Retention Pay and Benefits Sample Clauses

Retention Pay and Benefits. If Xxxxxx’x employment is not terminated early under subparagraph 2(d) above before the Separation Date, then Xxxxxx’x employment with the Company shall end as of the Separation Date and, subject to the conditions identified below, the Company will (1) pay Xxxxxx as retention pay an amount equal to two (2) times the sum of (A) Xxxxxx’x annual base salary at the post-Appointment Date rate identified in subparagraph 2(b) above ($250,000.00) plus (B) the annual incentive bonus last paid to Xxxxxx preceding the Effective Date ($310,000.00), payable in a lump sum on the sixtieth (60th) day after the Separation Date, and (2) provided Xxxxxx (and, if applicable, Xxxxxx’x eligible dependents), completes and returns the forms necessary to elect COBRA continuation coverage to the COBRA administrator for the group health plan in which Xxxxxx participates as of the Separation Date, provide Xxxxxx (and, if applicable, Xxxxxx’x eligible dependents) with COBRA continuation coverage at no cost to Xxxxxx, for a period of eighteen (18) months following the effective date of termination of Xxxxxx’x employment, provided Xxxxxx remains eligible for COBRA; provided that such continuation coverage will be provided only with respect to Xxxxxx’x base medical, dental, vision and Employee Assistance Program coverage under the group health plan in which Xxxxxx receives COBRA continuation coverage (and in Minnesota only, this applies to basic life insurance coverage), and shall not apply to any medical expense reimbursement account, dental care plan, vision care plan, or other arrangement for which Xxxxxx may be entitled to COBRA continuation coverage.
Sample 1
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Retention Pay and Benefits. In the event that a Change in Control occurs during the Term and prior to Executive's Voluntary Termination, Termination for Cause, death, or Disability, the Company shall pay to Executive a transaction bonus in a one-time lump sum Payment (the "Transaction Bonus"), within ten (10) days following the Change in Control Date. Alternatively, in the event of Executive's Involuntary Termination and a Change in Control during the Term, Executive shall receive Payment of the Transaction Bonus within 10 days following the Change in Control Date. If Executive is eligible to receive Payment of the Transaction Bonus and to the extent that the Change in Control results from the sale of substantially all, but less than all, of the PC Business Assets or the Supply Chain Assets, the Transaction Bonus shall be adjusted by aggregating the consideration received by the Company for the sale of any remaining PC Business Assets or Supply Chain Assets that occurs after the Change in Control Date and during the Term (as defined in Section 2). The Payment of the Transaction Bonus shall be calculated as set forth on Schedule A to this Agreement.
Sample 1
Retention Pay and Benefits. If Xxxx’x employment is not terminated early under subparagraph 2(d) above before the Separation Date, then Xxxx’x employment with the Company shall end as of the Separation Date and, subject to the conditions identified in subparagraph 5(b) below, the Company will (1) pay Xxxx as retention pay an amount equal to one (1) times the sum of (A) Xxxx’x annual base salary at the rate identified in subparagraph 2(b) above ($100,000.00) plus (B) the annual incentive bonus paid to Xxxx under the Company’s Management Incentive Plan for the Company’s fiscal year 2011 ($140,000.00), payable in a lump sum on the first business day after Xxxx delivers the signed Second Release to the Company, and (2) provided Xxxx (and, if applicable, Xxxx’x eligible dependents), completes and returns the forms necessary to elect COBRA continuation coverage to the COBRA administrator for the group health plan in which Xxxx participates as of the Separation Date, provide Xxxx (and, if applicable, Xxxx’x eligible dependents) with COBRA continuation coverage at no cost to Xxxx, for a period of twelve (12) months following the Separation Date, provided Xxxx remains eligible for COBRA; provided that such continuation coverage will be provided only with respect to Xxxx’x base medical, dental, vision and Employee Assistance Program coverage under the group health plan in which Xxxx receives COBRA continuation coverage (and in Minnesota only, this applies to basic life insurance coverage), and shall not apply to any medical expense reimbursement account, dental care plan, vision care plan, or other arrangement for which Xxxx may be entitled to COBRA continuation coverage.
Sample 1

Related to Retention Pay and Benefits

  • Severance Pay and Benefits Upon Termination by the Company without Cause or by the Executive for

  • Separation Pay and Benefits Specifically in consideration of your signing this Agreement and subject to the limitations, obligations, and other provisions contained in this Agreement, the Company agrees as follows:

  • Severance Payments and Benefits For purposes of this Agreement, the term "Severance Payments and Benefits" shall mean:

  • Severance Payments; Salary and Benefits The Company agrees to provide Executive with the severance payments and benefits described in Section 4(b) [and Section 4(c)] of the Employment Agreement, payable at the times set forth in, and subject to the terms and conditions of, the Employment Agreement. In addition, to the extent not already paid, and subject to the terms and conditions of the Employment Agreement, the Company shall pay or provide to Executive all other payments or benefits described in Section 3(c) of the Employment Agreement, subject to and in accordance with the terms thereof.

