Special Payments and Benefits. (a) Unless I have revoked this Agreement and Release pursuant to Section (8) below, SLM will pay me severance pay in the following manner: a total amount of $3,000,000, less withholding taxes and other deductions required by law, paid in a lump-sum payment. Such severance payment will be made in a lump sum no earlier than the eighth calendar day after my signature on this Agreement and Release. (b) Unless I have revoked this Agreement and Release pursuant to Section (8) below, SLM will pay me an additional payment of $300,000 in lieu of bonus, less withholding taxes and other deductions required by law. Such additional payment will be made in a lump sum no earlier than the eighth calendar day after my signature on this Agreement and Release. (c) Rehiring: If I am rehired as an employee within the 24-month period following my termination, I hereby agree to repay a prorated amount of Section 1(a) ($3,000,000 divided by 24 multiplied by the number of months remaining in the 24 month period following my termination), within 14 days after rehire, as a condition of rehire to SLM or any of its subsidiaries or affiliates. (d) Medical/Dental/Vision Continuation: Your current medical, dental and vision coverage will continue through the end of the month of your termination. The first day of the month following your Termination Date, on January 1, 2008, you will be eligible to continue your current medical, dental and vision coverage through COBRA for up to 18 months. If you become eligible for coverage under any other group health plan which does not contain an exclusion or limitation with respect to preexisting conditions of you or your beneficiaries, you may not be eligible for SLM COBRA coverage. SLM will pay the employer portion of the total cost of your medical, dental and vision insurance premiums under COBRA for the 18-month period of January 1, 2008 through June 30, 2009. SLM will also pay you an additional payment of $15,000, less withholding taxes and other deductions required by law, for you to buy coverage for yourself after June 30, 2009. (e) Executive Outplacement: Unless I have revoked this Agreement and Release pursuant to Section (8) below, SLM will pay me an additional payment of $15,000, less withholding taxes and other deductions required by law. Such additional payment will be made in a lump sum no earlier than the eighth calendar day after my signature on this Agreement and Release. (f) Matching Contributions Program: You will be eligible to participate in the Matching Contributions Program during 2008 with up to $25,000 in matching contributions to eligible organizations on your behalf, regardless of any changes in Program provisions during 2008.
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Special Payments and Benefits. (a) Unless I have revoked this Agreement and Release pursuant to Section (8) below, SLM will pay me severance pay in the following manner: a total amount of $3,000,000350,000, less withholding taxes and other deductions required by law, paid in a lump-sum payment. This severance amount is equal to my annualized based salary. Such severance payment will be made in a lump sum no earlier than the eighth calendar day and no later than the twenty-first calendar day after my signature on this Agreement and Release.
(b) Unless I have revoked this Agreement and Release pursuant to Section (8) below, SLM will pay me an additional payment severance the following manner: a total amount of $300,000 in lieu of bonus160,200, less withholding taxes and other deductions required by law. This severance amount is equal to my most recent 24 months of bonus compensation divided by two, including the extent to which the current year’s target bonus is earned under the MIP. Such additional payment will be made in a lump sum no earlier than the eighth calendar day and no later than the twenty-first calendar day after my signature on this Agreement and Release.
(c) Rehiring: If I am rehired as an employee of SLM or any of its subsidiaries or affiliates within the 2412-month period following my termination, I hereby agree to repay a prorated an amount of Section 1(a) ($3,000,000 350,000 divided by 24 12 multiplied by the number of months remaining in the 24 12 month period following my termination, adjusted and reduced by the amount of taxes paid and withheld on that sum), within 14 30 days after rehire, as a condition of rehire to SLM or any of its subsidiaries or affiliates.
(d) Medical/Dental/Vision Continuation: Your My current medical, dental and vision coverage will continue through the end of the month of your my termination. The first day of the month following your my Termination Date, on January December 1, 20082009, you I will be eligible have the right to continue your my current medical, dental and vision coverage through COBRA for up to 18 months. If you become eligible for coverage under any other group health plan which does not contain an exclusion or limitation with respect to preexisting conditions of you or your beneficiariesI properly elect COBRA continuation coverage, you may not be eligible for SLM COBRA coverage. SLM will pay directly to the insurance carrier the employer portion of the total cost of your my medical, dental and vision insurance premiums under COBRA for the 18-18th month period of January December 1, 2008 2009 through June 30May 31, 2009. SLM will also pay you an additional payment of $15,000, less withholding taxes and other deductions required by law, for you to buy coverage for yourself after June 30, 20092011.
(e) Executive Outplacement: Unless I have revoked this Agreement and Release pursuant will be eligible to Section receive, at my option, professional outplacement services from placement firms of my choice for up to twelve months to assist me in seeking a new position in an amount of up to $15,000.
(8) below, f) Executive Physical: I will be eligible to obtain an executive physical in 2010 for up to $5,000 to be paid for by SLM from one of the designated medical facilities.
