Additional Severance Payment. If the Employee is covered by the Company health care plan, the Employee shall receive a cash payment equal to twelve (12) multiplied by the cost of a single month of COBRA coverage at the rates in effect on the date of termination. If such coverage included the Employee’s dependents immediately prior to the Employee’s termination of employment with the Company, such payment shall also include the cost of COBRA coverage for the Employee’s dependents.
Additional Severance Payment. Subject to the terms and conditions of the Agreement - NIS ___________
Additional Severance Payment. If the Employee’s Service Term at the time of termination is equal to or greater than twelve (12) months and the Employee is covered by the Company health care plan, then the Employee shall receive a lump sum cash payment equal to nine (9) multiplied by the cost of a single month of COBRA coverage at the rates in effect on the date of termination. If such coverage included the Employee’s dependents immediately prior to the Employee’s termination of employment with the Company, such payment shall also include the cost of COBRA coverage for the Employee’s dependents.
Additional Severance Payment. Within ten (10) days after your retirement date, the Company will pay to you an amount equal to (i) $4,730,643, minus (ii) the fair market value of the Stock Options (calculated as the difference between the weighted average closing price of Patriot stock on the twenty trading days preceding your retirement date and the exercise price), minus (iii) the fair market value of the Restricted Stock (calculated using the weighted average closing price of Patriot stock on the twenty trading days preceding your retirement date), minus (iv) the MSP Payment. You will not exercise any Stock Options or sell any Restricted Stock prior to your retirement date. The Company shall repurchase from you on your retirement date the Restricted Stock and unexercised Stock Options based on the weighted average closing price of Patriot stock on the twenty trading days preceding your retirement date. This severance package is intended in conjunction with your existing benefits to result in a net $3,000,000 after tax benefit to you.
Additional Severance Payment. Subject to Executive’s continued compliance with this Agreement including without limitation, Executive’s obligations and undertakings pursuant to Section 1.3 and 3 hereof, and the Employment Agreement, the Company shall pay to Executive, in addition to any rights and entitlements under law and the Executive’s Employment Agreement, an amount equal to the sum of Executive’s Base Salary and Target Bonus, less applicable withholdings, in a cash lump sum as soon as administratively practicable following the date that the Release (as defined below) was executed by Executive.
Additional Severance Payment. In addition to the amounts set forth in paragraphs 2 and 3 above, but subject to paragraph 15 hereof and to Gunter's full compliance with the terms of this Agreement including xxx xxxditions set forth below, the Company shall continue to pay Gunter his base salary at the rate of $130,000 per year from the Texxxxxxion Date until the date eighteen
Additional Severance Payment. The Company shall pay to Executive during the period commencing on the date of termination and ending six months thereafter (the “Severance Period”), in addition to any rights and entitlements under law and the Executive’s Employment Agreement, an amount equal to his monthly Base Salary at a per annum rate of one hundred and twenty percent (120%). The severance contemplated by this Section 2.1(a), which shall be subject to all required tax and other applicable withholding, shall be payable in equal monthly installments during the Severance Period, provided that the Executive is in good faith compliance with the terms of this Agreement, including specifically with Executive’s obligations and undertakings pursuant to Sections 1.3 and 3 hereof, as of each applicable payment date;
Additional Severance Payment. Subject to the terms and conditions of the Agreement Exhibit B RELEASE (Group Termination) Certain capitalized terms used in this Release are defined in the Executive Severance Benefits Agreement (the “Agreement”), which I have executed and of which this Release is a part. I hereby confirm my obligations under the Company’s Employee Proprietary Information and Inventions Agreement. I also hereby confirm that of the date hereof, I have received all amounts and/or entitlements to which I am due as a result of or in connection with my employment with the Company including, without limitation, with respect to salary, wages, back wages, contributions to managers insurance (*) and education fund (**), severance pay, annual vacation, overtime pay, travel allowance, recreation pay (***), sick pay, commissions, incentives, bonuses, options, notice period or payment in lieu of notice, deferred compensation payments, expenses, benefits, and reimbursement of any kind and any other payment or benefits or rights whatsoever in connection with my employment with the Company or termination of my employment or that otherwise might be owed to me by the Company. In accordance with the termination of my employment at the Company I am entitled to all sums as described in the List of Final Payments, attached to this letter. I accept the payments described in the List of Final Payments as full, complete and unconditional payment, settlement and satisfaction of any and all obligations of the Company arising out of my employment or the termination of my employment, or that otherwise might be owed to me by the Company. Upon completion by the Company of the payments listed in the attached “List of Final Payments” in connection with my employment with the Company and/or the termination of such employment, neither myself, nor anyone on my behalf, has or will have any claim, demand and/or cause of action, including with respect to my dismissal and/or entitlement to severance pay, whether or not now known, suspected or claimed, which I have ever had, now have, or may claim to have against the Company and/or its affiliates (whether directly or indirectly) pursuant to the Employment Agreement or otherwise against Company and/or its affiliatesand/or anyone on its behalf, including its partners, investors, predecessors, successors, heirs, assigns, directors, employees or shareholders or any of their representatives of successors or affiliated corporations or organizations, whether previously...
Additional Severance Payment. If Executive’s employment is terminated under Section 7(a) or 7(b) of this Agreement, then Executive will be entitled to an additional severance payment of $1,000,000 if within the first 12 months, $667,000 if within the second 12 months, and $334,000 if within the third 12 months of this Agreement respectively.
Additional Severance Payment. In the event that the grant of Options to Employee and the New Plan Effective Date (a) does not occur within one (1) year after Employee’s termination of employment for any reason other than (i) termination by the Company for Cause or (ii) voluntary termination by the Employee for other than Good Reason, or (b) occurs within one (1) year after Employee’s termination of employment for any reason other than (i) termination by the Company for Cause or (ii) voluntary termination by the Employee for other than Good Reason, but the New Plan does not provide for grants of stock options to former employees, then Employee shall be entitled to an additional severance payment in the amount of Two Million Five Hundred Thousand Dollars ($2,500,000) (the “Additional Severance Payment”). The Additional Severance Payment shall be paid to Employee (i) if the New Plan Effective Date does not occur within one (1) year after Employee’s termination of employment as provided in Section 5(c)(ii)(a) above, on the date that is one (1) year after Employee’s termination of employment, and (ii) if the New Plan Effective Date occurs within one (1) year after Employee’s termination of employment but the New Plan does not provide for grants of stock options to former employees as provided in Section 5(c)(ii)(b) above, on the New Plan Effective Date. In the event that the Company fails to pay the Additional Severance Payment within five (5) days of the date when due as provided above, then the unpaid Additional Severance Payment shall bear interest at the rate of six percent (6%) per annum from the date of Employee’s termination of employment until paid.
