Common use of Company Decision Not to Employ You After Expiration of Employment Term Clause in Contracts

Company Decision Not to Employ You After Expiration of Employment Term. Upon the expiration of the January 17, 2011 - December 31, 2013 Employment Term, and not for any other reason, then if the Company does not offer you a written agreement for the period January 1, 2014 through December 31, 2014 on terms and conditions at least as favorable as specified in this Agreement (excluding this Section 4(h)), the following will be provided to you upon any termination of your employment, other than for Cause, that occurs prior to January 31, 2014, as set forth below: (i) You will be paid a lump sum amount equal to one year’s Base Salary at the rate in effect immediately prior to said termination, to be paid no later than sixty (60) days following your termination; (ii) With respect to the Annual Bonus for the 2013 calendar year, you will be excused from the requirement in Section 2(b) that you must be actively employed with the Company on the date of disbursement in order to receive the Bonus; (iii) You will be paid an amount equal to your target Annual Bonus for the calendar year 2013 (in addition to the payment under Section 4(h)(i) above), calculated as if all targets were met, to be paid in a lump sum no later than sixty (60) days following your termination; (iv) The Company will pay COBRA premiums to continue your coverage pursuant to COBRA and the applicable insurance policies up and until the earlier of: (i) 12 months from the date of termination, (ii) or the date upon which you cease to be eligible for COBRA continuation coverage under applicable law and the terms of the applicable policies. You agree to notify the Company in the event that you obtain coverage with another employer group health plan that does not contain any exclusions or limitations with respect to any pre-existing condition, or if you become entitled to Medicare benefits; and (v) For so long as you shall remain in full compliance with the obligations set forth in Sections 7, 8, 9 and 10 below, and conditioned on such continued compliance, all Restricted Shares previously granted to you which have not vested as of the date of your termination, if any, shall continue to vest on the applicable dates set forth in the applicable award agreements granting such Restricted Shares.

Appears in 1 contract

Samples: Employment Agreement (Axis Capital Holdings LTD)

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Company Decision Not to Employ You After Expiration of Employment Term. Upon the expiration of the January 171, 2011 - December 31, 2013 Employment Term, and not for any other reason, then if the Company does not offer you a written agreement for the period January 1, 2014 through December 31, 2014 on terms and conditions at least as favorable as specified in this Agreement (excluding this Section 4(h)), the following will be provided to you upon any termination of your employment, other than for Cause, that occurs prior to January 31, 2014, as set forth below: (i) You will be paid a lump sum amount equal to one year’s Base Salary at the rate in effect immediately prior to said termination, to be paid no later than sixty (60) days following your termination; (ii) With respect to the Annual Bonus for the 2013 calendar year, you will be excused from the requirement in Section 2(b) that you must be actively employed with the Company on the date of disbursement in order to receive the Bonus; (iii) You will be paid an amount equal to your target Annual Bonus for the calendar year 2013 (in addition to the payment under Section 4(h)(i) above), calculated as if all targets were met, to be paid in a lump sum no later than sixty (60) days following your termination; (iv) The Unless the Company determines in its reasonable discretion that it would violate applicable law or would be treated as discriminatory under applicable law, then with respect to the medical insurance coverage in effect for you as of the date of termination under the applicable group health insurance plan provided by the Company, if you elect to exercise any rights provided under said plan to purchase continued medical insurance coverage or to convert your medical insurance coverage under said plan to an individual policy, the Company will pay COBRA the premiums for said coverage at the level comparable to continue the coverage provided during your coverage pursuant to COBRA and employment, for the applicable insurance policies up and until period ending on the earlier of: of (i) 12 months from the date last day of terminationthe 12-month period beginning on your last day of employment, or (ii) or the date upon on which you cease to be become eligible for COBRA continuation coverage under applicable law and the terms of the applicable policies. You agree to notify the Company in the event that you obtain coverage with another employer other group health plan that does not contain any exclusions or limitations with respect to any pre-existing condition, or if you become entitled to Medicare benefitscoverage; and (v) For so long as you shall remain in full compliance with the obligations set forth in Sections 7, 8, 9 and 10 below, and conditioned on such continued compliance, all Restricted Shares previously granted to you which have not vested as of the date of your termination, if any, shall continue to vest on the applicable dates set forth in the applicable award agreements granting such Restricted Shares.

