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:
(a) the Company shall pay to the Executive, as severance pay and in lieu of any further salary for periods subsequent to the Termination Date (as specified in Section 5.2), in a single payment (without any discount for accelerated payment), an amount in cash equal to 2 times the Executive's Base Salary immediately prior to the Change in Control, less any amounts paid to Executive under the Paragon Trade Brands Salaried Severance Plan;
(b) for a period of eighteen (18) months subsequent to the Executive's termination of employment, the Company shall at its expense continue on behalf of the Executive and his dependents and beneficiaries, the life insurance, disability, medical dental and hospitalization benefits which were being provided to the Executive at the time of termination of employment. The benefits provided in this Subsection 4.2(b) shall be no less favorable to the Executive, in terms of amounts and deductibles and costs to him, than the coverage provided the Executive under the plans providing such benefits at the time Notice of Termination is given. The Executive shall notify the Company if he obtains employment with another entity or individual during the eighteen (18) months subsequent to his termination and in doing so shall inform the Company whether the Executive has been provided all or some of the foregoing benefits by his new employer. The Company's obligation hereunder with respect to the foregoing benefits shall be limited to the extent that the Executive obtains any such benefits pursuant to a subsequent employer's benefit plans, in which case the Company may reduce the coverage of any benefits it is required to provide the Executive hereunder as long as the aggregate coverage of the combined benefit plans is no less favorable to the Executive, in terms of amounts and deductibles and costs to him, than the coverage required to be provided hereunder. This subsection (b) shall not be interpreted so as to limit any benefits to which the Executive or his dependents may be entitled under any of the Company's employee benefit plans, programs or practices following the Executive's termination of employment. The provision of continued benefits to the Executive under this subsection (b) shall not deprive the Executive of any independent statutory right to continue benef...
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. The Benefits payable to each VP Employee under the circumstances set forth in Section 1 shall be equal to:
(a) an amount equal to 2 times Compensation, which amount shall be payable in cash in equal monthly installments over the 24 month period beginning in the first month immediately following such termination;
(b) continued DFVC-provided medical, dental and life insurance coverage for two years after the date employment ends, on the same basis the VP Employee received such coverage immediately prior thereto (or, if more favorable to the VP Employee, on the same basis the VP Employee received such coverage immediately prior to the Closing Date); and
(c) prompt reimbursement of out-placement fees up to $10,000. The Benefits payable to each Optionee Employee under the circumstances set forth in Section 1 shall be equal to:
(a) an amount equal to 1 times Compensation, which amount shall be payable in cash in equal monthly installments over the 24 month period beginning in the first month immediately following such termination; and
(b) continued DFVC-provided medical, dental and life insurance coverage for one year after the date employment ends, on the same basis the Optionee Employee received such coverage immediately prior thereto (or, if more favorable to the Optionee Employee, on the same basis the Optionee Employee received such coverage immediately prior to the Closing Date). The Benefits payable to each Other Employee under the circumstances set forth in Section 1 shall be equal to:
(a) an amount equal to 1.5 times Weekly Compensation times the number of completed years of service with DFVC (and related companies) and its predecessors as of the date of termination, which amount shall be payable in cash in equal monthly installments over the 24 month period beginning in the first month immediately following such termination. In addition to the foregoing, under the circumstances set forth in Section 1, the Buyer will also cause DFVC to pay in cash to each Employee who immediately prior to the Closing Date is a participant in the Seller's Annual Incentive Bonus Plan an amount equal to (a) the pro rata portion (based on days elapsed since the next preceding last Saturday in May) of the target bonus for such Employee under any incentive bonus plan in which such Employee participates at the time of such termination or (b) if such termination occurs on or prior to May 29, 1999, and if such amount is greater than the amount described in (a), the amount accrue...
Amount of Severance Benefits. If, within two (2) 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 Bank 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 Bank shall pay to the Executive an amount equal to the sum of (1) one (1) times the Executive’s annual base salary in effect at the time of the Termination of Employment plus (2) the value of his accrued, but unused, vacation as determined as of the effective date of his Termination of Employment (the “Lump Sum Benefit”). Finally, for the twelve-month period immediately following the Termination of Employment (the “Severance Period”) or, if less, for the period during which the Executive and his eligible dependents are entitled to COBRA health continuation coverage, the Bank shall pay to the Executive an amount equal to the Executive’s cost of COBRA health continuation coverage for the Executive and his eligible dependents. The Lump Sum Benefit and the COBRA health continuation coverage benefits described in this Section 3(a) shall be collectively referred to in this Agreement as the “Severance Benefit.” Notwithstanding anything to the contrary herein, 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 Bank or one of its Affiliates without Cause or a resignation by the Executive for Good Reason.
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:
(i) If the Termination Date is before November 12, 2004, on an annual basis equal to Key Executive's average annual Total Compensation for the five fiscal years of the Company preceding the fiscal year in which the Termination Date occurs; or
(ii) If the Termination Date is on or after November 12, 2004, on an annual basis equal to Key Executive's average annual Total Compensation for the two fiscal years of the Company preceding the fiscal year in which the Termination Date occurs.
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. The Benefits payable to each VP Employee under the circumstances set forth in Section 1 shall be equal to:
(a) an amount equal to 2 times Compensation, which amount shall be payable in cash in equal monthly installments over the 24 month period beginning in the first month immediately following such termination;
(b) continued DFVC-provided medical, dental and life insurance coverage for two years after the date employment ends, on the same basis the VP Employee received such coverage immediately prior thereto (or, if more favorable to the VP Employee, on the same basis the VP Employee received such coverage immediately prior to the Closing Date); and
(c) prompt reimbursement of out-placement fees up to $10,000. The Benefits payable to each Optionee Employee under the circumstances set forth in Section 1 shall be equal to:
(a) an amount equal to 1 times Compensation, which amount shall be payable in cash in equal monthly installments over the 24 month period beginning in the first month immediately following such termination; and
(b) continued DFVC-provided medical, dental and life insurance coverage for one year after the date employment ends, on the same basis the Optionee Employee received such coverage immediately prior thereto (or, if more favorable to the Optionee Employee, on the
