Payments and Benefits to Employee. A. If Executive continues employment through the Separation Date, executes and does not revoke this Separation Agreement, and further executes and does not revoke a Supplemental General Release to cover the Transition Period (in a form substantially similar to Exhibit A to this Separation Agreement) (the “Supplemental General Release”), Employer will: (i) pay Executive the amount of $2,500,000, payable in a single payment on the eighth (8th) day following the execution of the Supplemental General Release; and (ii) pay on behalf of Executive, an amount, on a monthly basis, that covers the COBRA premiums for the duration of the 18-month COBRA benefits period (this amount is expected to be approximately $815 monthly) (items (i) and (ii) are collectively referred to as the “Separation Payment”). Executive agrees that the Separation Payment would not be paid absent this Separation Agreement.
Payments and Benefits to Employee a. Subject to Employee’s compliance with the terms of this Agreement and the conditions in Section 11, beginning on the first regularly scheduled payday following the Effective Date of this Agreement (as defined in Section 4.c. below), Employer will pay Employee in equal installments over twelve months, in accordance with the Company’s regular payroll schedule, the sum of $275,000 (less taxes and other required deductions), which represents twelve months of severance pay that Employee would not otherwise be entitled to upon termination. In addition, if Employee elects COBRA continuation coverage for Employee and his dependents, Employer shall pay directly to the insurance company one-half of the monthly COBRA premiums for twelve months following the Termination Date.
Payments and Benefits to Employee. (a) The Company shall pay Employee, pursuant to its normal payroll practices, any earned but unpaid salary and vacation through February 15, 2009 (the “Separation Date”), including four (4) weeks of vacation.
Payments and Benefits to Employee. The Company agrees, until the earlier to occur of July 28, 2004 and the date, if any, that Employee breaches any of his obligations under Section 0 of this Agreement, to: make to Employee salary continuation payments at a annual rate of $205,000, payable on the Company’s regular payroll dates; continue to pay the premiums for Company-provided health, dental and other insurance, and reimburse Employee for medical expenses not covered by insurance, to the extent the Company was paying such premiums and making such reimbursements immediately prior to the Termination Date; reimburse Employee up to $500 per month for actual out-of-pocket expenses incurred by Employee during the period January 29, 2004 through July 28, 2004 for outplacement services, cell phone usage and to lease a furnished outplacement office that provides a desk, telephone and computer, fax and Internet connection, provided that Employee delivers proper evidence of such expenses consistent with the Company’s reimbursement policies; permit Employee to continue use of the Ford Expedition leased and insured by the Company and which was being used by Employee immediately prior to the Termination Date, provided that Employee complies with each and all of the following conditions: (w) Employee must be the primary driver of the automobile; (x) Employee must comply with the terms and conditions of the lease; (y) Employee must cause routine and all other necessary maintenance to be performed; and (z) the automobile must not be driven more miles than the pro rata share of the annual mileage limitation under the lease except to the extent reasonably necessary in connection with his job search activities (which are expected to require Employee to travel throughout central and southern California). The Company agrees to reimburse Employee for gasoline and routine maintenance expenses incurred by Employee in connection with the automobile. Within one business day of the date Employee’s right to use the Ford Expedition terminates, Employee agrees to deliver the automobile to the Company at its business offices, in good and clean condition, personal effects removed but with all keys and manuals and otherwise in condition to return to the lessor without paying any unreasonable costs or damages to the lessor. Employee hereby agrees to indemnify and hold the Company Group, and their respective directors, officers, employees and agents, harmless from and against any and all claims, damages, losses, liabilities, ...
Payments and Benefits to Employee
