Accrued Obligations and Vested Benefits Clause Samples
The "Accrued Obligations and Vested Benefits" clause defines the rights of parties to receive benefits or payments that have already been earned or have become non-forfeitable by the time of contract termination or a triggering event. In practice, this clause ensures that employees or parties are entitled to compensation, bonuses, retirement benefits, or other entitlements that have accrued or vested up to the date of separation, regardless of the reason for ending the relationship. Its core function is to protect parties from losing earned or guaranteed benefits, thereby providing certainty and fairness in the event of contract termination.
Accrued Obligations and Vested Benefits. The payments and benefits set forth in this Section 3 have been paid or will be paid and provided to Executive whether or not Executive signs this Agreement:
Accrued Obligations and Vested Benefits. Executive is entitled to receive the following accrued obligations: (a) in satisfaction of the provisions of Section 4.01 of the Severance Plan, all Base Salary earned or accrued but not yet paid through the Termination Date, and payment for any earned but unused vacation days accrued through the Termination Date, which payments shall be made to Executive no later than the next regularly scheduled payroll date after the Termination Date; and (b) reimbursement for any and all business expenses incurred prior to the Termination Date, subject to the terms of the Company's reimbursement policy. In addition, the Companies acknowledge and agree that, without regard to this Agreement, Executive is vested in respect of (x) options to purchase 35,188 shares of Holdings common stock at $84.34 per share, which were granted under the Employee Stock Option Agreement, dated as of July 5, 2016, between Holdings and Executive (in respect of options originally granted on January 19, 2015) and (y) his vested account balance under The Hertz Corporation Income Savings Plan. Further, the Companies agree that Executive shall be permitted to purchase his service vehicle in accordance with the policies of the Companies.
Accrued Obligations and Vested Benefits. Executive is entitled to receive the following accrued obligations: (a) pursuant to Section 4.01 of the Severance Plan, (i) all base salary earned or accrued but not yet paid through the Separation Date, and payment for any earned but unused vacation days accrued through the Separation Date, which payments shall be made to Executive no later than the next regularly scheduled payroll date after the Separation Date; and (ii) any employee benefits in which Executive is vested as of the Separation Date under the terms of the employee and executive benefit plans of the Companies in which Executive is a participant, which benefits shall be paid or provided in accordance with the terms of such plans; (b) any payments or benefits in which Executive is vested as of the Separation Date under the terms of the Hertz Global Holdings, Inc. Stock Incentive Plan, the Hertz Global Holdings, Inc. 2008 Omnibus Incentive Plan (the “Equity Plans”) and any individual equity award agreements granted under either such plan (collectively, the “Equity Plan Documents”), which payments and benefits shall be paid or provided in accordance with the terms of the Equity Plan Documents; and (c) reimbursement for any and all business expenses incurred prior to the Separation Date, subject to the terms of the Company's reimbursement policy. In addition, for the avoidance of doubt, Executive is fully vested in his accrued benefits under The Hertz Corporation Account Balance Defined Benefit Pension Plan, The Hertz Corporation Income Savings Plan, The Hertz Corporation Benefit Equalization Plan, and The Hertz Corporation Supplemental Executive Retirement Plan in accordance with the terms of those plans now in effect, and shall receive payment of the relevant benefits due under those plans upon Executive's separation from employment in such amounts and at such time(s) as are provided under the terms of each such plan (and any deferral/distribution elections that Executive may have made previously).
Accrued Obligations and Vested Benefits. Executive is entitled to receive the following accrued obligations: (a) in satisfaction of the provisions of Section 4.01 of the Severance Plan, all Base Salary earned or accrued but not yet paid through the Termination Date, and payment for any earned but unused vacation days accrued through the Termination Date, which payments shall be made to Executive no later than the next regularly-scheduled payroll date after the Termination Date; and (b) reimbursement for any and all business expenses incurred prior to the Termination Date, subject to the terms of the Company’s reimbursement policy. In addition, the Companies acknowledge and agree that, without regard to this Agreement, Executive is vested in respect of (x) equity awards which were granted under the Hertz Global Holdings, Inc. 2016 Omnibus Incentive Plan as reflected in the attached Schedule A, and (y) his vested account balance under The Hertz Corporation Income Savings Plan and The Hertz Corporation Supplemental Income Savings Plan and (z) his vested benefit under The Hertz Corporation Account Balance Defined Benefit Pension Plan.
