Amount and Duration of Severance Pay. Subject to the other provisions of this Section, Severance Pay will consist of:
Amount and Duration of Severance Pay. Subject to the other provisions of this Section, Severance Pay will consist of:
x. Xxxxxxxxx. Payment of an amount equal to one times the sum of (A) Executive’s then-current Salary (disregarding any reduction in Salary that constitutes Good Reason) and (B) the sum of Executive’s cash bonuses under the Corporation’s executive annual incentive plan for each of the most recent three complete calendar years of Executive’s employment by the Corporation (or such lesser number of complete calendar years as Executive has been employed by the Corporation) divided by three (or the lesser number of complete calendar years for which Executive has been employed by the Corporation), payable in equal installments over fifty-two (52) weeks following the week in which the Employment terminates (the “Severance Pay Period”) pursuant to the Corporation’s normal payroll process, subject to required payroll withholding;
Amount and Duration of Severance Pay. Subject to the other provisions of this Section 7, Severance Pay will consist of the continuation of Executive’s then current base salary for 12 months. No Severance Pay will be paid, however, until the Company’s first regular pay date that occurs on or after 60 days after the date of Executive’s separation from service. Any salary continuation payments to which Executive would otherwise have been entitled during those 60 days will be accumulated and paid on the Company’s first regular pay date on or after 60 days after separation from service provided Executive has signed the release provided for in Section 7(b)(ii) and continued to honor the release. All Severance Pay under Section 7 that would otherwise be paid more than 60 days after termination of the Employment will be made as provided in Section 7 on the Company’s normal pay dates. Payments will be less required deductions and withholdings. If Executive dies before the end of the Severance Pay period, any unpaid Severance Pay will be paid to his estate. Executive will have no duty to mitigate and the Severance Pay will not be subject to offset except as provided in 7(c).
Amount and Duration of Severance Pay. Subject to the other provisions of this Paragraph 6, the Severance Pay will consist of:
(i) continuation of Employee's initial weekly salary (or current salary, whichever is greater) for 52 weeks;
(ii) continuation during the Severance Pay Period, at Company's expense, of Employee's existing benefits employee and dependent health, dental and prescription drug coverage, life insurance if possible under the policy for the remaining term of this Agreement (without affecting Employee's right to elect COBRA continuation coverage beginning on the expiration date of this Agreement), subject to Employee's continuing payment of the normal employee contribution; and
(iii) if Employee dies during Severance Pay period, Severance Pay will continue for the benefit of the Employee's designated beneficiary. In addition, upon Employee's becoming entitled to Severance Pay, all options and restricted stock previously granted to Employee will vest.
Amount and Duration of Severance Pay. Subject to the other provisions of this Section, Severance Pay will consist of (i) continued payment of Executive’s then-current Salary (disregarding any reduction in Salary that constitutes Good Reason) for one hundred and four (104) weeks following the week in which the Employment terminates (the “Severance Pay Period”) pursuant to the Corporation’s normal payroll process, subject to required payroll withholding; and (ii) a monthly payment equal to the monthly cost of health care continuation under the Corporation’s health plan based on the coverage (e.g., individual or family) in place for Executive immediately prior to the termination of his employment, until the earlier of (y) twelve (12) months after termination or (z) the date Executive has commenced new employment and has thereby become eligible for comparable benefits, subject to Executive’s rights under COBRA; Executive will receive the Severance Pay provided in Section 6(a) notwithstanding any other earnings that Executive may have, and subject to offset only as provided in Section 6(c). If Executive dies during the Severance Pay Period, the Severance Pay under Section 6(a) will continue for the remainder of the Severance Pay Period for the benefit of Executive’s designated beneficiary (or Executive’s estate if Executive fails to designate a beneficiary).
Amount and Duration of Severance Pay. Subject to the other provisions of this Section, Severance Pay will consist of a lump sum cash payment equal to the sum of (i) and (ii) as follows:
(i) if Executive's separation from service occurs before November 1, 2009, the amount the Company would have been required to reimburse Executive for COBRA continuation coverage under the second paragraph of Section 3(c) if the Employment had continued until November 1, 2009 and all the conditions of Section 3(c) were satisfied; and
(ii) fifty-two weeks of Executive's normal weekly salary installments, payable as provided in Section 5(b), except that if the separation from service occurs during 2008 payment will be made by (A) continuing Executive's then-current salary installments (in accordance with the Company's normal pay practice) through December 31, 2008, and (B) payment to Executive as provided in Section 5(b) of a lump sum cash payment in an amount equal to the remaining balance of the payment due under this Section 5(a). The lump sum cash payment will be considered wages allocated equally to each of the weeks covered by the payment for purposes of any applicable unemployment compensation or workers compensation laws, and any applicable disability insurance program, but will not be considered to extend Executive's employment beyond the date of Executive's separation from service under any Company qualified retirement plan or other Company benefit plan or program.
