Severance Benefit Contract Clauses (1,148)

Severance Benefit. In exchange for Your promises in this Agreement, and subject to the terms and conditions of this Agreement and the Avery Dennison Corporation Executive Severance Plan, the Company will provide to You the following severance benefits: A. You will receive a gross lump sum severance payment in the amount of Dollars and /100 Cents ($ ), which is the sum total of (i) your annual base salary as of Your Termination Date ($ ), (ii) the cash value of twelve (12) months of premiums for qualified medical a...nd dental plans in which You participate as of Your Termination Date ($ ), and (iii) the Target Award value under the Company's Annual Incentive Plan (as amended and restated from time to time) for the year in which Your Termination Date occurs and using Your salary in effect as of Your Termination Date to calculate the Target Award ($ ). All required taxes and withholdings will be deducted from this amount. B. Outplacement services will be provided to You by an agency selected by Avery Dennison. Avery Dennison's selection of the agency, as well as the type of benefits provided to You, will be determined in Avery Dennison's sole discretion and commensurate with Your executive level within Avery Dennison. You must complete using these outplacement services within one (1) year of Your Termination Date. View More

Severance Benefit. 4.1 Payments. The Company shall provide Executive with the following severance payments and benefits following the Retirement Date: a. any accrued but unpaid Base Salary and paid time-off due to Executive as of the Retirement Date; b. reimbursement under the Employment Agreement for expenses incurred but unpaid prior to the Retirement Date; c. for a period of one year after the Retirement Date, such health benefits under the Company's health plans and programs applicable to senior executives of ...the Company generally (if and as in effect from time to time) as Executive would have received under the Employment Agreement (and at such costs to Executive as would have applied in the absence of such termination upon expiration); provided, however, that the Company shall in no event be required to provide any benefits otherwise required by this clause (c) after such time as Executive becomes entitled to receive benefits of the same type from another employer or recipient of Executive's services (such entitlement being determined without regard to any individual waivers or other similar arrangements); and d. an annual bonus based on actual performance for the period beginning on January 1, 2020 and ending on the Retirement Date, payable in a single sum and calculated in a manner consistent with the Company's bonus plan for 2020. 4.2 Payment Timing. Subject to Section 10, the timing of the benefits and payments provided under Section 4.1 shall be as follows: a. amounts payable pursuant to Sections 4.1(a) and (b) shall be paid in the normal course or in accordance with applicable law and in no event later than 30 days following the Retirement Date; b. amounts payable for the health benefits provided pursuant to Section 4.1(c) shall commence at the date following the Retirement Date that is required under the relevant health plans and programs to provide such benefits, subject to Executive's execution and non-revocation of the Release Agreement; and 3 c. amounts payable pursuant to Section 4.1(d) shall be paid at the same time as the payment of 2020 bonuses to the other executives, subject to Executive's execution and non-revocation of the Release Agreement. View More

Severance Benefit. If you timely sign and return this Agreement to the Company, and you comply fully with your obligations hereunder (including but not limited to your obligations to timely return all Company property under Section 7), then the Company will provide you with the following as your sole severance benefits: (a) Severance Pay. The Company will pay you, as severance, the equivalent of six months of your base salary in effect as of the Separation Date, subject to standard payroll deductions and withholdi...ng (the "Severance"). The Severance will be paid in a lump sum payment on the first regular payroll date that is at least one week after the date you sign and return this Agreement to the Company. (b) Stock Options and Vesting. On June 2, 2016, you were granted an option to purchase 600,000 shares of the Company's common stock (the "Initial Option"). On June 13, 2017, you were granted an option to purchase an additional 600,000 shares of the Company's common stock (the "Second Option," and together with the Initial Option, the "Options"). The Options were granted pursuant to the Company's 2016 Equity Incentive Plan (the "Plan"), stock option agreements and other applicable grant documents (collectively the "Option Documents"). Vesting of your Options and any other equity awards, if any, ceased as of the Separation Date. As an additional benefit under this Agreement, the Company will accelerate the vesting of the Options such that the number of shares subject to the Options that would have vested had you remained employed with the Company for an additional six months following the Separation Date will be deemed vested and exercisable as of the Separation Date and any forfeiture restrictions or rights of repurchase thereon shall lapse. Except as expressly modified in this Agreement, the Options shall continue to be governed by t e Option Documents. The Company encourages you to seek independent tax advice concerning the tax status of the Options and the corresponding tax implications of this Agreement and the benefits hereunder. 1 (c) Post-Termination Exercise Period. Subject to approval by the Board, the post-termination exercise period during which you may exercise your Options to purchase your vested shares following the Separation Date (which, under the terms of such Options, is three months following the Separation Date) shall be extended to May 6, 2022. Additionally, you acknowledge and agree that as a result of the modification of the post-termination exercise period of the Options and the tax rules applicable to incentive stock options, the Options (regardless whether they were intended to qualify as incentive stock options) will hereafter be treated as non-statutory stock options. You have been advised to seek independent tax advice of the consequences of such modification. View More

