.7 of this Agreement shall be deemed to constitute a full settlement and discharge of any and all obligations of the Company to Executive arising out of this Agreement, Executive’s employment with the Company and/or the termination of Executive’s employment with the Company. Executive further acknowledges and agrees that as a condition to receiving any of the severance compensation pursuant to Section 7.4, Section 7.5 or Section 7.7 of this Agreement, Executive will execute and deliver to the Company a Release Agreement in substantially the form attached as Exhibit A (with such changes as may be necessary due to changes in applicable law) pursuant to which Executive will release and waive all claims against the Company, its affiliates, and all of its and their present and/or former members, owners, officers, directors, employees, agents, attorneys and representatives, including, without limitation, all claims arising out of this Agreement, Executive’s employment with the Company, and/or the termination of Executive’s employment with the Company; provided, however, that such Release Agreement shall not affect or relinquish (a) any claim for Base Salary earned by Executive prior to the employment termination date; (b) any claims for reimbursement of business expenses incurred prior to the employment termination date, (c) any rights to the severance or other compensation under Section 7.4, Section 7.5 or Section 7.7, as applicable, of this Agreement; or (d) any rights Executive may have with respect to vested benefits under any employee benefit plans or programs of the Company. The severance compensation described in Section 7.4, Section 7.5 or Section 7.7 of this Agreement is in lieu of any severance benefits under any severance policy or plan the Company may have now or in the future, and Executive acknowledges that he is not entitled to any other severance benefits.
Severance Release. (i) In the event of, and only upon, the termination of the employment of Employee under this Agreement pursuant to: (A) Section 5(a)(v) and either (x) Employee has not been offered post-Change of Control employment by the Company or any successor entity; or (y) if offered post-Change of Control employment by the Company or any successor entity, the position offered to Employee would result in a material reduction in Employee’s duties, authority or responsibilities as in effect immediately prior to such Change of Control; or (B) Section 5(a)(vi), then Employee shall be entitled to receive (I) his Base Salary and the amount of any Cash Bonus earned hereunder but unpaid through the date of such termination, any benefits referred to in the first sentence of Section 4(a) in which Employee has a vested right under the terms and conditions of the employee benefit plan pursuant to which such benefits were granted (“Vested Benefits”), and (II) (a) severance in an amount equal to Employee’s then current Base Salary for 12 months payable in equal installments, less applicable taxes and withholdings, pursuant to the Company’s normal payroll procedures over 12 months as provided herein, and (b) provided Employee timely elects, and remains eligible for, continued group health plan benefits to the extent authorized by and consistent with 29 U.S.C. § 1161 et seq. (commonly known as “COBRA”), reimburse Employee, on a monthly basis upon presentation of proof of payment by Employee, for COBRA premiums in an amount such that Employee’s net cost (after tax) for continued health insurance coverage is the same as Employee’s cost for such benefits as in effect on the date of termination and such reimbursement shall continue until the earlier of: (i) the date that is 12 months after the date of termination, and (ii) the date Employee becomes eligible for health benefits through another employer or otherwise become ineligible for COBRA (the “Termination Benefits”). Any severance payments due hereunder shall commence as soon as administratively feasible within 60 days after Employee’s termination of employment provided Employee has timely executed and returned the Release referred to in Section 5(e)(iii) and, if a revocation period is applicable, Employee has not revoked the Release; provided, however, that if the 60-day period begins in one calendar year and ends in a second calendar year, the severance payments shall begin to be paid in the second calendar year. On the date that s...
Severance Release. In consideration of the payments to be made to Employee under the Severance Agreement, Employee, on Employee's own behalf and on behalf of Employee's descendants, dependents, heirs, executors, successors, assigns and administrators hereby (1) covenants not to xxx, (2) fully releases and discharges, and (3) agrees to indemnify and hold harmless the Company and each of its related companies or entities, and each of its predecessors, successors, assigns, officers, directors, shareholders, representatives, attorneys, employees and agents, past and present, with respect to and from and against any and all claims, demands, obligations, causes of action, debts, expenses, damages, judgments, orders and liabilities of whatever kind or nature, in law, equity or otherwise, whether now known or unknown, suspected or unsuspected, matured or unmatured, and whether or not concealed or hidden (collectively, the "Claims"), which Employee now owns or holds or has at any time heretofore owned or held or had, or may at any time own or hold or have, against the Company, including without limiting the generality of the foregoing, any Claims arising out of or in any way connected with any transactions, occurrences, acts or omissions regarding or relating to Employee's employment with the Company or any of its affiliates, or the termination of Employee's employment, including without limitation any claims arising from any alleged violation by the Company of any federal, state or local statutes, ordinances or common laws, including, but not limited to, the Age Discrimination in Employment Act, Title VII of the Civil Rights Act of 1964 and/or the Civil Rights Act of 1991, the Americans with Disabilities Act, and the Family and Medical Leave Act of 1993, or any claim for severance pay, bonus, sick leave, holiday pay, vacation pay, life insurance, health or medical insurance or any other fringe benefit, workers' compensation or disability.
Severance Release. After the occurrence of the conditions described in paragraph 2 above, the Severance Payment will be paid to you in a lump sum no later than 60 days after your termination date and within 5 days after the release described below becomes effective and is no longer subject to revocation (the “Severance Payment Date”), provided that, to the extent the Severance Payment is subject to Code Section 409A, if the date of execution of the release could result in the Severance Payment Date occurring in either the calendar year in which your termination date occurs or the following calendar year, the Severance Payment Date shall be on the first payroll date occurring in such following calendar year. The Severance Payment shall not be payable unless and until you execute and deliver a full and final release of claims against XX Xxxxxx, its affiliates, subsidiaries, officers and directors, in accordance with XX Xxxxxx’ standard practice for severance payments in a form attached hereto as Exhibit A, that is no longer subject to revocation in accordance with applicable law on the Severance Payment Date; and provided, further, that such release will not require you to waive any rights related to vested stock options, Transaction Management Incentive Plan Payments or other vested equity grants issued by XX Xxxxxx or its affiliates.
Severance Release. Executive acknowledges and agrees that as a condition to receiving any of the severance compensation (including the Supplemental Severance Payments) pursuant to Section 8.3 or 8.6 of this Agreement (such severance compensation being collectively referred to as the "Severance Compensation"), Executive shall execute and deliver to the Companies a Release Agreement in form and substance reasonably satisfactory to the Companies pursuant to which Executive releases and waives any and all claims against the Companies and their affiliates arising out of this Agreement, Executive’s employment with the Companies, Executive’s work for the Companies or their affiliates and/or the termination of Executive’s employment with the Companies; provided, however, that such Release Agreement shall not affect or relinquish (a) any vested rights Executive may have under any insurance or other employee benefit plans sponsored by any of the Companies, (b) any claims for salary or other compensation earned by Executive prior to the employment termination date; (c) any claims for reimbursement of business expenses incurred prior to the employment termination date, (d) any rights to Severance Compensation; or (e) Executive's rights to indemnification pursuant to Section 12 of this Agreement or by law. In the event Executive dies during the period he is receiving any Severance Compensation, the Companies' obligation to pay such Severance Compensation shall not terminate, and the unpaid portion of such Severance Compensation shall be paid in a lump sum to Executive's estate as soon as administratively feasible.
Severance Release. 1. In consideration for the payments and, if applicable, benefits to be provided to me pursuant to Section 4.0___of my Employment Agreement with Home Products International, Inc., a Delaware corporation (the “Company”), dated ___, ___, I, Dxx Xxxx, on behalf of myself and my heirs, executors, administrators, assigns, and attorneys (hereinafter collectively referred to as the “Releasing Parties”) do hereby fully and forever waive, release, relieve and discharge the Company, its direct and indirect parent corporation(s), subsidiaries and affiliates and its and their respective directors, officers, employees, members, partners, shareholders, attorneys and agents, past, present and future, and each of their respective successors and assigns (hereinafter collectively referred to as the “Released Parties”) of and from any and all actions, causes of action, claims, judgments, orders, attorneys’ fees, damages, controversies, lawsuits, demands or liabilities of any kind of nature, known or unknown, vested or contingent, suspected or unsuspected, concealed or hidden, and all other claims and demands whatsoever in law or in equity which any Releasing Parties have had or now have against any Released Party from the beginning of the world to the date of this Agreement, as a result of, arising from or in any way pertaining to, my employment, or the termination of my employment, with the Company or any direct and indirect parent corporation(s), subsidiaries and affiliates of the Company, including, for purposes of illustration and not limitation:
