Severance Consideration Clause Samples

Severance Consideration. In connection with ▇▇. ▇▇▇▇▇▇▇▇▇’▇ resignation and termination of employment, SunEdison, SSL and ▇▇. ▇▇▇▇▇▇▇▇▇ have agreed to settle all matters relating to ▇▇. ▇▇▇▇▇▇▇▇▇’▇ employment relationship with SSL and the termination of such relationship. In exchange for ▇▇. ▇▇▇▇▇▇▇▇▇’▇ promises and obligations herein, the parties agree as follows:

Severance Consideration. In consideration of the covenants and promises contained in this Agreement, and as full and final compensation to Key Employee for all services as an employee of Acer, Key Employee shall receive from Acer (less appropriate deductions and withholdings) the severance payments set forth in Section 6 of Key Employee’s Employment Agreement dated [________ __, 20__] (the “Employment Agreement”). Key Employee shall be fully responsible for all COBRA continuation payments (if any), and such amounts will not be withheld from the Severance Consideration.

Severance Consideration a. As consideration for the release set forth herein, and provided Employee does not revoke this Agreement within the revocation period referred to Section 5(b)(iii) herein, ClearSign waives its right to repurchase 20,833 shares of common stock granted to Employee on February 10, 2017 (the “Severance Consideration”). This waiver is a one-time waiver, is made for the purpose of providing consideration for this Agreement, is limited to the matter expressly waived herein and should not be construed as an indication that ClearSign, in the event Employee revokes this Agreement, would be willing to agree to any future waiver related to the Severance Consideration. This waiver sets forth the entire agreement of ClearSign and Employee with respect to the waiver and supersedes all prior agreements and understandings, oral or written, with respect to the waiver. This waiver may not be amended, modified or supplemented, and no provision of this waiver may be waived, other than by a written instrument duly executed and delivered by Employee and by a duly authorized officer of ClearSign. Employee’s revocation of this Agreement renders this waiver null and void. Employer Initials Employee Initials b. No other benefits will be made available to Employee after the Separation Date except as provided herein, or by applicable law. c. Employee is solely responsible for the payment of, and therefore promises to pay, any taxes, penalties, or other costs assessed that are associated with the Severance Consideration. The Released Parties, as defined in Section 5 herein, have no duty with respect to such taxes, penalties or other costs. d. Employee will also be paid his wages for the period through the Separation Date less applicable withholdings and deductions through ClearSign’s ordinary semi-monthly payroll system. e. Employee is reminded that his outstanding stock option agreements (the “Award Agreements”) are as summarized on Exhibit A and that the Continuous Service provisions of the Award Agreements shall continue with the contemporaneous execution of a consulting agreement between Employee and ClearSign (the “Consulting Agreement”). The right to purchase the common stock of ClearSign pursuant to the Award Agreements will expire 3 months from the termination of the Consulting Agreement for any reason, unless extended by other means. For the avoidance of doubt, nothing herein shall limit or modify Employee’s or ClearSign’s respective rights and obligations under the Award Ag...

Severance Consideration a. The Bank agrees to pay to Employee a total of Forty Thousand Three Hundred Thirty-Three and 32/100 dollars ($40,333.32), less all applicable withholding taxes and payroll deductions. This amount will be paid to Employee in the form of his current base salary of Ten Thousand Eight Hundred Thirty-three and 33/100 dollars ($10,833.33) paid semi-monthly, minus applicable tax withholdings, for seven (7) weeks and three (3) days following the effective date of this agreement in accordance with Section 12(c), below. Salary is to be paid in installments according to the Bank’s normal payroll practices between February 6th and March 31st. Payments to Employee pursuant to this section begin after the date on which this Agreement becomes effective in accordance with Section 12(c) below. b. The Bank agrees to pay Employee all unused and accrued PTO days remaining as of the Resignation Date equaling twenty hours equivalent to Two-Thousand Five Hundred Dollars and 00/100 dollars ($2,500) less applicable withholding taxes and payroll deductions, which represents the balance of any unused and accrued PTO days that Employee has remaining. This amount will be paid to Employee on the last regular payroll after the Resignation Date. c. The Employee’s rights with respect to vested and unvested stock options are determined as follows: Employee agrees to waive and forfeit all rights to any unvested stock options/warrants, and may maintain any vested stock options in accordance to the Piedmont Community Bank Holdings, Inc Phantom Equity Plan. Employee agrees to execute all documents necessary to effectuate the obligations contained in this paragraph. d. Upon the resignation of his employment, Employee shall be provided, as required by law, notification as to his right to continue his health and dental insurance coverage under the provisions of the Consolidated Budget Reconciliation Act of 1985 (COBRA). The bank will also agree to pay Employee the amount of $3,610.89, less applicable withholding taxes and payroll deductions. This payment is intended to represent an amount that may be sufficient to enable Employee to pay the required percentage of his COBRA health insurance premiums for three (3) months for coverage under the Bank's group health plan (including health and dental benefits) for the same level of coverage Employee currently has in effect under the Bank’s group health on the day immediately preceding the Resignation Date. Notwithstanding this express intention, the ...

