Upon Termination by Reason of Disability. If Executive’s employment under this Agreement is terminated by Curbline pursuant to Section 6.1 during the Contract Period while Executive is employed by Curbline TRS following Executive’s disability, Curbline will pay and provide to Executive and Executive’s eligible dependents (or cause payment and provision to Executive and Executive’s eligible dependents of), as appropriate, the amounts and benefits specified in this Section 7.4, except that Curbline will not be obligated to pay (or provide for payment of) the lump sum amounts specified in Section 7.4 (c) and (d) unless either (x) Curbline is deemed to have waived its right to present and require a Release as provided in Section 8.2 or (y) Executive (or in the event of Executive’s legal incapacity, Executive’s personal representative) has timely executed a Release as contemplated by Section 8.3. The amounts and benefits specified in this Section 7.4 are as follows: (a) A lump sum amount equal to Executive’s Base Salary and any accrued but unused paid time off for the year through the Termination Date, to the extent not already paid in accordance with applicable policy. Curbline will pay (or cause payment of) this amount to Executive within 30 days of the Termination Date. (b) A lump sum amount equal to Executive’s Annual Bonus (or 2024 Bonus, if applicable) earned for the calendar year immediately preceding the calendar year in which the Termination Date occurs, to the extent not already paid. Curbline will pay (or cause payment of) this amount to Executive on the same date and in the same amount that the Annual Bonus (or 2024 Bonus, if applicable) for such year would have been paid if Executive’s employment had not been terminated, but in any event not later than March 15 of the calendar year in which the Termination Date occurs. (c) A lump sum amount equal in value to Executive’s Annual Bonus (or 2024 Bonus, if applicable, and to the extent unpaid) that would have been earned for the calendar year in which the Termination Date occurs at the “Target” level, pro-rated based on the number of days that Executive is employed by Curbline TRS during the applicable performance period. Subject to Section 13.1, Curbline will pay (or cause payment of) this amount to Executive as soon as practicable (but no later than 74 days) following the Termination Date. (d) A lump sum in cash in an amount equal to the product of (i) 18 multiplied by (ii) the sum of (A) the monthly premium (both the employee and the employer portion) for employer-provided health, dental and vision insurance benefits in effect for Executive and Executive’s eligible dependents as of the Termination Date, plus (B) the employer portion of the monthly premium for other Curbline-provided insurance (e.g., life, disability, etc.) in effect for Executive as of the Termination Date. Such payments shall be taxable to Executive. Curbline will pay (or cause payment of) this amount to Executive as soon as practicable (but no later than 74 days) following the Termination Date.
Appears in 5 contracts
Samples: Assigned Employment Agreement (SITE Centers Corp.), Assigned Employment Agreement (SITE Centers Corp.), Assigned Employment Agreement (Curbline Properties Corp.)
Upon Termination by Reason of Disability. If Executive’s employment under this Agreement is terminated by Curbline DDR pursuant to Section 6.1 during the Contract Period while Executive is employed by Curbline TRS following Executive’s disability, Curbline DDR will pay and provide to Executive and Executive’s eligible dependents (or cause payment and provision to Executive and Executive’s eligible dependents of)dependents, as appropriate, the amounts and benefits specified in this Section 7.4, except that Curbline will not be obligated to pay (or provide for payment of) the lump sum amounts specified in Section 7.4 (c) and (d) unless either (x) Curbline is deemed to have waived its right to present and require a Release as provided in Section 8.2 or (y) Executive (or in the event of Executive’s legal incapacity, Executive’s personal representative) has timely executed a Release as contemplated by Section 8.3. The amounts and benefits specified in this Section 7.4 are as follows:
(a) A lump sum amount equal to Executive’s Base Salary and any accrued but unused paid time off for the year through the Termination Date, to the extent not already paid in accordance with applicable policypaid. Curbline DDR will pay (or cause payment of) this amount to Executive within 30 days of the Termination Date.
(b) A lump sum amount equal to Executive’s Annual Cash Bonus (or 2024 Bonus, if applicable) earned for the calendar year immediately preceding the calendar year in which the Termination Date occurs, to the extent not already paid. Curbline DDR will pay (or cause payment of) this amount to Executive on the same date and in the same amount that the Annual Cash Bonus (or 2024 Bonus, if applicable) for such year would have been paid if Executive’s employment had not been terminated, but in any event not later than March 15 of the calendar year in which the Termination Date occurs.
