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Conditions to Receipt of Severance Benefits
Conditions to Receipt of Severance Benefits contract clause examples
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receipt by Company of notification that Employee has made the necessary election of benefits continuation under COBRA. Unless terminated earlier pursuant to the Employment Agreement or at the election of Employee, the Company will continue to pay Employee the monthly installment of the Severance Benefits for the Severance Period, so long as the Company receives notification that the Employee is continuing to pay the necessary premiums to the carrier or COBRA administrator.

Benefits in Lieu of Severance Pay. The severance benefits provided for in Paragraphs 2, 3 and 4 are in lieu of any benefits that would otherwise be provided to the Employee under any Company severance pay policy or practice and Paragraph 2 the Employee shall not be entitled to any benefits under any Company severance pay policy or practice in the event that severance benefits are paid hereunder.

Form and Timing of Severance Benefits. The Severance Benefits described in [Sections 4.3(a), (b), (c) and (e)] shall be paid in cash to the Executive in a single lump sum, subject to the Non-Competition and Release Agreement described in [Section 4.6], as soon as practicable following the Effective Date of Termination, but in no event beyond thirty (30) days from the later of the Effective Date of Termination and the successful expiration of the waiting periods described in [Section 4.6] and in no event later than the payment deadline for short-term deferrals under Treas. Reg. § 1.409A-1(b)(4) (or any successor provision). The Severance Benefit described in [Section 4.3(d)] shall be paid in cash to the Executive in a single lump sum, subject to the Non-Competition and Release Agreement described in [Section 4.6], as soon as practicable following the end of the year in

Contingent on your execution and non-revocation of the Release and Waiver of Claims attached hereto as Exhibit A (the “Release”) during the applicable revocation period, in consideration of amounts in excess of the minimum entitlements under applicable law and in accordance with [Section 5.3(a)] of the Employment Agreement: # the Company, shall, in full satisfaction of its obligations to you, # pay your Base Salary and accrued but unpaid vacation pay in accordance with applicable law, # reimburse your documented expenses properly incurred prior to the Resignation in accordance with the Company’s expense reimbursement policy, # pay you $41,666.67, which represents two (2) months of your annual base salary in effect at the time of the Resignation, payable by way of lump sum payment within sixty (60) days thereafter, and # continue your group insured benefits in accordance with [Section 5.3(a)(iv)] of the Employment Agreement; and # Cronos Group shall, in full satisfaction of its obligations to you, vest any outstanding and unvested restricted share units granted to you pursuant to the Restricted Share Unit Agreement entered into on September 5, 2019 (the “RSU Agreement”) and promptly (but not later than thirty (30) calendar days thereafter) settle such restricted share units in common shares of Cronos Group.

Other Severance Benefits: A Qualifying Outsourced Employee shall also receive, if otherwise eligible, the Severance Benefits provided for in [Section 4.5] (equity awards) and [Section 4.6] (sabbatical), but shall not receive the Severance Benefits provided for in [Section 4.4] (transitional assistance) of the Plan.McDonald’s Corporation Officer Severance Plan.

Release of Claims Agreement. The receipt of any severance payments or benefits pursuant to Section 9(a)(i) or any other section of this Agreement is contingent upon Executive signing and not revoking a severance agreement and release of claims in a form reasonably acceptable to the Company (the “Release”), which must become effective no later than the 60th day following Executive’s delivery of the Release (the “Release Deadline”), and if not, Executive will be ineligible for severance payments or benefits under this Agreement. To become effective, the Release must be executed by Executive and any revocation periods (as required by statute, regulation, or otherwise) must have expired without Executive having revoked the Release. In addition, no severance payments or benefits will be paid or provided until the Release actually becomes effective.

Payment of Salary and Receipt of All Benefits. Employee acknowledges and represents that, other than the consideration set forth in this Agreement, the Company Group has paid or provided all salary, wages, bonuses, accrued vacation/paid time off, premiums, leaves, housing allowances, relocation costs, interest, severance, outplacement costs, fees, reimbursable expenses, commissions, stock, stock options, equity awards, vesting, and any and all other benefits and compensation due to Employee.

Section # Lost Payees. A benefit shall be deemed forfeited if the Plan Administrator is unable to locate a Participant to whom Severance Benefits are due. Such Severance Benefits shall be reinstated if application is made by the Participant for the forfeited Severance Benefits while this Plan is in operation.

Other Severance Benefits: A Participant shall also receive, if otherwise eligible, the Severance Benefits provided for in [Section 4.5] (equity awards) and [Section 4.6] (sabbatical).

Cash Severance Payments. Eligible Executives will receive the following cash severance benefits:

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