Termination Payments and Benefits Contract Clauses (18)
Grouped Into 1 Collection of Similar Clauses From Business Contracts
This page contains Termination Payments and Benefits clauses in business contracts and legal agreements. We have organized these clauses into groups of similarly worded clauses.
Termination Payments and Benefits. (a) Severance. Subject to (i) Executive's execution of this Agreement and the effectiveness of the release of claims set forth in Section 5 below (the "Release") following the expiration of the Revocation Period without Executive's having revoked the Release and (ii) Executive's continued compliance with Paragraphs 8, 9, 10, 11 and 12 of the Executive Employment Agreement between Executive and the Company, dated May 8, 2013 (the "Employment Agreement"), as amended pursuant to Section 8 hereof, t...he Company shall pay to Executive as severance compensation ("Severance"), (i) $681,731.50, payable in a lump sum on the first regularly scheduled payroll date following the Release Effective Date (as defined below), (ii) $504,500, payable on the first regularly scheduled payroll date following March 14, 2020 (the "Specified Employee Payment Date") and (iii) $504,500, payable in accordance with the Company's regular payroll procedures over the six-month period following the Specified Employee Payment Date. (b) Accrued Obligations. The Company shall also pay and provide the Executive with his Accrued Obligations. For purposes of this Agreement, Executive's "Accrued Obligations" shall consist of the following: (i) accrued and unpaid base salary and accrued and unused paid time off through the Termination Date; (ii) accrued and vested benefits under any employee retirement plan (including 401(k)) in which the Executive participates, in accordance with applicable plan terms; and (iii) unreimbursed business expenses incurred through the termination date, in accordance with the Company's business expense reimbursement policy. Any benefits accrued or earned will be distributed in accordance with the terms of the applicable benefit plans and programs of the Company Group. Executive confirms that he has received all of his Accrued Obligations due and payable as of the date of this Agreement. (c) COBRA. Executive and his eligible dependents shall be entitled to continue participating in the Company's group medical, dental, and other health benefit coverages as required under the health care continuation requirements of the Consolidated Omnibus Reconciliation Act of 1985 ("COBRA"), provided Executive timely elects such coverage and pays the full monthly premium for COBRA coverage. (d) Treatment of Equity. Notwithstanding the terms of any outstanding award agreement between you and the Company, (i) you will receive accelerated vesting of 52,496 restricted shares of Company common stock and (ii) your currently vested stock options to purchase 125,000 shares of Company common stock will remain outstanding and exercisable until the tenth anniversary of the applicable date of grant. For the avoidance of doubt, all remaining outstanding equity granted to you under any of the Company Group's equity incentive plans will be forfeited as of the Termination Date. (e) No Further Rights. Following the Termination Date, except as set forth in this Section 2, Executive shall have no further rights to any compensation or any other benefits from the Company or any of its affiliates.View More
Termination Payments and Benefits. (a) Severance. Subject to (i) Executive's execution of this Agreement and the effectiveness of the release of claims set forth in Section 5 below (the "Release") following the expiration of the Revocation Period without Executive's having revoked the Release and (ii) Executive's continued compliance with Paragraphs 8, 9, 10, 11 2, 3, 4, 5 and 12 6 of the Executive Employment Separation Agreement between Executive and the Company, dated May 8, 2013 effective as of April 1, 2017 (the "Employment A...greement"), as amended pursuant to "Separation Agreement") and Section 8 hereof, the Company shall pay to Executive as severance compensation ("Severance"), (i) $681,731.50, (x) $483,000, payable in accordance with the Company's regular payroll procedures over the 18-month period following the Termination Date, (y) $12,000, payable in a lump sum on the first regularly scheduled payroll date following the Release Effective Date (as defined below), (ii) $504,500, below) and (z) a payment, if any, equal to the product of (A) the annual bonus to which Executive would have been entitled under the Executive Incentive Compensation Program for NN, Inc. Executive Leadership and Other Exempt Participants, effective January 1, 2019 (the "EIC Plan"), but for the termination of Executive's employment as of the Termination Date, in the amount of $161,000 (the "Bonus Amount") multiplied by (B) a fraction, the numerator of which is 326 and the denominator of which is 365. The amount payable on the first regularly scheduled payroll date following March 14, 2020 (the "Specified Employee Payment Date") and (iii) $504,500, payable pursuant to Section 2(a)(z), if any, will be determined in accordance with the EIC Plan and relevant Company corporate guidelines and distributed after completion of the Company's regular payroll procedures over 2019 fiscal year end audit. For the six-month period following avoidance of doubt, Executive acknowledges and agrees that (1) if no payments are made under the Specified Employee Payment Date. EIC Plan, then no payment shall be made pursuant to Section 2(a)(z) of this Agreement and (2) if payments are made under the EIC Plan at any level, either below or above a 100% payout, the Company will pay Executive the Bonus Amount only, as prorated pursuant to this Section 2(a). (b) Accrued Obligations. The Company shall also pay and provide the Executive with his Accrued Obligations. For purposes of this Agreement, Executive's "Accrued Obligations" shall consist of the following: (i) accrued and unpaid base salary and accrued and unused paid time off through the Termination Date; (ii) accrued and unused vacation time through the Termination Date, prorated for the portion of the calendar year worked; (iii) accrued and vested benefits under any employee retirement plan (including 401(k)) in which the Executive participates, in accordance with applicable plan terms; and (iii) (iv) unreimbursed business expenses incurred through the termination date, in accordance with the Company's business expense reimbursement policy. Any benefits accrued or earned will be distributed in accordance with the terms of the applicable benefit plans and programs of the Company Group. Executive confirms that he has received all of his Accrued Obligations due and payable as of the date of this Agreement. (c) COBRA. Executive and his eligible dependents shall be entitled to continue participating in the Company's group medical, dental, and other health benefit coverages as required under the health care continuation requirements of the Consolidated Omnibus Reconciliation Act of 1985 ("COBRA"), provided Executive timely elects such coverage and pays the full monthly premium for COBRA coverage. (d) Treatment of Equity. Notwithstanding the terms of any outstanding award agreement between you and the Company, (i) you will receive accelerated vesting of 52,496 4,840 restricted shares of Company common stock and (ii) your currently vested stock options to purchase 125,000 shares of Company common stock will remain outstanding and exercisable until the tenth anniversary of the applicable date of grant. stock. For the avoidance of doubt, all remaining outstanding equity granted to you under any of the Company Group's equity incentive plans will be forfeited as of the Termination Date. (e) No Further Rights. Following the Termination Date, except as set forth in this Section 2, Executive shall have no further rights to any compensation or any other benefits from the Company or any of its affiliates. View More
