Benefits and Payments on Termination. If the provisions of this Exhibit A ------------------------------------ apply, then Executive shall be entitled to the following payments and benefits (in addition to any payments and benefits to which he is entitled under paragraph 5(a) of the Agreement and the following provisions of this Exhibit A): (a) a lump sum payment equal to two times Executive's Annual Base Salary; (b) continuation of health benefits for Executive and Executive's dependents, at the Company's expense, for the period beginning on the Termination Date and ending on the later of (i) the first anniversary of the Termination Date, or (ii) December 31, 2003, which continuing health benefits shall be in addition to, and not part of, any health benefits required to be provided to Executive and Executive's dependents under Section 4980B of the Code; (c) a lump sum payment equal to one year of Executive's Target Incentive Bonus for the year in which the Termination Date occurs; (d) immediate vesting of any and all stock options or other incentive awards held by Executive; (e) an amount equal to the Incentive Bonus that would have been payable to Executive for the fiscal year in which the Termination Date occurs assuming all applicable performance targets had been satisfied, pro rated (on a daily basis) through Executive's Termination Date; and (f) a lump sum payment equal to the sum of (i) the Deferred Amounts, and (ii) any portion of the Retention Bonus for the year in which the Termination Date occurs which has not been paid to Executive, pro rated (on a daily basis) through the Termination Date. Payments to be made to Executive pursuant to this Section 1 shall be made no later than 15 days after Executive's Termination Date.
Appears in 2 contracts
Samples: Employment Agreement (Ipcs Inc), Employment Agreement (Ipcs Inc)
Benefits and Payments on Termination. If the provisions of this ------------------------------------ Exhibit A ------------------------------------ apply, then Executive shall be entitled to the following payments and benefits (in addition to any payments and benefits to which he is entitled under paragraph 5(a) of the Agreement and the following provisions of this Exhibit A):
(a) a lump sum payment equal to two times Executive's Annual Base Salary;
(b) continuation of health benefits for Executive and Executive's dependents, at the Company's expense, for the period beginning on the Termination Date and ending on the later of (i) the first second anniversary of the Termination Date, or (ii) December 31, 20032004, which continuing health benefits shall be in addition to, and not part of, any health benefits required to be provided to Executive and Executive's dependents under Section 4980B of the Code;
(c) a lump sum payment equal to one year of Executive's Target Incentive Bonus for the year in which the Termination Date occurs;
(d) immediate vesting of any and all stock options or other incentive awards held by Executive;
(e) an amount equal to the Incentive Bonus that would have been payable to Executive for the fiscal year in which the Termination Date occurs assuming all applicable performance targets had been satisfied, pro rated (on a daily basis) through Executive's Termination Date; and
(f) a lump sum payment equal to the sum of (i) the Deferred Amounts, and (ii) any portion of the Retention Bonus for the year in which the Termination Date occurs which has not been paid to Executive, pro rated (on a daily basis) through the Termination Date. Payments to be made to Executive pursuant to this Section 1 shall be made no later than 15 days after Executive's Termination Date.
Appears in 1 contract
Samples: Employment Agreement (Ipcs Inc)
Benefits and Payments on Termination. If the provisions of this Exhibit A ------------------------------------ apply, then Executive shall be entitled to the following payments and benefits (in addition to any payments and benefits to which he is entitled under paragraph 5(a) of the Agreement and the following provisions of this Exhibit A):
(a) a lump sum payment equal to two times Executive's Annual Base Salary;
(b) continuation of health benefits for Executive and Executive's dependents, at the Company's expense, for the period beginning on the Termination Date and ending on the later of (i) the first anniversary of the Termination Date, or (ii) December 31, 20032002, which continuing health benefits shall be in addition to, and not part of, any health benefits required to be provided to Executive and Executive's dependents under Section 4980B of the Code;
(c) a lump sum payment equal to one year of Executive's Target Incentive Bonus for the year in which the Termination Date occurs;
(d) immediate vesting of any and all stock options or other incentive awards held by Executive;
(e) an amount equal to the Incentive Bonus that would have been payable to Executive for the fiscal year in which the Termination Date occurs assuming all applicable performance targets had been satisfied, pro rated (on a daily basis) through Executive's Termination Date; and
(f) a lump sum payment equal to the sum of (i) the Deferred Amounts, and (ii) any portion of the Retention Bonus for the year in which the Termination Date occurs which has not been paid to Executive, pro rated (on a daily basis) through the Termination Date. Payments to be made to Executive pursuant to this Section 1 shall be made no later than 15 days after Executive's Termination Date.
Appears in 1 contract
Samples: Employment Agreement (Ipcs Inc)