(c) A lump sum amount equal in value to Executive’s Annual Bonus (or 2024 Bonus, if applicable, and to the extent unpaid) that would have been earned for the calendar year in which the Termination Date occurs at the “Target” level, pro-rated based on the number of days that Executive is employed by Curbline TRS during the applicable performance period. Subject to Section 13.1, Curbline will pay (or cause payment of) this amount to Executive as soon as practicable (but no later than 74 days) following the Termination Date.
(d) A lump sum in cash in an amount equal to the product of (i) 18 multiplied by (ii) the sum of (A) the monthly premium (both the employee and the employer portion) for employer-provided health, dental and vision insurance benefits in effect for Executive and Executive’s eligible dependents Base Salary for one year as of the Termination Date, plus (Bii) the employer portion Annual Cash Bonus for Executive at the target level for the year in which the Termination Date occurs. Except as otherwise provided in Section 13.2, DDR will pay the amount referred to in this Section 7.4(c)(i) to Executive during the Seventh Month after the Termination Date (as defined in Section 13.1 below) and will pay the amount referred to in this Section 7.4(c)(ii) to Executive on the same date that the Annual Cash Bonus for that year would have been paid if Executive’s employment had not been terminated, but in any event not later than March 15 of the monthly premium for other Curbline-provided calendar year following the calendar year in which Executive’s employment is terminated by DDR.
(d) Continuing health, dental and vision insurance (e.g., life, disability, etc.) coverage and benefits to Executive and Executive’s eligible dependents at the levels specified in effect for Executive as Section 4.2 until the first anniversary of the Termination Date. Such payments shall To assure compliance with Section 409A, the timing of the provision of these benefits will be taxable subject to Executive. Curbline will pay (or cause payment of) this amount Sections 13.1 and 13.3 if and to Executive as soon as practicable (but no later than 74 days) following the Termination Dateextent either of those sections is applicable according to its terms.
Appears in 5 contracts
Samples: Employment Agreement (DDR Corp), Employment Agreement (DDR Corp), Employment Agreement (DDR Corp)
Upon Termination by Reason of Disability. If Executive’s employment under this Agreement is terminated by Curbline SITE Centers pursuant to Section 6.1 during the Contract Period while Executive is employed by Curbline TRS following Executive’s disability, Curbline SITE Centers will pay and provide to Executive and Executive’s eligible dependents (or cause payment and provision to Executive and Executive’s eligible dependents of)dependents, as appropriate, the amounts and benefits specified in this Section 7.4, except that Curbline SITE Centers will not be obligated to pay (or provide for payment of) the lump sum amounts specified in Section 7.4 (c) and (d) unless either (x) Curbline SITE Centers is deemed to have waived its right to present and require a Release as provided in Section 8.2 or (y) Executive (or in the event of Executive’s legal incapacity, Executive’s personal representative) has timely executed a Release as contemplated by Section 8.3. The amounts and benefits specified in this Section 7.4 are as follows:
(a) A lump sum amount equal to Executive’s Base Salary and any accrued but unused paid time off for the year through the Termination Date, to the extent not already paid in accordance with applicable SITE Centers policy. Curbline SITE Centers will pay (or cause payment of) this amount to Executive within 30 days of the Termination Date.
(b) A lump sum amount equal to Executive’s Annual Bonus (or 2024 Bonus, if applicable) earned for the calendar year immediately preceding the calendar year in which the Termination Date occurs, to the extent not already paid. Curbline SITE Centers will pay (or cause payment of) this amount to Executive on the same date and in the same amount that the Annual Bonus (or 2024 Bonus, if applicable) for such year would have been paid if Executive’s employment had not been terminated, but in any event not later than March 15 of the calendar year in which the Termination Date occurs.
(c) A lump sum amount equal in value to Executive’s Annual Bonus (or 2024 Bonus, if applicable, and to the extent unpaid) that would have been earned for the calendar year in which the Termination Date occurs at the “Target” level, pro-rated based on the number of days that Executive is employed by Curbline TRS SITE Centers during the applicable performance period. Subject to Section 13.1, Curbline SITE Centers will pay (or cause payment of) this amount to Executive as soon as practicable (but no later than 74 days) following the Termination Date.
