EX-10.26
from 10-K
4 pages
1. in Consideration for Your Release of Claims and Other Promises in This Agreement and in Full Settlement and Satisfaction of Any Bonus, Wages, Commissions or Other Compensation Potentially Owed, URBN Will (A) Continue to Pay to You $24,558.00 Less Applicable Taxes and Withholdings on a Bi-Weekly Basis Until October 30, 2021 (The “Salary Continuation”) Which Equals One Year’s Salary for a Total of $638,508 Gross; (B) Subsidize 100% of the Expense of Your Continuation of Medical, Dental, and Vision Benefit Coverage Under the Consolidated Omnibus Budget Reconciliation Act of 1986 at Current Coverage Levels Until October 30, 2021 (The “Cobra Subsidy”); and (C) Subject to Approval by the Board of Directors, Which Shall Not Be Withheld Provided You Sign This Agreement Prior to October 30, 2020 and Do Not Revoke It, the Company Shall Permit You to Remain Eligible to Vest in All Unvested Shares From the February 28, 2017, February 27, 2018, and February 26, 2019 Equity Grants at the Vesting Dates Specified in Each Grant Instrument for a Total of 53,334 Shares, Provided That the Performance Metrics Are Met and Any Other Conditions Precedent (Other Than Active Employment) Are Otherwise Achieved. for the Avoidance of Doubt, You Shall Forfeit Any Shares Under the February 2020 Grant and There Is No Guarantee That Any One of the Aforementioned Grants, in Whole or in Part, Will Qualify for Vesting at Its Vesting Date. With Respect to the Cobra Subsidy, the Company Will Pay Your Cobra Premiums Directly to the Plan’s Cobra Administrator Provided That You Timely Elect Cobra Coverage Directly Through the Plan’s Cobra Administrator. These Payments Are Inclusive of Vacation Days, Personal Days and Leaves of Absence and You Will Not Be Eligible for Any Further Payment of Wages, Bonus, or Benefits in Excess of What Is Specified Herein
12/34/56