|SPECTRUM BRANDS HOLDINGS, INC. filed this Form 8-K on 07/13/2018|
Restrictive Covenants), the Company will pay and provide Employee, subject to the terms and conditions of this Agreement, and Employee will accept, as and on behalf of Releasor (as defined below) from the Company on behalf of each Releasee (as defined below), the following cash payments, benefits (the Payments) in consideration for Employees release of claims against the Company and Releasees and Employees agreeing to the covenants and obligations set forth in this Agreement:
(i) The Designated Payment of $325,000 and the Specified Bonus of $425,000 and an additional $200,000 (equal to $950,000 in the aggregate) payable in a lump sum within 55 days following the Effective Date once this Agreement , including without limitation the release of claims becomes effective and irrevocable in accordance with the terms herein; and
(ii) reimbursement for the cost of health insurance continuation coverage under the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (COBRA), in excess of the cost of such benefits that active employees of the Company are required to pay, and reimbursement for supplemental health insurance as currently provided by the company, each for a period of 12 months (or until Employee obtains individual or family coverage through another employer, if earlier) (the COBRA Period), provided that Employee elects COBRA coverage and subject to the conditions that: (A) Employee is responsible for immediately notifying the Company if Employee obtains alternative insurance coverage, (B) Employee will be responsible for the entire COBRA premium amount after the end of the COBRA Period; (C) if Employee declines COBRA coverage, then the Company will not make any alternative payment to Employee in lieu of paying for COBRA premiums, and (D) such COBRA reimbursement payments shall be paid on an after tax basis as additional taxable compensation to the Employee.
(b) Other Payments. The Company shall pay Employees accrued but unpaid Base Salary (as defined in the Employment Agreement) through the Termination Date, unused vacation time accrued through the Termination Date, and unreimbursed business expenses (pursuant to the Employment Agreement) incurred through the Termination Date. Employee expressly acknowledges and agrees that Employee has no rights to receive any severance or separation pay (including any payments or benefits under the HRG Group Inc. Severance Plan) other than as set forth in this Agreement.
(c) Consideration. Employee acknowledges and agrees that: (i) the Payments set forth above are adequate consideration for all of the terms of this Agreement; (ii) the Payments set forth above do not include any benefit, monetary or otherwise, that was earned or accrued or to which Employee was already entitled without signing this Agreement on the date this Agreement was executed by Employee; and (iii) any monetary or other benefits which, prior to the execution of this Agreement, Employee may have earned or accrued or to which Employee may have been entitled (other than the payments described in Paragraph 2(c) above) have been paid, or such payments or benefits are expressly described in this Agreement or have been released, waived or settled by Releasor pursuant to this Agreement. Employee expressly acknowledges and agrees that the Employee is not entitled to receive any bonus with respect to fiscal 2017, fiscal 2018 or thereafter.