Compensation During Consulting Period. (i) Executive acknowledges that, following the Termination Date, Executive shall not be eligible to participate in any plan or program which, as a condition of eligibility for such plan or program, requires Executive to be an employee of the Company. For the avoidance of doubt, through the Termination Date, Executive shall be eligible to participate in the Company’s retirement savings plan under Section 401(k) of the Code and shall be eligible to receive Company matching contributions at the level applicable to senior executives of the Company through the Termination Date. (ii) During the Consulting Period, the Company shall reimburse Executive for reasonable and pre-approved out-of-pocket business expenses incurred in connection with the performance of his services hereunder, subject to (i) such policies as the Company may from time to time establish, and (ii) Executive furnishing the Company with evidence in the form of receipts satisfactory to the Company substantiating the claimed expenditures. The Company agrees to reimburse Executive for amounts payable to the Executive under this Section 3(d)(ii) within thirty (30) days after receipt of satisfactory evidence from Executive. Notwithstanding the foregoing, any amounts payable to the Executive under this Section 3(d)(ii) shall be made in accordance with Treasury Regulation Section 1.409A-3(i)(1)(iv) and shall be paid on or before the last day of Executive’s taxable year following the taxable year in which Executive incurred the expenses. The amounts provided under this Section 3(d)(ii) during any taxable year of the Executive’s will not affect such amounts provided in any other taxable year of Executive’s, and Executive’s right to reimbursement for such amounts shall not be subject to liquidation or exchange for any other benefit.
Appears in 1 contract
Sources: Employment Transition and Consulting Agreement (BioMed Realty Trust Inc)
Compensation During Consulting Period. (i) Subject to Executive acknowledges that, following signing and letting become effective the Termination Date, Executive shall not be eligible to participate in any plan or program which, as a condition Release within the period of eligibility for such plan or program, requires Executive to be an employee of the Company. For the avoidance of doubt, through the Termination Date, Executive shall be eligible to participate in the Company’s retirement savings plan under Section 401(k) of the Code and shall be eligible to receive Company matching contributions at the level applicable to senior executives of the Company through the Termination Date.time specified therein:
(iia) During the Consulting Period, the Company shall reimburse pay Executive an annualized amount of $216,000.00 per year, payable in monthly installments (in arrears) for reasonable each month of the Consulting Period, but in no event beyond March 31, 2026.
(b) Attached hereto as Exhibit B is a list of Executive’s market stock units (“MSUs”), stock performance rights (“SPRs”) and pre-approved out-of-pocket business expenses incurred restricted stock units (“RSUs” and, together with MSUs and SPRs, “Existing Equity Awards”). No changes shall be made to the terms of the Existing Equity Awards set forth in connection with the performance of his services hereunder, subject to applicable award agreement except as follows:
(i) such policies as The Consulting Period shall be deemed to be continued employment with the Company may from time to time establish, and for all purposes under the Existing Equity Awards;
(ii) Executive furnishing The termination of the Consulting Period under Section 5(a) shall constitute the termination of Executive’s employment with the Company for purposes of the Existing Equity Awards and any post-termination exercise periods shall commence at that time.
(c) Executive shall continue to be covered under the Company’s group health plan, including any spousal and dependent coverage, at active employee rates, through the end of the Consulting Period, and, thereafter, Executive shall be eligible to exercise his rights to COBRA continuation coverage with evidence in the form of receipts satisfactory respect to the Company substantiating the claimed expenditures. The Company agrees to reimburse Executive such group health plan for amounts payable to the Executive under this Section 3(d)(iiExecutive, and, where applicable, Executive’s spouse and eligible dependents, at Executive’s expense.