  • Severance Benefits To the extent that Employee shall be entitled to receive Severance Benefits pursuant to Section 4(d) or 4(e) hereof, Company and Employee agree that the following shall apply: (i) "Severance Benefits" shall mean: (A) a continuation of Employee's then effective salary as payable pursuant to Section 3(a) hereof during the Severance Period (as defined below); (B) payment of any bonus payable to Employee pursuant to Section 3(c) hereof, calculated based on the full Company bonus payable thereunder (subject to attainment by Company of any objective financial or performance standards applicable to Company) and prorated for any period during the Severance Period that is less than the full twelve (12) month period in which such bonus would be earned; (C) immediate vesting and payment of any Option Payments; and (D) continuation during the Severance Period of any medical/dental care coverage (or the reasonable equivalent thereof) which Employee is receiving as of the date of termination of the Period of Employment, provided that such insurance coverage shall terminate prior to the expiration of the Severance Period as of the first date that Employee is covered under another employer's health benefit program which provides substantially the same level of benefits without exclusion for pre-existing medical conditions. Such coverage shall be in lieu of any other continued health care coverage to which Employee or his dependents would otherwise be entitled in accordance with the requirements of the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended ("COBRA"), by reason of Employee's termination of employment. (ii) "Severance Period" shall mean a period of twenty-four (24) months following the termination of the Period of Employment pursuant to Section 4(d) or 4(e) hereof. (iii) Company shall be entitled to a credit for any amounts paid pursuant to Part One, Paragraph 1 of the Change of Control Agreement for any amounts payable pursuant to Paragraph (i)(A) and (i)(B) above as part of any Severance Benefits payable hereunder. (iv) Except as provided in Section 6 below, the Severance Benefits shall be received by Employee in lieu of any other right Employee may have under applicable law, Company or Parent policies or plans or otherwise with respect to any payments or compensation in connection with the termination of Employee's employment with Company. (v) Employee agrees that payment of the Severance Benefits may, in the discretion of the Company, be subject to the prior execution by the Employee of a release of claims in a form provided by the Company prior to any such payment and that payment of the Severance Benefits shall be consideration for such release. (g)

  • Separation Payments and Benefits Without admission of any liability, fact or claim, the Company hereby agrees, subject to Executive’s timely execution and non-revocation hereof and Executive’s compliance with Executive’s obligations pursuant to this Agreement and the Surviving Provisions, to provide Executive the severance payments and benefits set forth below:

  • Payment and Benefits In consideration of the promises made in this Release, Employer has agreed to pay Executive the benefits as provided in that certain employment agreement made and entered into as of _________________________, by and between the Parties (the “Employment Agreement”). Executive understands and acknowledges that the benefits described in this Section 2 constitute benefits in excess of those to which Executive would be entitled without entering into this Release. Executive acknowledges that such benefits are being provided by Employer as consideration for Executive entering into this Release, including the release of claims and waiver of rights provided in Section 3 of this Release.

  • Severance Pay In the event that your employment is terminated by the Company, except for “Cause” as defined below, you will be eligible to receive the following:

  • Accrued Compensation and Benefits Notwithstanding anything to the contrary in Section 2 and 3 above, in connection with any termination of employment upon or following a Change in Control (whether or not a Qualifying Termination or CIC Qualifying Termination), the Company or its subsidiary shall pay Executive’s earned but unpaid base salary and other vested but unpaid cash entitlements for the period through and including the termination of employment, including unused earned vacation pay and unreimbursed documented business expenses incurred by Executive prior to the date of termination (collectively “Accrued Compensation and Expenses”), as required by law and the applicable Company or its subsidiary, as applicable, plan or policy. In addition, Executive shall be entitled to any other vested benefits earned by Executive for the period through and including the termination date of Executive’s employment under any other employee benefit plans and arrangements maintained by the Company or its subsidiary, as applicable, in accordance with the terms of such plans and arrangements, except as modified herein (collectively “Accrued Benefits”). Any Accrued Compensation and Expenses to which the Executive is entitled shall be paid to the Executive in cash as soon as administratively practicable after the termination, and, in any event, no later than two and one-half (2-1/2) months after the end of the taxable year of the Executive in which the termination occurs or at such earlier time as may be required by applicable law or Section 10 below, and to such lesser extent as may be mandated by Section 9 below. Any Accrued Benefits to which the Executive is entitled shall be paid to the Executive as provided in the relevant plans and arrangements.

  • Compensation and Benefits As compensation for all services performed by the Executive under and during the term hereof and subject to performance of the Executive’s duties and of the obligations of the Executive to the Company and its Affiliates, pursuant to this Agreement or otherwise:

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