Benefits Payable. Subject to SECTIONS 9(b) and 9(c) below, if Executive experiences a Qualifying Termination, then the Company shall provide Executive all of the following severance benefits (“SEVERANCE BENEFITS”):
(i) The Company shall pay to Executive each of the following:
(A) The amounts specified in SECTION 8(a) and SECTION 8(b).
(B) Three times Executive’s Base Salary in effect upon the date of the Qualifying Termination or, if greater, three times Executive’s Base Salary in effect immediately prior to the occurrence of the Change of Control.
(C) Three times Executive’s highest annual cash bonus.
(D) Payment or reimbursement (at Executive’s option) for outplacement services of a scope and nature customary for executives holding comparable positions and provided by a nationally-recognized outplacement firm of Executive’s selection, for a period of up to two years commencing on the date of Executive’s Qualifying Termination. Notwithstanding the foregoing, the aggregate amount of such reimbursement shall not exceed 25% of Executive’s Base Salary as of the date of the Qualifying Termination.
(E) All other compensation and benefits to which Executive has a vested right on the date of the Qualifying Termination, except to the extent Executive elects to receive payment of such compensation at a later date.
(ii) Except as otherwise provided in this SECTION 9(a)(ii), the Company shall continue Executive’s group health plan coverage (at the same cost to Executive and at the same coverage level in effect on the date of the Qualifying Termination) for 36 months from the date of the Qualifying Termination (the “CONTINUATION PERIOD”). The maximum required period under COBRA shall run concurrently with the Continuation Period. If Executive becomes eligible for any other substantially similar group health coverage during the Continuation Period, then the continued group health plan coverage provided by the Company pursuant to this SECTION 9(a)(ii) shall terminate, to the extent COBRA permits such termination.
(iii) Subject to the terms and conditions of the 2003 Incentive Plan (or the applicable predecessor or successor plan) and subject to the terms and conditions of the underlying stock option agreement and/or restricted stock agreement, each stock option and restricted stock award that is unvested on Executive’s termination date shall fully vest on Executive’s termination date. Further, each stock option that Executive holds on Executive’s termination date shall remain exercisable...
Benefits Payable. Notwithstanding anything in this Agreement to the contrary, Employee shall be entitled to the termination benefits set forth below, if this Agreement is terminated by a "Triggering Event." The benefits set forth below shall be in addition to any other benefits which may have accrued to Employee during the term of employment; provided, however, the provisions regarding direct severance pay shall be exclusive and shall replace any other rights of Employee to direct severance payments as set forth in Section 5.
Benefits Payable. Subject to the terms of this Section 10(a), in the event of the occurrence of a “Change in Control” (defined below), and, within the twenty-four (24) month period beginning on such Change in Control, Executive’s employment shall be involuntarily terminated for any reason other than for death or cause or Executive terminates Executive’s employment due to (i) suffering a material reduction in authority, duties, responsibilities or reporting level; (ii) suffering a reduction in Base Salary and annual incentive compensation at target by ten percent (10%) or more, (iii) being required to relocate from the regular assigned work place by more than fifty (50) miles from Executive’s regular assigned work place, or (iv) Good Reason subject to any applicable limitation under Section 20, the Company shall pay to Executive, within thirty (30) days after such termination of employment following such Change in Control that gives rise to the payment due hereunder, a lump sum payment, in cash, equal to (A) plus (B) where (A) is three (3) times the sum of (x) Executive’s annual Base Salary as in effect immediately prior to the Change in Control and (y) Executive’s Average Annual Bonus (defined below) and (B) is any benefit that may be payable under the annual incentive plan described in Section 5 based on performance achieved (in the current measurement period of such plan in which Executive’s employment with the Company terminates following a Change in Control) as of the date on which Executive’s employment with the Company terminates following a Change in Control multiplied by a fraction the numerator of which is the number of days on which days Executive was employed by the Company in the current measurement period and the denominator of which is the total number of days in the current measurement period. Also, Executive shall be entitled to such benefits as may be available pursuant to the terms of any benefit or similar plans, policies or programs (described in Section 6) in which Executive was participating at the time of such termination of Executive’s employment as described in the immediately preceding sentence; provided, however, during the affected portion of the remaining Term of this Agreement, the Company shall reimburse the Executive for premiums or other costs for COBRA Coverage; and provided, further, that the premiums or costs of COBRA Coverage shall be:
(i) incurred within the remaining Term of this Agreement;
(ii) supported by appropriate documentation i...
Benefits Payable. The amount of monthly benefits payable by the Company to the Executive during a total long term disability of the Executive shall be 66-2/3% of the amount, if any, by which the actual monthly salary he was receiving immediately prior to the commencement of his disability exceeds his maximum monthly salary as heretofore defined, provided, however, that if such actual monthly salary exceeds $12,500, then the amount of such benefits payable by the Company to the Executive shall be limited to 66-2/3% of the amount by which $12,500 exceeds his maximum monthly salary.
Benefits Payable. Any benefits becoming payable under the Plan to a Participant or Beneficiary shall be paid from the Fund and charged against the Account maintained with respect to the benefits of such Participant. No payment shall be made from the Fund to or with respect to a Participant to the extent that such payment would exceed the balance then remaining credited in the Account maintained with respect to such Participant.
Benefits Payable. Benefits payable to eligible survivors shall cease:
Benefits Payable. Benefits payable to the Executive, or to the Executive's Beneficiaries shall be determined based on the terms of the Plan and the terms of this Agreement. Any benefit payable is subject to the vesting provisions of Section 3 of this Agreement.
Benefits Payable. The Plan shall not be required to determine the existence of any Other Agreement or amount of benefits payable under any Other Agreement except this Agreement. The payment of benefits under this Agreement shall be affected by the benefits payable under any and all Other Agreements only to the extent that the Plan is furnished with information relative to such Other Agreements by the Member or any other insurance company or organization or person.
Benefits Payable. I will continue to receive my present salary on my regular pay days, through (“Termination Date”), which will be my last day of work and will be reimbursed for reasonable expenses due me under the Company’s expense reimbursement policy, if any, or my Employment Agreement, dated . In exchange for this Release, I will receive [fill in amount of the payment] to which I am entitled if I sign this Release under my Employment Agreement, dated .
Benefits Payable a. Resignation or termination with just cause with ten (10) or more years of service
b. Upon separation of employment other than resignation or termination with just cause
(1) Retirement and disability benefits shall be paid at the time the employee files for his/her pension available from the Michigan Public School Employee’s Retirement Fund and/or Social Security. Death benefits shall be paid to the employee’s estate upon the presentation of the death certificate.
(2) The following insurance benefits are available from the Board upon retirement:
