CHANGE IN CONTROL TERMINATION PAYMENTS AND BENEFITS. In the event the Executive is terminated within two (2) years following a Change in Control, the Executive will receive the payments and benefits specified in the "Termination without Change in Control" Section in the same time and manner therein specified except as amended and modified hereby: 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) Executive 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 the Executive
Appears in 3 contracts
Samples: Employment & Human Resources (Pride International Inc), Employment & Human Resources (Pride International Inc), Employment & Human Resources (Pride International Inc)
CHANGE IN CONTROL TERMINATION PAYMENTS AND BENEFITS. In the event the Executive is terminated within two (2) years following a Change in Control, the Executive will receive the payments and benefits specified in the "Termination without Change in Control" Section in the same time and manner therein specified except as amended and modified hereby:
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) Executive 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 the ExecutiveExecutive 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.
Appears in 2 contracts
Samples: Employment Agreement (Pride International Inc), Employment & Human Resources (Pride International Inc)
CHANGE IN CONTROL TERMINATION PAYMENTS AND BENEFITS. In the event the Executive is terminated within two (2) years following a Change in Control, the Executive will receive the payments and benefits specified in the "“Termination without Change in Control" ” Section in the same time and manner therein specified except as amended and modified hereby:
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) Executive 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 the ExecutiveExecutive 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.
Appears in 1 contract
CHANGE IN CONTROL TERMINATION PAYMENTS AND BENEFITS. In the event the Executive is terminated within two (2) years following a Change in Control, the Executive will receive the payments and benefits specified in the "Termination without Change in Control" Section in the same time and manner therein specified except as amended and modified hereby:
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 section 3.05b. will be provided until (i) Executive 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 the ExecutiveExecutive 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.
Appears in 1 contract
Samples: Employment & Human Resources (Pride International Inc)