By the Company Other Than for Cause or Disability. If, during the Employment Period, the Company terminates the Executive’s employment, other than for Cause or Disability, the Company shall pay the Executive for any accrued but unused vacation as of the Date of Termination, and in addition shall, throughout the duration of the Employment Period: (i) continue to pay the Executive the Annual Base Salary and the Annual Bonus as in effect immediately before the Date of Termination, as and when such amounts would be paid in accordance with paragraphs 3(a) and (b) above, provided the amount of any Annual Bonus so paid shall equal the Target Annual Bonus, (ii) continue to provide health (medical and dental) benefits to the Executive and the Executive’s family, at least as favorable as those that would have been provided to them under clause (d)(iii) of paragraph 3 above if the Executive’s employment had continued until the end of the Employment Period, provided, that during any period when the Executive is eligible to receive such welfare benefits under another employer-provided plan, the benefits provided by the Company pursuant to clause (iii) of this paragraph 5(a) may be made secondary to those provided under such other plan.
Appears in 4 contracts
Samples: Executive Employment Agreement (SP Plus Corp), Executive Employment Agreement (Standard Parking Corp), Executive Employment Agreement (Standard Parking Corp)
By the Company Other Than for Cause or Disability. If, during the Employment Period, the Company terminates the Executive’s employment, other than for Cause or Disability, the Company shall pay the Executive for any accrued but unused vacation as of the Date of Termination, and in addition shall, throughout the duration of the Employment Period:
(i) continue to pay the Executive the Annual Base Salary and the Annual Bonus as in effect immediately before the Date of Termination, as and when such amounts would be paid in accordance with paragraphs 3(a) and (b) above, provided the amount of any Annual Bonus so paid shall equal the Target Annual Bonus,
(ii) continue to provide health to the Executive (medical or for his benefit) the benefits described in clauses (d)(iii) and dental(d)(iv) of paragraph 3 above, and
(iii) continue to provide welfare benefits to the Executive and the Executive’s family, at least as favorable as those that would have been provided to them under clause (d)(iiid)(v) of paragraph 3 above if the Executive’s employment had continued until the end of the Employment Period, provided, that during any period when the Executive is eligible to receive such welfare benefits under another employer-provided plan, the benefits provided by the Company pursuant to clause (iii) of this paragraph 5(a) may be made secondary to those provided under such other plan.
Appears in 1 contract
Samples: Executive Employment Agreement (Standard Parking Corp)
By the Company Other Than for Cause or Disability. If, during the Employment Period, the Company terminates the Executive’s 's employment, other than for Cause or Disability, or if the Company gives a written notice of non-renewal of the Employment Period as described in paragraph 1 above, the Company shall pay the Executive for any accrued but unused vacation as of the Date of Termination, and in addition shall, throughout the duration of the Employment Period:
(i) continue to pay the Executive the Annual Base Salary and the Annual Bonus as in effect immediately before the Date of Termination, as and when such amounts would be paid in accordance with paragraphs 3(a) and (b) above, provided the amount of any Annual Bonus so paid shall equal the Target Annual Bonus,
(ii) continue to provide health (medical and dental) benefits to the Executive and the Executive’s 's family, at least as favorable as those that would have been provided to them under clause (d)(iii) of paragraph 3 above if the Executive’s 's employment had continued until the end of the Employment Period, and in all events for a period not less than eighteen (18) months from the Date of Termination, provided, that during any period when the Executive is eligible to receive such welfare benefits under another employer-provided plan, the benefits provided by the Company pursuant to clause (iii) of this paragraph 5(a) may be made secondary to those provided under such other plan.
Appears in 1 contract
Samples: Executive Employment Agreement (Standard Parking Corp)
By the Company Other Than for Cause or Disability. If, during the Employment Period, the Company terminates the Executive’s employment, other than for Cause or Disability, or if the Company gives a written notice of non-renewal of the Employment Period as described in paragraph 1 above, the Company shall pay the Executive for any accrued but unused vacation as of the Date of Termination, and in addition shall, throughout the duration of the Employment Period:
(i) continue to pay the Executive the Annual Base Salary and the Annual Bonus as in effect immediately before the Date of Termination, as and when such amounts would be paid in accordance with paragraphs 3(a) and (b) above, provided the amount of any Annual Bonus so paid shall equal the Target Annual Bonus,
(ii) continue to provide health (medical and dental) benefits to the Executive and the Executive’s family, at least as favorable as those that would have been provided to them under clause (d)(iii) of paragraph 3 above if the Executive’s employment had continued until the end of the Employment Period, and in all events for a period not less than eighteen (18) months from the Date of Termination, provided, that during any period when the Executive is eligible to receive such welfare benefits under another employer-provided plan, the benefits provided by the Company pursuant to clause (iii) of this paragraph 5(a) may be made secondary to those provided under such other plan.
Appears in 1 contract
By the Company Other Than for Cause or Disability. If, during the Employment Period, the Company terminates the Executive’s employment, other than for Cause or Disability, the Company shall pay the Executive for any accrued but unused vacation as of the Date of Termination, and in addition shall, throughout the duration of the Employment Period:
(i) continue to pay the Executive the Annual Base Salary (which in no event shall be less than $395,000 per year) and the Annual Bonus as in effect immediately before the Date of Termination, as and when such amounts would be paid in accordance with paragraphs 3(a) and (b) above, provided the amount of any Annual Bonus so paid shall equal the Target Annual Bonus,, and
(ii) continue to provide health (medical and dental) welfare benefits to the Executive and the Executive’s family, at least as favorable as those that would have been provided to them under clause (d)(iii) of paragraph 3 above if the Executive’s employment had continued until the end of the Employment Period, after the expiration of which Employment Period the Executive’s rights pursuant to COBRA shall commence; provided, that during any period when the Executive is eligible to receive such welfare benefits under another employer-provided plan, the benefits provided by the Company pursuant to this clause (iiiii) of this paragraph 5(a) may be made secondary to those provided under such other plan.
Appears in 1 contract
Samples: Executive Employment Agreement (Standard Parking Corp)