Additional Benefits in Case of an Involuntary Termination. In the --------------------------------------------------------- event of the involuntary termination (other than termination by Sensormatic for Cause) of Executive's employment with Sensormatic within the 36-month period immediately following a "non-approved" Change in Control: (i) Executive shall be entitled to receive, for each of the 18 months immediately following the effective date of such termination and irrespective of whether Executive commences new employment within such period, the greatest of (A) 1/12 of the amount of Executive's most recent rate of annual base salary, plus 1/12 of Executive's most recent annual bonus, (B) 1/12 of Executive's annual base salary and target bonus in effect immediately prior to the date of such Change in Control or (C) 1/12 of Executive's annual base salary and target bonus as specified in Section 2 hereof; (ii) If Executive has not commenced new regular, full time employment during the first 18 months following the effective date of such termination, Executive shall receive for each of the 19th through 24th months following such effective date of termination in which Executive was not so employed for the entire month the amount payable under Section 6(d)(i) hereof; (iii) During that portion of the periods set forth in Sections 6(d)(i) and 6(d)(ii) hereof during which Executive has not commenced new regular, full time employment, Executive shall be entitled to the benefits set forth in Section 6(c)(iv) hereof; (iv) Within 30 days after the effective date of such termination, Sensormatic shall pay to Executive an amount equal to his pro rata annual bonus for the year in which termination occurs, based on the target bonus for such year, subject to the proviso in Section 6(c)(iii) hereof; and (v) On the date of such termination, ownership of the car which Sensormatic was providing to Executive shall immediately be transferred to Executive free and clear of any liens or other obligations, if such car is then owned by Sensormatic. If such car is then leased, rather than owned, by Sensormatic, Executive shall continue to have the use of such car and Sensormatic shall continue to pay all lease payments and insurance premiums with respect thereto until the end of the then existing term, at which time Sensormatic shall purchase such car and shall transfer title to such car to Executive. If, on the date of such termination, Sensormatic is paying a car allowance to Executive in lieu of providing a car to Executive, for each month in which Sensormatic is obligated to make a monthly payment to Executive under Sections 6(d)(i) or 6(d)(ii) hereof, Executive shall receive 1/12 of the amount of Executive's most recent rate of annual car allowance.
Appears in 11 contracts
Samples: Officer (Change of Control) Agreement (Sensormatic Electronics Corp), Executive Employment Agreement (Sensormatic Electronics Corp), Executive Employment Agreement (Sensormatic Electronics Corp)