Severance Benefit. Provided that you sign and do not revoke this Agreement, you will receive: a. Severance Pay. A severance payment of $1,800,000, which will be paid within twenty (20) days after this Agreement's Effective Date. This severance payment will be subject to applicable taxes and withholdings. b. Outplacement. A payment of $22,500 for the use of executive outplacement services with Lee Hecht Harrison, which will be paid within twenty (20) days after this Agreement's Effective Date. This payment will be ...subject to applicable taxes and other withholdings. c. Healthcare Supplemental Payment. A payment of $21,192, which will be paid within twenty (20) days after this Agreement's Effective Date. This payment will be subject to applicable taxes and other withholdings. View More

Severance Benefit. Pursuant to the terms of the Plan, and in consideration of the Employee's release of claims and the other covenants and agreements contained herein and therein, and provided that the Employee has signed this Release and delivered it to the Company and has not exercised any revocation rights as provided in Section 6 below, the Company shall provide the severance benefits described in Section 5 of the Plan (the " Benefits ") in the time and manner provided therein; provided, however, that the Comp...any's obligations will be excused if the Employee breaches any of the provisions of the Plan, including, without limitation, Article VIII thereof. The Employee acknowledges and agrees that the Benefits constitute consideration beyond that which, but for the mutual covenants set forth in this Release and the covenants contained in the Plan, the Company otherwise would not be obligated to provide, nor would the Employee otherwise be entitled to receive. 3. Effective Date. Provided that it has not been revoked pursuant to Section 6 hereof, this Release will become effective on the eighth (8th) day after the date of its execution by the Employee (the "Effective Date"). View More

Severance Benefit. If a Participant becomes eligible for Severance Benefits in accordance with Sections 3 and 4, the Company shall pay or provide (or cause to be paid or provided) to the Participant (in addition to the Accrued Obligations) the following Severance Benefits: 5.1. An aggregate lump-sum cash payment equal to the product of two (2) times the sum of the Participant's Annual Base Salary and Target Bonus. 5.2. For eighteen (18) months following the date of a Participant's Involuntary Termination, subject ...to such Participant's timely election of (and continued eligibility for) continued health coverage pursuant to the federal law known as "COBRA," the applicable COBRA premiums for the Participant and any eligible dependents who participated in the Company's (or its Affiliate's) health plan as of immediately prior to the date of the Participant's Involuntary Termination; provided, that in the event the Company (or its Affiliate) would be subject to any excise tax under Section 4980D of the Code or other penalty or liability pursuant to the provisions of the Patient Protection and Affordable Care Act of 2010 (as amended from time to time) or other applicable law (or to the extent such COBRA subsidy is not permitted under the terms of the applicable benefit plan or applicable law), and in lieu of providing the COBRA subsidy described above, the Company shall instead pay (or cause to be paid) to the Participant an amount equal to the applicable COBRA premiums for such month, with such monthly payment being made on the last day of each month for the remainder of the COBRA Period. For the avoidance of doubt, the Participant's health benefit coverage from the Company (or its Affiliate) during the COBRA Period shall run concurrent with the health continuation coverage period mandated by Section 4980B of the Code. 5.3. A prorated portion of the Participant's annual cash bonus compensation payable with respect to the calendar year in which the Involuntary Termination occurs, determined on a daily basis, based solely on the actual level of achievement of the applicable performance goals for such year, and payable if and when annual bonuses are paid to other similarly situated employees of the Company with respect to such year. 5 5.4. Any outstanding Equity Awards shall be treated in the manner provided in the Equity Plan and the award agreements issued to the Participant thereunder. View More

