During the Window Period. If, during the Employment Period, the Executive shall terminate employment without any reason during the Window Period: (i) the Company shall pay to the Executive in a lump sum in cash within 30 days after the Date of Termination the sum of (1) the Executive’s Annual Base Salary through the Date of Termination to the extent not theretofore paid and (2) the product of (x) the higher of (I) the Recent Annual Bonus and (II) the Annual Bonus paid or payable, including any bonus or portion thereof which has been earned but deferred (and annualized for any fiscal year consisting of less than twelve full months or during which the Executive was employed for less than 12 full months), for the most recently completed fiscal year during the Employment Period, if any (such higher amount being referred to as the “Highest Annual Bonus”) and (y) a fraction, the numerator of which is the number of days in the current fiscal year through the Date of Termination, and the denominator of which is 365, in each case to the extent not theretofore paid (the sum of the amounts described in clauses (1) and (2) shall be hereinafter referred to as the “Accrued Obligations”); and (ii) the amount equal to the sum of (x) the Executive’s Annual Base Salary and (y) the Highest Annual Bonus; and (iii) for three years after the Executive’s Date of Termination, or such longer period as may be provided by the terms of the appropriate plan, program, practice or policy, the Company shall continue benefits to the Executive and/or the Executive’s family at least equal to those which would have been provided to them in accordance with the plans, programs, practices and policies described in Section 4(b)(iv) of this Agreement if the Executive’s employment had not been terminated or, if more favorable to the Executive, as in effect generally at any time thereafter with respect to other peer executives of the Company and its affiliated companies and their families, provided, however, that if the Executive becomes reemployed with another employer and is eligible to receive medical or other welfare benefits under another employer provided plan, the medical and other welfare benefits described herein shall be secondary to those provided under such other plan during such applicable period of eligibility. For purposes of determining eligibility (but not the time of commencement of benefits) of the Executive for retiree benefits pursuant to such plans, practices, programs and policies, the Executive shall be considered to have remained employed until 3 years after the Date of Termination and to have retired on the last day of such period; and (iv) to the extent not theretofore paid or provided, the Company shall timely pay or provide to the Executive any other amounts or benefits required to be paid or provided or which the Executive is eligible to receive under any plan, program, policy or practice or contract or agreement of the Company and its affiliated companies (such other amounts and benefits shall be hereinafter referred to as the “Other Benefits”).
Appears in 6 contracts
Samples: Change of Control Employment Agreement (Landamerica Financial Group Inc), Change of Control Employment Agreement (Landamerica Financial Group Inc), Change of Control Employment Agreement (Landamerica Financial Group Inc)
During the Window Period. If, during the Employment Period, the Executive shall terminate employment without any reason during the Window Period:
(i) the Company shall pay to the Executive in a lump sum in cash within 30 days after the Date of Termination Termination, except as provided in Section 6(f) of this Agreement, the sum of (1) the Executive’s Annual Base Salary through the Date of Termination to the extent not theretofore paid and (2) the product of (x) the higher of (I) the Recent Annual Bonus and (II) the Annual Bonus paid or payable, including any bonus or portion thereof which has been earned but deferred (and annualized for any fiscal year consisting of less than twelve full months or during which the Executive was employed for less than 12 twelve full months), for the most recently completed fiscal year during the Employment Period, if any (such higher amount being referred to as the “Highest Annual Bonus”) and (y) a fraction, the numerator of which is the number of days in the current fiscal year through the Date of Termination, and the denominator of which is 365, in each case to the extent not theretofore paid (the amount described in clause (2) shall be referred to as the “Pro-Rata Bonus,” and the sum of the amounts described in clauses (1) and (2) shall be hereinafter referred to as the “Accrued Obligations”); and
(ii) the amount equal to the sum of (x) the Executive’s Annual Base Salary and (y) the Highest Annual Bonus; and
(iii) for three years after the Executive’s Date of Termination, or such longer period as may be provided by the terms of the appropriate plan, program, practice or policy, the Company shall continue benefits to the Executive and/or the Executive’s family at least equal to those which would have been provided to them in accordance with the plans, programs, practices and policies described in Section 4(b)(iv) of this Agreement if the Executive’s employment had not been terminated or, if more favorable to the Executive, as in effect generally at any time thereafter with respect to other peer executives of the Company and its affiliated companies and their families, provided, however, that if the Executive becomes reemployed with another employer and is eligible to receive medical or other welfare benefits under another employer provided plan, the medical and other welfare benefits described herein shall be secondary to those provided under such other plan during such applicable period of eligibility. Such benefits shall be provided in such a manner that they are excluded from the Executive’s income for federal income tax purposes and, if the Company reasonably determines that providing continued coverage under one or more of its health benefit plans contemplated by this Section 6(a)(iii) could be taxable to the Executive, the Company shall provide the medical benefits at the level required hereby through the purchase of individual insurance coverage at the Company’s sole expense. For purposes of determining eligibility (but not the time of commencement of benefits) of the Executive for retiree benefits pursuant to such plans, practices, programs and policies, the Executive shall be considered to have remained employed until 3 three years after the Date of Termination and to have retired on the last day of such period. To the extent required by Code Section 409A, (i) a reimbursement made under this Section 6(a)(iii) shall occur on or before December 31 of the calendar year following the calendar year during which the applicable expense is incurred and (ii) no reimbursement or in-kind benefit provided under this Section 6(a)(iii) during one calendar year shall affect the expenses eligible for reimbursement or in-kind benefits provided during another calendar year (nor may the underlying rights be liquidated or exchanged for any other benefit); and
(iv) to the extent not theretofore paid or provided, the Company shall timely pay or provide to the Executive any other amounts or benefits required to be paid or provided or which the Executive is eligible to receive under any plan, program, policy or practice or contract or agreement of the Company and its affiliated companies (such other amounts and benefits shall be hereinafter referred to as the “Other Benefits”).
