Severance Benefit Clause Example with 26 Variations from Business Contracts

Severance Benefit. a. (a) General. If you are subject to an Involuntary Termination, then you will be entitled to the benefits described in this Section 5. However, this Section 5 will not apply unless you (i) have returned all Company property in your possession, (ii) have resigned as a member of the Boards of Directors of the Company and all of its subsidiaries, to the extent Juan Jaen February 14, 2018 Page 2 applicable, and (iii) have executed a general release of all claims that you may have against the Compa...ny or persons affiliated with the Company. The release must be in the form prescribed by the Company, without alterations. You must execute and return the release on or before the date specified by the Company in the prescribed form (the "Release Deadline"). The Release Deadline will in no event be later than 50 days after your Separation. If you fail to return the release on or before the Release Deadline, or if you revoke the release, then you will not be entitled to the benefits described in this Section 5. b. The conditions and requirements described in this Section 5(a) are referred to herein as the "Benefit Conditions." (b) Salary Continuation. If you are subject to an Involuntary Termination, then the Company will continue to pay your base salary for a period of 9 six months after your Separation. Your base salary will be paid at the rate in effect at the time of your Separation and in accordance with the Company's standard payroll procedures. The salary continuation payments will commence within 60 days after your Separation and, once they commence, will include any unpaid amounts accrued from the date of your Separation; provided, however, Separation. However, if the 60-day period described in the preceding sentence spans two calendar years, then the payments will begin on first payroll date the following Release Deadline. c. Cash Bonus. If you are subject to an Involuntary Termination, then the Company will pay you a lump-sum in cash equal to the greater of (i) your target bonus for the year in which the Involuntary Termination occurs or (ii) the actual bonus paid to you with respect to the Company's most recently completed fiscal year. Such payment will be made within 60 days after your Separation; provided, however, if such 60-day period spans two calendar years, then the payment will in any event be made begin in the second calendar year on first payroll date following the Release Deadline. David Clark December 14, 2015 Page 3 d. COBRA. If you are subject to an Involuntary Termination and you elect to continue your health insurance coverage under the Consolidated Omnibus Budget Reconciliation Act ("COBRA") following your Separation, then the Company will pay the same portion of your monthly premium under COBRA as it pays for active employees and their eligible dependents until the earliest of (i) the close of the 9-month period following your Separation, (ii) the expiration of your continuation coverage under COBRA or (iii) the date when you become eligible for substantially equivalent health insurance coverage in connection with new employment or self-employment. Such payments will be treated as taxable compensation income to you if required or advisable, in the Company's sole discretion, to avoid adverse consequences to you, the Company or the Company's other employees. year. View More

Severance Benefit. a. (a) General. If you are subject to an Involuntary Termination, a Termination Without Cause, then you will be entitled to the benefits described in this Section 5. However, this Section 5 will not apply unless you (i) have returned all Company property in your possession, possession and (ii) have resigned as a member of the Boards of Directors of the Company and all of its subsidiaries, to the extent applicable, and (iii) have executed a general release of all claims that you may have against ...the Company or persons affiliated with the Company. The release must be in the form prescribed by the Company, without alterations. You must execute and return the release on or before the date specified by the Company in the prescribed form (the "Release Deadline"). The Release Deadline will in no event be later than 50 days after your Separation. If you fail to return the release on or before the Release Deadline, or if you revoke the release, then you will not be entitled to the benefits described in this Section 5. b. (b) Salary Continuation. If you are subject to an Involuntary Termination, a Termination Without Cause, then the Company will continue to pay your base salary for a period of 9 six months after your Separation. Your base salary will be paid at the rate in effect at the time of your Separation and in accordance with the Company's standard payroll procedures. The salary continuation payments will commence within 60 days after your Separation and, once they commence, will include any unpaid amounts accrued from the date of your Separation; provided, however, Separation. However, if the 60-day period described in the preceding sentence spans two calendar years, then the payments will begin on first payroll date the following Release Deadline. c. Cash Bonus. If you are subject to an Involuntary Termination, then the Company will pay you a lump-sum in cash equal to the greater of (i) your target bonus for the year in which the Involuntary Termination occurs or (ii) the actual bonus paid to you with respect to the Company's most recently completed fiscal year. Such payment will be made within 60 days after your Separation; provided, however, if such 60-day period spans two calendar years, then the payment will in any event be made begin in the second calendar year on first payroll date following the Release Deadline. David Clark December 14, 2015 Page 3 d. year. (c) COBRA. If you are subject to an Involuntary a Termination Without Cause and you elect to continue your health insurance coverage under the Consolidated Omnibus Budget Reconciliation Act ("COBRA") following your Separation, then the Company