(d) within thirty (30) days after receipt of satisfactory evidence from Executive. Notwithstanding the foregoing, if the Consulting Period terminates prior to March 31, 2026 for any amounts payable reason other than a voluntary termination by Executive (provided that a termination that occurs because Executive is Disabled shall not constitute a voluntary termination by Executive) or a termination by the Company due to Executive’s material breach of this Agreement (subject to the Executive under provisions of Section 5(e)), the payments and benefits provided for in this Section 3(d)(ii) 4 shall be made in accordance with Treasury Regulation Section 1.409A-3(i)(1)(iv) and shall continue to be paid on or before the last day of provided through March 31, 2026 to Executive or Executive’s taxable year following the taxable year in which Executive incurred the expenses. The amounts provided under this Section 3(d)(ii) during any taxable year of the Executive’s will not affect such amounts provided in any other taxable year of Executive’sdesignated beneficiary (and if none, and Executive’s right to reimbursement for such amounts shall not be subject to liquidation or exchange for any other benefithis spouse, if any, then his estate).
Appears in 1 contract
Sources: Retirement and Consulting Agreement (Lawson Products Inc/New/De/)
Compensation During Consulting Period. (i) Executive acknowledges that, following During the Termination Date, Executive shall not be eligible to participate in any plan or program which, as a condition of eligibility for such plan or program, requires Executive to be an employee of the Company. For the avoidance of doubt, through the Termination DateConsulting Period, Executive shall be eligible to participate receive the following compensation:
(i) Cricket shall pay to Executive a consulting fee of $4,000 per day, payable in the Company’s retirement savings plan under Section 401(k) of the Code and shall be eligible to receive Company matching contributions at the level applicable to senior executives of the Company through the Termination Datecash monthly in arrears.
(ii) During Cricket shall (A) for that portion of the Consulting PeriodPeriod during which Executive and his eligible dependents are entitled to participate under Cricket’s group health plans under COBRA, pay for the Company shall premiums for such coverage, and (B) for any portion of the Consulting Period in which Executive and his eligible dependents are not eligible to participate under Cricket’s group health plans (including following the expiration of Executive’s eligibility for COBRA coverage), reimburse Executive for reasonable the monthly premiums for continued healthcare coverage under an individual policy providing comparable coverage to the Company’s group health plans and pre-approved out-of-pocket business expenses incurred in connection with the performance of covering Executive and his services hereundereligible dependents; provided, subject to (i) such policies as however, that if the Company may determines, in its sole discretion, that it cannot provide the foregoing benefits in a manner that is exempt from time to time establishSection 409A of the Code or that is otherwise compliant with applicable law, and (ii) Cricket shall, in lieu thereof, pay Executive furnishing the Company with evidence in the form of receipts satisfactory an amount equal to the Company substantiating the claimed expenditures. The Company agrees monthly plan premium payment in effect immediately prior to reimburse Executive for amounts payable to the Executive under this Section 3(d)(ii) within thirty (30) days after receipt of satisfactory evidence from Executive. Notwithstanding the foregoingsuch determination, any amounts payable to the Executive under this Section 3(d)(ii) which payments shall be made in substantially equal monthly installments over the remaining portion of the Consulting Period on the first day of each calendar month and which shall be grossed-up to cover any applicable taxes to Executive resulting from such payment by reference to standard U.S. and applicable state tax rates and paid in accordance with Treasury Regulation Section 1.409A-3(i)(1)(iv1.409A-3(i)(1)(v). In no event shall the foregoing premium reimbursements or net payments to Executive exceed $2,500 per month. Notwithstanding the foregoing, Cricket’s obligation to reimburse or make payments to Executive under this Section 4(b)(ii) and shall be paid terminate on or before the last day date on which Executive becomes eligible for healthcare coverage with a subsequent employer.
(iii) All of Executive’s taxable year following unexercised Equity Awards shall continue to vest and be exercisable, if applicable, pursuant to the taxable year in which Executive incurred the expenses. The amounts provided under this Section 3(d)(ii) during any taxable year terms of the 2004 Plan and the award agreements pursuant to which such awards were granted. There shall be no break in service to Cricket as a result of Executive’s will not affect such amounts provided in any other taxable year conversion from an employee to a consultant for purposes of Executive’s, and Executive’s right to reimbursement for such amounts shall not be subject to liquidation or exchange for any other benefitthe Equity Awards.