Appears in 3 contracts
Samples: Change of Control Employment Agreement (Hilb Rogal & Hobbs Co), Change of Control Employment Agreement (Hilb Rogal & Hobbs Co), Change of Control Employment Agreement (Hilb Rogal & Hobbs Co)
During the Window Period. If, during the Employment Period, the Executive shall terminate employment without any reason during the Window Period:
(i) the Company shall pay to the Executive in a lump sum in cash within 30 days after the Date of Termination the sum of (1) the Executive’s Annual Base Salary through the Date of Termination to the extent not theretofore paid and (2) the product of (x) the higher of (I) the Recent Annual Bonus and (II) the Annual Bonus paid or payable, including any bonus or portion thereof which has been earned but deferred (and annualized for any fiscal year consisting of less than twelve full months or during which the Executive was employed for less than 12 twelve full months), for the most recently completed fiscal year during the Employment Period, if any (such higher amount being referred to as the “Highest Annual Bonus”) and (y) a fraction, the numerator of which is the number of days in the current fiscal year through the Date of Termination, and the denominator of which is 365, in each case to the extent not theretofore paid (the sum of the amounts described in clauses (1) and (2) shall be hereinafter referred to as the “Accrued Obligations”); and
(ii) the amount equal to the sum of (x) the Executive’s Annual Base Salary and (y) the Highest Annual Bonus; and
(iii) for three years after the Executive’s Date of Termination, or such longer period as may be provided by the terms of the appropriate plan, program, practice or policy, the Company shall continue benefits to the Executive and/or the Executive’s family at least equal to those which would have been provided to them in accordance with the plans, programs, practices and policies described in Section 4(b)(iv) of this Agreement if the Executive’s employment had not been terminated or, if more favorable to the Executive, as in effect generally at any time thereafter with respect to other peer executives of the Company and its affiliated companies and their families, provided, however, that if the Executive becomes reemployed with another employer and is eligible to receive medical or other welfare benefits under another employer provided plan, the medical and other welfare benefits described herein shall be secondary to those provided under such other plan during such applicable period of eligibility. For purposes of determining eligibility (but not the time of commencement of benefits) of the Executive for retiree benefits pursuant to such plans, practices, programs and policies, the Executive shall be considered to have remained employed until 3 three years after the Date of Termination and to have retired on the last day of such period; and
(iv) to the extent not theretofore paid or provided, the Company shall timely pay or provide to the Executive any other amounts or benefits required to be paid or provided or which the Executive is eligible to receive under any plan, program, policy or practice or contract or agreement of the Company and its affiliated companies (such other amounts and benefits shall be hereinafter referred to as the “Other Benefits”).
