Common use of Separation Consideration Clause in Contracts

Separation Consideration. In consideration for signing this Agreement, and complying with its terms, Employer and Employee agree as follows: (a) Employee’s employment as Chief Executive Officer, as well as from all other officer, director and employment positions that Employee held at or through the Company, and any of its parents, subsidiaries or affiliates, ceased effective as of the Separation Date. Except as approved by the Company in writing, Employee agrees not to hold himself out as a partner, member, director, officer or employee of, or as otherwise affiliated with, the Company (including on social media) after the Separation Date. Employee agrees to promptly execute such additional documentation as requested by the Company to effectuate the foregoing. (b) Regardless of whether Employee executes this Agreement, the Company shall timely pay to Employee, minus applicable taxes, withholdings and authorized or required deductions: (i) all earned, but unpaid, wages and accrued, but unused, vacation time earned in accordance with applicable law and Company policy through the Separation Date; (ii) any unpaid expenses or other reimbursements, due to Employee under the Company’s policies, provided that Employee must submit for reimbursement any outstanding business-related expenses within ten (10) days following the Separation Date; and (iii) if applicable, a refund of all ESPP deductions taken during the current offering period as part of the Company’s Employee Stock Purchase Program that have not been used to purchase shares as of the Separation Date. (c) Employee will receive under separate cover information regarding Employee’s rights under the Consolidated Omnibus Budget Reconciliation Act and, if applicable, any state continuation coverage laws (collectively, “COBRA”). Employee acknowledges that Employee should review the COBRA notice and election forms carefully to understand Employee’s rights and obligations to make timely elections, provide timely notification and make timely premium payments. Except as to any vested benefits or as otherwise provided herein or required under applicable law, Employee’s right to, and participation in, medical, dental and vision plans as an employee shall terminate as of the last day of the month that includes the Separation Date, in accordance with the specific terms of each plan (i.e., October 31, 2022).

