Xxxxxxxxx Package. In accordance with the Employment Agreement, the Company will pay to Employee:
i. $157,500, calculated as 50% of Employee’s Base Salary, such amount to be paid in accordance with the Employment Agreement, in equal installments on the Company’s normal payroll dates for a period of six (6) months beginning with the payroll date following the sixtieth (60th) day following the Effective Date; and
ii. Reimbursement for COBRA payments paid by Employee in the twelve (12) month period following the Effective Date.
Xxxxxxxxx Package. The Company will provide you with a lump sum payment in the amount of One Hundred Seventy-five Thousand Dollars and No Cents ($175,000.00). All normal and appropriate withholding and deductions will be applied.
Xxxxxxxxx Package. The parties acknowledge that Neb. Rev. Stat. '19-645 provides that the City Manager Xxxxxx hold office at the pleasure of the council.@ It is therefore not possible for the City to offer Xxxxxxxx any guarantee of continued employment. To induce Xxxxxxxx to continue to serve in the position of City Manager, the Council has determined that it is in the best interests of the City to provide a severance package in the event Xxxxxxxx’x employment is terminated by City. All sums payable to Xxxxxxxx pursuant to this Agreement are compensation for services rendered before payment is made or agreed to be made. City agrees to pay Xxxxxxxx on the City’s regular pay days, six months severance in the event the City terminates Xxxxxxxx for any reason other than Just Cause, forced resignation, or the City’s change from a council-manager form of government. This severance is not payable if Xxxxxxxx resigns or voluntarily terminates his employment. This severance shall include City-paid family health, dental, retirement, life and long-term disability (if applicable) for the duration of the severance. The severance provided herein will automatically cease and terminate at the time Xxxxxxxx commences employment in another position with the same or greater gross pay as provided hereunder. If a lesser paying employment position is secured during the severance period, then severance will continue as the difference between his City regular gross pay minus the regular gross pay of his new position.
Xxxxxxxxx Package. Following the Effective Date, as long as Employee does not exercise the right of revocation as described in Section 13(h) below, the Company shall pay to Employee the following (the “Severance Benefits”):
(i) Severance pay will be paid from the date hereof through December 31, 2012 (the “Severance Period”). Severance will be paid at the Employee’s base salary rate in effect on the termination date, less any applicable withholdings. The Severance Benefits will be paid over the course of the Severance Period in accordance with the Company’s normal pay schedule (not in a lump sum) commencing on or about the next payroll period following the Effective Date. The Severance Benefits shall not be reduced or terminated if the Employee secures gainful employment during the Severance Period.
(ii) The Company also agrees to pay to Employee the sum of $20,000 as a reimbursement to Employee for certain expenses related to his temporary housing and automobile in Los Angeles, as well as related moving expenses and legal expenses incurred in connection with the review of this Release. Such amount will be paid pro rata during the Severance Period.
(iii) During the Severance Period, the Employee, his spouse and any other members of his family who are currently covered with respect to the Company’s normal employee medical and dental indemnity plans shall be entitled to continue their participation in such plans if and to the extent that the Employee elects such continued coverage pursuant to COBRA. The Company shall reimburse the Employee for his actual premium expense with respect to maintaining COBRA coverage during the Severance Period; provided, however, if the Employee becomes eligible for coverage under the same or substantially similar medical and dental coverage, he will immediately advise the General Counsel of Parent, in writing, of this fact, and the Company’s reimbursement obligations pursuant to this Section B(iii) shall terminate.
(iv) The parties acknowledge and agree that the Employee, as a former officer of the Company: (a) shall remain entitled to indemnification under the Company’s organizational documents to the same extent and upon the same conditions as active officers or employees of such entities are entitled to indemnification with respect to actions, suits or proceedings of whatever nature brought or that may be brought against the Employee by reason of the fact that he was an officer or employee of the Company; and (b) shall be entitled to directors...
Xxxxxxxxx Package. In accordance with the Employment Agreement, the Company will pay to Employee:
i. $145,000, calculated as 50% of Employee’s Base Salary, such amount to be paid in accordance with the Employment Agreement, in equal installments on the Company’s normal payroll dates for a period of six (6) months beginning with the payroll date following the sixtieth (60th) day following the Effective Date;
ii. Reimbursement for COBRA payments paid by Employee in the twelve (12) month period following the Effective Date; and
iii. A pro-rata granting of restricted stock units (“RSUs”) based on the number of days worked during the period of employment and on the chief executive officer’s good faith evaluation of Employee’s performance. The amount of EPI payment will be determined after the books and records for the respective period have been closed, and the Company’s Board of Directors determines the tier for which Employee is eligible, adjusted pro rata based on the number of days worked for the respective period.
Xxxxxxxxx Package. In accordance with the Employment Agreement, the Company will pay to Employee:
i. $125,000, such amount to be paid in accordance with the Employment Agreement, in equal installments on the Company’s normal payroll dates for a period of six (6) months beginning with the payroll date following the sixtieth (60th) day following the Effective Date;
ii. Reimbursement for COBRA payments paid by Employee in the twelve (12) month period following the Effective Date; and
iii. A pro-rata grant of restricted stock units (“RSUs”) pursuant to Employee’s Economic Performance Incentive based on the number of days worked during the period of employment and on the CEO’s good faith evaluation of Employee’s performance (such grant to be made after the sixtieth (60th) day following such termination and in any event during 2017). The number of RSUs will be determined after the books and records for 2016 have been closed, and the Company’s Board of Directors determines the tier for which Employee is eligible, adjusted pro rata based on the number of days worked for 2016.
Xxxxxxxxx Package. The Company will provide you with a lump sum payment equal to your salary for the period January 13, 2004 through March 31, 2004, less any amounts that you owe to the Company as of the Termination Date. The severance will be paid at your regular base salary rate as of the date of this Agreement. The severance payment will be paid within 21 business days following your signing and return of this Agreement. All normal and appropriate withholdings and deductions will be applied.
