Supplemental Release. In exchange for the severance benefits as set forth in Section 1.b above, Employee agrees to execute, within the time period specified therein, a Supplemental Release Agreement in the form attached hereto as Exhibit A (the “Supplemental Release”), which will bridge the gap and cover the time period from the Effective Date of this Agreement through the Supplemental Effective Date (as defined in the Supplemental Release); provided, however, the Parties agree to modify the Supplemental Release to comply with any new laws that may become applicable. The Parties agree that changes to the Supplemental Release, whether material or immaterial, do not restart the running of any consideration period specified in the Supplemental Release. If (a) Employee resigns from employment with the Company prior to June 4, 2021 without approval from the New CEO in writing that the Transition Duties have been satisfactorily completed, as determined by the New CEO (a “Premature Resignation”), (b) the Company terminates Employee’s employment with the Company for Cause (as defined in Section 1(e) of the Employment Agreement) prior to June 4, 2021 (a “Good Cause Termination”), or (c) Employee fails to timely execute the Supplemental Release, then such event shall be deemed to constitute a failure to comply with the material terms and conditions of this Agreement, and in such event, notwithstanding anything to the contrary herein or in the Supplemental Release, Employee shall not be entitled to the consideration in Section 1.b above except for a lump sum of One Thousand Dollars ($1,000) thereof, less applicable withholdings (the “Partial Payment”), which shall be paid within ten (10) business days following the later of the effectiveness of this Agreement or the Separation Date, and Employee acknowledges and agrees that such $1,000 Partial Payment and the Transition Opportunity shall serve as full and complete consideration for the promises and obligations assumed by Employee under this Agreement. In the event of a Premature Resignation or a Good Cause Termination, and provided Employee timely executes the Supplemental Release, Employee shall, in addition to the Partial Payment, receive a lump sum of Five Thousand Dollars ($5,000), less applicable withholdings, which shall be paid within ten (10) business days following the Supplemental Effective Date (as defined in the Supplemental Release).
Appears in 2 contracts
Samples: Transition Agreement and Release (Inogen Inc), Transition Agreement and Release (Inogen Inc)
Supplemental Release. In exchange for the severance benefits as set forth in Section 1.b above, Employee agrees to execute, within the time period specified therein, a Supplemental Release Agreement in the form attached hereto as Exhibit A (the “Supplemental Release”), which will bridge the gap and cover the time period from the Effective Date of this Agreement through the Supplemental Effective Date (as defined in the Supplemental Release); provided, however, the Parties agree to modify the Supplemental Release to comply with any new laws that may become applicable. The Parties agree that changes to the Supplemental Release, whether material or immaterial, do not restart the running of any consideration period specified in the Supplemental Release. If (a) Employee resigns from employment with the Company prior to June 4, 2021 without approval from the New CEO Company in writing that the Transition Duties have been satisfactorily completed, as determined by the New CEO Company (a “Premature Resignation”), (b) the Company terminates Employee’s employment with the Company for Cause (as defined in Section 1(e) of the Employment Agreement) prior to June 4, 2021 (a “Good Cause Termination”), or (c) Employee fails to timely execute the Supplemental Release, then such event shall be deemed to constitute a failure to comply with the material terms and conditions of this Agreement, and in such event, notwithstanding anything to the contrary herein or in the Supplemental Release, Employee shall not be entitled to the consideration in Section 1.b above except for a lump sum of One Thousand Dollars ($1,000) thereof, less applicable withholdings (the “Partial Payment”), which shall be paid within ten (10) business days following the later of the effectiveness of this Agreement or the Separation Date, and Employee acknowledges and agrees that such $1,000 Partial Payment and the Transition Opportunity shall serve as full and complete consideration for the promises and obligations assumed by Employee under this Agreement. In the event of a Premature Resignation or a Good Cause Termination, and provided Employee timely executes the Supplemental Release, Employee shall, in addition to the Partial Payment, receive a lump sum of Five Thousand Dollars ($5,000), less applicable withholdings, which shall be paid within ten (10) business days following the Supplemental Effective Date (as defined in the Supplemental Release).
