DISCHARGE OTHER THAN FOR CAUSE. Same as for “Discharge For Cause” EXCEPT that, in exchange for Executive’s execution of a release in accordance with this Section 4, Executive shall be entitled to the following special benefits: (A) a lump sum in cash, payable within ten (10) business days after the effective date of such event, equal to two times the sum of Executive’s then-current base salary, plus his then average annual bonus for the preceding two years (or, if applicable, using the annual bonus target for such occurrences prior to receipt of the first annual bonus), pursuant to Section 3 of this Agreement, and (B) all of Executive’s outstanding stock options issued or issuable under Section 3(c) of this Agreement, shall immediately vest and become exercisable and Executive shall have the full term of the option to exercise any of his stock options, pursuant to the terms of the Option Award Agreement. RESIGNATION WITHOUT GOOD REASON Same as for “Discharge for Cause.” RESIGNATION WITH GOOD REASON Same as for “Discharge Other Than For Cause.” DISABILITY Same as for “Discharge For Cause” EXCEPT that salary continuation will be reduced by any amounts received by Executive under any Company-sponsored disability benefits plan, and in exchange for Executive’s execution of a release in accordance with this Section 4, all of Executive’s outstanding vested stock options shall be exercisable pursuant to the terms of the Option Award Agreement. DEATH Same as for “Discharge for Cause” EXCEPT that, in exchange for the execution of a release by Executive’s estate in accordance with this Section 4, continuation of Executive’s base salary for six (6) months after the date of termination and Executive’s outstanding vested stock options shall be exercisable pursuant to the terms of the Option Award Agreement.
DISCHARGE OTHER THAN FOR CAUSE. If Executive's employment is ------------------------------ terminated as a result of discharge other than for Cause (as defined below), the Company shall not be obligated to pay the Executive any sums of money other than (1) a lump sum payment equal to (a) during the first twelve months of the Term of this Agreement, 100% of the Base Salary in effect as of the date of such termination, (b) during the second twelve months of the Term of this Agreement, 125% of the Base Salary in effect as of the date of such termination and (c) during the third twelve months of the Term of this Agreement, 150% of the Base Salary in effect as of the date of such termination and (2) any previously accrued authorized bonus or other compensation (if any) for the period of Executive's employment prior to such termination, and (3) any previously vested benefits, such as previously vested retirement benefits. Furthermore, the Company shall honor any rights previously vested in Executive under a stock option or similar plan or program.
DISCHARGE OTHER THAN FOR CAUSE. The Company may terminate Executive’s employment at any time for any reason, and without advance notice. If Executive is discharged by the Company for a reason “other than for Cause”, for “death” or for “Disability”, he will only receive the special benefits provided for such events under Section 4(a) if he (or his estate, as the case may be) signs a separation agreement and general release in a form supplied by the Company within 60 days after his employment ends and he does not thereafter properly revoke the release.
DISCHARGE OTHER THAN FOR CAUSE. If you have been continuously employed by the Company for at least six (6) months and your employment is terminated by the Company other than for "Cause," as defined in Section 2.b. below, you shall continue to receive your regular annual base salary in effect on the date of termination, excluding bonus(es) and any other compensation, paid at regular payroll intervals for twelve (12) months following the termination date, less applicable withholdings ("Severance Pay"); provided, however, should you violate any provision of this Agreement, including and especially Section 3, you shall not be entitled to any Severance Pay, and the Company shall be entitled to cease such payments. Further, you will only receive Severance Pay under this Section if you sign a general release form furnished by the Company, such release to be provided to you at the time you are notified of the termination. That form may include any provision customary in formal settlement agreements and general releases, to the fullest extent lawful, including such things as: your release of the Company and all conceivably related persons, entities or affiliates, from all known and unknown claims; your covenant never in the future to pursue any released claim; and your promise never to seek employment with the Company in the future. You acknowledge and agree that Severance Pay under this Section made on normal pay dates shall not be construed as an extension of employment.
DISCHARGE OTHER THAN FOR CAUSE. The Company may terminate Executive’s employment at any time for any reason, and without advance notice. If the Company discharges Executive other than for Cause, the Company shall pay to Executive any accrued unpaid Base Salary Performance Bonuses, expense reimbursements and vacation days, and Executive’s BRFH Options and Performance Options shall terminate; provided however, in exchange for Executive’s execution of a release in accordance with Section 4(h), Executive shall be entitled to the following special benefits: (A) continuation of executive’s Base Salary for a period of 12 months after termination; (B) all of Executive’s outstanding BRFH Options shall immediately vest and become exercisable for a period of 90 days from the date of termination; (C) all of Executive’s outstanding Performance Options shall immediately vest and become exercisable and Executive shall have a period of 90 days from the date of termination to exercise any of his Performance Options, pursuant to the terms of the Plan; and (D) all of the BRFH Shares shall vest and be issued to Executive.
