Additional Termination Benefits. If the Executive’s employment is terminated by the Company during the Employment Period without Cause, or by the Executive for Good Reason, the Company shall pay or provide, in addition to the Accrued Benefits described in Section 6(d) above, the following benefits, which are referred to as the “Severance Benefits”:
(i) a lump sum payment equal to twelve (12) months of Base Salary then in effect, payable on the first payroll date occurring after the sixtieth (60th) day following the Date of Termination; and
(ii) if the Executive timely elects participation in the Company’s group health insurance plan pursuant to the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended or any state law statute that provides for the continuation of benefits under such plan (collectively, “COBRA”), the Company will pay the full cost of COBRA coverage for twelve (12) months, at the coverage level the Executive (including the Executive’s dependents) had immediately before the Date of Termination, provided, however, that such payments shall end immediately following the earliest of the following: (1) the date the Executive becomes eligible for health, dental, or vision coverage of a subsequent employer; (2) the date the Executive is no longer eligible to receive COBRA continuation coverage.
Additional Termination Benefits. In the event of a termination under Sections 7(a) and 7(c) hereof, the Company shall grant Executive the following additional benefits:
(i) Until such time as the Company shall become subject to the health benefit continuation provisions of the Consolidated Omnibus Budget Reconciliation Act of 1986, as amended from time to time ("COBRA"), or any statute or statutes that may replace COBRA, in the event the Executive's employment hereunder has been terminated, the Company shall extend to the Executive and Executive's spouse, if any, and dependents the right to continue medical coverage to the same extent the Company would be obligated to extend such right if the Company was subject to COBRA.
(ii) In the event of termination of the Executive's employment hereunder, the Executive shall retain ownership of all equity and options earned and vested in accordance with this Agreement or as granted from time to time.
(iii) In addition, the Senior Management/Founders monthly commission pool will continue to be paid as set forth in exhibit A.
Additional Termination Benefits. If the Employment Period is terminated by Employer without cause pursuant to Section 5.1, or by Executive for good reason pursuant to Section 5.3, then during the Relevant Period or the CIC Relevant Period, which ever is applicable, Executive shall be entitled to continue medical insurance coverage for himself, spouse and dependents on the same basis as he had prior to the termination of the Employment Period and, unless otherwise specifically provided in Exhibit 4.2, to the benefits provided for in Section 4.2 and Exhibit 4.2. In addition, if at the time the Employment Period is terminated, Employee has the use of an Employer automobile, he shall have the right at the end of the Relevant Period or the CIC Relevant Period, which ever is applicable, to purchase the automobile from Employer or buy-out any remaining lease to which the automobile is subject.
Additional Termination Benefits. Any further benefits ------------------------------- payable following any termination of Employee's employment shall be determined in accordance with plans, policies and practices of the Company at the time of termination.
Additional Termination Benefits. Upon occurrence of any Additional Benefit Event (as defined in paragraph (c) below), and in addition to the Standard Benefits, the Executive shall also be entitled to the following:
(i) in consideration of Executive's execution of a Release and Agreement Not to Sue in substantially the form of Exhibit A herexx as such form may be amended to comply with applicable law at the time of execution of such Release and Agreement Not to Sue (the "Release"), payments to Executive over x 02-month period following the Date of Termination equal to the annual Base Salary at the Date of Termination, payable in approximately equal bi-weekly or other installments as are or become customary under the Company's payroll practices for its employees from time to time; and
(ii) the Company shall, at its expense, provide for a 12-month period: (1) medical and dental benefits substantially similar in the aggregate to those provided to the Executive and the Executive's dependents immediately prior to the Date of Termination, and (2) continued coverage for the Executive under the Life Insurance Policy and the Disability Policy; provided, however, that the Company obligations with respect to the foregoing benefits shall be reduced to the extent that the Executive or the Executive's dependents obtain any such benefits pursuant to a subsequent employer's benefit plan.
Additional Termination Benefits. If the Executive’s employment ends on the Retirement Date, or is terminated by the Company during the Employment Period without Cause, or by the Executive for Good Reason, the Company shall, in addition to the Accrued Benefits described in Section 6(d) above, offer the Executive the opportunity to enter into the Separation Agreement and General Release of Claims in the form attached hereto as Exhibit A hereto, which may be reasonably modified or updated by the Company provided that the “Severance Benefits” (as defined in Section 3 therein) are not materially adjusted.