Amount and Duration of Severance Pay. Subject to the other provisions of this Section 7, Severance Pay will consist of 1.5 times the Executive’s then current base salary, payable over 12 months commencing on the date of Executive’s separation from service in accordance with the Company’s normal payroll practices. No Severance Pay will be paid, however, until the Company’s first regular pay date that occurs on or after 60 days after the date of Executive’s separation from service. Any salary continuation payments to which Executive would otherwise have been entitled during those 60 days will be accumulated and paid on the Company’s first regular pay date on or after 60 days after separation from service provided Executive has signed the release provided for in Section 7(b)(ii) and continued to honor the release. Payments will be less required deductions and withholdings. If Executive dies before the end of the Severance Pay period, any unpaid Severance Pay will be paid to Executive’s estate. Executive will have no duty to mitigate and the Severance Pay will not be subject to offset except as provided in Section 7(c).
Amount and Duration of Severance Pay. Subject to the other provisions of this Section, Severance Pay will consist of the following payments and benefits.
i. The Company will continue to pay for a period of one year after the effective date of termination ("Severance Pay Period") Executive's then current salary.
ii. The Company will continue Executive's life, health, accident and dental insurance benefits for the one year Severance Pay Period (which continuation would not reduce the period for which Executive and eligible dependents may be eligible for continuation at Executive's expense under COBRA).
iii. All options to acquire any shares of Company stock that are held by Executive will immediately vest and become exercisable for a period of ninety days after termination to the extent by their terms they are not then vested or exercisable.
iv. All risks of forfeiture applicable to any restricted stock granted to Executive will then lapse and no longer apply.
v. The Company will purchase and transfer to Executive the automobile then furnished to him under Section 4(c)(ii)(A) or, if the Executive is then receiving an automobile allowance under Section 4(c)(ii)(B), the Company will continue to pay Executive the automobile allowance during the Severance Pay Period.
vi. The Company will pay Executive (as a lump sum, to be paid within five (5) days after the Date of Termination) the difference between (A) and (B), where: (A) equals the benefit to which Executive would have been entitled under Appendix C of the Spartan Stores, Inc. Supplemental Executive Retirement Plan ("SERP") if the Executive met all requirements to receive a SERP benefit and if the Executive's Employment had continued for twelve (12) additional 6 months after the actual date on which Executive's Employment is terminated, at the compensation provided as severance benefits under Section 6(a)(i); and (B) equals the SERP benefit to which the Executive would be entitled under Appendix C of the SERP if the Executive met all requirements to receive a SERP benefit (but computed based on the date that Executive's Employment is actually Terminated, and without the adjustments provided for in (A) above). Such payment shall be computed assuming election by Executive of the lump-sum payment options under the Spartan Stores, Inc. Cash Balance Pension ("Pension Plan") and the SERP, and shall be made regardless of whether Executive would otherwise be entitled to a payment under the SERP. The Executive will receive the salary continuation provide...
Amount and Duration of Severance Pay. Subject to the other ------------------------------------ provisions of this Paragraph 6, the Severance Pay will consist of:
(i) continuation of Employee's weekly salary for __ weeks (the "Severance Pay Period"); and (ii) continuation during the Severance Pay Period, at Company's expense, of Employee's employee and dependent health, dental and prescription drug coverage for the remaining term of this Agreement (without affecting Employee's right to elect COBRA continuation coverage beginning on the expiration date of this Agreement), subject to Employee's continuing payment of the normal employee contribution; and (iii) if Employee dies during Severance Pay period, Severance Pay will continue for the benefit of the Employee's designated beneficiary. d.
Amount and Duration of Severance Pay. Subject to the other provisions of this Paragraph 6, the Severance Pay will consist of:
i. continuation of Employee's weekly salary for _____ weeks (the "Severance Pay Period"); and
ii. continuation during the Severance Pay Period, at Company's expense, of Employee's employee and dependent health, dental and prescription drug coverage for the remaining term of this Agreement (without affecting Employee's right to elect COBRA continuation coverage beginning on the expiration date of this Agreement), subject to Employee's continuing payment of the normal employee contribution. Severance Pay will end in the event of Employee's death.
