Common use of Benefits Upon Termination by the Company other than for Cause Clause in Contracts

Benefits Upon Termination by the Company other than for Cause. If the company terminates the Executive's employment hereunder without "Cause", the Executive's employment shall be deemed to continue for the balance of the Agreement for purposes of determining his participation in the Benefit Program existing prior to the termination or under any equivalent plan providing the same coverage which may be substituted for any such plan; provided, however, that if such participation by him after termination of employment is not permitted under any such plan, the Company will provide him with the equivalent benefits. The Company will pay the total costs of the Executive's participation in such plans or the equivalent thereof. During this period the Executive will have full use of the Company-supplied automobile. The Executive also will be provided with out-placement assistance utilizing a consultation service designated and paid for by the Company. Furthermore, all stock options granted to Executive shall immediately vest and be exercisable for a period of 12 months following termination.

Appears in 2 contracts

Samples: Agreement (DRS Technologies Inc), Agreement (DRS Technologies Inc)

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Benefits Upon Termination by the Company other than for Cause. If if the company terminates the Executive's employment hereunder without "Cause", the Executive's employment shall be deemed to continue for the balance of the Agreement for purposes of determining his participation in the Benefit Program existing prior to the termination or under any equivalent plan providing the same coverage which may be substituted for any such plan; provided, however, that if such participation by him after termination of employment is not permitted under any such plan, the Company will provide him with the equivalent benefits. The Company will pay the total costs of the Executive's participation in such plans or the equivalent thereof. During this period the Executive will have full use of the Company-supplied automobile. The Executive also also, will be provided with out-placement assistance utilizing a consultation service designated and paid for by the Company. Furthermore, all stock options granted to Executive shall immediately vest and be exercisable for a period of 12 months following termination.

Appears in 1 contract

Samples: Agreement (DRS Technologies Inc)

Benefits Upon Termination by the Company other than for Cause. If the company Company terminates the Executive's employment hereunder without "Cause", ," the Executive's employment shall be deemed to continue for the balance of the Agreement for purposes of determining his her participation in the Benefit Program existing prior to the termination or under any equivalent plan providing the same coverage which may be substituted for any such plan; provided, however, that if such participation by him her after termination of employment is not permitted under any such plan, the Company will provide him her with the equivalent benefits. The Company will pay the total costs of the Executive's participation in such plans or the equivalent thereof. During this period the Executive will have full use of the Company-supplied automobile. The Executive also will be provided with out-placement assistance utilizing a consultation service designated and paid for by the Company. Furthermore, all stock options granted to Executive shall immediately vest and be exercisable for a period of 12 months following termination.

Appears in 1 contract

Samples: Employment Agreement (DRS Technologies Inc)

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Benefits Upon Termination by the Company other than for Cause. If the company Company terminates the Executive's employment hereunder without "Cause", ," the Executive's employment shall be deemed to continue for the balance of the Agreement for purposes of determining his participation in the Benefit Program existing prior to the termination or under any equivalent plan providing the same coverage which may be substituted for any such plan; provided, however, that if such participation by him after termination of employment is not permitted under any such plan, the Company will provide him with the equivalent benefits. The Company will pay the total costs of the Executive's participation in such plans or the equivalent thereof. During this period the Executive will have full use of the Company-supplied automobile. The Executive also will be provided with out-placement assistance utilizing a consultation service designated and paid for by the Company. Furthermore, all stock options granted to Executive shall immediately vest and be exercisable for a period of 12 months following termination.

Appears in 1 contract

Samples: Agreement (DRS Technologies Inc)

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