Payments to Employee Clause Samples
The "Payments to Employee" clause defines the employer's obligations regarding compensation to the employee. It typically outlines the salary, wage, or other forms of remuneration, as well as the timing and method of payment, such as monthly direct deposits or checks. This clause ensures both parties have a clear understanding of how and when the employee will be paid, thereby preventing disputes and providing financial certainty for the employee.
Payments to Employee. The Company shall pay to Employee all wages due and owing through the Separation Date in accordance with the Company’s regular payroll practices, less all authorized deductions and withholdings for applicable federal, state and local taxes and health insurance premiums. Employee shall be reimbursed for any business expenses incurred by him on behalf of the Company through the Separation Date which have not been previously paid, provided such expenses are incurred and submitted in accordance with the Company’s expense reimbursement policies. Notwithstanding the foregoing, Employee will continue to provide transition services to the Company through September 12th 2014, during which time, Employee will be compensated through the Company’s regularly scheduled payroll by drawing down his accrued paid time off of 124 hours.
3.1 Within thirty (30) days following the Separation Date, the Company shall pay to Employee a lump sum cash severance payment equal to $300,000, subject to all applicable payroll deductions. In addition, if Employee timely elects continuation coverage under the Company’s group health plan pursuant to Code Section 4980B (“COBRA Coverage”) following the Separation, Employee will be entitled to such COBRA Coverage at active employee rates, as amended from time to time, for up to twelve (12) months following the Separation. All other benefits, including but not limited to health insurance, life insurance, disability insurance, etc., shall cease effective as of the Separation Date.
3.2 Employee hereby waives the right to receive any bonus payments in connection with Employee’s relationship with the Company (except to the extent any such bonuses have already been paid) and any other severance payments or other benefits to which Employee may have been eligible under the Employment Agreement except as set forth herein.
3.3 The Company and Employee acknowledge and agree that, except as expressly provided herein, the Employment Agreement is terminated effective as of the Separation Date and the parties shall have no further rights or obligations thereunder.
Payments to Employee. In partial consideration for the promises of EMPLOYEE set forth herein, RELIANT to pay EMPLOYEE the amounts set forth in Sections 4(a) and 4(b) below on the terms described in this Section 4:
a. One Hundred Fourteen Thousand Five Hundred Eighty Three Dollars and No Cents ($114,583.00) to be paid in ten (10) equal installments of Eleven Thousand Four Hundred Fifty Eight Dollars and 30/100 beginning with the second regularly pay period following the Termination Date. Initials: 1 Initials:
b. An amount not to exceed Fifty Thousand Dollars and No Cents ($50,000.00) to be determined by the Compensation Committee of the Board of Directors of Reliant in its discretion following input from senior management of Reliant and based on certain product related regulatory initiatives for which Employee was responsible during his employment with RELIANT and EMPLOYEE’S compliance with Section 11 below, to be paid (if at all) at such time as bonuses for 2005 are paid to members of RELIANT’S senior management (but no later than March 15, 2006); provided that the payment described in this Section 2(c) shall be subject to the mandatory prepayment terms of that certain Secured Promissory Note dated as of February 28, 2001 (as amended from time to time, the “83(b) Note”) made by EMPLOYEE in favor of RELIANT in the original principal amount of $200,000.
c. The payments made pursuant to this Section 4 shall be (i) reduced by statutorily required deductions and (ii) made in accordance with RELIANT’s normal payroll practices.
d. RELIANT will make the above-stated payments to EMPLOYEE notwithstanding any set-off agreements which may have previously existed between RELIANT and EMPLOYEE and regardless of whether he obtains any employment or income from any other source after the Termination Date.
e. The payments made pursuant to this Section 4 shall not be matched by RELIANT or otherwise considered compensation to EMPLOYEE for purposes of RELIANT’s 401(k) or other benefit plans.
f. Other than as set forth herein, RELIANT is not obligated to pay EMPLOYEE any other compensation.
g. RELIANT shall not be obligated to make any of the payments set forth herein if EMPLOYEE breaches this Agreement in any material way or revokes it pursuant to Section 28 herein. If EMPLOYEE breaches the provisions of Sections 6 or 7 of this Agreement or the sections of the Employment Agreement (as defined below) that are listed in Section 24 hereof, he shall be obligated to repay RELIANT all amounts paid under ...
Payments to Employee. Employee acknowledges that on or before the Effective Date, the Company paid Employee all wages due and owing through the Separation Date. [The Company will pay to Employee a severance payment in the amount of $_________, less all authorized deductions and withholdings for applicable federal, state and local taxes. Such severance shall be paid on _________. No other amounts except those specified in this Section 3 will be paid to Employee.]
Payments to Employee. In the event of the cessation of Employee’s employment prior to the expiration of the term of this Agreement, Employer shall pay to Employee the amounts set forth in this Paragraph 9 biweekly throughout the balance of the term of this Agreement; provided, however, that Employer shall have no obligation to pay any amounts whatsoever under the provisions of this Paragraph 9 if Employee: (a) is terminated by ▇▇▇▇ ▇. ▇▇▇▇▇ in his capacity as Chairman and/or Chief Executive Officer of Employer; (b) is terminated by Employer’s Board of Directors with the concurrence of ▇▇▇▇ ▇. ▇▇▇▇▇ in his capacity as Chairman and/or Chief Executive Officer of Employer; (c) voluntarily terminated his employment during such time as ▇▇▇▇ ▇. ▇▇▇▇▇ may be Chairman and/or Chief Executive Officer of Employer; (d) is terminated for cause, as that term is defined in Paragraph 8.2 hereof; or (e) if upon a Change of Control, Employee voluntarily terminates his employment.
