Example ContractsClausesConditions to Receipt of Severance Benefits
Conditions to Receipt of Severance Benefits
Conditions to Receipt of Severance Benefits contract clause examples
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Severance. In the event your employment with the Company should be terminated # in the event of a "change-in-control" of the Company or # without cause, both as solely defined by the Chief Executive Officer, the Company agrees that you will be paid severance compensation, in lump sum, in an amount equal to: # one year of your then current base salary plus # the pro-rated amount of any bonus which would have been earned for the performance year in which the termination occurs, provided all applicable performance conditions are met, all subject to withholding for all applicable taxes, payable as soon as is practicable following the termination of employment (subject to required waiting periods under Section 409A of the Internal Revenue Code or any other applicable statute or regulation). This severance compensation shall be in lieu of any other severance payments you may be entitled to as a result of such termination of employment. Your receipt of any such severance payment is subject to execution by you and Crawford of an agreement achieving mutually acceptable terms on matters pertaining to:

Severance. If the employment of the Employee is terminated by the Company without cause before the end of the Term of this Agreement, the Employee shall be paid, as a severance payment at the time of such termination, the amount equal to the greater of # 50% of the annual base salary in effect at the time of termination and # the base salary payable through the end of the Term; except as limited by Sections 4I and 66] and subject to the Employee’s execution and non-revocation of a release in the form attached hereto as [Exhibit B] in accordance with its terms.

Severance Benefits: "Severance Benefits" means:

Severance Benefits” means Severance Benefits described in Section 4.3.

3.1Right to Severance Benefits. The Executive will be entitled to receive from the Company Severance Benefits, as described in this Article 3 herein, if the Executive satisfies the conditions set forth in this Article 3. Except with respect to the Accrued Obligations (and subject to [Section 3.3], as applicable), in no event herein, except as may be required by applicable federal and/or state law, shall the Executive be entitled to receive any other Severance Benefits if the Executive’s employment is terminated # for Cause or # due to a voluntary termination without Good Reason.

Although your receipt of the severance benefits is expressly conditioned on you entering into this letter agreement, the following will apply regardless of whether or not you timely sign and return this letter agreement:

Non-Competition and Release Agreement” is an agreement, in substantially the form attached hereto in Annex A, executed by and between the Executive and the Company as a condition to the Executive’s receipt of Severance Benefits.

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.

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.

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