(d) A lump sum in cash in an amount equal to the product of (i) 18 multiplied by (ii) the sum of (A) the monthly COBRA premium (both the employee and the employer portion) for employer-provided health, dental and vision insurance benefits in effect for but only if Executive timely elects continuation coverage under SITE Centers’ health, dental and Executive’s eligible dependents as of the Termination Datevision plans pursuant to COBRA, plus (B) the employer portion of the monthly premium for other Curbline-SITE Centers provided insurance (e.g., life, disability, etc.) in effect for Executive as of the Termination Date. Such payments shall be taxable to Executive. Curbline SITE Centers will pay (or cause payment of) this amount to Executive as soon as practicable (but no later than 74 days) following the Termination Date.
Appears in 3 contracts
Samples: Employment Agreement (SITE Centers Corp.), Employment Agreement (SITE Centers Corp.), Employment Agreement (SITE Centers Corp.)
Upon Termination by Reason of Disability. If Executive’s employment under this Agreement is terminated by Curbline DDR pursuant to Section 6.1 during the Contract Period while Executive is employed by Curbline TRS following Executive’s disability, Curbline DDR will pay and provide to Executive and Executive’s eligible dependents (or cause payment and provision to Executive and Executive’s eligible dependents of)dependents, as appropriate, the amounts and benefits specified in this Section 7.4, except that Curbline DDR will not be obligated to pay (or provide for payment of) the lump sum amounts specified in Section 7.4 (c) and (d) unless either (x) Curbline DDR is deemed to have waived its right to present and require a Release as provided in Section 8.2 or (y) Executive (or in the event of Executive’s legal incapacity, Executive’s personal representative) has timely executed a Release as contemplated by Section 8.3. The amounts and benefits specified in this Section 7.4 are as follows:
(a) A lump sum amount equal to Executive’s Base Salary and any accrued but unused paid time off for the year through the Termination Date, to the extent not already paid in accordance with applicable DDR policy. Curbline DDR will pay (or cause payment of) this amount to Executive within 30 days of the Termination Date.
(b) A lump sum amount equal to Executive’s Annual Bonus (or 2024 Bonus, if applicable) earned for the calendar year immediately preceding the calendar year in which the Termination Date occurs, to the extent not already paid. Curbline DDR will pay (or cause payment of) this amount to Executive on the same date and in the same amount that the Annual Bonus (or 2024 Bonus, if applicable) for such year would have been paid if Executive’s employment had not been terminated, but in any event not later than March 15 of the calendar year in which the Termination Date occurs.
(c) A lump sum amount equal in value to Executive’s Annual Bonus (or 2024 Bonus, if applicable, and to the extent unpaid) that would have been earned for the calendar year in which the Termination Date occurs at the “Target” level, pro-rated based on the number of days that Executive is employed by Curbline TRS DDR during the applicable performance period. Subject to Section 13.1, Curbline DDR will pay (or cause payment of) this amount to Executive as soon as practicable (but no later than 74 days) following the Termination Date.
(d) A lump sum in cash in an amount equal to the product of (i) 18 multiplied by (ii) the sum of (A) the monthly COBRA premium (both the employee and the employer portion) for employer-provided health, dental and vision insurance benefits in effect for but only if Executive timely elects continuation coverage under DDR’s health, dental and Executive’s eligible dependents as of the Termination Datevision plans pursuant to COBRA, plus (B) the employer portion of the monthly premium for other Curbline-DDR provided insurance (e.g., life, disability, etc.) in effect for Executive as of the Termination Date. Such payments shall be taxable to Executive. Curbline DDR will pay (or cause payment of) this amount to Executive as soon as practicable (but no later than 74 days) following the Termination Date.