Accrued Obligations and Vested Benefits. ▇▇▇▇▇ is entitled to receive the following accrued obligations: (a) in satisfaction of the provisions of Section 5(e)(i) of the Employment Agreement and Section 4.01 of the Severance Plan, all Base Salary earned or accrued but not yet paid through the Date of Termination, and payment for any earned but unused vacation days accrued through the Date of Termination, which payments shall be made to ▇▇▇▇▇ no later than the next regularly scheduled payroll date after the Date of Termination; and (b) reimbursement for any and all business expenses incurred prior to the Date of Termination, subject to the terms of the Company's reimbursement policy. In addition, the Companies acknowledge and agree that, without regard to this Agreement, ▇▇▇▇▇ is vested in respect of options to purchase 126,168 shares of Holdings common stock at $90.16 per share, which were granted under the Employee Stock Option Agreement—Transition Options, dated as of November 21, 2014, between Holdings and ▇▇▇▇▇ (as modified in connection with Holdings's separation from Herc Holdings, Inc.).
Accrued Obligations and Vested Benefits. The payments and benefits set forth in this Section have been paid or will be paid and provided to Employee whether or not Employee signs this Agreement:
Accrued Obligations and Vested Benefits. Employee is entitled to receive the following accrued obligations at his separation from service: (a) all base salary earned, accrued and owing, but not yet paid, and (b) any benefits accrued and due in accordance with the terms of any applicable benefit plans or programs of the Company.
Accrued Obligations and Vested Benefits. ▇▇▇▇▇▇▇ is entitled to receive the following accrued obligations, which shall be paid no later than the next regularly scheduled payroll date after the Separation Date: (i) all salary earned or accrued but not yet paid through the Separation Date; (ii) reimbursement for any and all business expenses incurred prior to the Separation Date, subject to the terms of the Company’s reimbursement policy, and (iii) payment for any earned and accrued, but unused vacation days. In addition, ▇▇▇▇▇▇▇ is fully vested in The Hertz Corporation Account Balance Defined Benefit Pension Plan (the “Hertz Retirement Plan”), The Hertz Corporation Benefit Equalization Plan (“BEP”), The Hertz Corporation Supplemental Retirement Plan (“SERP II”) and The Hertz Corporation Income Savings Plan (“401(k) Plan”) in accordance with the terms of those plans now in effect. The current account balance/monthly benefit and payment elections are set forth on Exhibit A attached hereto.
Accrued Obligations and Vested Benefits. Employee is entitled to receive the following accrued obligations at his separation from service: (a) all base salary earned, accrued and owing, but not yet paid, and (b) any benefits accrued and due in accordance with the terms of any applicable benefit plans or programs of the Company. For avoidance of doubt, the Company shall pay Employee his full 2021 annual bonus that would have been payable to him under the Employment Agreement, as determined by the Board of Directors of the Company (the “Board”) or the Compensation Committee of the Board based on actual performance of Company goals, at the same time as such bonuses are otherwise generally paid to other employees of the Company, but no later than March 15, 2022.
Accrued Obligations and Vested Benefits. ▇▇▇▇▇▇▇ is entitled to receive the following accrued obligations, which shall be paid as soon as practicable following the Termination Date: (i) all salary earned or accrued but not yet paid through the Termination Date; (ii) reimbursement for any and all business expenses incurred prior to the Termination Date, subject to the terms of the Company’s reimbursement policy, (iii) payment for any earned and accrued, but unused vacation days, (iv) payment of ▇▇▇▇▇▇▇’▇ 2010 Hertz Annual Bonus; and (v) any other benefits required by law. In addition, ▇▇▇▇▇▇▇ is vested in Hertz’s Post-Retirement Medical Benefits (“Retiree Medical”), The Hertz Corporation Benefit Equalization Plan (“BEP”), The Hertz Corporation Supplemental Retirement Plan (“SERP II”), The Hertz Corporation Cash Balance Plan (“CBP”) and The Hertz Corporation 401K Plan (“410K Plan”) in accordance with the terms of those plans now in effect.