Example ContractsClausesSole Separation Benefit
Sole Separation Benefit
Sole Separation Benefit contract clause examples

Separation Benefit. In exchange for the promises and covenants contained herein, the Company agrees to provide you with a payment equal to twelve (12) months of your current Base Salary (as defined in your Employment Agreement dated November 13, 2017) (the “Employment Agreement”), which shall be paid in approximately equal installments over such 12-month period in accordance with the Company’s normal payroll practices beginning on the first payroll date following the Effective Date, less all customary and required taxes and employment-related deductions, provided that the Company, in its sole discretion, may begin payments earlier. The payment provided under this paragraph shall be referred to as the “Separation Benefit.” The Company shall pay you the Separation Benefit, your final wages and any properly incurred expenses, in accordance with the Company’s regular payroll practices and applicable law. You acknowledge and agree that, other than these amounts, you are not entitled to any other compensation from the Company including, without limitation, other wages, commissions, bonuses, vacation pay, holiday pay, paid time off or any other form of compensation or benefit.

Sole Separation Benefit. Executive agrees that the payments and other benefits provided by this Section 4 exceed amounts to which Executive is entitled by contract, or under the Company’s normal policies and procedures. Executive acknowledges and agrees that the payments referenced in this Section 4 constitute adequate and valuable consideration, in and of themselves, for the promises contained in this Agreement.

Sole Separation Benefit. Executive agrees that the payments provided by this [Section 4] are not required under the Company’s normal policies and procedures and are provided as a severance solely in connection with this Agreement. Executive acknowledges and agrees that the payments referenced in this [Section 4] constitute adequate and valuable consideration, in and of themselves, for the promises contained in this Agreement.

Sole Retirement Benefit. Executive agrees that the payments provided by this Section 3 are not required under the Company’s normal policies and procedures and are provided as a severance solely in connection with this Agreement. Executive acknowledges and agrees that the payments referenced in this Section 3 constitute adequate and valuable consideration, in and of themselves, for the promises contained in this Agreement.

Sole Separation Benefit. Executive agrees that the payments provided by this Section 5 are not required under the Company’s normal policies and procedures and are provided as a severance solely in connection with this Agreement. Executive acknowledges and agrees that the payments referenced in this Section 5 constitute adequate and valuable consideration, in and of themselves, for the promises contained in this Agreement.

Sole Separation Benefit. Executive agrees that the payments provided by this [Section 3] are not required under the Company’s normal policies and procedures and are provided as a severance solely in connection with this Agreement. Executive acknowledges and agrees that the payments referenced in this [Section 3] constitute adequate and valuable consideration, in and of themselves, for the promises contained in this Agreement.

Sole Separation Benefit. Executive agrees that the payments provided by this [Section 4] and the continued vesting opportunity referenced in Section 2 are not required under the Company’s normal policies and procedures and are provided as a severance solely in connection with this Agreement. Executive acknowledges and agrees that the payments referenced in this [Section 4] constitute adequate and valuable consideration, in and of themselves, for the promises contained in this Agreement.

Sole Separation Benefit. Employee acknowledges and agrees that the payments and benefits referenced in this Section 4 constitute adequate and valuable consideration, in and of themselves, for the promises contained in this Agreement, and satisfy all obligations by the Company to Employee under the terms of the Employment Agreement and Severance Agreement.

Sole Separation Benefit. Employee agrees that the payment provided by this Section 3 is not required under the Company’s normal policies and procedures and are provided as a severance solely in connection with this Agreement. Employee acknowledges and agrees that the payment referenced in this Section 3 constitutes adequate and valuable consideration, in and of itself, for the promises contained in this Agreement and the Release of Claims.

Sole Benefit of Lender. This Completion Guaranty will not create any rights in any surety under completion and performance bonds, if any, between such surety, Borrower, the general contractor for the Mortgaged Property and Lender with respect to the Mortgaged Property, either as a third party beneficiary, or in any other manner, it being understood and agreed that this Completion Guaranty is intended for the sole benefit of Lender, or such other person or entity as Lender may designate in its sole discretion.

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