Severance Benefit. In exchange for, among other things, the Executive signing, not revoking and complying with the terms of this Separation Agreement: (i) the Company shall pay the Executive an amount equal to nine (9) months Base Salary (the "Severance Amount"). Notwithstanding the foregoing, if the Executive breaches any of the Continuing Obligations, all payments of the Severance Amount shall immediately cease; (ii) notwithstanding anything to the contrary in the Company's equity plan(s) (as the same may be ame...nded from time to time) or any applicable option agreement or stock-based award agreement (collectively, the "Equity Documents"), all time-based stock-based awards held by the Executive in which such stock option or other stock-based award would have vested if the Executive had remained employed for an additional nine (9) months following the Last Date of Employment (the "Time-Based Equity Awards") shall vest and become exercisable or nonforfeitable as of the Last Date of Employment; provided that, although vesting will cease as of the Last Date of Employment and the ninety (90) day post-employment exercise period with respect to any vested shares will commence on the Last Date of Employment, the termination of the unvested portion of the Executive's Time-Based Equity Awards that would otherwise occur on the Last Date of Employment will be delayed to the extent necessary to effectuate the terms of this Agreement, and, provided this Separation Agreement has been signed and has become irrevocable, to effectuate the terms of Section 5(a) of the Employment Agreement in the event that a Change in Control (as defined in the Employment Agreement) occurs within three (3) months following the Last Date of Employment; (iii) if the Executive was participating in the Company's group health plan immediately prior to the Last Date of Employment and elects COBRA health continuation, then the Company shall pay to the Executive a monthly cash payment for nine (9) months or the Executive's COBRA health continuation period, whichever ends earlier, in an amount equal to the monthly employer contribution that the Company would have made to provide health insurance to the Executive if the Executive had remained employed by the Company; and (iv) in consideration of costs associated with the Executive's apartment in Boston, Massachusetts, the Company shall pay the Executive $14,000, less applicable deductions and withholdings, payable along with the First Installment (as defined below) . 2 The amounts payable under Section 3(i), and (iii) of this Separation Agreement shall be paid out in substantially equal installments in accordance with the Company's payroll practice over nine (9) months; provided, however, that since the 60-day period begins in one calendar year (2018) and ends in a second calendar year (2019), in accordance with the Employment Agreement the Severance Amount shall begin to be paid in the second calendar year (2019) by the last day of such 60-day period (before February 15, 2019); provided, further, that the initial payment (the "First Installment") shall include a catch-up payment to cover amounts retroactive to the day immediately following the Last Date of Employment. Each payment pursuant to this Agreement is intended to constitute a separate payment for purposes of Treasury Regulation Section l.409A-2(b)(2). If the Executive has signed this Separation Agreement and it has become irrevocable, and within three (3) months after the Last Date of Employment a Change in Control occurs, any benefits payable before the Change in Control will continue to be treated as payable under this Section 3, and any benefits payable after the Change in Control will be paid pursuant to Section 5(a) of the Employment Agreement. In no event may there be duplication of benefits under this Section 3 and Section 5(a) of the Employment Agreement. View More

Severance Benefit. In exchange for your promises as set forth in this Agreement and subject to your compliance with the terms and conditions hereof, ServiceMaster agrees to provide you with the following severance pay: a. Monthly Salary. You will receive payments totaling $467,500.00, which equals 12 times your current monthly base salary (the "Monthly Salary"); b. Target Bonus. You will receive payments totaling $280,500.00 (the "Target Bonus"), which equals your target bonus under the ServiceMaster Annual Bonus ...Plan ("ABP") for the 2018 Plan year; and c. ABP Bonus. You will receive a pro-rated payment based on your target bonus under The ServiceMaster 2018 Annual Bonus Plan ("ABP"), which will be calculated and paid at the level of Plan funding approved by the Board. Your ABP bonus will be paid to you when paid to active employees, which is expected to be on or around March 15, 2019. d. Travel Expense Reimbursement. You will receive a one-time lump sum payment of $1,200.00 to help reimburse your travel expenses in meeting with your outplacement vendor. This payment will be included with your first severance payment following the Effective Date. The Monthly Salary and the Target Bonus will be aggregated as a single sum and paid in 12 equal monthly installments over a 12‐month period, starting on the first practicable payroll date after the Effective Date. The compensation set forth in this Agreement represents all of the amounts you will be entitled to receive from the Company and you will not be paid any other compensation or benefits. In addition to any other remedies which may be available at law, the Company may suspend, cancel and/or seek the refund of any payments contemplated by this Agreement upon any violation by you of any representation, warranty or covenant set forth herein. View More

Severance Benefit. a.Provided that Executive signs and returns this Agreement to the Company without revoking it, and complies with the material terms of this Agreement, the Company will provide the following Severance Benefits: ____________________________________ pursuant to Section 6__ of the Employment Agreement.b.Payments upon Separation. All payments in connection with a separation from service under this Agreement shall be made as of the latest of the following dates: (i) the sixtieth (60th) day following t...he termination of Executive's employment and his delivery without revocation of the executed Agreement; (ii) to the extent required under Section 11(a) of the Employment Agreement, the first business day that is six (6) months following Executive's separation from service; or (iii) the payment date required under the terms of any deferred compensation plan subject to the requirements of the Internal Revenue Code ("Code") Section 409A. Amounts otherwise payable prior to these dates shall be delayed pursuant to this provision. Executive shall not retain the ability to elect the tax year of any payments under this Agreement and to the extent any payment could be made in one (1) of two (2) tax years, such payment shall be made in the later tax year. All payments under this Agreement shall be subject to all applicable federal, state and local tax withholding.c.Section 409A Compliance. This Agreement is intended to comply, to the extent applicable, with the provisions of Section 409A of the Internal Revenue Code of 1986, as amended ("Section 409A") and shall, to the extent practicable, be construed in accordance with such section. For purposes of this Agreement, each amount to be paid or benefit to be provided will be construed as a separate identified payment for purposes of Section 409A, and any payments that are due within the "short term deferral period" as defined in Section 409A will not be treated as deferred compensation unless applicable law requires otherwise. The Company makes no representations or warranties that the payments provided under the Agreement or any other agreement comply with, or are exempt from, Section 409A, and in no event shall the 16 Company be liable for any portion of any taxes, penalties, interest, or other expenses that may be incurred by Executive on account of Section 409A. View More

Severance Benefit. If you are entitled to the severance benefits in the event of certain qualifying terminations, such benefits will be described in a Severance and Change in Control Agreement by and between you and TuSimple.