Payments to Employee. IN THE EVENT OF THE CESSATION OF EMPLOYEE'S EMPLOYMENT PRIOR TO THE EXPIRATION OF THE TERM OF THIS AGREEMENT, EMPLOYER SHALL PAY TO EMPLOYEE THE AMOUNTS SET FORTH IN THIS PARAGRAPH 9 BIWEEKLY THROUGHOUT THE BALANCE OF THE TERM OF THIS AGREEMENT; PROVIDED, HOWEVER, THAT EMPLOYER SHALL HAVE NO OBLIGATION TO PAY ANY AMOUNTS WHATSOEVER UNDER THE PROVISIONS OF THIS PARAGRAPH 9 IF EMPLOYEE: (a) IS TERMINATED BY JACK ▇. ▇▇▇▇▇ ▇▇ HIS CAPACITY AS CHAIRMAN AND CHIEF EXECUTIVE OFFICER AND/OR PRESIDENT OF EMPLOYER; (b) IS TERMINATED BY EMPLOYER'S BOARD OF DIRECTORS WITH THE CONCURRENCE OF JACK ▇. ▇▇▇▇▇ ▇▇ HIS CAPACITY AS CHAIRMAN AND CHIEF EXECUTIVE OFFICER AND/OR PRESIDENT OF EMPLOYER; (c) VOLUNTARILY TERMINATED HIS EMPLOYMENT DURING SUCH TIME AS JACK ▇. ▇▇▇▇▇ ▇▇▇ BE CHAIRMAN AND CHIEF EXECUTIVE OFFICER AND/OR PRESIDENT OF EMPLOYER; (d) IS TERMINATED FOR CAUSE, AS THAT TERM IS DEFINED IN PARAGRAPH 8.2 HEREOF; OR (e) IF UPON A CHANGE OF CONTROL, EMPLOYEE ACCEPTS A RENEWAL OF THE TERM OF THIS AGREEMENT AND THEREAFTER VOLUNTARILY
Payments to Employee. Provided that Employee performs his CFO duties consistent with past practice and does not resign for any reason before April 30, 2012, and Employee delivers to the Company signed originals of both this Agreement and the Second Agreement (as and when each such Agreement is to be executed in accordance with their respective terms) and does not timely revoke either this Agreement or the Second Agreement, and subject to Employee’s compliance with Paragraphs 9G, 9H and 18 of the Employment Agreement and Paragraph 9 of this Agreement, the Company will pay and provide Employee, subject to the terms and conditions of the Agreements, and Employee will accept, as and on behalf of Releasor from the Company on behalf of each Releasee, the payments and benefits stated in Paragraphs 3(a) and 3(b) below (the “Transition Agreement Payments”), in consideration for Employee’s services under Paragraph 2 of this Agreement, his release of claims against the Company as set forth in the Agreements, and the other promises and obligations set forth in the Agreements.
Payments to Employee. The Company shall pay the following to Employee:
Payments to Employee. The parties acknowledge and agree that the releases set forth in this Agreement constitute the release of claims referred to in Article 3.3 of the SailPoint Technologies Holdings, Inc. Severance Pay Plan and Summary Plan Description, effective as of November 6, 2018 (the “Severance Plan”). Pursuant to the terms of and in satisfaction of HoldCo’s obligations under the Severance Plan, and provided that Employee executes this Agreement on or within the twenty-one calendar days immediately following the Separation Date, does not revoke this Agreement, and at all times complies with the terms of this Agreement, Employer shall (a) pay Employee severance in the total aggregate amount of $150,000 in a lump sum (less all applicable taxes and other required or authorized deductions and withholdings) on the 60th day following the Separation Date and (b) to the extent Employee properly elects COBRA (as defined in the Severance Plan), provide to Employee the COBRA Continuation Benefit (as defined in the Severance Plan) for a period of six months following the Separation Date (collectively, the “Severance”).
Payments to Employee. In connection with the termination of Employee's employment by the Company and in consideration of Employee's aforesaid agreement to provide consulting services and Employee's release of the Company provided for below, on January 3, 2001 the Company will pay to Employee the sum of $305,191.47, less all required withholdings for tax purposes.
Payments to Employee. Pursuant to the terms of the Employment Agreement, Employee was granted the option to purchase 300,000 shares of CT common stock. Employee and CT acknowledge that as of the Resignation Date 216,658 of such shares have vested. In consideration of this Agreement (including, without limitation, the covenants and agreements made in Sections 6, 7 and 8), CT shall accelerate the vesting of the remaining options to purchase up to 83,342 shares of CT common stock and shall waive the exercise price of such options. Such certificate shall be delivered to Employee within fifteen days of the Resignation Date.