Settlement Pay Clause Samples
Settlement Pay. Provided that Mr. Opsal has signed this Separa▇▇▇▇ ▇▇▇▇▇ment, on January 2, 2007, the Bank agrees to pay Mr. Opsal a one-time lump sum amou▇▇ ▇▇▇▇▇ to Two Hundred Thousand Dollars ($200,000), less appropriate taxes and deductions ("Settlement Pay"). The Settlement Pay is being offered to Mr. Opsal solely in exchange fo▇ ▇▇▇ ▇▇▇▇ise to be bound by the terms of this Separation Agreement and is above and beyond what he would otherwise be entitled to receive under the Employment Agreement. In addition, the Settlement Pay is intended to be exempt from being treated as "deferred compensation" under Internal Revenue Code Section 409A under the "short term deferral rule" set forth in Proposed Treasury Regulations Section 1.409A-1(b)(4). Payment of the Settlement Pay shall be reported on IRS Form W-2 for calendar year 2007 as "supplemental wages."
Settlement Pay. TRAINING
Settlement Pay. On January 2, 1997, you will be paid $100,000.00 which represents payment in lieu of any obligation of MAPCO to you in connection with your participation in MAPCO's Incentive Compensation Plan, which Plan otherwise contemplated bonus payments, if any, payable in 1997. This may be reduced, if necessary, to comply with tax withholding requirements. You shall not be eligible for any other awards under the Plan, including any long-term incentive bonus compensation that would have been payable in 1998.
Settlement Pay. Commencing on the fifteenth of the month after ONESOFT --------------- receives a copy of this Agreement executed by you (the "Effective Date"), the Company will provide you with the following Settlement Pay:
(i) Settlement Pay in the gross amount of $80,000.00 (less state, federal and other employment related deductions) shall be in sixteen (16) equal installments of $5,000 (less deductions) pursuant to a monthly schedule to be determined by the Company, provided, however, that the Company shall make such installment payments in at least sixteen (16) of the twenty (20) months that follow payment of the first installment and shall have paid the full amount of Settlement Pay ($80,000 less deductions) within twenty (20) months of the date it pays the first installment. The first and second installments shall be paid to the law firm of Mason, Ketterman, & ▇▇▇▇▇▇. All subsequent installments shall be paid directly to you. The first installment shall be paid on the seventeenth day of July, 1997. In any subsequent month in which ONESOFT elects to make a payment, it shall pay the installment by the fifteenth day of the month.
(ii) ONESOFT agrees to make an additional payment of $30,000 to you within sixty (60) days of any initial public offering or acquisition of ONESOFT. For the purposes of this Section 1(ii), an acquisition shall be defined as the acquisition of fifty-one percent or more of the Company by a third party entity. You acknowledge and agree that the Settlement Pay provided herein is not otherwise due or owing to you under any Company employment agreement (oral or written) or Company policy or practice, nor is this Settlement Pay intended to, and shall not, constitute a severance plan, and shall confer no benefit on anyone other than the parties hereto. You further acknowledge that except for the specific financial consideration set forth in this Agreement, you have been paid and provided all wages, commissions, bonuses, vacation pay, holiday pay and any other form of compensation or benefit that may be due to you now or which would have become due in the future in connection with your employment with or separation of employment from the Company.
Settlement Pay. The Employer agrees to pay each full-time employee who is on payroll as of the date of ratification of the terms memorandum of a lump sum payment of seven hundred and fifty dollars ($750.00) less the required statutory reductions. Such payment shall be made not later December Effective May the Employer agrees to pay to each full-ti ne employee a lump sum payment of five hundred dollars less required statutory deductions. Employees hired as full-time, or converted from part-time to status between July and April are identified in Letter of Agreement which is attached hereto and forms part of this collective agreement, and shall be paid in accordance with the rates of pay contained in such Letter of Agreement. Effective November employees that may be hired as full-time part-time employees that may be converted to full-time status shall be paid in accordance to the following wage progression scale. The following hourly wage rates shall apply to newly hired full-time employees hired after November Seniority Company Seniority with Company Seniority Company Seniority With Company Seniority with Company Warehousemen Dispatch Clerk Cash Carry Clerk Janitor Forklift Operator Truck Driver Shunt Man Tractor Trailer Driver Building Maintenance Maintenance Mechanic Cash Carry Senior Clerk Freezerman Effective May 1998: Company Warehousemen with Dispatch Clerk Cash Carry Clerk Janitor Forklift Operator Truck Driver Shunt Man Tractor Trailer Driver Building Maintenance Maintenance Mechanic Cash Carry Senior Clerk Effective May 1999: Warehousemen Start Dispatch Clerk Cash Carry Clerk Janitor Truck Driver Shunt Man Building Maintenance Mechanic Truck Driver Tractor Trailer Driver Building Maintenance Maintenance Mechanic Cash Carry Senior Clerk Freezerman Start Seniority With Company Seniority with Company Seniority with Company Seniority with Company Seniority with Company Warehousemen Dispatch Clerk Cash Carry Clerk Janitor