Payment to Employee. The Company agrees to pay Employee the sum of $________ (the "Payment") as severance pay, less all applicable withholdings for state, federal and FICA taxes. The Payment shall be paid in one lump sum as soon as practicable [following the expiration of the seven-day revocation period set forth in paragraph G below] OR [six (6) months following the Termination Date].
Payment to Employee. Pursuant to the Employment Agreement entered into between the parties and subject to certain conditions precedent set forth therein, Company agrees to provide a Severance Amount to Employee as set forth in paragraph 11(a)(i) of the Employment Agreement; provided, however, that Employee must execute and not revoke this Agreement.
Payment to Employee. The Company agrees to pay Employee the sum of $________ (the "Payment") as severance pay, less all applicable withholdings for state, federal and FICA taxes. The Payment shall be paid in [insert number of installments] equal installments of $_________ on each regular payroll date of the Company. Such installments shall commence on the first payroll date that follows the expiration of the seven-day revocation period set forth in paragraph G below.
Payment to Employee. In consideration of Employee's agreeing to the provisions contained in Sections I, II and III hereof, Employer shall, on the date of the closing under the Purchase Agreement, deliver to Employee 2,000,000 shares of Employer's common stock. Employee agrees that, for the one-year period immediately following the date hereof, he shall not sell or otherwise transfer any of the shares to be delivered to him hereunder, without the prior written consent of Employer. In further consideration of Employee's agreeing to the foregoing restriction on transfer, Employer agrees that it shall not implement a reverse split of its outstanding common stock at any time during the 18-month period immediately following the date hereof.
Payment to Employee. In consideration of the execution and delivery of this Agreement by Employee, and of the releases and covenant not to sue provided for hereunder, sevxx (7) days after execution by Employee of this Agreement (provided that he has not revoked this Agreement pursuant to the provisions of Section 5 hereof), Employee shall be entitled to receive an amount equal to one year's base salary at Employee's current rate of pay (the "Severance Payment"), less all amounts required by law to be withheld.
Payment to Employee. 4.1 Conditioned upon the full execution of this Agreement, and the lapse of the seven (7) day period described in Section 12 below, the Company shall pay Employee on or before January 25, 2000 the total sum of Four Hundred Sixty-Eight Thousand Two Hundred Sixty-Five and 07/100 Dollars ($468,265.07), less applicable withholding taxes and other governmental obligations. This amount represents severance in the amount of $68,265.07, less applicable withholding taxes and other governmental obligations, and a bonus in the amount of $400,000.00, less applicable withholding taxes and other governmental obligations, for his services in connection with the sale of ICG Satellite Services, Inc.
Payment to Employee. Company shall pay Employee Two Hundred Forty-Seven Thousand Five Hundred and 00/100 Dollars ($247,500.00), less applicable withholding, in a lump sum within ten (10) business days after Company’s receipt of this fully-executed Discharge and Termination Agreement.
Payment to Employee. The Company shall pay Employee __________ by check.
Payment to Employee. Employer shall pay Employee severance pay equal to [ ] weeks of Employee’s current salary in the amount of [$ ], less all applicable withholdings. Employer shall make that payment within 10 business days after this Agreement becomes effective. Employee agrees that the foregoing consideration shall constitute an accord and satisfaction and a full and complete settlement of any possible claims by Employee. The consideration shall constitute the entire amount of monetary consideration to be provided to Employee pursuant to this Agreement. Employee agrees that Employee will not seek any further compensation for any other claimed damage, costs or attorneys’ fees in connection with the matters encompassed in this Agreement.
Payment to Employee. In consideration of the release of all claims, the -------------------- Company agrees to provide Employee with the following additional payment and benefits: The Company shall pay Employee severance in the amount of $64,500 (less applicable withholding) in a single lump sum on the eighth (8th) day following the Agreement Date. The Company will amend the Agreements between Employee and the Company dated December 14, 1998 (the "Option Agreements"), with respect to those options to purchase 11,825 shares of Company stock at a price of $9.63 which have vested in accordance with the terms of the Option Agreements through March 5, 1999. The amended Option Agreements will allow such options to continue to be exercised until the end of their full term, and that they need not be exercised within ninety (90) days of March 5, 1999. All other options shall be exercisable only in accordance with the current terms of the Option Agreements. Any unvested options will be cancelled. In the event that the Company fails to amend the Option Agreements in accordance with the terms of this paragraph, this Agreement will be null and void in its entirety. If Employee timely exercises his rights under COBRA for continued health insurance in accordance with the terms of such the Company's health insurance plans, the Company will pay the premiums necessary to continue such insurance coverage for a period of six months immediately following the Agreement Date, provided; however, that if Employee obtains new employment before the expiration of the six month period, and is eligible for health benefits from the new employer, Employee shall promptly notify the Company, and the Company shall not be required to continue to reimburse COBRA payments thereafter. Those certain Promissory Notes in the aggregate amount of $582,934 as described on Exhibit A (collectively, the "Notes") are hereby modified so that they become due and payable on September 5, 2000. This represents the Company's sole financial obligation to Employee under this Agreement.