Appears in 2 contracts
Samples: Transition Agreement and Release (Inogen Inc), Transition Agreement and Release (Inogen Inc)
Supplemental Release. In exchange for the severance benefits as set forth in Section 1.b 1.c above, Employee agrees to execute, within the time period specified therein, a Supplemental Release Agreement in the form attached hereto as Exhibit A (the “Supplemental Release”), which will bridge the gap and cover the time period from the Effective Date of this Agreement through the Supplemental Effective Date (as defined in the Supplemental Release); provided, however, that the Parties agree to Company may modify the Supplemental Release pursuant to comply with any new laws that or otherwise as may become applicablebe required by applicable law. The Parties agree that changes to the Supplemental Release, whether material or immaterial, do not restart the running of any consideration period specified in the Supplemental Release. If (a) Employee resigns from employment with the Company prior to June 4April 1, 2021 2022 without approval from the New CEO Company in writing that the Transition Duties have been satisfactorily completed, as determined by the New CEO Company (a “Premature Resignation”), (b) the Company terminates Employee’s employment with the Company for Cause (as defined in Section 1(e) of the Employment Agreement) prior to June 4April 1, 2021 2022 (a “Good Cause Termination”), or (c) Employee fails to timely execute the Supplemental Release, then such event shall be deemed to constitute a failure to comply with the material terms and conditions of this Agreement, and in such event, notwithstanding anything to the contrary herein or in the Supplemental Release, Employee shall not be entitled to the consideration in Section 1.b 1.c above except for a lump sum of One Thousand Dollars ($1,000) thereof, less applicable withholdings (the “Partial Payment”), which shall be paid within ten (10) business days following the later of the effectiveness of this Agreement or the Separation Date, and Employee acknowledges and agrees that such $1,000 the Partial Payment and the Transition Opportunity shall serve as full and complete consideration for the promises and obligations assumed by Employee under this Agreement. In the event of a Premature Resignation or a Good Cause Termination, and provided Employee timely executes the Supplemental Release, Employee shall, in addition to the Partial Payment, receive a lump sum of Five Thousand Dollars ($5,000), less applicable withholdings, which shall be paid within ten (10) business days 4000-0000-0000.2 following the Supplemental Effective Date (as defined in the Supplemental Release). In the event the Company terminates Employee’s employment without Cause prior to April 1, 2022 (such termination, a “Qualifying Termination”) and provided Employee timely executes the Supplemental Release, Employee shall receive, in addition to the Severance Benefits and the 2021 Annual Bonus (if any), (x) continued payment of Employee’s base salary at the rate of Fourteen-Thousand One Hundred Fifteen Dollars and Thirty-Eight Cents ($14,115.38) per bi-weekly pay period, less applicable withholdings, for the period of time between the Separation Date and April 1, 2022 (such period, the “Early Termination Period”), (y) accelerated vesting as to the portion (if any) of each Equity Award that would have vested had Employee remained employed with the Company during the full Early Termination Period, and (z) the post-termination exercise period of Equity Awards that are stock options that are outstanding and vested as of the date of Separation Date will be extended for additional period of time equal to the Early Termination Period, provided that, in no case, will such stock options be exercisable after April 1, 2023 (or, if earlier, the maximum term).
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Supplemental Release. In exchange for the severance benefits as set forth in Section 1.b aboveFor purposes of this Agreement, Employee agrees to execute, within the time period specified therein, a Supplemental Release Agreement in the form attached hereto as Exhibit A (the “Supplemental Release”)” means an agreement, in substantially the form of Exhibit B hereto, pursuant to which will bridge the gap and cover the time period from the Effective Date of this Agreement through the Supplemental Effective Date (as defined in the Supplemental Release); provided, however, the Parties agree to modify the Supplemental Release to comply with any new laws that may become applicable. The Parties agree that changes to the Supplemental Release, whether material or immaterial, do not restart the running of any consideration period specified in the Supplemental Release. If (a) Employee resigns from employment with the Company prior to June 4, 2021 without approval from the New CEO in writing that the Transition Duties have been satisfactorily completed, as determined by the New CEO (a “Premature Resignation”), (b) the Company terminates Employee’s employment with the Company for Cause releases all Claims (as defined in Section 1(eFOUR) that may have arisen between the date of this Agreement and the Employment Agreementdate on which the Supplemental Release is executed, and covenants not to xxx with respect to such Claims. Provided that Employee executes the Supplemental Release not earlier than the Termination Date and not later than twenty-one (21) prior to June 4days after the Termination Date, 2021 (a “Good Cause Termination”), or (c) Employee fails to timely execute and does not thereafter revoke the Supplemental Release, then such event payment of