Common use of CHANGE IN CONTROL TERMINATION PAYMENTS AND BENEFITS Clause in Contracts

CHANGE IN CONTROL TERMINATION PAYMENTS AND BENEFITS. In the event Employee is terminated within two (2) years following a Change in Control, Employee will receive the payments and benefits specified in the "Termination Without Change in Control" Section at the same time and in the same manner therein specified except as amended and modified below: a. The salary and benefits specified in Section 3.05a. will be paid based upon a multiple of two (2) years (instead of one (1) year). b. Life, health, accident and disability insurance specified in Section 3.05b. will be provided until (i) Employee becomes reemployed and receives similar benefits from a new employer or (ii) two (2) years after the date of Termination, whichever is earlier. c. An amount equal to two (2) times the maximum award that Employee could receive under the Company's annual bonus plan for the fiscal year in which the Termination occurs, instead of the benefits provided in Section 3.05c hereof.

Appears in 4 contracts

Samples: Employment & Human Resources (Pride International Inc), Employment & Human Resources (Pride International Inc), Employment & Human Resources (Pride International Inc)

AutoNDA by SimpleDocs

CHANGE IN CONTROL TERMINATION PAYMENTS AND BENEFITS. In the event Employee is terminated within two (2) years following a Change in Control, Employee will receive the payments and benefits specified in the "Termination Without Change in Control" Section at the same time and in the same manner therein specified except as amended and modified below: a. : The salary and benefits specified in Section 3.05a. will be paid based upon a multiple of two (2) years (instead of one (1) year). b. . Life, health, accident and disability insurance specified in Section 3.05b. will be provided until (i) Employee becomes reemployed and receives similar benefits from a new employer or (ii) two (2) years after the date of Termination, whichever is earlier. c. . An amount equal to two (2) times the maximum award that Employee could receive under the Company's ’s annual bonus plan for the fiscal year in which the Termination occurs, instead of the benefits provided in Section 3.05c hereof.

Appears in 1 contract

Samples: Employment & Human Resources (Pride International Inc)

CHANGE IN CONTROL TERMINATION PAYMENTS AND BENEFITS. In the event Employee is terminated within two three (23) years following a Change in Control, Employee will receive the payments and benefits specified in the "Termination Without Change in Control" Section at the same time and in the same manner therein specified except as amended and modified below: a. The salary and benefits specified in Section 3.05a. will be paid based upon a multiple of two three (23) years (instead of one two (12) yearyears). b. Life, health, accident and disability insurance specified in Section 3.05b. will be provided until (i) Employee becomes reemployed and receives similar benefits from a new employer or (ii) two three (23) years after the date of Termination, whichever is earlier. c. An amount equal to two three (23) times the maximum award that Employee could receive under the Company's annual bonus plan for the fiscal year in which the Termination termination occurs, instead of the benefits provided in Section 3.05c hereof. d. All other rights and benefits specified in Section 3.05.

Appears in 1 contract

Samples: Employment/Non Competition/Confidentiality Agreement (Pride International Inc)

CHANGE IN CONTROL TERMINATION PAYMENTS AND BENEFITS. In the event Employee is terminated within two (2) years following a Change in Control, Employee will receive the payments and benefits specified in the "Termination Without Change in Control" Section at the same time and in the same manner therein specified except as amended and modified below: a. The salary and benefits specified in Section 3.05a. will be paid based upon a multiple of two (2) years (instead of one (1) year). b. Life, health, accident and disability insurance specified in Section 3.05b. will be provided until (i) Employee becomes reemployed and receives similar benefits from a new employer or (ii) two (2) years after the date of Termination, whichever is earlier. c. An amount equal to two (2) times the maximum award that Employee could receive under the Company's ’s annual bonus plan for the fiscal year in which the Termination occurs, instead of the benefits provided in Section 3.05c hereof.

Appears in 1 contract

Samples: Employment Agreement (Pride International Inc)

AutoNDA by SimpleDocs

CHANGE IN CONTROL TERMINATION PAYMENTS AND BENEFITS. In the event Employee is terminated within two (2) years following a Change in Control, Employee will receive the payments and benefits specified in the "Termination Without Change in Control" Section at the same time and in the same manner therein specified except as amended and modified below: a. The salary and benefits specified in Section 3.05a. will be paid based upon a multiple of two (2) years (instead of one (1) year). b. Life, health, accident and disability insurance specified in Section 3.05b. will be provided until (i) Employee becomes reemployed and receives similar benefits from a new employer or (ii) two (2) years after the date of Termination, whichever is earlier. c. An amount equal to two (2) times the maximum award that Employee could receive under the Company's ’s annual bonus plan for the fiscal year in which the Termination occurs, instead of the benefits provided in Section 3.05c hereof. d. All other rights and benefits specified in Section 3.05.

Appears in 1 contract

Samples: Employment & Human Resources (Pride International Inc)

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!