Amount of Severance Benefits. Following a Covered Termination, and subject to the terms and conditions set forth in Section 4, Executive will receive severance pay at the rate of Executive's base salary in effect immediately prior to the effective date of the Covered Termination for six (6) months from the Termination Date, less applicable withholdings and deductions as required by law, paid on the regular payroll dates of the Company following such Termination Date; provided, however, that no payments will be made prior to the 60th day following the Termination Date, and on such 60th day, the Company will make a lump sum payment to Executive equal to the payments he would have received through such date had the timing of the payments not been delayed by this sentence, with the balance of the payments made thereafter as originally scheduled.
Amount of Severance Benefits. If, within three (3) months before or two (2) years following a Change in Control, the Executive experiences a Termination of Employment due to either (i) an involuntarily termination by the Company or one of its affiliates without Cause or (ii) a resignation by the Executive for Good Reason (no later than six (6) months after the occurrence of the most recent event constituting Good Reason), the Company shall pay to the Executive an amount equal to one (1) times the Executive’s annual base salary in effect at the time of the Termination of Employment. In addition, to the extent permitted by the applicable plan or program, the following employee welfare benefits shall continue in effect at the same level as in effect immediately prior to the Change in Control for a period of twelve (12) months following the Termination of Employment (the “Severance Period”): If on the last date of the Executive’s day of employment, the Executive has any of the following benefits, those benefits should continue for a period of twelve (12) months following the Termination of Employment (the “Severance Period) under the terms listed below: Medical, Vision, Prescription Drug, Dental, as limited by COBRA; Stock Purchase Plan; YMCA; Prepaid Legal; Xxx Club; and Accrued unused vacation time. Finally, during the Severance Period, the Company shall pay to the Executive an amount equal to the Executive’s cost of COBRA continuation health coverage for the Executive and his eligible dependents for the Severance Period or if less, the period during which the Executive and his eligible dependents are entitled to COBRA continuation coverage. The payments described in this Section 3 shall be collectively referred to in this Agreement as the “Severance Benefit.” A termination of the Executive’s employment due to his death or Disability will not be deemed to be an involuntary termination of employment by the Company or one of its affiliates without Cause or a resignation by the Executive for Good Reason.
Amount of Severance Benefits. If Executive's employment is terminated in circumstances entitling him to a Severance Benefit as provided in Section 4.1, Executive shall be entitled to the following benefits:
Amount of Severance Benefits. The Benefits payable to each VP Employee under the circumstances set forth in Section 1 shall be equal to:
Amount of Severance Benefits. Subject to the conditions of Sections 2.01 and 2.03, and the limitations described in Section 2.05, the Employer shall pay or provide the Executive with the following severance benefits:
Amount of Severance Benefits. In addition to the Retention Payments referred to in Section 2, during 2002 Omega will pay the applicable premiums for Employee's eligible healthcare insurance benefits, less the Employee's contribution as required under the plan. Notwithstanding the foregoing, Employee's 125 Plan deductions for 2002 will be limited such that the actual amount of 125 Plan benefits will not exceed the actual contributions made by Employee during 2002. Furthermore, Employee will continue to be eligible to participate in Omega's 401k only through the Resignation Date.
Amount of Severance Benefits. If your employment is terminated in circumstances described in Section 5(a) of this Agreement, the Company shall pay you, within ten days of the date such termination takes effect, a lump sum severance benefit in an Subsection (a). For purposes of this Subsection, "Salary" shall mean the amount of your salary as in effect immediately prior to the Change of Control, including deferrals, plus the average of the previous three years' annual incentive compensation award earned under the EnergyNorth, Inc. Key Employee Performance and Equity Incentive Plan. Any delayed payment shall include interest at a rate of 150% of the Prime Rate posted by the Bank of Boston. Number of full years of employment with Amount of the Company severance benefit One year 1.6 times Salary Two years 1.7 times Salary Three years 1.8 times Salary Four years 1.9 times Salary Five years or more The greater of: (a) 2.0 times Salary or (b) 275% of the average aggregate compensation paid by the Company or any of its subsidiaries to you which was includible in your gross income for federal tax purposes for the five tax years ending immediately prior to the Change of Control.
Amount of Severance Benefits. If your employment is ---------------------------- terminated in circumstances described in Section 5(a) of this Agreement, the Company shall pay you, within ten days of the date such termination takes effect, a lump sum severance benefit in an amount determined with reference to the chart below in this Subsection (a). For purposes of this Subsection, "Salary" shall mean the amount of your salary as in effect immediately prior to the Change of Control, including deferrals, plus the average of the previous three years' annual incentive compensation award earned under the EnergyNorth, Inc. Key Employee Performance and Equity Incentive Plan. Any delayed payment shall include interest at a rate of 150% of the Prime Rate posted by the Bank of Boston. Number of full years of employment with Amount of the Company severance benefit -------------------- ---------------- One year 1.6 times Salary Two years 1.7 times Salary Three years 1.8 times Salary Four years 1.9 times Salary Five years or more The greater of: (a) 2.0 times Salary or (b) 275% of the average aggregate compensation paid by the Company or any of its subsidiaries to you which was includible in your gross income for federal tax purposes for the five tax years ending immediately prior to the Change of Control.
Amount of Severance Benefits. If Key Executive's employment is terminated in circumstances entitling him to a Severance Benefit as provided in Section 3.1, then Key Executive shall be entitled to the following benefits: (a) The Company shall pay to the Key Executive, as severance pay and in lieu of any further salary for periods subsequent to the termination date (as specified in Section 4.2), an amount equal to the present value of the total amounts of money that would have been paid to Key Executive during the period beginning on the Termination Date and ending on a date three years subsequent to the Termination Date had Key Executive's employment not been terminated. For purposes of this subparagraph (a), the total amounts of money that would have been paid to Key Executive during such period shall be based on an annual rate calculated as follows:
Amount of Severance Benefits. (a) Subject to your entitlement under Section 2 and Sections 3(b) and 3(c), the severance benefits provided under this Agreement shall be as follows:
