Special Separation Benefits Sample Clauses

Special Separation Benefits. In consideration of the General Release, the Confidentiality of Separation Agreement and Nondisparagement provision, and the Agreement Regarding Solicitation of Employees and Consultants set forth in this Separation Agreement, and contingent upon your acceptance of the terms contained herein, the Company offers you the following Special Separation Benefits, in addition to the benefits you will receive pursuant to Paragraph 2: (a) Termination Allowance. A termination allowance in the amount of $55,400.00, which is equivalent to your base salary for sixteen (16) weeks, payable concurrently with the execution and delivery to the Company of both this Separation Agreement and the Reaffirmation of Separation Agreement described in Paragraph 13 hereof.
Sample 1
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Special Separation Benefits. In consideration of the promises of Executive contained in this Agreement and the performance thereof, Company agrees to provide Executive with the following special separation benefits.
Sample 1
Special Separation Benefits. In full and complete settlement of all claims Doll may have had under the Employment Agreement, as well as any and all other claims he has or may have against the Company, its affiliates, representatives, officers, directors and employees and all other persons who are defined in the form of Release attached hereto as Exhibit A as “Persons Released,” whether such claims stem from his employment, the Employment Agreement and/or the cessation of his employment with the Company or otherwise, through the date of this Agreement, and provided Doll shall have executed said Release and shall not have exercised his right of revocation under Section 6 hereof, the Company shall, on August 7, 2008, pay the following separation benefits to Doll: (a) six hundred twenty thousand dollars ($620,000) in cash (the “Severance Payment”); and (b) 94,705 shares of the Company’s common stock (the “Shares”); provided, however, that the Company shall withhold from the payment of the Severance Payment and Shares such taxes and other deductions as are required by law. The Company believes, based upon the report of its independent consultant, that the current fair market value of its common stock is $8.53 per share and that the current fair market value of the Shares is therefore $807,834. The Company shall withhold, with respect to the taxes relating to the Shares, that number of Shares having a value of $201,958 (25% of the fair market value of the Shares), based upon the fair market value per share of $8.53. Doll represents that the Shares, which will be issued to Xxxxx X. Xxxx and Xxxxxxxx X. Xxxx, are being acquired by them for their own account, for investment, and not with a view to the distribution thereof. Doll acknowledges that the Shares have not been registered under the Securities Act of 1933, as amended, that they are restricted shares, and that the certificates representing the Shares shall bear the following restrictive legend: The shares represented by this certificate have not been registered under the Securities Act of 1933, as amended, and may not be sold, mortgaged, pledged, hypothecated or otherwise transferred in the absence of an effective registration statement under the Act or an opinion of counsel satisfactory to the Corporation that registration is not required under the Act. At such time as such forms are normally processed for payments made in 2008, the Company shall issue an IRS Form W-2 to Doll for the Separation Pay and for the value of the Shares.
Sample 1
Special Separation Benefits. Contingent upon your acceptance of the terms of this Agreement and in consideration of your undertakings set forth in Paragraphs 6 (General Release), 7 (Confidentiality, Cooperation, Nonprosecution, and Nondisparagement), and 8 (Agreement to Waive Certain Rights) of this Agreement, Nexen offers you, in addition to the payments and benefits you will receive pursuant to Paragraph 3, the following Special Separation Benefits: (a) BASE SALARY. Payment of $626,000, which is approximately 24 months' of your regular base salary. (b) TARGET BONUS. Payment of $250,400, which is approximately 40% of your regular base salary and your target bonus for 24 months after the Effective Date.
Sample 1
Special Separation Benefits. In consideration of the General Release, the Confidentiality of Separation Agreement and Nondisparagement provision, and the Agreement Regarding Solicitation of Employees and Consultants set forth in this Separation Agreement, and contingent upon your acceptance of the terms contained herein, the Company offers you the following Special Separation Benefits, in addition to the benefits you will receive pursuant to Paragraph 2:
Sample 1
Special Separation Benefits. In consideration of the promises made by Xxxxxx herein, the Bank shall do the following:
Sample 1
Special Separation Benefits. In consideration of the General Release, the Confidentiality of Separation Agreement and Nondisparagement provision, and the Agreement Regarding Solicitation of Employees and Consultants set forth in this Agreement, and contingent upon your acceptance of the terms of this Agreement, the Company offers you the following Special Separation Benefits, in addition to the benefits you will receive pursuant to Paragraph 2: (a) Termination Allowance. A termination allowance in the amount of $82,500, which is equivalent to your base salary for six (6) months payable concurrently with the regularly scheduled pay periods of the Company in twelve (12) equal installments of $6,875 through November 15, 1997; provided that the first installment for payment through May 31, 1997 shall be paid upon execution and delivery of this Separation Agreement.
Sample 1
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Special Separation Benefits. In consideration of the General Release, the Confidentiality of Separation Agreement and Nondisparagement provision, and the Agreement Regarding Solicitation of Employees set forth in this Agreement, and contingent upon your acceptance of the terms of this Agreement, the Company offers you the following Special Separation Benefits, in addition to the benefits you will receive pursuant to Paragraph 2; provided that the Special Separation Benefits described in this Paragraph 3 shall be subject to and not become due and payable until such time that you have made actual payment of amounts owed to the Company for loans, salary advances and/or non-reimbursable expense advances, which you and the Company agree to be an amount equal to Thirty-Three Thousand Five Hundred Eighty Dollars and 93/100 Cents ($33,580.93):
Sample 1