will pay the same portion of your monthly premium under COBRA as it pays for active employees and their eligible dependents until the earliest of (i) the close of the 9-month six-month period following your Separation, (ii) the expiration of your continuation coverage under COBRA or (iii) the date when you become eligible for substantially equivalent health insurance coverage in connection with new employment. Notwithstanding the foregoing if the Company determines in its sole discretion that it cannot provide the preceding benefit without potentially violating, or being subject to an excise tax under, applicable law (including, without limitation, Section 2716 of the Herb Cross October 26, 2017 Page 3 Public Health Service Act), the Company will in lieu thereof provide to you a taxable monthly payment in an amount equal to the monthly COBRA premium that you would be required to pay to continue your group health coverage in effect on the termination of employment or self-employment. Such date (which amount will be based on the premium for the first month of COBRA coverage), which payments will be treated as taxable compensation income to made regardless of whether you if required elect COBRA continuation coverage and will commence on the month following your Separation and will end on the earlier of (x) the date upon which you obtain other employment or advisable, in (y) the Company's sole discretion, to avoid adverse consequences to you, date the Company or has paid an amount equal to six (6) months. For the Company's other employees. avoidance of doubt, the taxable payments in lieu of COBRA reimbursements may be used for any purpose, including, but not limited to continuation coverage under COBRA, and will be subject to all applicable tax withholding. (d) Accelerated Vesting. If you are subject to a Termination Without Cause prior to a Change in Control, then the vested percentage of the shares subject to the Option will be determined by adding six months to the actual period of service that you have completed with the Company. Further, you will vest in 100% of your remaining unvested Option shares if (a) the Company is subject to a Change in Control before your continuous service with the Company terminates and (b) you are subject to an Involuntary Termination within 12 months after that Change in Control. View More

Severance Benefit. a. (a) General. If you are subject to an Involuntary Termination, then you will be entitled to the benefits described in this Section 5. 7. However, this Section 5 7 will not apply unless you (i) have returned all Company property in your possession, possession (subject to any exceptions set forth in the PIIA), (ii) have resigned as a member of the Boards boards of Directors directors of the Company and all of its subsidiaries, to the extent applicable, and (iii) have executed a general release ...of all claims that you may have against the Company or persons affiliated with the Company. Company arising out of your employment with the Company or the termination thereof. The release must shall be in the form prescribed by the Company, without alterations. attached as Exhibit B. You must execute and return the release on or before the date specified by the Company in the prescribed form (the "Release Deadline"). The Deadline"), which Release Deadline will in shall be no event be earlier than 21 days following your receipt of the release from the Company and no later than 50 days after your Separation. If you fail to return the release on or before the Release Deadline, or if you revoke the release, then you will not be entitled to the benefits described in this Section 5. b. 7. (b) Salary Continuation. If you are subject to an Involuntary Termination, then the Company will continue to pay your base salary for a period of 9 six months after your Separation. Your base salary will be paid at the rate in effect at the time of your Separation and in accordance with the Company's standard payroll procedures. The salary continuation payments will (subject to Section 8(b) below) commence within 60 days after your Separation and, once they commence, will include any unpaid amounts accrued from the date of your Separation; provided, however, Separation. However, if the 60-day period described in the preceding sentence spans two calendar years, then the payments will in any event begin on first payroll date in the following Release Deadline. c. Cash second calendar year. Page 3 (c) Bonus. If you are subject to an Involuntary Termination, then the Company will pay you a lump-sum in cash an amount equal to the greater of (i) your target annual bonus that you would be entitled to receive based on actual performance, pro-rated for the number of days worked for the Company in the year in which of your termination, up to and including the Involuntary Termination occurs or (ii) the actual date of your Separation. The pro-rated bonus paid to you with respect to the Company's most recently completed fiscal year. Such payment will be made within 60 days after your Separation; provided, however, if such 60-day period spans two calendar years, then the payment will in any event be made in the second calendar year on first payroll date following the Release Deadline. David Clark December 14, 2015 Page 3 d. COBRA. If you are subject to an Involuntary Termination and you elect to continue your health insurance coverage under the Consolidated Omnibus Budget Reconciliation Act ("COBRA") following your Separation, then the Company will pay paid at the same portion of your monthly premium under COBRA time as it pays for active employees and their eligible dependents until the earliest of (i) the close of the 9-month period following your Separation, (ii) the expiration of your continuation coverage under COBRA or (iii) bonus would otherwise be paid in accordance with Section 2 if you had remained employed through the date when you become eligible for substantially equivalent health insurance coverage in connection with new employment or self-employment. Such payments will be treated as taxable compensation income to you if required or advisable, in the Company's sole discretion, to avoid adverse consequences to you, the Company or the Company's other employees. of payment. View More

