Xxxxxxxxx Benefits under Letter Agreement Sample Clauses

Xxxxxxxxx Benefits under Letter Agreement. If Xxxxxxxx (i) remains employed with the Company through December 31, 2009, (ii) signs the Second Release in accordance with paragraph 2 above, (iii) does not rescind the Second Release in accordance with its terms, and (iv) has not breached his obligations under this Agreement, the Release, the Second Release or the PIIA, then the Company will provide Xxxxxxxx the following consideration, as provided for and in accordance with the “Severance” paragraph of the Letter Agreement: (1) The Company will pay Xxxxxxxx as xxxxxxxxx pay an amount equal to one (1) times the sum of (a) Xxxxxxxx’x annual base salary at the rate in effect on the Separation Date plus (b) the total incentive bonus payments paid to Xxxxxxxx within the twelve-month period preceding the Separation Date. (2) The Company will, for a period of twelve months following the Separation Date, allow Xxxxxxxx to continue to participate in any insured group health and group life insurance plan or program of the Company (but not any self-insured medical expense reimbursement plan within the meaning of Section 105(h) of the Internal Revenue Code) at the Company’s expense, to the extent Xxxxxxxx is a participant in such plans as of the Separation Date; however, if participation in any such plan is barred, the Company will arrange to provide Xxxxxxxx with substantially similar insured coverage at its expense. Thereafter, any insurance continuation for which Xxxxxxxx is eligible will be at Xxxxxxxx’x expense. Any severance payable as set forth in paragraph 5.(a)(1) above will be paid to Xxxxxxxx in a lump sum on the first day of the seventh month following Xxxxxxxx’x “separation from service” as determined under Section 409A of the Internal Revenue Code, but not earlier than expiration of any applicable rescission periods.
Sample 1
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Related to Xxxxxxxxx Benefits under Letter Agreement

  • Severance Agreement Any payments of compensation made pursuant to Articles 4 and 5 are contingent on Executive executing the Company’s standard severance agreement, including a general release of the Company, its owners, partners, stockholders, directors, officers, employees, independent contractors, agents, attorneys, representatives, predecessors, successors and assigns, parents, subsidiaries, affiliated entities and related entities, and on Executive’s continued compliance with Section 6. Executive must execute the standard severance agreement and release within 45 days of being provided with the document to sign or the severance agreement offer will expire.

  • Amendments to Employment Agreement Effective as of the date hereof, the Employment Agreement shall be amended as provided in this Section 1.

  • Employment Agreement On the terms and conditions set forth in this Agreement, the Company agrees to employ the Executive and the Executive agrees to be employed by the Company for the Employment Period set forth in Section 2 hereof and in the position and with the duties set forth in Section 3 hereof. Terms used herein with initial capitalization are defined in Section 10.12 below.

  • Amendment to Employment Agreement 2 of the Employment Agreement is amended and restated in its entirety to read as follows:

  • Separation Agreement and Release of Claims The Executive’s receipt of any severance payments or benefits upon the Executive’s Qualifying Termination under Section 3 is subject to the Executive signing and not revoking the Company’s then-standard separation agreement and release of claims (which may include an agreement not to disparage any member of the Company Group, non-solicit provisions, an agreement to assist in any litigation matters, and other standard terms and conditions) (the “Release” and that requirement, the “Release Requirement”), which must become effective and irrevocable no later than the sixtieth (60th) day following the Executive’s Qualifying Termination (the “Release Deadline”). If the Release does not become effective and irrevocable by the Release Deadline, the Executive will forfeit any right to severance payments or benefits under Section 3.

  • Separation Agreement The Parties agree that, in the event of a conflict between the terms of this Agreement and the Separation Agreement with respect to the subject matter hereof, the terms of this Agreement shall govern.

  • Revenue Sharing Agreement This Note is subject to the Company’s Revenue Sharing Agreement attached hereto as Exhibit B as if all the terms of the Revenue Sharing Agreement were set forth in this Note.

  • Separation Agreement and General Release The Company’s obligation to make the Severance Payment is conditioned on Executive or Executive’s legal representatives executing a separation agreement and general release of claims related to or arising from Executive’s employment with the Company or the termination of employment against the Company and its affiliates (and their respective officers and directors) in a form reasonably determined by the Company, which shall be provided by the Company to Executive within five days following the Date of Termination; provided that, if Executive should fail to execute (or revokes) such release within 45 days following the Date of Termination, the Company shall not have any obligation to provide the Severance Payment. If Executive executes the release within such 45-day period and does not revoke the release within seven days following the execution of the release, the Severance Payment will be made in accordance with Section 4(a)(ii).

  • Letter Agreement The Company shall have entered into the Letter Agreement on terms satisfactory to the Company.

  • Compensation; Employment Agreements; Etc Enter into or amend or renew any employment, consulting, severance or similar agreements or arrangements with any director, officer or employee of Metropolitan or its Subsidiaries, or grant any salary or wage increase or increase any employee benefit (including incentive or bonus payments), except (i) for normal individual increases in compensation to employees in the ordinary course of business consistent with past practice, (ii) for other changes that are required by applicable law, and (iii) to satisfy Previously Disclosed contractual obligations existing as of the date hereof.

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