(g) Vacation Payout: SLM will pay me an additional payment $13,462 for my 80 hours of $15,000, less withholding taxes and other deductions required by lawreserve vacation leave. Such additional payment will be made in a lump sum no earlier than the eighth calendar day after my signature on this Agreement and Release.
(f) Matching Contributions Program: You Release and no later than the twenty first calendar day and will be eligible to participate made in the Matching Contributions Program during 2008 with up to $25,000 in matching contributions to eligible organizations on your behalf, regardless of any changes in Program provisions during 2008a lump sum less withholding taxes and other deductions required by law.
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Samples: Confidentiality Agreement (SLM Corp)
Special Payments and Benefits. (a) Unless I have revoked this Agreement and Release pursuant to Section (8) below, SLM will pay me severance pay in the following manner: a total amount of $3,000,0001,300,000.00, less withholding taxes and other deductions required by law, paid in a lump-sum payment. Such severance payment will be made in a lump sum no earlier than the eighth calendar day and no later than the twenty-first calendar day after my signature on this Agreement and Release.
(b) Unless I have revoked this Agreement and Release pursuant to Section (8) below, SLM will pay me an additional payment of $300,000 100,000.00 in lieu of a 2009 bonus, less withholding taxes and other deductions required by law. Such additional payment will be made in a lump sum no earlier than the eighth calendar day and no later than the twenty-first calendar day after my signature on this Agreement and Release.
(c) Rehiring: If I am rehired as an employee of SLM or any of its subsidiaries or affiliates within the 2412-month period following my termination, I hereby agree to repay a prorated an amount of Section 1(a) ($3,000,000 1,300,000.00 divided by 24 12 multiplied by the number of months remaining in the 24 12 month period following my termination, adjusted and reduced by the amount of taxes paid and withheld on that sum), within 14 30 days after rehire, as a condition of rehire to SLM or any of its subsidiaries or affiliates.
(d) Medical/Dental/Vision Continuation: Your My current medical, dental and vision coverage will continue through the end of the month of your my termination. The first day of the month following your my Termination Date, on January which is June 1, 20082009, you I will be eligible have the right to continue your my current medical, dental and vision coverage through COBRA for up to 18 months. If you become eligible for coverage under any other group health plan which does not contain an exclusion or limitation with respect to preexisting conditions of you or your beneficiariesI properly elect COBRA continuation coverage, you may not be eligible for SLM COBRA coverage. SLM will pay directly to the insurance carrier the employer portion of the total cost of your my medical, dental and vision insurance premiums under COBRA for the 18-18th month period of January June 1, 2008 2009 through June November 30, 2009. SLM will also pay you an additional payment of $15,000, less withholding taxes and other deductions required by law, for you to buy coverage for yourself after June 30, 20092010.
(e) Executive Outplacement: Unless I have revoked this Agreement and Release pursuant will be eligible to Section receive, at my option, professional outplacement services from placement firms of my choice for up to twelve months to assist me in seeking a new position in an amount of up to $15,000.
(8) below, h) Executive Physical: I will be eligible to obtain an executive physical in 2009 for up to $5,000 to be paid for by SLM from one of the designated medical facilities.
(i) Vacation Payout: SLM will pay me an additional payment $13,460 for my 80 hours of $15,000, less withholding taxes and other deductions required by lawreserve vacation leave. Such additional payment will be made in a lump sum no earlier than the eighth calendar day after my signature on this Agreement and Release.
(f) Matching Contributions Program: You Release and no later than the twenty first calendar day and will be eligible to participate made in the Matching Contributions Program during 2008 with up to $25,000 in matching contributions to eligible organizations on your behalf, regardless of any changes in Program provisions during 2008a lump sum less withholding taxes and other deductions required by law.
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Special Payments and Benefits. (a) Unless I have revoked this Agreement and Release pursuant to Section (8) below, SLM will pay me severance pay in the following manner: a total amount of $3,000,0002,500,000, less withholding taxes and other deductions required by law, paid in a lump-sum payment. Such severance payment will be made in a lump sum no earlier than the eighth calendar day and no later than the twenty-first calendar day after my signature on this Agreement and Release.
(b) Unless I have revoked this Agreement and Release pursuant to Section (8) below, SLM will pay me an additional payment of $300,000 500,000 in lieu of a 2008 bonus, less withholding taxes and other deductions required by law. Such additional payment will be made in a lump sum no earlier than the eighth calendar day and no later than the twenty-first calendar day after my signature on this Agreement and Release.
(c) Rehiring: If I am rehired as an employee within the 24-month period following my termination, I hereby agree to repay a prorated amount of Section 1(a) ($3,000,000 divided by 24 multiplied by the number of months remaining in the 24 month period following my termination), within 14 days after rehire, as a condition of rehire to SLM or any of its subsidiaries or affiliates.