Employee’s separation benefits shall commence as soon as practicable after the seven (7) day revocation period for the Supplemental Release has passed and any amounts that would have been paid to the Employee pursuant to Section TWO before the expiration of the revocation period shall be deemed to constitute a failure to comply with the material terms and conditions of this Agreement, and in such event, notwithstanding anything paid to the contrary herein Employee, without interest, on the sixtieth (60th) day after the Termination Date. If the Employee fails to sign, or in revokes, the Supplemental Release, but otherwise satisfies all requirements for receipt of the separation benefits, then in lieu of the separation benefits described in paragraph (a) the Employee shall not be entitled to the consideration in Section 1.b above except for receive a single lump sum payment in the amount of One Thousand Dollars one thousand dollars ($1,000) thereof, less applicable withholdings (the “Partial Payment”1,000.00), which shall be paid within ten (10) business days following the later of the effectiveness of this Agreement or the Separation Date, and Employee acknowledges and agrees that such $1,000 Partial Payment and the Transition Opportunity shall serve as full and complete constitute consideration for the promises and all of Employee’s obligations assumed by Employee under this Agreement. In the event of a Premature Resignation or a Good Cause Termination, and provided Employee timely executes the Supplemental Release, Employee shall, in addition to the Partial Payment, receive a lump sum of Five Thousand Dollars ($5,000), less applicable withholdings, which obligations shall remain in full force and effect and, for avoidance of doubt, Sections FOUR and FIVE shall apply to all Claims accrued as of the date of this Agreement. All legally required taxes, deductions and any monies owed inVentiv shall be paid within ten (10) business days following deducted from the Supplemental Effective Date (as defined in the Supplemental Release)severance pay.
Appears in 1 contract
Samples: Separation Agreement and General Release of Claims (Campbell Alliance Group Inc)
Supplemental Release. In exchange for the severance benefits as set forth in Section 1.b aboveFor purposes of this Agreement, Employee agrees to execute, within the time period specified therein, a Supplemental Release Agreement in the form attached hereto as Exhibit A (the “Supplemental Release”” means an agreement, in substantially the form of Exhibit B hereto, pursuant to which Employee releases all Claims (as defined in Section FOUR) that may have arisen between the date of this Agreement and the date on which the Supplemental Release is executed, and covenants not to xxx with respect to such Claims. Provided that Employee executes the Supplemental Release not earlier than the Termination Date and not later than twenty-one (21) days after the Termination Date, and does not thereafter revoke the Supplemental Release, payment of Employee’s separation benefits shall commence as soon as practicable after the seven (7) day revocation period for the Supplemental Release has passed and any amounts that would have been paid to the Employee pursuant to Section TWO before the expiration of the revocation period shall be paid to the Employee, without interest, on the sixtieth (60th) day after the Termination Date. If the Employee fails to sign, or revokes, the Supplemental Release, but otherwise satisfies all requirements for receipt of the separation benefits, then in lieu of the separation benefits described in paragraph (a) the Employee shall receive a single lump sum payment in the amount of one thousand dollars ($1,000.00), which will bridge shall constitute consideration for all of Employee’s obligations under this Agreement, which obligations shall remain in full force and effect and, for avoidance of doubt, Sections FOUR and FIVE shall apply to all Claims accrued as of the gap date of this Agreement. All legally required taxes, deductions and cover the time period any monies owed inVentiv shall be deducted from the Effective Date severance pay. THREE: Acknowledgments. Employee acknowledges that the Company has paid all sums owed to him, including, but not limited to, all salary, business expenses, allowances, vacation pay and other benefits and perks as a result of his employment with inVentiv and/or the termination of that employment, except any remaining salary and benefits from the date Employee executes this Agreement through the Supplemental Effective Termination Date, and any accrued, unused vacation time, which will be paid in the ordinary course, except for payment of benefits under the Company’s pension, retirement, and deferred compensation plans, which shall be paid in accordance with the terms of such plans, and reimbursement of business expenses properly incurred prior to the Termination Date, with respect to which Employee has submitted as of the Termination Date all necessary substantiation in accordance with the Company’s reimbursement policy. Except as otherwise provided herein, Employee further acknowledges that in the absence of this Agreement, Employee would not be entitled to, among other things, the payments specified in Section TWO above. Employee further acknowledges that he has no rights under any severance, bonus or incentive plan (other than the right to the Pro Rata Bonus as provided in Section TWO(a)(ii), or as provided below), program or arrangement, and he hereby waives any rights thereto. Employee acknowledges that his eligibility for healthcare benefits terminates as of the last day of the month