Appears in 3 contracts
Samples: Employment Agreement (DDR Corp), Employment Agreement (DDR Corp), Employment Agreement (DDR Corp)
Upon Termination by Reason of Disability. If Executive’s employment under this Agreement is terminated by Curbline pursuant to Section 6.1 during the Contract Period while Executive is employed by Curbline TRS following Executive’s disability, Curbline will pay and provide to Executive and Executive’s eligible dependents (or cause payment and provision to Executive and Executive’s eligible dependents of), as appropriate, the amounts and benefits specified in this Section 7.4, except that Curbline will not be obligated to pay (or provide for payment of) the lump sum amounts specified in Section 7.4 (c) and (d) unless either (x) Curbline is deemed to have waived its right to present and require a Release as provided in Section 8.2 or (y) Executive (or in the event of Executive’s legal incapacity, Executive’s personal representative) has timely executed a Release as contemplated by Section 8.3. The amounts and benefits specified in this Section 7.4 are as follows:
(a) A lump sum amount equal to Executive’s Cash Base Salary and any accrued but unused paid time off for the year through the Termination Date, to the extent not already paid in accordance with applicable policy. Curbline will pay (or cause payment of) this amount to Executive within 30 days of the Termination Date.
(b) A lump sum amount equal to Executive’s Annual Bonus (or 2024 Bonus, if applicable) earned for the calendar year immediately preceding the calendar year in which the Termination Date occurs, to the extent not already paid. Curbline will pay (or cause payment of) this amount to Executive on the same date and in the same amount that the Annual Bonus (or 2024 Bonus, if applicable) for such year would have been paid if Executive’s employment had not been terminated, but in any event not later than March 15 of the calendar year in which the Termination Date occurs.
(c) A lump sum amount equal in value to Executive’s Annual Bonus (or 2024 Bonus, if applicable, and to the extent unpaid) that would have been earned for the calendar year in which the Termination Date occurs at the “Target” level, pro-rated based on the number of days that Executive is employed by Curbline TRS during the applicable performance period. Subject to Section 13.1, Curbline will pay (or cause payment of) this amount to Executive as soon as practicable (but no later than 74 days) following the Termination Date.
(d) A lump sum in cash in an amount equal to the product of (i) 18 multiplied by (ii) the sum of (A) the monthly premium (both the employee and the employer portion) for employer-provided health, dental and vision insurance benefits in effect for Executive and Executive’s eligible dependents as of the Termination Date, plus (B) the employer portion of the monthly premium for other Curbline-provided insurance (e.g., life, disability, etc.) in effect for Executive as of the Termination Date. Such payments shall be taxable to Executive. Curbline will pay (or cause payment of) this amount to Executive as soon as practicable (but no later than 74 days) following the Termination Date.
Appears in 2 contracts
Samples: Assigned Employment Agreement (SITE Centers Corp.), Assigned Employment Agreement (Curbline Properties Corp.)
Upon Termination by Reason of Disability. If Executive’s employment under this Agreement is terminated by Curbline SITE Centers pursuant to Section 6.1 during the Contract Period while Executive is employed by Curbline TRS following Executive’s disability, Curbline SITE Centers will pay and provide to Executive and Executive’s eligible dependents (or cause payment and provision to Executive and Executive’s eligible dependents of)dependents, as appropriate, the amounts and benefits specified in this Section 7.4, except that Curbline SITE Centers will not be obligated to pay (or provide for payment of) the lump sum amounts specified in Section 7.4 (c) and (d) unless either (x) Curbline SITE Centers is deemed to have waived its right to present and require a Release as provided in Section 8.2 or (y) Executive (or in the event of Executive’s legal incapacity, Executive’s personal representative) has timely executed a Release as contemplated by Section 8.3. The amounts and benefits specified in this Section 7.4 are as follows:
(a) A lump sum amount equal to Executive’s Base Salary and any accrued but unused paid time off for the year through the Termination Date, to the extent not already paid in accordance with applicable SITE Centers policy. Curbline SITE Centers will pay (or cause payment of) this amount to Executive within 30 days of the Termination Date.
(b) A lump sum amount equal to Executive’s Annual Bonus (or 2024 Bonus, if applicable) earned for the calendar year immediately preceding the calendar year in which the Termination Date occurs, to the extent not already paid. Curbline SITE Centers will pay (or cause payment of) this amount to Executive on the same date and in the same amount that the Annual Bonus (or 2024 Bonus, if applicable) for such year would have been paid if Executive’s employment had not been terminated, but in any event not later than March 15 of the calendar year in which the Termination Date occurs.