Appears in 1 contract

Samples: Employment Agreement (Axis Capital Holdings LTD)

Company Decision Not to Employ You After Expiration of Employment Term. Upon the expiration of the January 171, 2011 - December 31, 2013 Employment Term, and not for any other reason, then if the Company does not offer you a written agreement for the period January 1, 2014 through December 31, 2014 on terms and conditions at least as favorable as specified in this Agreement (excluding this Section 4(h)), the following will be provided to you upon any termination of your employment, other than for Cause, that occurs prior to January 31, 2014, as set forth below: (i) You will be paid a lump sum amount equal to one year’s Base Salary at the rate in effect immediately prior to said termination, to be paid no later than sixty (60) days following your termination; (ii) With respect to the Annual Bonus for the 2013 calendar year, you will be excused from the requirement in Section 2(b) that you must be actively employed with the Company on the date of disbursement in order to receive the Bonus; (iii) You will be paid an amount equal to your target Annual Bonus for the calendar year 2013 (in addition to the payment under Section 4(h)(i) above), calculated as if all targets were met, to be paid in a lump sum no later than sixty (60) days following your termination; (iv) The Unless the Company determines in its reasonable discretion that it would violate applicable law or would be treated as discriminatory under applicable law (including without limitation the Employee Retirement Income Security Act of 1974, as amended), then with respect to the medical insurance coverage in effect for you as of the date of termination under the applicable group health insurance plan provided by the Company, if you elect to exercise any rights provided under said plan to purchase continued medical insurance coverage or to convert your medical insurance coverage under said plan to an individual policy, the Company will pay COBRA the premiums for said coverage at the level comparable to continue the coverage provided during your coverage pursuant to COBRA and employment, for the applicable insurance policies up and until period ending on the earlier of: of (i) 12 months from the date last day of terminationthe 12-month period beginning on your last day of employment, or (ii) or the date upon on which you cease to be become eligible for COBRA continuation coverage under applicable law and the terms of the applicable policies. You agree to notify the Company in the event that you obtain coverage with another employer other group health plan that does not contain any exclusions or limitations with respect to any pre-existing condition, or if you become entitled to Medicare benefitscoverage; and (v) For so long as you shall remain in full compliance with the obligations set forth in Sections 7, 8, 9 and 10 below, and conditioned on such continued compliance, all Restricted Shares previously granted to you which have not vested as of the date of your termination, if any, shall continue to vest on the applicable dates set forth in the applicable award agreements granting such Restricted Shares.

Appears in 1 contract

Samples: Employment Agreement (Axis Capital Holdings LTD)

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Company Decision Not to Employ You After Expiration of Employment Term. Upon the expiration of the January 171, 2011 - December 31, 2013 Employment Term, and not for any other reason, then if the Company does not offer you a written agreement for the period January 1, 2014 through December 31, 2014 on terms and conditions at least as favorable as specified in this Agreement (excluding this Section 4(h)), the following will be provided to you upon any termination of your employment, other than for Cause, that occurs prior to January 31, 2014, as set forth below: (i) You will be paid a lump sum amount equal to one year’s Base Salary at the rate in effect immediately prior to said termination, to be paid no later than sixty (60) days following your termination; (ii) With respect to the Annual Bonus for the 2013 calendar year, you will be excused from the requirement in Section 2(b) that you must be actively employed with the Company on the date of disbursement in order to receive the Bonus; (iii) You will be paid an amount equal to your target Annual Bonus for the calendar year 2013 (in addition to the payment under Section 4(h)(i) above), calculated as if all targets were met, to be paid in a lump sum no later than sixty (60) days following your termination; (iv) The Company will pay COBRA premiums to continue your coverage pursuant to COBRA and the applicable insurance policies up and until the earlier of: (i) 12 months from the date of termination, (ii) or the date upon which you cease to be eligible for COBRA continuation coverage under applicable law and the terms of the applicable policies. You agree to notify the Company in the event that you obtain coverage with another employer group health plan that does not contain any exclusions or limitations with respect to any pre-existing condition, or if you become entitled to Medicare benefits; and (v) For so long as you shall remain in full compliance with the obligations set forth in Sections 7, 8, 9 and 10 below, and conditioned on such continued compliance, all Restricted Shares previously granted to you which have not vested as of the date of your termination, if any, shall continue to vest on the applicable dates set forth in the applicable award agreements granting such Restricted Shares.

Appears in 1 contract

Samples: Employment Agreement (Axis Capital Holdings LTD)

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