in which his employment terminates, except as to any continuation of healthcare benefits for which he may be eligible under law and which he timely elects. Any stock options, restricted shares, restricted stock units or equity awards previously granted to Employee shall be governed solely by the applicable plan and any applicable award agreement. The award agreement with respect to the 6,461 restricted stock units Employee is to receive with respect to his 2013 bonus shall provide that, notwithstanding the termination of Employee’s employment without Cause, such restricted stock units shall vest upon a Change of Control (as defined in the Supplemental Releaseaward agreement); provided, however, the Parties agree to modify the Supplemental Release to comply with any new laws that may become applicable. The Parties agree that changes so long as such Change of Control occurs prior to the Supplemental Release5th anniversary of the date of grant. Notwithstanding anything else in this Agreement to the contrary, whether material Employee acknowledges that he has no right to any award under the inVentiv Group Holdings, Inc. 2014 Long Term Incentive Program or immaterial, do not restart any security or other consideration issuable thereunder. Employee further acknowledges that during the running term of any consideration period specified in the Supplemental Release. If (a) Employee resigns from his employment with the Company prior to June 4, 2021 without approval from the New CEO in writing that the Transition Duties have been satisfactorily completed, as determined by the New CEO (a “Premature Resignation”), (b) the Company terminates Employee’s employment with the Company for Cause (as defined in Section 1(e) of the Employment Agreement) prior to June 4, 2021 (a “Good Cause Termination”), or (c) Employee fails to timely execute the Supplemental Release, then such event shall be deemed to constitute a failure to comply with the material terms and conditions of this Agreement, and in such event, notwithstanding anything to the contrary herein or in the Supplemental ReleaseinVentiv, Employee shall did not be entitled to the consideration in Section 1.b above except request, did not require, and/or was afforded a full opportunity for a lump sum of One Thousand Dollars ($1,000) thereof, less applicable withholdings (the “Partial Payment”), which shall be paid within ten (10) business days following the later of the effectiveness of this Agreement or the Separation Date, Family and Employee acknowledges and agrees that such $1,000 Partial Payment and the Transition Opportunity shall serve as full and complete consideration for the promises and obligations assumed by Employee under this Agreement. In the event of a Premature Resignation or a Good Cause Termination, and provided Employee timely executes the Supplemental Release, Employee shall, in addition to the Partial Payment, receive a lump sum of Five Thousand Dollars ($5,000), less applicable withholdings, which shall be paid within ten (10) business days following the Supplemental Effective Date (as defined in the Supplemental Release)Medical Leave Act-related rights.
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Supplemental Release. In exchange The Release and representations contained in Section 6 of the Agreement are ratified and confirmed with respect to any Claims, acts or omissions through and as of the date the Employee signs this Supplemental Release. Additionally, by signing this Supplemental Release, the Employee acknowledges that the Employee is knowingly and voluntarily waiving and releasing all Released Parties from any Claims the Employee has under the ADEA, and the applicable rules and regulations promulgated thereunder, and that the consideration given for the severance benefits waiver and release is in addition to anything of value to which the Employee was already entitled. The Employee further acknowledges that the Employee has been advised by this writing, as set forth in Section 1.b aboverequired by the ADEA, Employee agrees to execute, within that: (i) the time period specified therein, a Employee’s waiver and release under this Supplemental Release Agreement do not apply to any rights or claims that arise after the date the Employee signs this Supplemental Release; (ii) the Employee has the right to consult with an attorney prior to signing this Supplemental Release; (iii) the Employee has been given at least 21 days to consider this Supplemental Release, and in the form attached hereto as Exhibit A (the “Supplemental Release”), which will bridge the gap and cover the time period from the Effective Date event of this Agreement through the Supplemental Effective Date (as defined in the Supplemental Release); provided, however, the Parties agree to modify the Supplemental Release to comply with any new laws that may become applicable. The Parties agree that changes to the this Supplemental Release, whether material or immaterialnot material, do not restart the running Employee waives the restarting of any consideration period specified in the Supplemental Release. If 21 day period; (a) Employee resigns from employment with the Company prior to June 4, 2021 without approval from the New CEO in writing that the Transition Duties have been satisfactorily completed, as determined by the New CEO (a “Premature Resignation”), (biv) the Company terminates Employee has seven days after the Employee signs this Supplemental Release to revoke it, provided that any revocation of this Supplemental Release shall revoke only the Employee’s employment with release of claims that were not otherwise released upon the Company