(c) A lump sum amount equal in value to Executive’s Annual Bonus (or 2024 Bonus, if applicable, and to the extent unpaid) that would have been earned for the calendar year in which the Termination Date occurs at the “Target” level, pro-rated based on the number of days that Executive is employed by Curbline TRS SITE Centers during the applicable performance period. Subject to Section 13.1, Curbline SITE Centers will pay (or cause payment of) this amount to Executive as soon as practicable (but no later than 74 days) following the Termination Date.
(d) A lump sum in cash in an amount equal to the product of (i) 18 multiplied by (ii) the sum of (A) the monthly premium (both the employee and the employer portion) for employerSITE Centers-provided health, dental and vision insurance benefits in effect for Executive and Executive’s eligible dependents as of the Termination Date, plus (B) the employer portion of the monthly premium for other Curbline-SITE Centers provided insurance (e.g., life, disability, etc.) in effect for Executive as of the Termination Date. Such payments shall be taxable to Executive. Curbline SITE Centers will pay (or cause payment of) this amount to Executive as soon as practicable (but no later than 74 days) following the Termination Date.
Appears in 2 contracts
Samples: Employment Agreement (SITE Centers Corp.), Employment Agreement (SITE Centers Corp.)
Upon Termination by Reason of Disability. If Executive’s employment under this Agreement is terminated by Curbline pursuant to Section 6.1 during the Curbline Contract Period while Executive is employed by Curbline TRS (or an appropriate Subsidiary) following Executive’s disability, Curbline will pay and provide to Executive and Executive’s eligible dependents (or cause payment and provision to Executive and Executive’s eligible dependents of), as appropriate, the amounts and benefits specified in this Section 7.4, except that Curbline will not be obligated to pay (or provide for payment of) the lump sum amounts specified in Section 7.4 (c) and (d) unless either (x) Curbline is deemed to have waived its right to present and require a Release as provided in Section 8.2 or (y) Executive (or in the event of Executive’s legal incapacity, Executive’s personal representative) has timely executed a Release as contemplated by Section 8.3. The amounts and benefits specified in this Section 7.4 are as follows:
(a) A lump sum amount equal to Executive’s Cash Base Salary and any accrued but unused paid time off for the year through the Termination Date, to the extent not already paid in accordance with applicable policy. Curbline will pay (or cause payment of) this amount to Executive within 30 days of the Termination Date.
(b) A lump sum amount equal to Executive’s Annual Bonus (or 2024 Bonus, if applicable) earned for the calendar year immediately preceding the calendar year in which the Termination Date occurs, to the extent not already paid. Curbline will pay (or cause payment of) this amount to Executive on the same date and in the same amount that the Annual Bonus (or 2024 Bonus, if applicable) for such year would have been paid if Executive’s employment had not been terminated, but in any event not later than March 15 of the calendar year in which the Termination Date occurs.
(c) A lump sum amount equal in value to Executive’s Annual Bonus (or 2024 Bonus, if applicable, and to the extent unpaid) that would have been earned for the calendar year in which the Termination Date occurs at the “Target” level, pro-rated based on the number of days that Executive is employed by Curbline TRS (or an appropriate Subsidiary) during the applicable performance period. Subject to Section 13.1, Curbline will pay (or cause payment of) this amount to Executive as soon as practicable (but no later than 74 days) following the Termination Date.
(d) A lump sum in cash in an amount equal to the product of (i) 18 multiplied by (ii) the sum of (A) the monthly premium (both the employee and the employer portion) for employer-provided health, dental and vision insurance benefits in effect for Executive and Executive’s eligible dependents as of the Termination Date, plus (B) the employer portion of the monthly premium for other Curbline-provided insurance (e.g., life, disability, etc.) in effect for Executive as of the Termination Date. Such payments shall be taxable to Executive. Curbline will pay (or cause payment of) this amount to Executive as soon as practicable (but no later than 74 days) following the Termination Date.
