Executive Letter definition
Examples of Executive Letter in a sentence
The provisions herein contain the entire agreement and understanding of the parties and fully supersede any and all prior agreements or understandings between them pertaining to the subject matter hereof, except for those provisions of the Executive Letter Agreement that must survive in order to carry out the intentions of the parties (such as the continuing rights under paragraphs 4 and 6 of the Executive Letter Agreement and your rights in respect of your CHRP Interest).
The Parties acknowledge and agree that all references in the Ancillary Agreements (including, for the avoidance of doubt, those certain Executive Letter Agreements, dated as of December 21, 2021 between Vector Group Ltd.
The parties agree that it has been more than two years since a “Change of Control of the Company or an Acquisition of at Least 30% of the Company’s Outstanding Voting Stock and Board Change” as such terms are defined in the Executive Letter and you no longer have rights to enhanced severance benefits under Section 5 of the Executive Letter but you remain eligible for regular severance benefits under Section 6(d) of the Executive Letter.
As additional transitional compensation, you shall be entitled to a single lump sum of 50% of your annualized Base Salary at the earlier of: (a) December 31, 2009 or (b) a termination of your employment by either you or the Company other than if the termination of your employment is by the Company for Cause as such term is defined in the Executive Letter.
However, the parties agree that the period of continued participation in medical, dental and vision plans described in Section 5(b) shall continue to be eighteen months instead of the twelve months provided by Section 6(c) of the Executive Letter.
The parties agree to cooperate to minimize the impact of Section 409A without materially changing the economic value of this letter and the Executive Letter to either party.
In accordance with Chief Executive Letter CEL (2010) 4, a full public consultation on the proposals was carried out between 20th August and 23rd November 2018.
This letter does not reduce or restrict your obligations or rights under any other agreement between you and the Company or any of its subsidiaries or affiliates, including without limitation the Executive Letter and the Restricted Stock Termination Agreement and the Employee Confidentiality and Restrictive Covenant Agreement dated March 22, 2002 and signed by you and ▇▇▇▇▇ ▇.
The amount described in this Section 4(b) shall be paid at the earlier of: (i) December 31, 2009 or (ii) a termination of your employment by either you or the Company other than if the termination of your employment is by the Company for Cause as such term is defined in the Executive Letter.
Upon providing your notice of resignation to the Company, you will be treated as having terminated your employment for “Good Reason” for purposes of Section 6(d) of the Executive Letter.