Common use of Description of Severance Benefits Clause in Contracts

Description of Severance Benefits. In the event that an Executive becomes entitled to receive Severance Benefits, as provided in Section 3.1 herein, PCFC shall pay to the Executive and provide the Executive with the following: (a) An amount equal to three (3) times the Executive's highest annual Base (i) at any time during the three (3) complete fiscal years immediately preceding the Effective Date of Termination, or (ii) if the Executive was not employed during such time period, at any time thereafter; and (b) An amount equal to three (3) times the Executive's highest annual bonus earned under the One-Year Incentive Plan during the three (3) complete fiscal years prior to the Effective Date of Termination, or, if shorter, over the Executive's entire period of employment. However, if the Executive's period of employment is less than one year, the bonus shall be considered zero (0); and (c) An amount equal to three (3) times the Executive's highest annual incentive compensation earned under the Pacific Century Financial Corporation Profit Sharing Plan, the Long-Term Incentive Plan, or any successor plans thereto over the three (3) complete fiscal years prior to the Effective Date of Termination, or, if shorter, over the Executive's entire period of employment. However, if the Executive's period of employment is less than one year, the average incentive compensation shall be considered zero (0); and (d) An amount equal to the excess of (i) the maximum payment the Executive would have received under the One-Year Incentive Plan if he had continued in the employment of PCFC and the Bank through the end of the performance period following the Effective Date of Termination, and if the Bank had met its maximum performance goals as provided under the terms of the Plan and the maximum amount payable to the Executive had been paid, over (ii) the actual payout under the One-Year Incentive Plan resulting from the Executive's termination of employment; and (e) A payout under the Long-Term Incentive Plan, in accordance with the terms of such Plan; and (f) A continuation of all welfare benefits at no direct cost to the Executive, including medical insurance, long-term disability, and group term life insurance for three (3) full years from the Effective Date of Termination or until the Executive reaches his Normal Retirement Date, whichever occurs earlier.

Description of Severance Benefits. In the event that an Executive becomes entitled to receive Severance Benefits, as provided in Section 3.1 herein, PCFC shall pay to the Executive and provide the Executive with the following: (a) An amount equal to three (3) times the Executive's highest annual Base Base Salary earned (i) at any time during the three (3) complete fiscal years immediately preceding the Effective Date of Termination, or (ii) if the Executive was not employed during such time period, at any time thereafter; and (b) An amount equal to three (3) times the Executive's highest annual bonus earned under the One-Year Incentive Plan during the three (3) complete fiscal years prior to the Effective Date of Termination, or, if shorter, over the Executive's entire period of employment. However, if the Executive's period of employment is less than one year, the bonus shall be considered zero (0); and (c) An amount equal to three (3) times the Executive's highest annual incentive compensation earned under the Pacific Century Financial Corporation Profit Sharing Plan, the Long-Term Incentive Sustained Profit Growth Plan, or any successor plans thereto over the three (3) complete fiscal years prior to the Effective Date of Termination, or, if shorter, over the Executive's entire period of employment. However, if the Executive's period of employment is less than one year, the average incentive compensation shall be considered zero (0); and (d) An amount equal to the excess of (i) the maximum payment the Executive would have received under the One-Year Incentive Plan if he had continued in the employment of PCFC and the Bank through the end of the performance period following the Effective Date of Termination, and if the Bank had met its maximum performance goals as provided under the terms of the Plan and the maximum amount payable to the Executive had been paid, over (ii) the actual payout under the One-Year Incentive Plan resulting from the Executive's termination of employment; and (e) A payout under the Long-Term Incentive Sustained Profit Growth Plan, in accordance with the terms of such Plan; and (f) A continuation of all welfare benefits at no direct cost to the Executive, including medical insurance, long-term disability, and group term life insurance for three (3) full years from the Effective Date of Termination or until the Executive reaches his Normal Retirement Date, whichever occurs earlier.

Description of Severance Benefits. In the event that an Executive becomes entitled to receive Severance Benefits, as provided in Section 3.1 herein, PCFC shall pay to the Executive and provide the Executive with the following: (a) An amount equal to three (3) times the Executive's highest annual Base Base Salary earned (i) at any time during the three (3) complete fiscal years immediately preceding the Effective Date of Termination, or (ii) if the Executive was not employed during such time period, at any time thereafter; and (b) An amount equal to three (3) times the Executive's highest annual bonus earned under the One-Year Incentive Plan during the three (3) complete fiscal years prior to the Effective Date of Termination, or, if shorter, over the Executive's entire period of employment. However, if the Executive's period of employment is less than one year, the bonus shall be considered zero (0); and (c) An amount equal to three (3) times the Executive's highest annual incentive compensation earned under the Pacific Century Financial Corporation Profit Sharing Plan, the Long-Term Incentive Sustained Profit Growth Plan, or any successor plans thereto over the three (3) complete fiscal years prior to the Effective Date of Termination, or, if shorter, over the Executive's entire period of employment. However, if the Executive's period of employment is less than one year, the average incentive compensation shall be considered zero (0); and (d) An amount equal to the excess of (i) the maximum payment the Executive would have received under the One-Year Incentive Plan if he had continued in the employment of PCFC and the Bank through the end of the performance period following the Effective Date of Termination, and if the Bank had met its maximum performance goals as provided under the terms of the Plan and the maximum amount payable to the Executive had been paid, over (ii) the actual payout under the One-Year Incentive Plan resulting from the Executive's termination of employment; provided however, that in the event the Executive becomes entitled to receive Severance Benefits within the first twelve months of employment, the amount of the payment under this section 3.2 (d) will be the One-Year Incentive Plan payout amount stated in the Executive's offer letter dated December 8, 2000; and (e) A payout under the Long-Term Incentive Sustained Profit Growth Plan, in accordance with the terms of such Plan; and (f) A continuation of all welfare benefits at no direct cost to the Executive, including medical insurance, long-term disability, and group term life insurance for three (3) full years from the Effective Date of Termination or until the Executive reaches his Normal Retirement Date, whichever occurs earlier.