Appears in 1 contract
Upon Termination by Reason of Disability. If Executive’s employment under this Agreement is terminated by Curbline DDR pursuant to Section 6.1 during the Contract Period while Executive is employed by Curbline TRS following Executive’s disability, Curbline DDR will pay and provide to Executive and Executive’s eligible dependents (or cause payment and provision to Executive and Executive’s eligible dependents of)dependents, as appropriate, the amounts and benefits specified in this Section 7.4, except that Curbline DDR will not be obligated to pay (or provide for payment of) the lump sum amounts amount specified in Section 7.4 (c) and (d7.4(d) unless either (x) Curbline DDR is deemed to have waived its right to present and require provide a Release as provided in Section 8.2 or (y) Executive (or or, in the event of Executive’s legal incapacity, Executive’s personal representative) has timely executed a Release as contemplated by Section 8.3. The amounts and benefits specified in this Section 7.4 are as follows:
(a) A lump sum amount equal to Executive’s Base Salary and any accrued but unused paid time off for the year through the Termination Date, to the extent not already paid in accordance with applicable policypaid. Curbline DDR will pay (or cause payment of) this amount to Executive within 30 days of the Termination Date.
(b) A lump sum amount equal to Executive’s Annual Cash Bonus (or 2024 Bonus, if applicable) earned for the calendar year immediately preceding the calendar year in which the Termination Date occurs, to the extent not already paid. Curbline DDR will pay (or cause payment of) this amount to Executive on the same date and in the same amount that the Annual Cash Bonus (or 2024 Bonus, if applicable) for such year would have been paid if Executive’s employment had not been terminated, but in any event not later than March 15 of the calendar year in which the Termination Date occurs.
(c) A lump sum amount equal in value to Executive’s Annual Cash Bonus (or 2024 Bonus, if applicable, and to the extent unpaid) that would have been earned for the calendar year in which the Termination Date occurs at the “Targettarget” level, pro-rated based on the number of days that Executive is employed by Curbline TRS during elapse between January 1 of such year and the applicable performance periodTermination Date. Subject to Section 13.1, Curbline DDR will pay (or cause payment of) this amount to Executive as soon as practicable (but no later than 74 days) following within 30 days of the Termination Date.
(d) A lump sum amount equal in value to (i) one year of Executive’s Base Salary as of the Termination Date, plus (ii) an amount equal to the value of the Annual Cash Bonus for Executive applicable to the year in which the Termination Date occurs at the “Target” level. Except as otherwise provided in Section 13.2, DDR will pay this amount to Executive during the Seventh Month after the Termination Date (as defined in Section 13.1 below).
(e) A lump sum in cash in an amount equal to the product of (i) 18 12 multiplied by (ii) the sum of (A) the monthly COBRA premium (both the employee and the employer portion) for employer-provided health, dental and vision insurance benefits in effect for but only if Executive timely elects continuation coverage under DDR’s health, dental and Executive’s eligible dependents as of the Termination Datevision plans pursuant to COBRA, plus (B) the employer portion of the monthly premium for other Curbline-DDR provided insurance (e.g., life, disability, etc.) in effect for Executive as of the Termination Date. Such payments shall be taxable to Executive. Curbline DDR will pay (or cause payment of) this amount to Executive as soon as practicable (but no later than 74 days) following during the Seventh Month after the Termination Date.
Appears in 1 contract
Samples: Employment Agreement (DDR Corp)
Upon Termination by Reason of Disability. If Executive’s employment under this Agreement is terminated by Curbline DDR pursuant to Section 6.1 during the Contract Period while Executive is employed by Curbline TRS following Executive’s disability, Curbline DDR will pay and provide to Executive and Executive’s eligible dependents (or cause payment and provision to Executive and Executive’s eligible dependents of)dependents, as appropriate, the amounts and benefits specified in this Section 7.4, except that Curbline DDR will not be obligated to pay (or provide for payment of) the lump sum amounts amount specified in Section 7.4 (c) and (d7.4(d) unless either (x) Curbline DDR is deemed to have waived its right to present and require provide a Release as provided in Section 8.2 or (y) Executive (or or, in the event of Executive’s legal incapacity, Executive’s personal representative) has timely executed a Release as contemplated by Section 8.3. The amounts and benefits specified in this Section 7.4 are as follows:
(a) A lump sum amount equal to Executive’s Base Salary and any accrued but unused paid time off for the year through the Termination Date, to the extent not already paid in accordance with applicable policypaid. Curbline DDR will pay (or cause payment of) this amount to Executive within 30 days of the Termination Date.