(d) Medical/Dental/Vision Continuation: Your My current medical, dental and vision coverage will continue through the end of the month of your my termination. The first day of the month following your my Termination Date, on January October 1, 2008, you I will be eligible have the right to continue your my current medical, dental and vision coverage through COBRA for up to 18 12 months. If you become eligible for coverage under any other group health plan which does not contain an exclusion or limitation with respect to preexisting conditions of you or your beneficiariesI properly elect COBRA continuation coverage, you may not be eligible for SLM COBRA coverage. SLM will pay directly to the insurance carrier the employer portion of the total cost of your my medical, dental and vision insurance premiums under COBRA for the 1812-month period of January October 1, 2008 through June 30, 2009. SLM will also pay you an additional payment of $15,000, less withholding taxes and other deductions required by law, for you to buy coverage for yourself after June September 30, 2009.
(ed) Executive OutplacementBenefit Programs: Unless I have revoked waive future coverage and benefits under all SLM disability programs, but this Agreement and Release pursuant to Section (8) belowdoes not affect my eligibility for other Company medical, SLM will pay me an additional payment dental, life insurance, retirement, and benefit plans or the contract pension benefits I have accrued through my termination date under my Employment Agreement of $15,000February 24, less withholding taxes and other deductions required by law2003. Such additional payment will be made in a lump sum no earlier than the eighth calendar day after my signature on Whether I sign this Agreement and ReleaseRelease or not, I understand that my rights and continued participation in those plans will be governed by their terms, and that I generally will become ineligible for them shortly after my termination, after which I may be able to purchase continued coverage under certain of such plans. I understand that except for the benefits that may be due under 401(k), pension, supplemental pension, supplemental retirement benefit as identified in my Employment Agreement, and other deferred compensation plans to which I may be entitled under SLM’s standard employee benefit plans, that I will not receive any other wage, vacation, or other similar payments from SLM or any of the entities discussed in Section (2).
(e) For SLM equity vesting purposes, SLM deems my termination a job abolishment.
(f) Matching Contributions Program: You will Subject to any earlier payment provisions set forth above, and except for the benefits and payments described in 1(c) (medical/dental/vision continuation) and 1(d)(benefit programs), all payments or reimbursements described in this Section 1 shall be eligible paid to participate in the Matching Contributions Program during 2008 with up to $25,000 in matching contributions to eligible organizations me on your behalfor before March 15, regardless of any changes in Program provisions during 20082009.
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Special Payments and Benefits. (a) Unless I have revoked this Agreement and Release pursuant to Section (8) below, SLM will pay me severance pay in the following manner: a total amount of $3,000,0001,500,000, less withholding taxes and other deductions required by law, paid in a lump-sum payment. Such severance payment will be made in a lump sum no earlier than the eighth calendar day after my signature on this Agreement and Release.
(b) Unless I have revoked this Agreement and Release pursuant to Section (8) below, SLM will pay me an additional payment of $300,000 285,000 in lieu of bonus, less withholding taxes and other deductions required by law. Such additional payment will be made in a lump sum no earlier than the eighth calendar day after my signature on this Agreement and Release.
(c) Rehiring: If I am rehired as an employee within the 24-month period following my termination, I hereby agree to repay a prorated amount of Section 1(a) ($3,000,000 1,500,000 divided by 24 multiplied by the number of months remaining in the 24 month period following my termination), within 14 days after rehire, as a condition of rehire to SLM or any of its subsidiaries or affiliates.
(d) Medical/Dental/Vision Continuation: Your current medical, dental and vision coverage will continue through the end of the month of your termination. The first day of the month following your Termination Date, on January 1, 2008, you will may be eligible to continue your current medical, dental and vision coverage through COBRA for up to 18 months. If you become eligible for coverage under any other group health plan which does not contain an exclusion or limitation with respect to preexisting conditions of you or your beneficiaries, you may not be eligible for SLM COBRA coverage. If you are eligible and you properly elect COBRA continuation coverage, SLM will pay the employer portion of the total cost of your medical, dental and vision insurance premiums under COBRA for the 18-month period of January 1, 2008 through June 30, 2009. SLM will also pay you an additional payment of $15,000, less withholding taxes and other deductions required by law, for you to buy coverage for yourself after June 30, 2009.
(e) Executive Outplacement: Unless I have revoked this Agreement and Release pursuant You will be eligible to Section (8) below, SLM will pay receive professional outplacement services for up to twelve months to assist me in seeking a new position for an additional payment amount of up to $15,000, less withholding taxes and other deductions required by law. Such additional payment will be made in a lump sum no earlier than the eighth calendar day after my signature on this Agreement and Release.
(f) Matching Contributions Program: You will be eligible to participate in the Matching Contributions Program during 2008 with up to $25,000 in matching contributions to eligible organizations on organizations.
(g) Financial Planning: You will be eligible to receive reimbursement for up to $10,000 in financial planning services in calendar year 2008 to be performed by a professional of your behalf, regardless choice.
(h) Executive Physical: You will be eligible to obtain an executive physical of any changes up to $5,000 in Program provisions during 20082008 to be paid for by SLM from one of the designated medical facilities.
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