Common use of Additional Benefits In the Case of a Voluntary Termination Clause in Contracts

Additional Benefits In the Case of a Voluntary Termination. Subject to Section 4 hereof, in the event of Executive's voluntary termination of employment with Sensormatic (other than by resignation contemplated in Section 10 hereof) within the 24-month period immediately following a "non- approved" Change in Control: (i) Executive shall be entitled to receive, for each of the 6 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 6 months following the effective date of such termination, Executive shall receive for each of the 7th through 12th months following such effective date of termination in which Executive was not so employed for the entire month the amount payable under Section 6(c)(i) hereof; (iii) 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; provided; that if at the time of -------- such termination, it is probable, based upon interim period results for the then-current fiscal year together with the current forecast for the remainder of such year, that the conditions to payment of the full amount of the target bonus will not be met, the amount of the bonus payment hereunder may be reduced accordingly; and (iv) During that portion of the periods set forth in Sections 6(c)(i) and 6(c)(ii) hereof during which Executive has not commenced new regular, full time employment,

Appears in 1 contract

Samples: Executive Employment Agreement (Sensormatic Electronics Corp)

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Additional Benefits In the Case of a Voluntary Termination. Subject to Section 4 hereof, in the event of Executive's voluntary termination of employment with Sensormatic (other than by resignation contemplated in Section 10 hereof) within the 24-month period immediately following a "non- non-approved" Change in Control: (i) Executive shall be entitled to receive, for each of the 6 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 6 months following the effective date of such termination, Executive shall receive for each of the 7th through 12th months following such effective date of termination in which Executive was not so employed for the entire month the amount payable under Section 6(c)(i) hereof; (iii) 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; provided; that if at the time of -------- such termination, it is probable, based upon interim period results for the then-current fiscal year together with the current forecast for the remainder of such year, that the conditions to payment of the full amount of the target bonus will not be met, the amount of the bonus payment hereunder may be reduced accordingly; and (iv) During that portion of the periods set forth in Sections 6(c)(i) and 6(c)(ii) hereof during which Executive has not commenced new regular, full time employment,

Appears in 1 contract

Samples: Executive Employment Agreement (Sensormatic Electronics Corp)

Additional Benefits In the Case of a Voluntary Termination. Subject to Section 4 hereof, in the event of Executive's voluntary termination of employment with Sensormatic (other than by resignation contemplated in Section 10 hereof) within the 24-month period immediately following a "non- non-approved" Change in Control: (i) Executive shall be entitled to receive, for each of the 6 12 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 employ ment during the first 6 12 months following the effective date of such termination, Executive shall receive for each of the 7th 13th through 12th 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(c)(i) hereof; (iii) 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; provided; that if at the time of -------- such termination, it is probable, based upon interim period results for the then-current fiscal year together with the current forecast for the remainder of such year, that the conditions to payment of the full amount of the target bonus will not be met, the amount of the bonus payment hereunder may be reduced accordingly; and (iv) During that portion of the periods set forth in Sections 6(c)(i) and 6(c)(ii) hereof during which Executive has not commenced new regular, full time employment,

Appears in 1 contract

Samples: Executive Employment Agreement (Sensormatic Electronics Corp)

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Additional Benefits In the Case of a Voluntary Termination. Subject to Section 4 hereof, in the event of Executive's voluntary termination of employment with Sensormatic (other than by resignation contemplated in Section 10 hereof) within the 24-month period immediately following a "non- non-approved" Change in Control: (i) Executive shall be entitled to receive, for each of the 6 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 6 months following the effective date of such termination, Executive shall receive for each of the 7th through 12th months following such effective date of termination in which Executive was not so employed for the entire month the amount payable under Section 6(c)(i) hereof; (iii) 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; providedPROVIDED; that if at the time of -------- such termination, it is probable, based upon interim period results for the then-current fiscal year together with the current forecast for the remainder of such year, that the conditions to payment of the full amount of the target bonus will not be met, the amount of the bonus payment hereunder may be reduced accordingly; and (iv) During that portion of the periods set forth in Sections 6(c)(i) and 6(c)(ii) hereof during which Executive has not commenced new regular, full time employment,

Appears in 1 contract

Samples: Employment Agreement (Sensormatic Electronics Corp)

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