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Election of lump sum due on or before March
30, 2000. Applicable taxes and FICA deduc-
tions will be based on current W-4 elections
not to exceed total annual deduction amounts
reported on 1999 W-2.
On or about March 15, 2000, petitioner and GC&D executed a
separation agreement that reflected the final terms to which they
had agreed. The separation agreement provided in pertinent part:
I. Valuable Consideration
In exchange for NDIRIKA’S entering into this
Agreement, GC&D agrees to provide NDIRIKA with the
following consideration:
A. GC&D will pay NDIRIKA severance pay in the
form of salary continuation at the annualized rate of
$93,750, less applicable taxes and FICA for a period of
twelve (12) months following the Separation Date (i.e.,
through March 15, 2001) as defined in Section II below
(the “Severance Period”). Such severance pay will be
paid, at NDIRIKA’S election, either (i) in equal bi-
monthly payments during the Severance Period, on dates
corresponding with GC&D’s regular payroll dates, or
(ii) in one lump sum payment on the first regular
payroll date following the Separation Date. Severance
will be paid regardless of whether NDIRIKA accepts
other employment during the Severance Period.
* * * * * * *
C. NDIRIKA shall also receive a lump sum supple-
mental severance payment in the amount of $15,000, less
applicable taxes and FICA, on the first regular payroll
date following the Separation Date.
D. During the Severance Period, NDIRIKA may
continue to use her office and telephone in furtherance
of her job search, and will continue to be allowed
access to her firm voicemail and e-mail, provided
NDIRIKA elects to receive her salary continuation
severance pay under paragraph A above in equal bi-
monthly payments, rather than in one lump sum payment.
NDIRIKA will not be required to, nor should she, per-
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Last modified: May 25, 2011