DISCHARGE OTHER THAN FOR CAUSE. DURING THE PROTECTION PERIOD Same as “Discharge for Cause” EXCEPT that, in exchange for Executive’s execution of a claims release in accordance with this Section 2 and subject to Sections 8, 13, and 18 below, in addition, Executive shall receive: (1) additional cash severance equal to two and one-half (2- 1/2) times the sum of (i) Executive’s annual base salary as of the date immediately before Executive’s termination, and (ii) the amount of Executive’s target annual cash bonus for the year prior to the Change in Control (the amount in clause (ii) of this paragraph is referred to as the “Target Bonus Level”); and (2) for two years, Executive, Executive’s spouse and dependents (if any) will continue to be entitled to participate in the Company’s group health plans in which Executive participates immediately prior to the Date of Termination at the Company’s expense, provided that Executive timely elects continuation coverage under COBRA, and provided that if the Company is unable to provide such coverage after the end of the COBRA continuation period under the Company’s group health plan, the Company shall, following the expiration of the COBRA coverage period, provide Executive and Executive’s dependents with substantially identical medical coverage to that provided under the Company’s group health plan during the remainder of such post-COBRA period.
DISCHARGE OTHER THAN FOR CAUSE. The Company may terminate Executive’s employment at any time for any reason, and without advance notice. If the Company discharges Executive other than for Cause, the Company shall pay to Executive any accrued unpaid Base Salary, Performance Bonuses, expense reimbursements and vacation days accrued prior to termination of employment, and Executive’s BRFH Options and Performance Options shall terminate; provided however, in exchange for Executive’s execution of a release in accordance with Section 4(g), Executive shall be entitled to the following special benefits: (A) continuation of executive’s Base Salary for a period of 6 months after termination; (B) all of Executive’s BRFH Shares shall immediately vest; (C) all of Executive’s outstanding BRFH Options shall immediately vest and become exercisable for a period of 90 date from the date of termination; and (D) all of Executive’s outstanding Performance Options shall immediately vest and become exercisable for a period of 90 date from the date of termination.
DISCHARGE OTHER THAN FOR CAUSE. The Bank and the Company may discharge the Executive at any time during the Employment Period and, unless such discharge constitutes a discharge for Cause:
(a) the Bank and the Company shall pay and deliver to the Executive (or in the event of his death before payment, to his estate and surviving dependents and beneficiaries, as applicable) the Standard Termination Entitlements; and (b) in addition to the Standard Termination Entitlements: (i) the Bank and the Company shall make a lump sum payment to the Executive (or, in the event of his death before payment, to his estate), in an amount equal to the sum of the remaining salary and bonus payments that the Executive would have earned if he had continued working for the Company and the Bank through the later of (x) the last day of the Employment Period or (y) the second anniversary of the effective date of termination, at the highest annual rate of salary and bonus achieved during the Employment Period, without discount for early payment; (ii) through later of (x) the last day of the Employment Period or (y) the second anniversary of the effective date of termination, the Bank and the Company shall provide for the Executive and his dependents continued group life, health (including hospitalization, medical and major medical), dental, accident and long-term disability insurance benefits on substantially the same terms and conditions (including any required premium-sharing arrangements, co-payments and deductibles) in effect for them immediately prior to the Executive's termination; (iii) through the sooner of (x) the last day of the Employment Period or (y) the first anniversary of the effective date of termination, the Company or the Bank shall provide to the Executive for his use the working facilities described in the second sentence and the driver described in the third sentence of Section 7; and (iv) the Bank shall transfer unencumbered title to the automobile used by the Executive prior to termination, subject to appropriate tax reporting; and (v) the vesting of all options for the purchase of stock of the Bank and/or the Company granted to the Executive shall accelerate, to the extent that the applicable stock option plans permit, or give the administrator of such plans discretion to permit, such acceleration (the lump sum payment specified in (i), the benefits specified in (ii) and (iii), the automobile specified in (iv), and the acceleration of stock options, if any, provided in (v) are collectively...
DISCHARGE OTHER THAN FOR CAUSE. DURING THE PROTECTION PERIOD Same as “Discharge for Cause” EXCEPT that, in exchange for Executive’s execution of a claims release in accordance with this Section 2 and subject to Sections 8, 13, and 18 below, in addition, Executive shall receive: (1) additional cash severance equal to three times the sum of (i) Executive’s annual base salary as of the date immediately before Executive’s termination, and (ii) the amount of Executive’s target annual cash bonus for the year prior to the Change in Control (the amount in clause (ii) of this paragraph is referred to as the “Target Bonus Level”); (2) a pro rata amount of Executive’s annual cash bonus during the year of termination based on the Target Bonus Level; (3) an amount equal to the retirement benefits that Executive would have earned, if Executive had remained employed for two additional years following the Date of Termination (assuming that Executive’s annual base salary as of the date immediately before Executive’s termination and the Target Bonus Level continued during such years), under the People’s Bank Employee’s Retirement Plan, the People’s Bank Cap Excess Plan, the People’s Bank Enhanced Senior Pension Plan (to the extent that the Bank continues to maintain such plans), and any other supplemental retirement agreement covering Executive (such amount to be paid at the same time as benefits under the applicable nonqualified plan are payable); and
DISCHARGE OTHER THAN FOR CAUSE. The Company may terminate Executive’s employment at any time for any reason, and without advance notice prior to the Term Date or Renewal Term Date, if renewed, upon written notice of early termination (“Early Termination Notice”). If Executive is given an Early Termination Notice, he will only receive the balance of his remaining Base Salary through the end of the applicable term, together with any STI Award and LTI Award (which Awards will continue under the same terms and in the same manner as if Executive had not received an Early Termination Notice) provided that, within 30 days after termination of employment, he signs a general release of claims, in the form attached hereto as Exhibit A, in favor of the Company, the Partnership and each of their related companies and affiliates; provided that if Executive fails to execute a timely general release of claims, the Executive shall forfeit all rights hereunder.