Severance Consideration. Employee acknowledges and agrees that the last day of Employee’s employment with the Company was ___________, 2___ (the “Separation Date”). If (a) Employee executes this Agreement on or after the Separation Date and returns it to the Company, care of [NAME] [ADDRESS] [E-MAIL] so that it is received by [NAME] no later than 11:59 p.m., Houston, Texas time on [DATE], (b) does not exercise his revocation rights pursuant to Section 11 below, and (c) abides by Employee’s continuing obligations under the Employment Agreement (including the terms of Sections 8, 9, and 11 thereof), then the Company will provide Employee the Severance Consideration, which Severance Consideration will be provided as set forth Section 6 of the Employment Agreement.

Severance Consideration. In connection with ▇▇. ▇▇▇▇▇▇▇’▇ termination, MEMC and ▇▇. ▇▇▇▇▇▇▇ have agreed to settle all matters relating to ▇▇. ▇▇▇▇▇▇▇’▇ employment relationship with MEMC and the termination of such relationship. In exchange for ▇▇. ▇▇▇▇▇▇▇’▇ promises and obligations herein, the parties agree as follows:

Severance Consideration. Subject to the terms of this Agreement and Executive’s execution of the attached Release (Exhibit B) within 45 days of receipt (and no revocation during the seven-day revocation period described in the Release) and compliance with the terms thereof: (a) the Company shall provide Executive with a lump sum payment of $399,000 (which amount represents fourteen (14) months’ current base salary), less applicable tax withholding; (b) the Company shall provide Executive with a lump sum payment of $251,370 (which amount represents fourteen (14) months of Executive’s annual target bonus), less applicable tax withholding; (c) the Company shall provide Executive with a lump sum payment of $64,933 (which amount represents a pro rata payment of Executive’s 2021 target bonus through April 20, 2021), less applicable tax withholding; (d) the Company shall make fourteen (14) months of premium payments on behalf of Executive and Executive’s dependents following the Effective Date (with a catch-up payment for payments deferred pending the irrevocability of the Release), up to the monthly amount the Company was paying as the employer-portion of premium contributions for health coverage for Executive and Executive’s eligible dependents immediately before the Separation Date, provided that Executive timely elects to extend and continue health insurance under the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended, or corresponding provision of state law (“COBRA”) for this period for Executive and his eligible dependents enrolled immediately before the Separation Date; and (e) Executive shall be entitled to acceleration of vesting of Executive’s stock units with respect to the Company’s Common Stock as immediately prior to the Mergers as follows: • full acceleration of vesting of the restricted stock units (“RSUs”) granted as Executive’s fiscal year 2020 bonus; • accelerated vesting of the RSUs granted as Executive’s 2021 Focal Equity Award that were scheduled to vest through June 30, 2021; • vesting in 225% of the target number of shares of Common Stock (the amount of performance determined by the Company’s Compensation Committee or its delegate to have been achieved thereunder) subject to Executive’s 2020 market value stock unit (“MVSU”) award (to which Executive is entitled without regard to termination of employment or the delivery of the Release); and • full acceleration of vesting of all other RSUs. The RSUs and MVSUs (and the shares of Company Common Stock ...

Severance Consideration. In consideration for Employee’s performance of the covenants and obligations hereunder, Employer will provide Employee with (a) a lump sum payment in the amount of $750,000, less applicable taxes and withholdings and (b) reimbursement for the monthly premium cost incurred by Employee to maintain health coverage for Employee (and Employee’s spouse and eligible dependents) for up to 18 months from the Separation Date under Employer’s group health plan for purposes of the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”), to the extent Employee participated in such plan as of the Separation Date and properly elects such continued coverage under COBRA (the “Severance Payments”). The payment described in clause (a) of the immediately preceding sentence will be paid in a lump sum within fifteen business days after the Effective Date, and the reimbursements described in clause (b) shall be paid on a monthly basis and shall cease upon Employee becoming eligible to participate in a health plan through another employer. Employee acknowledges that Employee has no entitlement to the Severance Payments except as consideration in exchange for the performance of the terms and conditions set forth herein.

Severance Consideration. Subject to and conditioned upon Employee’s satisfaction of all other terms and conditions of this Agreement, Employee has elected to receive, and Employer has agreed to provide, severance consideration as follows: