|PLAYA HOTELS & RESORTS N.V. filed this Form 8-K on 01/04/2019|
(e) Termination by Executive without Good Reason. Executive may terminate his employment under this Agreement at any time without Good Reason upon giving Playa Management sixty (60) days written notice.
(a) General. Regardless of the reason for any termination of this Agreement (other than terminations due to Executives death or Disability, which are covered by Sections 6(e)(i) and (ii) below, respectively), Executive shall be entitled to receive each of the following: (i) payment of any unpaid portion of his Base Salary through the effective date of termination; (ii) reimbursement for any outstanding reasonable business expense he has incurred in performing his duties hereunder in accordance with Section 4(d) above; (iii) continued insurance benefits to the extent required by law; and (iv) payment of any fully vested but unpaid rights as required by the terms of any bonus or other incentive pay plan, or any other employee benefit plan or program of Playa Management or a Playa Affiliate.
(b) Termination by Playa Management for Cause. If Playa Management terminates Executives employment for Cause, Executive shall have no rights or claims under this Agreement against Playa Management or any of the Playa Affiliates or their officers, directors, employees, or equity holders, with respect to such termination of employment or termination of any other position then held by Executive with any of the Playa Affiliates, except only to receive the payments and benefits described in Section 6(a) above.
(c) Termination by Playa Management without Cause or by Executive for Good Reason. If Playa Management terminates this Agreement without Cause pursuant to Section 5(b) above, or Executive terminates this Agreement for Good Reason pursuant to Section 5(c) above during the Employment Period, then Executive shall only be entitled to receive, and Playa Management shall pay, in addition to the items referenced in Section 6(a) above, the following:
(i) An aggregate amount equal to his Base Salary at the rate in effect on his last day of employment (the Severance Payment). The Severance Payment shall be paid in twelve (12) equal monthly installments commencing after Executives termination of employment, subject to all legally required payroll deductions and withholdings. The twelve (12)-month period during which Severance Payments shall be tendered is the Severance Payment Period.
(ii) To help defray Executives costs of procuring health insurance coverage (including COBRA), Playa Management shall pay Executive an additional monthly amount of One Thousand Five Hundred Dollars ($1,500.00) (the Additional Amount) with each Severance Payment installment during the Severance Payment Period to be paid to Executive under Section 6(c)(i) above; provided, however, that Executive shall promptly notify Playa Management if he becomes eligible to obtain insurance coverage under another group insurance plan at which time payment of the Additional Amount to Executive shall cease. In no event shall payment of the Additional Amount to Executive extend beyond the Severance Payment Period.
(iii) A pro-rata share of any Discretionary Annual Bonus which Executive otherwise would have been entitled under Section 4(b)(i) above for the calendar year in which his employment terminates without Cause or for Good Reason, with such discretionary amount determined by the Playa Board in good faith and prorated based