Separation Consideration. In consideration exchange for signing the mutual promises set forth in this Agreement, and complying if you do not revoke this Agreement as you are entitled to do as set forth below, upon the Effective Date (as defined below) ATEC agrees to do all of the following: (i) within five (5) days of the Effective Date, provide you with a lump sum payment of $300,000, less applicable payroll tax withholdings and deductions; (ii) make payments for up to eighteen (18) months’ cost of COBRA coverage under ATEC’s group health plan for you and your family members who are entitled to such COBRA coverage, should you make a timely election for such coverage (the “COBRA Separation Pay”); (iii) allow you to retain ownership of your company-issued cellular phone, laptop computer and iPad, following removal of any ATEC confidential and/or proprietary information contained on said devices by the ATEC IT Department; and (iv) pay up to $10,000 for Executive Résumé and Transition Services (collectively, referred to as the “Separation Consideration”). The COBRA Separation Pay shall be paid by ATEC directly to its termsinsurance carrier prior to such payment being due, Employer and Employee will continue until the earlier of June 30, 2020, or such time as you obtain coverage through alternate means. The Company is not required to pay you the Separation Consideration if you fail to sign, or if you revoke, this Agreement. You acknowledge that the Separation Consideration will represent wages and will be subject to income tax and other legally required withholding, and will be reported by the Company as income to you on an IRS Form W-2. You also agree as follows: (a) Employee’s employment as Chief Executive Officerthat the Separation Consideration to be provided to you is not intended to and does not constitute a severance plan and does not confer a benefit on anyone other than the parties. You further acknowledge that, except for the Separation Consideration, as well of the Effective Date, you have been paid all wages and compensation due, and you are not now and other than as set forth in the Resignation Agreement, you shall not in the future be entitled to any compensation from all ATEC including, without limitation, other officerwages, director and employment positions commissions, bonuses, vacation pay, holiday pay, paid time off or any other form of compensation or benefit. The preceding sentence does not include reimbursement for expenses that Employee held at or through have been incurred in accordance with the Company, and any of its parents, subsidiaries or affiliates, ceased effective as of ’s polices prior to the Separation Date. Except as approved by By signing this Agreement and allowing the Company revocation period described in writingSection 6 to end, Employee agrees you represent that you have received all payments to which you are legally entitled other than Separation Consideration or any payments to be paid to you under the Resignation Agreement. You understand and agree that you will not to hold himself out as a partner, member, director, officer or employee of, or as otherwise affiliated with, the Company (including on social media) after receive the Separation Date. Employee agrees to promptly execute such additional documentation as requested by the Company to effectuate the foregoing. (b) Regardless of whether Employee executes Consideration unless you sign and deliver, and do not revoke, this Agreement, and fulfill the other promises contained herein. You agree that the Company shall timely pay has no independent legal duty to Employee, minus applicable taxes, withholdings and authorized or required deductions: (i) all earned, but unpaid, wages and accrued, but unused, vacation time earned in accordance provide you with applicable law and Company policy through the Separation Date; (ii) any unpaid expenses or other reimbursementsConsideration set forth in this Agreement, due to Employee under absent the Company’s policiesterms of the Agreement itself. As such, provided you agree that Employee must submit for reimbursement any outstanding business-related expenses within ten (10) days following the Separation Date; Consideration represents an amount above and (iii) beyond that to which you would be entitled if applicable, a refund of all ESPP deductions taken during the current offering period as part of the Company’s Employee Stock Purchase Program that have you did not been used to purchase shares as of the Separation Dateenter into this Agreement. (c) Employee will receive under separate cover information regarding Employee’s rights under the Consolidated Omnibus Budget Reconciliation Act and, if applicable, any state continuation coverage laws (collectively, “COBRA”). Employee acknowledges that Employee should review the COBRA notice and election forms carefully to understand Employee’s rights and obligations to make timely elections, provide timely notification and make timely premium payments. Except as to any vested benefits or as otherwise provided herein or required under applicable law, Employee’s right to, and participation in, medical, dental and vision plans as an employee shall terminate as of the last day of the month that includes the Separation Date, in accordance with the specific terms of each plan (i.e., October 31, 2022).

Separation Consideration. In consideration for signing this Agreement, and complying with its terms, Employer and Employee agree as follows: (a) Employee’s employment as Chief Executive Technology Officer, as well as from all other officer, director and employment positions that Employee held at or through the Company, and any of its parents, subsidiaries or affiliates, ceased effective as of the Separation Date. Except as approved by the Company in writing, Employee agrees not to hold himself out as a partner, member, director, officer or employee of, or as otherwise affiliated with, the Company (including on social media) after the Separation Date. Employee agrees to promptly execute such additional documentation as requested by the Company to effectuate the foregoing. (b) Regardless of whether Employee executes this Agreement, the Company shall timely pay to Employee, minus applicable taxes, withholdings and authorized or required deductions: (i) all earned, but unpaid, wages and accrued, but unused, vacation time earned in accordance with applicable law and Company policy through the Separation Date; (ii) any unpaid expenses or other reimbursements, due to Employee under the Company’s policies, provided that Employee must submit for reimbursement any outstanding business-related expenses within ten (10) days following the Separation Date; and (iii) if applicable, a refund of all ESPP deductions taken during the current offering period as part of the Company’s Employee Stock Purchase Program that have not been used to purchase shares as of the Separation Date. (c) Employee will receive under separate cover information regarding Employee’s rights under the Consolidated Omnibus Budget Reconciliation Act and, if applicable, any state continuation coverage laws (collectively, “COBRA”). Employee acknowledges that Employee should review the COBRA notice and election forms carefully to understand Employee’s rights and obligations to make timely elections, provide timely notification and make timely premium payments. Except as to any vested benefits or as otherwise provided herein or required under applicable law, Employee’s right to, and participation in, medical, dental and vision plans as an employee shall terminate as of the last day of the month that includes the Separation Date, in accordance with the specific terms of each plan (i.e., October 31September 30, 2022).