Separation Benefits Contract Clauses (291)

Separation Benefits. Provided Departing Executive agrees to be bound by the continuing obligations set forth below and executes this Separation Agreement and does not revoke it during the Revocation Period in connection therewith, the Company agrees to provide the Departing Executive with the following payments and benefits (collectively, the "Separation Benefits"): (a) The Company shall pay to the Departing Executive, in a lump-sum, an amount equal to $306,250, less all applicable authorized and required deductions... and withholdings. This amount shall be payable within 14 days after the Effective Date (as defined below). (b) Provided Departing Executive elects to continue his medical care coverage pursuant to the Consolidated Omnibus Budget Reconciliation Act ("COBRA"), the Company will pay the premiums associated with such continued coverage on the first of each month commencing on January 1, 2016 and continuing until the earlier of (i) the date that the Departing Executive becomes covered by the medical plan of a subsequent employer, (ii) the date he is no longer eligible for continued medical coverage pursuant to COBRA, and (iii) September 1, 2016 (inclusive). View More

Separation Benefits. In exchange for the mutual covenants set forth in this Agreement, and subject to your compliance with the terms of this Agreement, the Company shall provide you with the following (the "Separation Benefit"), following the Separation Date: (a) Payment of an amount equal to twelve (12) months of your gross monthly base salary, less all applicable federal, state, local and other employment-related deductions, such payments to be made in approximately equal installments on the Company's regularly sc...heduled paydays beginning on the first such payday following the Separation Date. (b) In the event that you choose to exercise your right under COBRA1/ to continue your participation in the Company's health insurance plan (which you may do, to the extent permitted by COBRA, regardless of whether you accept this Agreement), the Company shall pay its normal share of the costs for such coverage for a period of twelve (12) months beginning on the Separation Date to the same extent that such insurance is provided to persons then currently employed by the Company. Your co-pay, if any, shall be deducted from your severance payments described in Section 2(a) above or, if no such payments remain to be paid, shall be paid by you directly to the Company pursuant to the terms of the COBRA notice provided to you on your last day of employment. Notwithstanding any other provision of this Agreement, this obligation shall cease on the date you become eligible to receive health insurance benefits through any other employer, and you agree to provide the Company with written notice immediately upon becoming eligible for such benefits. Your acceptance of any payment on your behalf or coverage provided hereunder shall be an express representation to the Company that you have no such eligibility. You acknowledge and agree that the Separation Benefit is not intended to and shall not constitute a severance plan, and shall confer no benefit on anyone other than the parties hereto. You further acknowledge that except for the Separation Benefit, your final wages, and any accrued but unused vacation, which shall be paid to you in accordance with the Company's regular payroll practices and applicable law, you are not now and shall not in the future be entitled to any other compensation from the Company including, without limitation, other wages, commissions, bonuses, vacation pay, holiday pay, paid time off or any other form of compensation or benefit. View More

Separation Benefits. As a consequence of the termination of the Executive's employment with the Company without cause on or after the Effective Date, and in accordance with the Severance and Change in Control Agreement and in full discharge of the Company's obligations thereunder, the Company shall pay to the Executive or his heirs or estate, if applicable, subject to the Executive executing this Agreement within the applicable time period and not revoking it, (i) accrued and unused vacation pay, unpaid base salary ...and reimbursement due for reasonable and necessary business expenses through Effective Date to be paid within five (5) days after the Effective Date without regard to execution or revocation of this Agreement; (ii) a severance amount (the "Severance Amount") equal to six hundred thirty thousand four hundred seven dollars ($630,407) to be paid out pro-rata over a twelve month period in accordance with normal payroll practices for the Company's senior executive officers commencing on the Company's next regularly scheduled payroll following the Effective Date; (iii) a pro-rata bonus in the amount twenty one thousand seven hundred fifty dollars ($21,750) to be paid on the Company's first payroll date following the Effective Date; and (iv) a lump sum payment of twenty three thousand three hundred eighty five dollars ($23,385) equal to COBRA continuation premiums for the twelve-months following the Effective Date to be paid on the Company's first payroll date following the Effective Date. All outstanding, unvested equity awards issued to Executive shall be cancelled and forfeited as of the Effective Date and all vested equity awards shall be exercisable in accordance with the terms of the governing award agreement and plan. View More

Separation Benefits. In exchange for your signing this Agreement and not revoking your acceptance of this Agreement and your continued compliance with your obligations under this Agreement and the Proprietary Information and Inventions Agreement described in Section 6, below (the "PIIA"), the Company will provide you with the following benefits: a) Continuation of your base salary at an annualized rate of $375,000 (but not your employment) for twelve (12) months after the Effective Date, which base salary shall be p...aid to you in accordance with the Company's normal payroll practices; b) A one-time payment of $156,250, which will be paid to you in a lump sum on the first payroll date following the Effective Date; c) Reimbursement of the COBRA premiums to continue coverage under the Company's health plans for you, your spouse, and your eligible dependents for twelve (12) months Exhibit 10.3 after the Effective Date or until such time as you are eligible for health coverage through another employer, whichever comes first; d) Full (i.e., 100%) acceleration, on the Effective Date, of the stock options awarded to you on January 30, 2015, such that all such options will be fully vested and exercisable on and as of the Effective Date; e) Full (i.e., 100%) acceleration, on the Effective Date, of the stock options awarded to you on March 1, 2016, such that all such options will be fully vested and exercisable on and as of the Effective Date; f) Acceleration, on the Effective Date, of fifty percent (50%) of the restricted stock units awarded to you on March 15, 2017, such that such restricted stock units will be vested on and as of the Effective Date, and settled as soon as practicable thereafter; g) An extension of the period following the Effective Date for you to exercise your vested options, (vested as of May 31, 2017) so that they will remain exercisable until May 31, 2018. If no trading windows in which you are pre-cleared to trade (if necessary) are opened within three hundred sixty-five (365) days following the Effective Date, you will be released from any trading restrictions imposed under the Insider Trading Policy, provided that you must at all times refrain from trading if you are in possession of material non-public information. You acknowledge, understand and agree that, as a result of the extension of the time to exercise your options, any portion of any of your options intended to be an "incentive stock option" under Section 422 of the Internal Revenue Code of 1986, as amended (the "Code") will cease to qualify as an incentive stock option (i) on the date you sign this Agreement, for any option with an exercise price less than the fair market value of the Company's common stock on the date you sign this Agreement and (ii) three months after the Effective Date for any option with an exercise price equal to or greater than the fair market value of the Company's common stock on the date you sign this Agreement and, in either case, will be treated as a nonstatutory stock option for U.S. Federal tax purposes thereafter; and h) The Company will reimburse up to $15,000 in legal fees that you incur in connection with this Agreement. Except for your salary through the Effective Date, any accrued but unused vacation, reimbursement of expenses you duly incur prior to the Effective Date, your entitlement to benefits under any Company benefit, stock, equity, and long-term incentive plan which are vested, and any other payments or benefits required to be paid or provided by law, you agree that you will not be entitled to any additional compensation from the Company, including any salary, bonus or incentive compensation, or other remuneration or benefits of any kind (including under your employment agreement with the Company dated as of March 24, 2015 (your "Employment Agreement")) other than as set forth in this Agreement and the Etsy, Inc. Change in Control Severance Plan ("CIC Plan") as set forth below. Exhibit 10.3 You agree that if you violate any of your obligations under this Agreement or the PIIA, you will no longer be entitled to receive any benefits under Sections 2(a) through (h), above. View More