Additional Termination Benefits. The Parent Corporation, the Company and 3COM hereby agree that, upon the termination of the Employment Term for any reason other than Mr. Xxxxxx'x xxxth (i) Mr. Xxxxxx xxxll be deemed to have "retired" for purposes of all employee benefit plans of 3COM and its affiliates, including without limitation health, retirement and any other plans providing post-employment benefits, and (ii) for each of the three successive twelve-month periods immediately following such termination, Mr. Xxxxxx xx his designee shall be entitled to receive, and 3COM shall pay at the commencement of each such period, a liquidated amount of $50,000 to reflect the anticipated costs to Mr. Xxxxxx xx such designee of obtaining reasonable and appropriate office space and support services.
Additional Termination Benefits. In the event of a Section 4(g) Termination, the following shall occur, and be provided or made available to Employee as applicable, at the times specified below.
(A) All of Employee’s benefits accrued under any employee pension, retirement, savings and deferred compensation plans of the Company shall become vested in full upon the date of such Section 4(g) Termination (other than with respect to unvested stock options, restricted stock and other equity or equity-based awards, the terms of which are separately addressed in the next succeeding clause); provided, however, that to the extent such accelerated vesting of benefits cannot be provided under one or more of such plans consistent with applicable provisions of the Code, such benefits shall be paid to Employee in a lump sum within 10 days after termination of employment outside the applicable plan to the extent permitted by Section 409A of the Code; (B) any and all unvested stock options, restricted stock and other equity or equity-based awards (including, but not limited to, the Restricted Stock) shall immediately vest as of the date of such Section 4(g) Termination; and (C) amounts which are vested or which Employee is otherwise entitled to receive under the terms of or in accordance with any plan, policy, practice or program of, or any contract or agreement with, the Company or any of its subsidiaries, at or subsequent to the date of his termination without regard to the performance by Employee of further services or the resolution of a contingency shall be payable in accordance with the terms of the plan, policy, practice, program, contract or agreement under which such benefits have been awarded or accrued. Furthermore, and notwithstanding anything to the contrary otherwise herein provided, the benefits set forth in clause (C), which are applicable to Employee, shall also be payable to Employee in the event he is terminated for Cause, or if Employee terminates this Agreement without Good Reason.
(ii) Employee (and his dependents, if any) will be entitled to continue participation in all of the Company’s medical, dental and vision care plans (the “Health Benefit Plans”), for the period for which the Employee could elect COBRA continuation coverage under the Company’s Health Benefit Plans as a result of his termination of employment; provided that Employee’s participation in the Company’s Health Benefit Plans shall cease on any earlier date that Employee (and his dependents, if any) becomes eligible ...
Additional Termination Benefits. (i) If Rivers’ employment is terminated Without Cause or if Rivers terminates for Good Reason, Rivers shall be entitled to the following:
(A) his base salary through the date of such termination or Retirement, payable in the ordinary course of the Company’s business;
(B) Rivers’ Target Bonus for the year in which his termination of employment from the Company occurs, determined as if all performance targets established by the Company with respect to such Target Bonus have been met at target and multiplied by a fraction, the numerator of which is the number of days in the current year through the date of termination and the denominator of which is 365, payable in a lump sum within 45 days of the date of Rivers’ termination; and,
(C) any other compensation and benefits that are vested or otherwise owed to him as of the last day of his employment in the ordinary course of the Company’s business, in accordance with applicable law and Company policies.
(ii) In the event that Rivers terminates his employment with the Company without Good Reason or the Company terminates Rivers for Cause, Rivers shall only be entitled to the compensation and benefits that are vested or otherwise owed to him as of the last day of his employment in the ordinary course of the Company’s business, in accordance with applicable law and Company policies.
Additional Termination Benefits. Upon termination of Employee’s employment under Sections 4.1.1, 4.1.2, 4.1.4 or 4.1.6, then in addition to the payments and benefits payable to Employee specified in Section 4.1, the Company agrees that for a period of ninety (90) days following such termination it will (i) in the case of termination under Section 4.1.1, 4.1.4 or 4.1.6, continue Employee’s coverage under the Company’s medical health insurance plan provided under Section 3.6.1 above (directly or through the payment of all applicable amounts under COBRA) or, (ii) in the event of termination under Section 4.1.2, pay the cost of family coverage (for Employee’s wife) under a medical health insurance plan having benefits similar to those in effect under the Company’s medical health insurance plan in effect at the time of termination.