Severance Benefit. a. (a) General. If you are subject to an Involuntary Termination, Termination then you will be entitled to the benefits described in this Section 5. However, this Section 5 will not apply unless you have (i) have returned all Company property in your possession, possession and (ii) have resigned as a member of the Boards of Directors of the Company and all of its subsidiaries, to the extent applicable, and (iii) have executed a general release, including a release of all claims that you may have... against the Company or persons affiliated with the Company. The release must be in substantially the form prescribed by the Company, attached hereto as Exhibit A, without alterations. You must execute and return the release on or before the date specified by the Company in the prescribed form (the "Release Deadline"). The Release Deadline will in no event be later than 50 fifty (50) days after your Separation. If you fail to return the release on or before the Release Deadline, or if you revoke the release, then you will not be entitled to the benefits described in this Section 5. b. (b) Salary Continuation. If you are subject to an Involuntary Termination, then the Company will continue to pay your base salary for a period of 9 six (6) months after your Separation. Your base salary will be paid at the rate in effect at the time of your Separation and in accordance with the Company's standard payroll procedures. The salary continuation payments will commence within 60 sixty (60) days after your Separation and, once they commence, will include any unpaid amounts accrued from the date of your Separation; provided, however, Separation. However, if the 60-day sixty-day period described in the preceding sentence spans two calendar years, then the payments will in any event begin on first payroll date in the following Release Deadline. c. Cash Bonus. If second calendar year. Notwithstanding the foregoing, if you are subject to an Involuntary Termination, Termination in connection with or following a Change in Control of the Company, then the Company will pay make a lump sum payment to you a lump-sum in cash equal to one year's base salary at the greater rate in effect at the time of (i) your target bonus for the year in which the Involuntary Termination occurs or (ii) the actual bonus paid Separation, subject to you with respect to the Company's most recently completed fiscal year. Such payment will be made within 60 days after your Separation; provided, however, if such 60-day period spans two calendar years, then the payment will in any event be made in the second calendar year on first payroll date following the Release Deadline. David Clark December 14, 2015 Page 3 d. all applicable withholding taxes. (c) COBRA. If you are subject to an Involuntary Termination and you elect to continue your health insurance coverage under the Consolidated Omnibus Budget Reconciliation Act ("COBRA") following your Separation, then the Company will pay the same portion of your monthly premium under COBRA as it pays for active employees and their eligible dependents until the earliest Chris Peetz March 24, 2014 Page 3 of (i) the close of the 9-month six (6) month period following your Separation, (ii) the expiration of your continuation coverage under COBRA or (iii) the date when you become eligible for substantially equivalent health insurance coverage in connection with new employment or self-employment. Such payments will be treated as taxable compensation income to you if required or advisable, in the Company's sole discretion, to avoid adverse consequences to you, the Company or the Company's other employees. View More

Severance Benefit. a. (a) General. If you are subject to an Involuntary Termination, then you will be entitled to the benefits described in this Section 5. 6. However, this Section 5 6 will not apply unless you (i) have returned all Company property in your possession, (ii) have resigned as a member of the Boards of Directors of the Company and all of its subsidiaries, to the extent applicable, and (iii) have executed a general release of all claims that you may have against the Company or persons affiliated with ...the Company. The release must be in the form prescribed by the Company, without alterations. You must execute and return the release on or before the date specified by the Company in the prescribed form (the "Release Deadline"). The Release Deadline will in no event be later than 50 days after your Separation. If you fail to return the release on or before the Release Deadline, or if you revoke the release, then you will not be entitled to the benefits described in this Section 5. b. 6. (b) Salary Continuation. If you are subject to an Involuntary Termination, then the Company will continue to pay your base salary for a period of 9 ten (10) months after your Separation. Your base salary will be paid at the rate in effect at the time of your Separation and in accordance with the Company's standard payroll procedures. The salary continuation payments will commence within 60 days after your Separation and, once they commence, will include any unpaid amounts accrued from the date of your Separation; provided, however, Separation. However, if the 60-day period described in the preceding sentence spans two calendar years, then the payments will begin on first payroll date the following Release Deadline. c. Cash Bonus. If you are subject to an Involuntary Termination, then the Company will pay you a lump-sum in cash equal to the greater of (i) your target bonus for the year in which the Involuntary Termination occurs or (ii) the actual bonus paid to you with respect to the Company's most recently completed fiscal year. Such payment will be made within 60 days after your Separation; provided, however, if such 60-day period spans two calendar years, then the payment will in any event be made begin in the second