Severance Payment and Other Benefits. (a) Subject to Executive’s timely execution of this Release, delivery of the same to the Company no later than twenty-one (21) days following the Termination Date, and non-revocation thereof prior to the Effective Date (as defined in Section 5), and Executive’s full and ongoing compliance with and fulfillment of all of Executive’s surviving covenants and obligations in the Employment Agreement and this Release, the Company shall provide and/or pay the following to Executive, subject to all applicable withholdings: (i) an Annual Bonus of $30,000 earned for the fiscal year ended January 31, 2023 but not yet paid, to be paid to Executive at such time such bonus is payable to similarly situated officers of the Company, but in no event later than April 30, 2023; (ii) an additional twelve (12) months of Executive’s current Base Salary, payable in substantially equal monthly installments following the Termination Date; provided, however, payment shall commence on the first practicable payroll date following the Effective Date of the Release, with such initial installment including any amount that was otherwise scheduled to be paid prior thereto; provided, further that the balance of the installment payments due to be paid after the initial payment commencement shall be paid in accordance with the normal monthly schedule over the remainder of the twelve (12) month period; and (iii) $7,500 as a pro rata portion of the Annual Bonus for the fiscal year ending January 31, 2024, which shall be paid no later than April 15, 2024 (collectively, (i)-(iii), the “Severance Payment”).
Severance Payment and Other Benefits. (a) In full consideration of Employee’s execution of this Agreement, and Employee’s agreement to be legally bound by its terms, the Company agrees (i) to pay to Employee as severance pay the gross sum of $315,000 (representing one year of Employee’s base salary as in effect on the Separation Date plus an amount equal to the average annual bonus received by Employee for the three years preceding the Separation Date), and the gross sum of $61,411 (representing a prorated portion of Employee’s 2005 target annual incentive), minus all payroll deductions required by law or authorized by Employee (the “Severance Payment”); (ii) to continue Employee as a participant (if enrolled on the Separation Date) in the Company’s Medical Plan, Dental Plan, basic Life Insurance Program and Employee Assistance Program for one year after the Separation Date (provided, however, that if and when Employee becomes eligible for benefits through reemployment, Employee shall promptly notify the Company of such eligibility and the Company’s obligation to provide such coverage pursuant to this Agreement shall cease immediately), on the same terms as when Employee was an active employee of the Company, except at no cost to Employee, and (iii) to provide Employee with up to six (6) month(s) of outplacement counseling and services through a provider retained by the Company or a provider selected by Employee provided the cost shall not exceed $15,000 in the aggregate and in no event will USEC be obligated to provide cash in lieu of outplacement services.
Severance Payment and Other Benefits. If you sign this Agreement and do not revoke it, and you comply with your obligations hereunder, you will receive a lump sum cash Severance Payment equal to two (2) weeks of salary for each year or partial year of applicable service, with a minimum of four weeks’ salary, in accordance with the terms of the International Paper Company Salaried Employee Severance Plan (the “Severance Plan”), as well as certain other benefits that are described in Exhibits 1 and 2. Those other benefits will be administered in accordance with their applicable policy or summary plan description. You acknowledge that the Company’s agreement to continue your employment through the LDAE and agreement to provide the Severance Payment and other benefits subject to the terms set forth herein are adequate International Paper Company - Single Severance consideration for your ongoing obligations and releases provided by you, and are in addition to anything of value to which you are otherwise entitled to receive. If you decline to sign this Agreement, your employment will terminate, your Last Day of Employment will be the date you decline to sign, and you will be offered severance consistent with the Severance Plan based on that date as your Last Date of Active Employment.
Severance Payment and Other Benefits. (a) In the event the employment of the Executive is terminated by the Company for a reason other than for Cause (as defined below), or by the Executive for Good Reason (as defined below), the Company shall pay to the Executive a severance payment equal to 12 months of his then-current monthly base salary plus target annual bonus, as in effect on the Executive’s last day of employment, and will reimburse the Executive for cost of COBRA for medical, dental and vision benefits for 12 months following the Executive’s last day of employment. The severance payment shall be payable in full within 10 business days after the effective date of the release referenced in subsection (c) below, unless the parties agree otherwise. In addition, 50% of the portion of each of the Executive’s Initial Awards and Special Awards which would otherwise become vested on or before the first anniversary of the date Executive’s employment is terminated shall be immediately vested, such vested awards that were granted as restricted stock shall be free of restrictions and such vested awards that were granted as options shall remain exercisable for a period of 6 months following the Executive’s last day of employment (but not to exceed the original term of such awards). In the event that the Executive is entitled to severance under Section 3(b) below, this Section 3(a) shall not apply and shall have no further force or effect.
Severance Payment and Other Benefits
