Example ContractsClausesConditions to Receipt of Severance Benefits
Conditions to Receipt of Severance Benefits
Conditions to Receipt of Severance Benefits contract clause examples

Conditions to Receipt of Severance Benefits. The receipt of the Severance Benefits provided in Section 6.3 and Section 6.4 above, as applicable, will be subject to Employee signing and not revoking within the permitted timeframe a separation agreement and release of claims in substantially the form set forth on [Exhibit A] hereto (the “Separation Agreement and General Release”) within the time period set forth therein, which shall not exceed thirty (30) days from the date of Employee’s Separation from Service (the “Release Period”). No Severance Benefits will be paid or provided until the Separation Agreement and General Release becomes effective. If the Release Period described in the preceding sentence spans two calendar years, then payment of Severance Benefits will in any event commence in the second calendar year to the extent required to comply with Section 409A of the Internal Revenue Code of 1986, as amended (“[Section 409A]”). Employee shall also resign from all positions and terminate any relationships as an employee with the Company and any of its affiliates, each effective on the date of termination.

Conditions for Receipt of Severance Benefits. The Severance Benefits, as applicable, are further conditioned on the following: # if the Executive holds any other positions with the Company, including as member of the Board or any boards of directors of any subsidiaries, the Executive resigns such position(s) to be effective no later than the Date of Termination (or such other date as requested by the Board); # the Executive returns all Company property; # Executive’s timely execution and delivery to the Company an effective release of claims in favor of and in a form acceptable to the Company (the “Release”) within the timeframe set forth therein, and Executive does not revoke the Release; and # Executive’s continued compliance with all of Executive’s duties and obligations to the Company, including but not limited to, obligations under this Agreement and the Confidentiality Agreement.

Conditions to Receipt of Severance Benefits and CIC Severance Benefits. To be eligible for any of the Severance Benefits or CIC Severance Benefits pursuant to [Sections 8.1 and 8.2] above, Employee must satisfy the following release requirement (the “Release Requirement”): return to the Company a signed and dated general release of all known and unknown claims in a separation agreement acceptable to the Company (the “Release”) within the applicable deadline set forth therein, but in no event later than forty-five (45) calendar days following Employee’s Separation from Service date, and permit the Release to become effective and irrevocable in accordance with its terms (such effective date of the Release, the “Release Effective Date”). No Severance Benefits or CIC Severance Benefits will be paid hereunder prior to the Release Effective Date. Accordingly, if Employee breaches the preceding sentence and/or refuses to sign and deliver to the Company an executed Release or signs and

Severance Benefits. If you timely sign this Agreement, allow the releases set forth herein to become effective, and remain in compliance with all obligations contained in this Agreement, then, in full satisfaction of any obligation for the Company to provide you with severance benefits as stated in the offer letter between you and the Company dated August 18, 2018 (the “Offer Letter”), the Company will provide you with the following severance benefits:

Severance Benefits. Employee shall continue to be eligible for Severance Benefits as set forth in the Severance Plan regardless of whether Employee executes this Agreement. However, if Employee does execute this Agreement, Employee shall, in addition to any severance benefits under the Severance Plan, have the right to exercise any vested Outstanding Stock Awards held by Employee at the time of Separation of Service (including any options that are accelerated upon such termination) until the earlier of # 18 months following the Employee’s Separation of Service (or longer period set forth in the terms of such option grant), # the applicable expiration date of the option or # the date of a Change in Control in which a stock option is canceled and not otherwise assumed or continued or replaced.

Severance Benefits. If Executive’s employment with the Company is terminated for reasons described in Section 5.3 prior to February 10, 2025 (the “Severance Eligibility Term”), then, provided that: # Executive executes and does not rescind a written document (a “Release”) releasing the Company and its affiliates, shareholders, directors, employees, agents, attorneys, representatives, predecessors, successors and assigns from any and all known claims or causes of action based upon any fact, circumstance, or event, existing at or prior to the date of termination (in a form determined by the Company), and # Executive strictly complies with all terms of this Agreement (including any attachments hereto) and any other agreement between Executive and the Company or any of its affiliates, then Executive will be entitled to (the “Severance Benefits”):

Within 30 days after the Separation Date, the Company will pay to you a lump sum in cash (subject to applicable tax withholding) in an amount equal to your earned but unpaid Base Salary (as defined in the Employment Agreement) and any accrued but unused paid time off for the 2020 calendar year through the Separation Date, to the extent not already paid in accordance with Company policy (the “Accrued Earnings”).

Severance Benefits. Upon a Change in Control Termination, and subject to the limitations and conditions set forth in this Agreement, Executive shall be eligible to receive the benefits set forth in this [Article 3]. The receipt of any severance payments or benefits pursuant to this Agreement is subject to Executive signing and not revoking a separation agreement and general release of claims (the “Release”), in substantially the form attached hereto and incorporated herein as Exhibit A, Exhibit B or Exhibit C, as appropriate, which Release must become effective and irrevocable no later than the sixtieth (60th) day following Executive’s termination of employment (the “Release Deadline Date”). If the Release does not become effective and irrevocable by the Release Deadline Date, Executive will forfeit any right to any severance payments or benefits under this Agreement. In no event will severance payments or benefits be paid or provided until the Release actually becomes effective and irrevocable

Severance Benefits. The benefits payable to a Participant in accordance with [Section 7.1] (Description of Severance Benefits for All Participants).

Termination without Cause or for Good Reason. Subject to the terms and conditions of eligibility for Executive’s receipt of severance benefits under this Agreement, including the timely execution and delivery (and non-revocation) by Executive of the Separation Agreement and General Release as set forth in SECTION 6.10, if the Company terminates Executive’s employment without Cause or Executive terminates her employment for Good Reason, the Company shall pay to Executive, as severance benefits, which amounts are in addition to the Compensation upon Termination set forth in SECTION 3.3 herein:

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