calendar year on first payroll date following year. (c) COBRA Health Benefit. Subject to the Release Deadline. David Clark December 14, 2015 Page 3 d. COBRA. If Company's right of election for an alternative lump-sum payment under Section 6(d) hereof, if you are subject to an Involuntary Termination and you elect to continue your health insurance coverage under the Consolidated Omnibus Budget Reconciliation Act ("COBRA") following your Separation, then the Company will pay the same portion of your monthly premium under COBRA as it pays for active employees and their eligible dependents until the earliest of (i) the close of the 9-month ten (10) month period following your Separation, (ii) the expiration of your continuation coverage under COBRA or (iii) the date when you become eligible for substantially equivalent health insurance coverage in connection with new employment or self-employment. Such payments employment. (d) Lump-Sum Payment in Lieu of COBRA Health Benefit. If you are subject to an Involuntary Termination, the Company may elect, at its sole discretion and in lieu of any payment obligations of the Company under Section 6(c) hereof, to pay you a lump-sum amount equal to the product of (A) ten (10) months and (B) the amount per month the Company was paying on behalf of you and your eligible dependents with respect to the Company's health insurance plans in which you and your eligible dependents were participants as of the date of your Separation. Subject to the Company's having first received an effective Release pursuant to Section 6(a) above, such payment will be treated as taxable compensation income to you made within 60 days after your Separation; however, if required or advisable, such 60-day period spans two calendar years, then the payment will be made in the Company's sole discretion, second calendar year. (e) Accrued Vacation. If you are subject to avoid adverse consequences to you, an Involuntary Termination, the Company or will pay you a lump-sum amount equal to your accrued but unused paid vacation time (which has been accrued in accordance with the Company's other employees. vacation policy). Subject to the Company's having first received an effective Release pursuant to Section 6(a) above, such payment will be made within 60 days after your Separation; however, if such 60-day period spans two calendar years, then the payment will be made in the second calendar year. View More

Severance Benefit. a. (a) General. If you are subject to an Involuntary Termination, Termination then you will be entitled to the benefits described in this Section 5. However, this Section 5 will not apply unless you (i) have returned all Company property in your possession, (ii) have resigned as a member of the Boards of Directors of the Company and all of its subsidiaries, to the extent applicable, and (iii) have executed a general release, including a release of all claims that you may have against the Company... or persons affiliated with the Company. The release must be in substantially the form prescribed by the Company, attached hereto as Exhibit A, without alterations. You must execute and return the release on or before the date specified by the Company in the prescribed form (the "Release Deadline"). The Release Deadline will in no event be later than 50 fifty (50) days after your Separation. If you fail to return the release on or before the Release Deadline, or if you revoke the release, then you will not be entitled to the benefits described in this Section 5. b. (b) Salary Continuation. If you are subject to an Involuntary Termination, then the Company will continue to pay your base salary for a period of 9 nine (9) months after your Separation. Your base salary will be paid at the rate in effect at the time of your Separation and in accordance with the Company's standard payroll procedures. The salary continuation payments will commence within 60 sixty (60) days after your Separation and, once they commence, will include any unpaid amounts accrued from the date of your Separation; provided, however, Separation. However, if the 60-day sixty-day period described in the preceding sentence spans two calendar years, then the payments will in any event begin on first payroll date in the following Release Deadline. c. Cash Bonus. If second calendar year. Notwithstanding the foregoing, if you are subject to an Involuntary Termination, Termination in connection with or following a Change in Control of the Company, then the Company will pay make a lump sum payment to you a lump-sum in cash equal to one year's base salary at the greater rate in effect at the time of (i) your target bonus for the year in which the Involuntary Termination occurs or (ii) the actual bonus paid Separation, subject to you with respect to the Company's most recently completed fiscal year. Such payment will be made within 60 days after your Separation; provided, however, if such 60-day period spans two calendar years, then the payment will in any event be made in the second calendar year on first payroll date following the Release Deadline. David Clark December 14, 2015 Page 3 d. all applicable withholding taxes. (c) COBRA. If you are subject to an Involuntary Termination and you elect to continue your health insurance coverage under the Consolidated Omnibus Budget Reconciliation Act ("COBRA") following your Separation, then the Company will pay the same portion of your monthly premium under COBRA as it pays for active employees and their eligible dependents until the earliest Laurent Fischer, M.D. March 17, 2014 Page 3 of (i) the close of the 9-month six (6) month period following your Separation, (ii) the expiration of your continuation coverage under COBRA or (iii) the date when you become eligible for substantially equivalent health insurance coverage in connection with new employment or self-employment. Such payments will be treated as taxable compensation income to you if required or advisable, in the Company's sole discretion, to avoid adverse consequences to you, the Company or the Company's other employees. View More