Common use of Amount and Payment of Change of Control Payments Clause in Contracts

Amount and Payment of Change of Control Payments. (a) The aggregate Change of Control payment referred to in Sections 1.1(a) and 1.1(b) above shall be equal to the sum of (1) one-twelfth (1/12th) of the Executive’s annual base salary at the time of such termination multiplied by twelve (12) months, plus (2) an amount equal to one-twelfth (1/12th) of the Executive’s maximum annual incentive bonus multiplied by twelve (12) months, if any, that would next be payable to him or her and would otherwise be due to the Executive if such termination had not occurred, such sum to be payable in one lump sum not later than thirty (30) days after date of termination of the Executive’s employment by the Company (the “Termination Date”). (b) The Executive shall not be required to mitigate the amount of any payment provided for in this Section 1.2 by seeking other employment or otherwise. The amount of any payment or benefit provided for in this Section 1.2 shall not be reduced as the result of employment by the Executive with another employer after the Termination Date, or otherwise. (c) Until the anniversary of the Termination Date, the Executive shall be entitled to participate in the Company’s medical, dental, and life insurance plans, at the highest level provided to the Executive during the period beginning immediately prior to the Change in Control and ending on the Termination Date, and at no greater cost than the cost the Executive was paying immediately prior to Change in Control; provided, however, that if the Executive becomes employed by a new employer, the Executive’s coverage under the applicable Xxxxx plans shall continue, but the Executive’s coverage thereunder shall be secondary to (i.e., reduced by) any benefits provided under like plans of such new employer.

Amount and Payment of Change of Control Payments. (a) The aggregate Change of Control payment referred to in Sections 1.1(a) and 1.1(b) above shall be equal to the sum of (1) one-twelfth (1/12th) of the Executive’s annual base salary at the time of such termination multiplied by twelve twenty-four (1224) months, plus (2) an amount equal to one-twelfth (1/12th) of the Executive’s maximum annual incentive bonus multiplied by twelve twenty-four (1224) months, if any, that would next be payable to him or her and would otherwise be due to the Executive if such termination had not occurred, such sum to be payable in one lump sum not later than thirty (30) days after date of termination of the Executive’s employment by the Company (the “Termination Date”). (b) The Executive shall not be required to mitigate the amount of any payment provided for in this Section 1.2 by seeking other employment or otherwise. The amount of any payment or benefit provided for in this Section 1.2 shall not be reduced as the result of employment by the Executive with another employer after the Termination Date, or otherwise. (c) Until the second anniversary of the Termination Date, the Executive shall be entitled to participate in the Company’s medical, dental, and life insurance plans, at the highest level provided to the Executive during the period beginning immediately prior to the Change in Control and ending on the Termination Date, and at no greater cost than the cost the Executive was paying immediately prior to Change in Control; provided, however, that if the Executive becomes employed by a new employer, the Executive’s coverage under the applicable Xxxxx plans shall continue, but the Executive’s coverage thereunder shall be secondary to (i.e., reduced by) any benefits provided under like plans of such new employer.

Amount and Payment of Change of Control Payments. (a) The aggregate Change of Control payment referred to in Sections 1.1(a2.1(a) and 1.1(b2.l(b) above shall be equal to the sum of (1) one-twelfth (1/12th) of the Executive’s annual base salary at the time of such termination multiplied by twelve (12) months, plus (2) an amount equal to one-twelfth (1/12th) of the Executive’s maximum annual incentive bonus multiplied by twelve (12) months, if any, that would next be payable to him or her and would otherwise be due to the Executive if such termination had not occurred, such sum to be payable in one lump sum not later than thirty (30) days after date of the termination of the Executive’s employment by the Company (the “Termination Date”)date. (b) The Executive shall not be required to mitigate the amount of any payment provided for in this Section 1.2 2.2 by seeking other employment or otherwise. The amount of any payment or benefit provided for in this Section 1.2 2.2 shall not be reduced as the result of employment by the Executive with another employer after termination of employment with the Termination DateCompany, or otherwise. (c) Until Commencing on the anniversary date of termination of employment (the “Termination Date”), all of the Executive’s health, dental, retirement, insurance, medical, vacation, sick leave, and other employee benefits shall cease. The Executive shall be entitled to continue health and dental coverage under COBRA. The Company shall pay the full COBRA premium for the Executive for the twelve (12) months following the Termination Date. Thereafter, the Executive shall be entitled to participate in the Company’s medical, dental, and life insurance plans, continue such coverage at the highest level provided his or her own expense by paying a premium amount equal to up to the Executive maximum amount that Company is permitted to charge by law (which currently is 102% of the full premium cost) during the remainder of whatever period beginning immediately prior to the Change in Control and ending on the Termination Date, and at no greater cost than the cost the Executive was paying immediately prior to Change in Control; provided, however, that if the Executive becomes employed is provided by a new employer, the Executive’s coverage under the applicable Xxxxx plans shall continue, but the Executive’s coverage thereunder shall be secondary to (i.e., reduced by) any benefits provided under like plans of such new employerlaw.

Amount and Payment of Change of Control Payments. (a) The aggregate Change of Control payment referred to in Sections 1.1(a) and 1.1(b) above shall be equal to the sum of (1) one-twelfth (1/12th) of the ExecutiveEmployee’s annual base salary at the time of such termination multiplied by twelve (12) months, plus (2) an amount equal to one-twelfth (1/12th) of the Executive’s maximum annual incentive bonus multiplied by twelve (12) months, if any, that would next be payable to him or her and would otherwise be due to the Executive if such termination had not occurred, such sum to be payable in one lump sum not later than thirty (30) days after date of termination of the ExecutiveEmployee’s employment by the Company (the “Termination Date”). (b) The Executive Employee shall not be required to mitigate the amount of any payment provided for in this Section 1.2 by seeking other employment or otherwise. The amount of any payment or benefit provided for in this Section 1.2 shall not be reduced as the result of employment by the Executive Employee with another employer after the Termination Date, or otherwise. (c) Until the anniversary of the Termination Date, the Executive Employee shall be entitled to participate in the Company’s medical, dental, and life insurance plans, at the highest level provided to the Executive Employee during the period beginning immediately prior to the Change in Control and ending on the Termination Date, and at no greater cost than the cost the Executive Employee was paying immediately prior to Change in Control; provided, however, that if the Executive Employee becomes employed by a new employer, the ExecutiveEmployee’s coverage under the applicable Xxxxx Company plans shall continue, but the ExecutiveEmployee’s coverage thereunder shall be secondary to (i.e., reduced by) any benefits provided under like plans of such new employer.