(b) A lump sum amount equal to Executive’s Annual Bonus (or 2024 Bonus, if applicable) earned for the calendar year immediately preceding the calendar year in which the Termination Date occurs, to the extent not already paid. Curbline DDR will pay (or cause payment of) this amount to Executive on the same date and in the same amount that the Annual Bonus (or 2024 Bonus, if applicable) for such year would have been paid if Executive’s employment had not been terminated, but in any event not later than March 15 of the calendar year in which the Termination Date occurs.
(c) A lump sum amount equal in value to Executive’s Annual Bonus (or 2024 Bonus, if applicable, and to the extent unpaid) that would have been earned for the calendar year in which the Termination Date occurs at the “Targettarget” level, pro-rated based on the number of days that Executive is employed by Curbline TRS during elapse between January 1 of such year and the applicable performance periodTermination Date. Subject to Section 13.1, Curbline DDR will pay (or cause payment of) this amount to Executive as soon as practicable (but no later than 74 days) following within 30 days of the Termination Date.
(d) A lump sum amount equal in value (i) one year of Executive’s Base Salary as of the Termination Date, plus (ii) an amount equal to the value of the Annual Cash Bonus for Executive applicable to the year in which the Termination Date occurs at the “Target” level. Except as otherwise provided in Section 13.2, DDR will pay this amount to Executive during the Seventh Month after the Termination Date (as defined in Section 13.1 below).
(e) A lump sum in cash in an amount equal to the product of (i) 18 12 multiplied by (ii) the sum of (A) the monthly COBRA premium (both the employee and the employer portion) for employer-provided health, dental and vision insurance benefits in effect for but only if Executive timely elects continuation coverage under DDR’s health, dental and Executive’s eligible dependents as of the Termination Datevision plans pursuant to COBRA, plus (B) the employer portion of the monthly premium for other Curbline-DDR provided insurance (e.g., life, disability, etc.) in effect for Executive as of the Termination Date. Such payments shall be taxable to Executive. Curbline DDR will pay (or cause payment of) this amount to Executive as soon as practicable (but no later than 74 days) following during the Seventh Month after the Termination Date.
(f) All unvested equity or equity-based awards will be subject to treatment in accordance with the plan and/or grant agreements pursuant to which such awards were granted.
Appears in 1 contract
Samples: Employment Agreement (DDR Corp)
Upon Termination by Reason of Disability. If Executive’s employment under this Agreement is terminated by Curbline SITE Centers pursuant to Section 6.1 during the Contract Period while Executive is employed by Curbline TRS following Executive’s disability, Curbline SITE Centers will pay and provide to Executive and Executive’s eligible dependents (or cause payment and provision to Executive and Executive’s eligible dependents of)dependents, as appropriate, the amounts and benefits specified in this Section 7.4, except that Curbline SITE Centers will not be obligated to pay (or provide for payment of) the lump sum amounts specified in Section 7.4 (c) and (d) unless either (x) Curbline SITE Centers is deemed to have waived its right to present and require a Release as provided in Section 8.2 or (y) Executive (or in the event of Executive’s legal incapacity, Executive’s personal representative) has timely executed a Release as contemplated by Section 8.3. The amounts and benefits specified in this Section 7.4 are as follows:
(a) A lump sum amount equal to Executive’s Base Salary and any accrued but unused paid time off for the year through the Termination Date, to the extent not already paid in accordance with applicable SITE Centers policy. Curbline SITE Centers will pay (or cause payment of) this amount to Executive within 30 days of the Termination Date.
(b) A lump sum amount equal to Executive’s Annual Bonus (or 2024 2019 Bonus, if as applicable) earned for the calendar year immediately preceding the calendar year in which the Termination Date occurs, to the extent not already paid. Curbline SITE Centers will pay (or cause payment of) this amount to Executive on the same date and in the same amount that the Annual Bonus (or 2024 2019 Bonus, if as applicable) for such year would have been paid if Executive’s employment had not been terminated, but in any event not later than March 15 of the calendar year in which the Termination Date occurs.