Appears in 1 contract
Sources: Employment Agreement (Leap Wireless International Inc)
Compensation During Consulting Period. (i) Subject to the Executive acknowledges that, following signing and not timely revoking the Termination Date, Executive shall not be eligible to participate in any plan or program which, as a condition Release within the period of eligibility for such plan or program, requires Executive to be an employee of the Company. For the avoidance of doubt, through the Termination Date, Executive shall be eligible to participate in the Company’s retirement savings plan under Section 401(k) of the Code and shall be eligible to receive Company matching contributions at the level applicable to senior executives of the Company through the Termination Date.time specified therein:
(iia) During the Consulting Period, the Company shall reimburse pay the Executive an annualized amount of $600,000.00 per year, payable in monthly installments (in arrears) for reasonable each month of the Consulting Period, but in no event beyond May 1, 2026.
(b) Attached hereto as Exhibit B is a list of the Executive’s employee stock options (“Options”), market stock units (“MSUs”), stock performance rights (“SPRs”), performance awards (“PAs”) and pre-approved out-of-pocket business expenses incurred restricted stock units (“RSUs” and, together with Options, MSUs, SPRs and PAs, “Existing Equity Awards”). No changes shall be made to the terms of the Existing Equity Awards set forth in connection with the performance of his services hereunder, subject to applicable award agreement except as follows:
(i) such policies as The Consulting Period shall be deemed to be continued employment with the Company may from time to time establish, for all purposes under the Existing Equity Awards that are MSUs and SPRs;
(ii) Executive furnishing The termination of the Consulting Period under Section 4 shall constitute the termination of the Executive’s employment with the Company for purposes of the Existing Equity Awards and any post-termination exercise periods shall commence at such time.
(iii) Vesting of all outstanding RSUs shall be accelerated as of the Retirement Date and they shall be settled in accordance with evidence in their written terms.
(c) The Executive shall continue to be covered under the form Company’s group health plan, including any spousal and dependent coverage, at active employee rates, through the end of receipts satisfactory the Consulting Period. For the avoidance of doubt, the value of such coverage shall be taxable to the Company substantiating Executive. Following the claimed expenditures. The Company agrees Consulting Period, provided the Executive timely elects continued coverage under the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”), the Executive shall be eligible to reimburse Executive for amounts payable exercise his rights to COBRA continuation coverage with respect to the Company’s group health plan in which the Executive under this Section 3(d)(ii) within thirty (30) days after receipt participated prior to the end of satisfactory evidence from the Consulting Period, and, where applicable, the Executive’s spouse and eligible dependents, at the Executive’s expense. Notwithstanding the foregoing, if the Consulting Period terminates prior to May 1, 2026, for any amounts payable reason other than (i) a voluntary termination by the Executive (which does not include a termination that occurs because the Executive dies or is Disabled) or (ii) a termination by the Company due to the Executive’s material breach of this Agreement (subject to the provisions of Section 4(c)), the payments and benefits provided for in this Section 6 shall continue to be paid or provided through May 1, 2026, to the Executive under this Section 3(d)(ii) shall be made in accordance with Treasury Regulation Section 1.409A-3(i)(1)(iv) and shall be paid on or before the last day of Executive’s taxable year following the taxable year in which Executive incurred the expenses. The amounts provided under this Section 3(d)(ii) during any taxable year of the Executive’s will not affect such amounts provided in any other taxable year of Executive’sdesignated beneficiary (and if none, and the Executive’s right to reimbursement for such amounts shall not be subject to liquidation spouse or exchange for any other benefitestate, as applicable).
Appears in 1 contract
Sources: Retirement and Consulting Agreement (Lawson Products Inc/New/De/)