Severance Benefit. If the Employee’s employment is terminated by the Company for any reason other than Cause (as defined below) or if the Employee terminates his/her employment for Good Reason (as defined below), the Company shall provide Employee with the following:
Severance Benefit. Upon satisfaction of the terms and conditions of this Agreement, and subject to Section 6, the Executive shall be entitled to the following Standard Severance Benefits:
Severance Benefit. Key Employee will be entitled to receive the severance benefits described in ARTICLE III upon his termination of employment during the term of this Agreement described in Section 2.1 provided he satisfies the requirements outlined in ARTICLE III.
Severance Benefit. In the event that Executive’s employment is terminated, other than for Cause, Executive shall receive compensation pursuant to Section 4.7 herein.
Severance Benefit. If the Executive is subject to a Qualifying Termination, then the Company shall pay the Executive 100% of his or her annual base salary and target bonus (at the annual rate in effect immediately prior to the actions that resulted in the Qualifying Termination). Such severance benefit shall be paid in accordance with the Company’s standard payroll procedures. The Executive will receive his or her severance payment in a cash lump-sum which will be made within ten (10) business days of the latest of the following dates:
Severance Benefit. Upon satisfaction of the requirements set forth in Paragraph 6, and subject to Paragraphs 8 and 11, the Executive shall be entitled to the following Severance Benefits:
Severance Benefit a. If, during the period commencing on the date of a Change in Control and ending on the last day of the Term, the Executive's employment hereunder is terminated by the Company for any reason, other than Cause, death, or disability, or is terminated by the Executive in the event of a Constructive Discharge, then, within five (5) business days after such termination, PEC shall pay to the Executive (if the Executive has died before receiving all payments to which he has become entitled hereunder to the beneficiary or estate of the Executive as described in paragraph 14) the sum of (i) accrued but unpaid salary and accrued but unused paid time off under the Company's "Paid Time Off Bank" policy for all nonunion employees, effective January 1, 1997, or any successor plan, (ii) severance pay in a lump sum cash amount equal to three (3) years of the Executive's Compensation, and (iii) the amount determined pursuant to paragraph 3.e. The Executive (if the Executive has died before receiving all payment to which he becomes entitled hereunder, the beneficiary or the estate of the Executive as described in paragraph 14) will be paid in cash within ten (10) business days after termination as described in paragraph 3.a., the Present Value Amount of the benefits accrued by the Executive under the PEC SRB, Part A and Part B on the date of termination of employment as described in this paragraph 3.a., determined as if the Executive had received credit for an additional three (3) years of Benefit Service. For purposes of determining the Executive's accrued benefits under the preceding sentence, such benefits shall be determined as full benefits, without actuarial reduction, as if the Executive qualified for the Rule of Eighty-Five under the PEC Retirement Plan and PEC SRB (regardless of whether the Executive so qualifies). All non-vested Options and SARs awarded to the Executive under the PEC LTIC shall be deemed vested as of the earlier of the date of a Change in Control as defined in this Agreement or Change in Control as defined in the PEC LTIC. The Company shall treat the Executive as employed by the Company for purposes of exercising Stock Options and SARs during the Coverage Period. All non-vested restricted stock awarded to the Executive under the PEC LTIC shall be deemed vested and owned by the Executive as of the earlier of the date of a Change in Control as defined in this Agreement or a Change in Control as defined in the PEC LTIC and such stock shall be delive...
Severance Benefit. In the event Executive’s employment with the Company is terminated without Cause, other than due to death, Disability or Retirement, or in the event Executive terminates his/her employment for Good Reason, in either case within two years following a Change of Control, or in the event that prior to the consummation of a pending Change of Control Executive’s employment is involuntarily terminated without Cause (other than due to death or Disability) as a condition to the consummation of the proposed transaction, whether at the request of the acquiring firm or otherwise, Executive shall be entitled to receive:
Severance Benefit. If, during the term of this Agreement, either, (a) a Change of Control occurs and within the time period commencing twelve (12) months preceding the date of such Change of Control and terminating thirty-six (36) months following the date of such Change of Control, the Executive's employment with the Company and its subsidiaries is terminated by the Company other than for Cause or on account of the Executive's death, Permanent Disability or Retirement (a "Type A Termination"); or (b) a Change of Control occurs and within a period of two (2) years from the date of such Change of Control, the Executive resigns for Good Reason (a "Type B Termination"), then the Company shall pay to the Executive a severance payment (the "Severance Payment") in an amount equal to the aggregate value of: (I) an amount equal to the product of 2.9 multiplied by the total of the Executive's annual salary, inclusive of any elective deferrals made by the Executive to the Company's 401(k) Plan, if any, for the year in which termination occurs (the "Termination Year"); (II) an amount equal to any employer matching contributions the Company would have otherwise made on the Executive's behalf to the Company's 401(k) Plan during the twelve (12) months following the Executive's date of termination, had the Executive employment and/or the amounts contributed thereto by the Company on the Executive's behalf not been reduced or terminated, and assuming Executive made elective deferrals to the maximum extent permitted by Section 402(g) of the Internal Revenue Code of 1986, as amended (the "Code") plus an amount equal to any non-vested matching contributions under the Company's 401(k) Plan which are otherwise forfeited by the Executive; and (III) an amount equal to Executive's earned or target bonus, whichever is greater, for the Termination Year multiplied by the portion of the Termination Year during which the Executive was employed by the Company. The Severance Payment shall be payable in a single lump sum which shall be paid within thirty (30) days of the termination of employment or resignation. If an Executive is eligible to receive the Severance Payment, in addition to the Severance Payment, the Company shall provide health, disability and life insurance in accordance with the plans maintained by the Company for executives for a period of one (1) year from the date of termination of the Executive's employment, provided that health, disability and life insurance benefits shall cease if Ex...
Severance Benefit. As soon as practicable (but no later than fifteen (15) business days or, if applicable, the date specified in Section 4.1(b) hereof) following the Qualifying Termination, the Company shall pay to the Executive a lump sum cash payment equal to three (3) multiplied by the sum of (i) and (ii), where (i) equals the greater of the Executive's annual rate of base salary in effect upon the date of the Qualifying Termination, or the Executive's annual rate of base salary in effect as of the earliest of the date of the Announcement, the date of a Change in Control or the date of the Consummation of a Change in Control Transaction, and (ii) equals the Annual Bonus Amount.