(c) A lump sum amount equal in value to Executive’s Annual Bonus (or 2024 2019 Bonus, if as applicable, and to the extent unpaid) that would have been earned for the calendar year in which the Termination Date occurs at the “Target” level (which level, in the event that the Termination Date occurs prior to the determination of the 2019 Bonus payout with respect to the 2019 calendar year, shall be deemed to be $200,000), pro-rated based on the number of days that Executive is employed by Curbline TRS SITE Centers during the applicable performance periodperiod (or during the 2019 calendar year, if the Termination Date occurs during such calendar year). Subject to Section 13.1, Curbline SITE Centers will pay (or cause payment of) this amount to Executive as soon as practicable (but no later than 74 days) following the Termination Date.
(d) A lump sum in cash in an amount equal to the product of (i) 18 multiplied by (ii) the sum of (A) the monthly COBRA premium (both the employee and the employer portion) for employer-provided health, dental and vision insurance benefits in effect for but only if Executive timely elects continuation coverage under SITE Centers’ health, dental and Executive’s eligible dependents as of the Termination Datevision plans pursuant to COBRA, plus (B) the employer portion of the monthly premium for other Curbline-SITE Centers provided insurance (e.g., life, disability, etc.) in effect for Executive as of the Termination Date. Such payments shall be taxable to Executive. Curbline SITE Centers will pay (or cause payment of) this amount to Executive as soon as practicable (but no later than 74 days) following the Termination Date.
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Upon Termination by Reason of Disability. If Executive’s employment under this Agreement is terminated by Curbline SITE Centers pursuant to Section 6.1 during the Contract Period while Executive is employed by Curbline TRS following Executive’s disability, Curbline SITE Centers will pay and provide to Executive and Executive’s eligible dependents (or cause payment and provision to Executive and Executive’s eligible dependents of)dependents, as appropriate, the amounts and benefits specified in this Section 7.4, except that Curbline SITE Centers will not be obligated to pay (or provide for payment of) the lump sum amounts specified in Section 7.4 (c) and (d) unless either (x) Curbline SITE Centers is deemed to have waived its right to present and require a Release as provided in Section 8.2 or (y) Executive (or in the event of Executive’s legal incapacity, Executive’s personal representative) has timely executed a Release as contemplated by Section 8.3. The amounts and benefits specified in this Section 7.4 are as follows:
(a) A lump sum amount equal to Executive’s Base Salary and any accrued but unused paid time off for the year through the Termination Date, to the extent not already paid in accordance with applicable SITE Centers policy. Curbline SITE Centers will pay (or cause payment of) this amount to Executive within 30 days of the Termination Date.
(b) A lump sum amount equal to Executive’s Annual Bonus (or 2024 Bonus, if applicable) earned for the calendar year immediately preceding the calendar year in which the Termination Date occurs, to the extent not already paid. Curbline SITE Centers will pay (or cause payment of) this amount to Executive on the same date and in the same amount that the Annual Bonus (or 2024 Bonus, if applicable) for such year would have been paid if Executive’s employment had not been terminated, but in any event not later than March 15 of the calendar year in which the Termination Date occurs.
(c) A lump sum amount equal in value to Executive’s Annual Bonus (or 2024 Bonus, if applicable, and to the extent unpaid) that would have been earned for the calendar year in which the Termination Date occurs at the “Target” level, pro-rated based on the number of days that Executive is employed by Curbline TRS SITE Centers during the applicable performance period. Subject to Section 13.1, Curbline SITE Centers will pay (or cause payment of) this amount to Executive as soon as practicable (but no later than 74 days) between January 1 and March 15 of the calendar year following the calendar year in which the Termination DateDate occurs.
(d) A lump sum in cash in an amount equal to the product of (i) 18 multiplied by (ii) the sum of (A) the monthly COBRA premium (both the employee and the employer portion) for employer-provided health, dental and vision insurance benefits in effect for but only if Executive timely elects continuation coverage under SITE Centers’ health, dental and Executive’s eligible dependents as of the Termination Datevision plans pursuant to COBRA, plus (B) the employer portion of the monthly premium for other Curbline-SITE Centers provided insurance (e.g., life, disability, etc.) in effect for Executive as of the Termination Date. Such payments shall be taxable to Executive. Curbline SITE Centers will pay (or cause payment of) this amount to Executive as soon as practicable (but no later than 74 days) following during the Seventh Month after the Termination Date.
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