for Cause (as defined in Section 1(e) Employee’s initial execution of the Employment Agreement; and (v) prior to June 4this Supplemental Release will not be effective until the date on which the revocation period has expired, 2021 (a “Good Cause Termination”), or (c) which will be the eighth day after the Employee fails to timely execute the signs this Supplemental Release, then such event shall be deemed to constitute a failure to comply with assuming the material terms and conditions of this Agreement, and in such event, notwithstanding anything Employee has returned it to the contrary herein or in the Company by such date. In order to revoke this Supplemental Release, the Employee shall not be entitled must provide written notice that he is revoking it within the seven-day timeframe described above to the consideration in Section 1.b above except for a lump sum of One Thousand Dollars ($1,000) thereof, less applicable withholdings (the “Partial Payment”), which shall be paid within ten (10) business days following the later of the effectiveness of this Agreement or the Separation Date, and Employee acknowledges and agrees that such $1,000 Partial Payment and the Transition Opportunity shall serve as full and complete consideration for the promises and obligations assumed by Employee under this AgreementXxxx Xxxxxxxxxx at [*****]. In the event of a Premature Resignation or a Good Cause Termination, and provided Employee timely executes the Supplemental Release, Employee shall, in addition to the Partial Payment, receive a lump sum of Five Thousand Dollars ($5,000), less applicable withholdings, which shall be paid within ten (10) business days following the Supplemental Effective Date (as defined in the Supplemental Release).ACCEPTED AND AGREED: /s/ Xxxxx Xxxxxxxx Xxxxx Xxxxxxxx
Appears in 1 contract
Samples: Transition and Separation Agreement (SMART Global Holdings, Inc.)
Supplemental Release. In exchange for the severance benefits as set forth in Section 1.b 1.c above, Employee agrees to execute, within the time period specified therein, a Supplemental Release Agreement in the form attached hereto as Exhibit A (the “Supplemental Release”), which will bridge the gap and cover the time period from the Effective Date of this Agreement through the Supplemental Effective Date (as defined in the Supplemental Release); provided, however, that the Parties agree to Company may modify the Supplemental Release pursuant to comply with any new laws that or otherwise as may become applicablebe required by applicable law. The Parties agree that changes to the Supplemental Release, whether material or immaterial, do not restart the running of any consideration period specified in the Supplemental Release. If (a) Employee resigns from employment with the Company prior to June 4April 1, 2021 2022 without approval from the New CEO Company in writing that the Transition Duties have been satisfactorily completed, as determined by the New CEO Company (a “Premature Resignation”), (b) the Company terminates Employee’s employment with the Company for Cause (as defined in Section 1(e) of the Employment Agreement) prior to June 4April 1, 2021 2022 (a “Good Cause Termination”), or (c) Employee fails to timely execute the Supplemental Release, then such event shall be deemed to constitute a failure to comply with the material terms and conditions of this Agreement, and in such event, notwithstanding anything to the contrary herein or in the Supplemental Release, Employee shall not be entitled to the consideration in Section 1.b 1.c above except for a lump sum of One Thousand Dollars ($1,000) thereof, less applicable withholdings (the “Partial Payment”), which shall be paid within ten (10) business days following the later of the effectiveness of this Agreement or the Separation Date, and Employee acknowledges and agrees that such $1,000 the Partial Payment and the Transition Opportunity shall serve as full and complete consideration for the promises and obligations assumed by Employee under this Agreement. In the event of a Premature Resignation or a Good Cause Termination, and provided Employee timely executes the Supplemental Release, Employee shall, in addition to the Partial Payment, receive a lump sum of Five Thousand Dollars ($5,000), less applicable withholdings, which shall be paid within ten (10) business days following the Supplemental Effective Date (as defined in the Supplemental Release). In the event the Company terminates Employee’s employment without Cause prior to April 1, 2022 (such termination, a “Qualifying Termination”) and provided Employee timely executes the Supplemental Release, Employee shall receive, in addition to the Severance Benefits and the 2021 Annual Bonus (if any), (x) continued payment of Employee’s base salary at the rate of Twelve-Thousand Three Hundred Eighty-Four Dollars and Sixty-Two Cents ($12,384.62) per bi-weekly pay period, less applicable withholdings, for the period of time between the Separation Date and April 1, 2022 (such period, the “Early Termination Period”), (y) accelerated vesting as to the portion (if any) of each Equity Award that would have vested had Employee remained employed with the Company during the full Early Termination Period, and (z) the post-termination exercise period of Equity Awards that are stock options that are outstanding and vested as of the date of Separation Date will be extended for additional period of time equal to the Early Termination Period, provided that, in no case, will such stock options be exercisable after April 1, 2023 (or, if earlier, the maximum term).
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