Final Pay and Benefits Clause Samples

Final Pay and Benefits. You acknowledge and agree that the Company has provided you with your final pay, less lawful deductions (the “Final Pay”) through the Separation Date, in a timely manner and in accordance with your state’s law. Whether or not you execute this Agreement, you will be entitled to, and are not releasing your rights to, any benefits required to be provided to you pursuant to any employee benefit plans in which you are a participant. You may also have rights to continue your group health coverage under the federal law commonly called “COBRA,” or a state law equivalent.

Final Pay and Benefits. In full accordance with Section 6(a) of the Employment Agreement, the Individual shall receive the following payments and benefits in accordance with the existing policies of the Company, or at the sole discretion of the Company, pursuant to his employment with the Company and his participation in its employee benefit plans:

Final Pay and Benefits. In full accordance with Section 7(c) of the Employment Agreement, Executive shall receive the following payments and benefits in accordance with the Employment Agreement and the existing policies of the Employer, the Company, or their affiliates, or at the sole discretion of the Employer, the Company, or their affiliates, pursuant to his employment with the Employer and his participation in the employee benefit plans of the Employer, the Company, or their affiliates:

Final Pay and Benefits. In accordance with California law, the Employee has received or will receive his final paycheck, any accrued but unused paid time off and any unreimbursed business expenses and allowances, through the Separation Date. All company- provided benefits and privileges shall terminate on the Separation Date and/or in accordance with the applicable benefit plan or program. In addition, the Employee will receive notice regarding the continuation of health insurance benefits pursuant to COBRA under separate cover, if applicable. The Employee acknowledges that all of the Employer’s obligations to the Employee as a result of the Employee’s employment with the Employer, including under the Employment Agreement and any change of control plan or agreement, have been fully satisfied, and that no additional wages, bonuses, equity, stock options, incentives, commissions, severance, change of control payments, paid time off, benefits, or compensation of any nature is due to the Employee except as set forth in Section 2 of this Agreement if the Employee timely signs, returns and does not revoke this Agreement.

Final Pay and Benefits. The Individual shall receive the following payments and benefits in accordance with the Company’s existing policies, or at the Company’s discretion, pursuant to his employment with the Company and his participation in the Company’s benefit plans: (a) Payment of his regular base salary through the Resignation Date. This amount is a gross amount, subject to applicable deductions and withholdings, and shall be paid to the Individual on or before the Company’s first regularly scheduled payday after the Resignation Date. (b) Payment or other entitlement, in accordance with the terms of the applicable plan or other benefit, of any benefits to which he had a vested entitlement as of the Resignation Date under the terms of employee benefit plans established by the Company. (c) Based on the Individual’s participation in the Toreador Resources Corporation 2005 Long-Term Incentive Plan (the “Long-Term Incentive Plan”), the Individual received options to purchase Company stock awarded pursuant to his Nonqualified Stock Option Agreement dated May 15, 2008 and his Incentive Stock Option Agreement dated May 15, 2008, which are both reflected on the summary attached as Exhibit A to this Agreement (the “Option Award Agreements”). By signing this Agreement, the Company represents and warrants that the Individual has no options to purchase Company stock other than as described on Exhibit A. All options to purchase Company stock awarded to the Individual have not vested prior to the Resignation Date and are terminated.

Final Pay and Benefits. Regardless of whether the Individual accepts this Agreement, he shall receive the following payments and benefits in accordance with the Company’s existing policies, or at the Company’s sole discretion, pursuant to his employment with the Company and his participation in the Company’s benefit plans:

Final Pay and Benefits. Regardless of whether you sign and return the General Release, you will receive the final pay and benefits set forth in this Section 1 as follows:

Final Pay and Benefits. Employee shall receive her final regular paycheck from the Employer in accordance with the Employer’s customary payroll practices. Employee’s final check shall include payment for all accrued but unused vacation time through the Separation Date, subject to applicable withholdings and deductions. Employee further understands and agrees that, except to the extent she elects continuation coverage under the Consolidated Omnibus Budget Reconciliation Act (“COBRA”) at her own expense, Employee’s eligibility to participate in all Employer-provided compensation and/or benefit programs in which Employee was participating will cease as of the Separation Date.

Final Pay and Benefits. Regardless of whether you sign and return this Agreement, you will receive the final pay and benefits set forth in this Section 1 as follows: • Final Pay. You will be paid your regular base salary through and including the Separation Date, as well as any accrued and unused PTO through such date.