Basic Severance. You shall receive payment of the Basic Severance in a lump sum within thirty (30) days following the Termination Date unless a different payment date is prescribed by an applicable compensation, incentive or benefit plan, in which case payment shall be made in accordance with such plan; and
Basic Severance. Your heirs or estate, as the case may be, shall receive payment of the Basic Severance in a lump sum within thirty (30) days following the Termination Date unless a different payment date is prescribed by an applicable compensation, incentive or benefit plan, in which case payment shall be made in accordance with such plan;
Basic Severance. If, during the Term of the Agreement, the Company terminates the Employee's employment, other than for Cause, death, or Disability, or the Employee terminates his employment for Good Reason,
(A) the Company shall pay or provide to the Employee within 30 days the Accrued Obligations (as that term is defined in subparagraph 5(b) below);
(B) the Company shall continue to pay or provide to the Employee, commencing with the month in which the Date of Termination shall have occurred and continuing for a period of two (2) years (hereinafter referred to as the "Severance Period") paid in the same form and at the same time as would have been paid had the Employee's employment not terminated, the sum of the following:
(1) the Employee's Annual Base Salary (at the same level that was being paid to the Employee on the Date of Termination), paid in equal installments over the Severance Period;
(2) an annual cash bonus equal to the average of the annual cash bonuses earned by the Employee over the three years preceding the Date of Termination, which shall be paid at the same time and in the same manner as other annual bonus payments which are made to similarly situated executives who remain employed with the Company (or if there were no continuing similarly situated executives, at the same time of year and in the same manner as it was paid in the prior year); and
(3) the Employee's prorated target cash bonus determined in the manner set forth in Section 5(b)(iv) below, which prorated bonus shall be paid at the same time and in the same manner as other annual bonus payments for such year are made to similarly situated executives who remain employed with the Company (or if there were no continuing similarly situated executives, at the same time of year and in the same manner as it was paid in the prior year).
(C) during the Severance Period, the Employee shall be entitled to all health and welfare benefits under the Company's welfare benefit plans (within the meaning of Section 3(1) of the Employee Retirement Income Security Act of 1974, as amended), as if the Employee were still employed during such period, at the same level of benefits and at the same dollar cost to the Employee as is available to all of the Company's senior executives generally. If and to the extent that equivalent benefits shall not be payable or provided under any such plan(s), the Company shall pay or provide equivalent benefits on an individual basis. The health and welfare benefits provided in acc...
Basic Severance. If you do not elect the Additional Severance Benefits, you are eligible for an automatic two-week severance period (two weeks of your base salary), less applicable deductions, paid in accordance with the next-scheduled payroll cycle following the Separation Date.
Basic Severance. If you do not elect the Additional Severance Benefits, no career transition and development services will be provided to you.
Basic Severance. If you do not elect the Additional Severance Benefits, your participation in the Medical, Dental, Vision, Employee Assistance Program, Group Life Insurance, Supplemental Group Life Insurance, Group AD&D and Supplemental Group AD&D will generally end on the Separation Date (or no later than the last day of the month in which Basic Severance ceases, pursuant to the terms of each plan and/or policy). You are entitled to elect to continue group health plan coverage under COBRA at your own expense, assuming you satisfy the requirements of COBRA. Information regarding COBRA coverage will be sent to you under separate cover if you do not elect the Additional Severance Benefits.
Basic Severance. If you do not elect the Additional Severance Benefits, your eligibility for an Executive Health Exam will end on the Separation Date.
Basic Severance. After the Transition Period has ended, the Company will pay you a fee of $16,500 per calendar month for a period of four months. Like the compensation under item 2 above, the severance payments will be made on a bi-monthly basis, with half of the monthly payment paid on each of the 15th and 30th day of each calendar month.
Basic Severance. If you do not elect the Additional Severance Benefits, your PRA benefit will be calculated with the service you have earned through the Separation Date in accordance with the terms of the PRA. In the month following the Separation Date, you may first take your PRA benefit in the form you then elect in accordance with the terms of the PRA.
Basic Severance. If you do not elect the Additional Severance Benefits, your Restoration Plan benefit will be calculated based upon your service through the Separation Date only and, if payable, will be paid in accordance with the terms of the Restoration Plan. If you are considered a specified employee under Section 409A at the time of the Separation Date, payments of benefits under the Restoration Plan will be subject to a six-month delay from the Separation Date, and so any benefits payable to you under the Restoration Plan will not commence until the seventh month following the Separation Date.