Related to Special Separation Benefits

  • Separation Benefits If this Agreement is terminated either by the Company without Cause in accordance with Section 6(c) (including the Company’s non-renewal of this Agreement) or by Employee resigning his employment for Good Reason in accordance with Section 6(d), the Company shall have no further obligation to Employee under this Agreement, except the Company shall provide the Accrued Obligations to Employee in accordance with Section 7(a) plus the following payments and benefits (collectively, the “Separation Benefits”) to Employee: (i) an amount equal to one times the sum of the Base Salary in effect immediately before the Termination Date plus the Annual Bonus received by Employee for the fiscal year preceding the Termination Date (or if Employee was employed for less than one full fiscal year prior to the Termination Date, the Annual Bonus for purposes of this Section 7 shall be the Annual Bonus payable during the current fiscal year at the target amount provided above) (together, the “Separation Pay”); and (ii) during the six-month period commencing on the Termination Date that Employee is eligible to elect and elects to continue coverage for himself and his eligible dependents under the Company’s group heath insurance plan pursuant to the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”), or similar state law, the Company shall reimburse Employee on a monthly basis for the difference between the amount Employee pays to effect and continue such coverage under COBRA and the employee contribution amount that active employees of the Company pay for the same or similar coverage; provided, however, that Employee shall notify the Company in writing within five days after he becomes eligible after the Termination Date for group health insurance coverage, if any, through subsequent employment or otherwise and the Company shall have no further reimbursement obligation after Employee becomes eligible for group health insurance coverage due to subsequent employment or otherwise. The Separation Pay shall be paid to Employee in a lump sum within 60 days of the Termination Date; provided, however, that no Separation Pay shall be paid to Employee unless the Company receives, on or within 55 days after the Termination Date, an executed and fully effective copy of the Release (as defined below). Any COBRA reimbursements due under this Section shall be made by the last day of the month following the month in which the applicable premiums were paid by Employee. For the avoidance of doubt, Employee shall not be entitled to the Separation Benefits if this Agreement is terminated (i) due to Employee’s death; (ii) by the Company due to Employee’s Inability to Perform; (iii) by the Company for Cause; (iv) by Employee without Good Reason; or (v) by non-renewal by Employee in accordance with Sections 4(b) and 6(f).

  • Termination Benefits (a) Upon the occurrence of a Change in Control, followed at any time during the term of this Agreement by the involuntary termination of the Executive’s employment (other than for Termination for Cause or death), or by the Executive for Good Reason, the Employers shall: (i) pay the Executive, or in the event of his subsequent death, his beneficiary or beneficiaries, or his estate, as the case may be, a lump sum payment within thirty (30) days of the Date of Termination an amount equal to three (3) times the Executive’s average annual compensation for the five most recent taxable years that the Executive has been employed by the Employers or such lesser number of years in the event that the Executive shall have been employed by the Employers for less than five years. For this purpose, annual compensation shall include base salary and any other taxable income, including, but not limited to, amounts related to the granting, vesting or exercise of restricted stock or stock option awards, commissions, bonuses, pension and profit sharing plan contributions or benefits (whether or not taxable), severance payments, retirement benefits, and fringe benefits paid or to be paid to the Executive or paid for the Executive’s benefit during any such year; and (ii) cause to be continued life insurance and non-taxable medical, dental and disability coverage substantially identical to the coverage maintained by the Employers for the Executive prior to his Date of Termination, except to the extent such coverage may be changed in its application to all employees on a nondiscriminatory basis. Such coverage and payments shall cease upon the expiration of thirty-six (36) full calendar months from the Date of Termination. (b) Notwithstanding the foregoing, to the extent required to avoid penalties under Section 409A of the Code, the cash severance payable under Section 3 of this Agreement shall be delayed until the first day of the seventh month following the Executive’s Date of Termination. (c) For purposes of this Agreement, a “termination of employment” shall mean a “Separation from Service” as defined in Section 409A of the Code and the regulations promulgated thereunder, such that the Employers and the Executive reasonably anticipate that the level of bona fide services the Executive would perform after a termination of employment would permanently decrease to a level that is less than 50% of the average level of bona fide services performed (whether as an employee or as an independent contractor) over the immediately preceding thirty-six (36) month period.

  • Vacation Benefits During the Term, the Executive shall be eligible for 20 vacation days annually, which shall be accrued and used in accordance with the applicable policies of the Company. During the Term, the Executive shall be eligible to participate in such medical, dental and life insurance, retirement and other plans as the Company may have or establish from time to time on terms and conditions applicable to other senior executives of the Company generally. The foregoing, however, shall not be construed to require the Company to establish any such plans or to prevent the modification or termination of such plans once established.

  • Relocation Benefits If the Executive moves his residence in order to pursue other business or employment opportunities during the Continuation Period and requests in writing that the Company provide relocation services, he will be reimbursed for any expenses incurred in that initial relocation (including taxes payable on the reimbursement) which are not reimbursed by another employer. Benefits under this provision will include assistance in selling the Executive's home and all other assistance and benefits which were customarily provided by the Company to transferred executives prior to the Change in Control.

  • Dental Benefits The County offers dental and orthodontic benefits to full and part-time regular employees and their eligible dependent(s). Benefit provisions, co­ payments and deductibles are outlined in the Evidence of Coverage. The employee contribution is $13 per pay period ($28.26 per month). The County shall contribute to part-time eligible employees on a pro-rated basis, in accordance with Section 10.2.6.

  • Group Benefits To determine if a leave under the provisions of the Family and Medical Leave Act will be a paid or unpaid leave, contact the District’s Human Resources Department.

  • Compensation Benefits In accordance with Section 142 of the State Finance Law, this contract shall be void and of no force and effect unless the Contractor shall provide and maintain coverage during the life of this contract for the benefit of such employees as are required to be covered by the provisions of the Workers' Compensation Law.

  • SUPPLEMENTAL BENEFITS The employer shall maintain a “Supplemental Unemployment Benefits Plan” pursuant to the Employment Insurance Act and Regulations in regard to maternity, parental and adoption leave. The employer shall make amendments as appropriate to ensure that the Plan provides the maximum permissible benefits in conjunction with Articles 17.06, 17.07 or 17.08.

  • Plan Benefits Each year, prior to the annual enrollment period, EMPLOYEES will receive Enrollment information that will outline the benefits offered next calendar year. Information relative to specific health insurance benefits and limitations will be updated regularly and contained in the SPD. In the event there is a conflict between the provisions of the collective bargaining agreement and the SPD, the District's SPD shall control.

  • Change in Control Benefits In the event there is a Change in Control, as defined below, and the Executive’s employment hereunder is terminated by the Executive for Good Reason or by the Employer without Cause (other than on account of the Executive’s death or disability), in each case within twelve (12) months either (a) after Executive’s employment has terminated or (b) following a Change in Control, the Executive shall be entitled to be paid, in a single lump sum, severance equal to two (2) years’ salary at that salary rate being paid to Executive as of the date of the Executive’s termination together with an amount equal to one times (1.0x) the average of the Annual Bonus paid to Executive for services during the preceding three (3) calendar years (or the Executive’s period of employment, if less than three (3) years), provided; that, in the event the Executive’s employment has terminated and Executive has been paid a severance benefit under Section 6 of this Agreement, such change in control benefit under this Section 7 shall be reduced by the amount of the severance benefit previously paid. Executive acknowledges and agrees that such payment is in lieu of all damages, payments and liabilities on account of the early termination of this Agreement and is the sole and exclusive remedy for Executive (other than rights, if any, to exercise any of the stock options vested prior to such termination), and shall only be paid, within 60 days after his separation from service with Employer, subject to Executive’s execution and delivery to Employer, within such 60-day period, of a complete release of all claims Executive may have against the Employer, its officers, directors, agents, employees, predecessors, successors, parents, subsidiaries, and affiliates. If the 60-day period referred to in the immediately preceding sentence begins in one calendar year and ends in the following calendar year, then the payment shall be made in the latter calendar year. If upon termination of employment Executive chooses to arbitrate any claims pursuant to Section 18, Executive shall be deemed to have waived Executive’s right, if any, to severance.

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