Compensation and Separation Provisions Sample Clauses

Compensation and Separation Provisions. 2.1 Compensation for Separation Occurrence. Compensation is to be paid to Mr. Xxxxxx xxx the Separation Occurrence. Mr. Xxxxxx xx to be paid in the following manner: A. Upon the occurrence of a Takeover Event, Mr. Xxxxxx xx to receive, in a lump sum payment, on the Date of Separation, the sum equal to 2.99x his gross annual base salary. (He would also be entitled to receive all rights as provided by local, state or federal rules or regulations, e.g., Cobra notification). B. Upon the occurrence of a Corporation Initiated Separation, Mr. Xxxxxx xxxld receive, paid over a two year period, in equal installments (timed to coincide with each Corporation payroll period, as currently made), payments the sum of which is equal to two times (2x) his gross annual base salary, beginning on the Date of Separation. During this two year period, he would receive all standard employee benefits, e.g., health insurance, at the then prevailing cost, if any. Further, the Corporation will be required to continue to pay Mr. Xxxxxx xxx his spouse's medical and dental insurance coverage until they reach age 65. The Corporation will make the premium payments on behalf of Mr. Xxxxxx xxx his spouse for the applicable months commencing from the Date of Separation. The Corporation may change its insurance coverage but will not discriminate against Mr. Xxxxxx xx his spouse. Any rights required to be provided to him by local, state or federal rules or regulations would be granted at the end of the period (e.g., Cobra notification). C. Upon the occurrence of Separation Initiated by Mr. Xxxxxx, xxovided that he gave 90 days notice prior to his departure, he would receive, paid over a one and one-half year

Compensation and Separation Provisions