Appears in 2 contracts
Samples: Change of Control Employment Agreement (Hilb Rogal & Hobbs Co), Change of Control Employment Agreement (Hilb Rogal & Hobbs Co)
During the Window Period. If, during the Employment Period, the Executive shall terminate employment without any reason during the Window Period:
(i) the Company shall pay to the Executive in a lump sum in cash within 30 days after the Date of Termination Termination, except as provided in Section 6(f) of this Agreement the aggregate of the following amounts:
(A) the sum of (1) the Executive’s Annual Base Salary through the Date of Termination to the extent not theretofore paid and (2) the product of (x) the higher of (I) the Recent Annual Bonus and (II) the Annual Bonus paid or payable, including any bonus or portion thereof which has been earned but deferred (and annualized for any fiscal year consisting of less than twelve full months or during which the Executive was employed for less than 12 full months), for the most recently completed fiscal year during the Employment Period, if any (such higher amount being referred to as the “Highest Annual Bonus”) and (y) a fraction, the numerator of which is the number of days in the current fiscal year through the Date of Termination, and the denominator of which is 365, in each case to the extent not theretofore paid (the sum of the amounts described in clauses (1) and (2) shall be hereinafter referred to as the “Accrued Obligations”); and
(iiB) the amount equal to the sum of (x) the Executive’s Annual Base Salary and (y) the Highest Annual Bonus; and;
(iiiii) for three years the period from Executive’s Date of Termination through December 31 of the second calendar year following the calendar year of Executive’s Date of Termination after the Executive’s Date of Termination, or such longer period as may be provided by the terms of the appropriate plan, program, practice or policy, the Company shall continue benefits to the Executive and/or the Executive’s family at least equal to those which would have been provided to them in accordance with the plans, programs, practices and policies described in Section 4(b)(iv) of this Agreement if the Executive’s employment had not been terminated or, if more favorable to the Executive, as in effect generally at any time thereafter with respect to other peer executives of the Company and its affiliated companies and their familiesfamilies at a cost to the Executive no greater than the cost the Executive would have paid for such benefits if he had remained employed, provided, however, that if the Executive becomes reemployed with another employer and is eligible to receive medical or other welfare benefits under another employer provided plan, the medical and other welfare benefits described herein shall be secondary to those provided under such other plan during such applicable period of eligibility. For purposes of determining eligibility (but not the time of commencement of benefits) of the Executive for retiree benefits pursuant to such plans, practices, programs and policies, the Executive shall be considered to have remained employed until 3 years after the Date of Termination and to have retired on the last day of such period; and
(iviii) to the extent not theretofore paid or provided, the Company shall timely pay or provide to the Executive any other amounts or benefits required to be paid or provided or which the Executive is eligible to receive under any plan, program, policy or practice or contract or agreement of the Company and its affiliated companies (such other amounts and benefits shall be hereinafter referred to as the “Other Benefits”).
Appears in 2 contracts
Samples: Change of Control Employment Agreement (Landamerica Financial Group Inc), Change of Control Employment Agreement (Landamerica Financial Group Inc)
During the Window Period. If, during the Employment Period, the Executive shall terminate employment without any reason during the Window Period:
(i) the Company shall pay to the Executive in a lump sum in cash within 30 days after the Date of Termination the sum of (1) the Executive’s 's Annual Base Salary through the Date of Termination to the extent not theretofore paid and paid; (2) the product of (xA) the higher greater of (I) the Recent Annual Bonus and (IIx) the Annual Bonus paid or payable, including by reason of any bonus or portion thereof which has been earned but deferred deferral, to the Executive (and annualized for any fiscal year consisting of less than twelve full months or during for which the Executive was has been employed for less than 12 twelve full months), ) for the most recently completed fiscal year during the Employment Period, if any any, and (y) the Recent Average Bonus (such higher greater amount being shall be hereinafter referred to as the “"Highest Annual Bonus”") and (yB) a fraction, the numerator of which is the number of days in the current fiscal year through the Date of Termination, and the denominator of which is 365; (3) the amount that would be payable to the Executive by applying the severance pay formula set forth in the Lawyers Title Insurance Corporation Severance Benefits Plan (without regard to its other provisions); (4) any compensation previously deferred by the Executive (together with any accrued interest or earnings thereon) to the extent not theretofore paid; and (5) any accrued vacation pay, in each case to the extent not theretofore paid (the sum of the amounts described in clauses (1), (2), (3), (4) and (25) shall be hereinafter referred to as the “"Accrued Obligations”"); and
(ii) for the amount equal to remainder of the sum of (x) the Executive’s Annual Base Salary and (y) the Highest Annual Bonus; and
(iii) for three years after the Executive’s Date of TerminationEmployment Period, or such longer period as may be provided by the terms of the appropriate any plan, program, practice or policypolicy may provide, the Company shall continue benefits to the Executive and/or the Executive’s 's family at least equal to those which would have been provided to them in accordance with the plans, programs, practices and policies described in Section 4(b)(iv) of this Agreement if the Executive’s 's employment had not been terminated in accordance with the most favorable plans, practices, programs or policies of the Company and its affiliated companies as in effect and applicable generally to other peer executives and their families during the 90-day period immediately preceding the Effective Date or, if more favorable to the Executive, as in effect generally at any time thereafter with respect to other peer executives of the Company and its affiliated companies and their families, provided, however, that if the Executive becomes reemployed with another employer and is eligible to receive medical or other welfare benefits under another employer provided plan, the medical and other welfare benefits described herein shall be secondary to those provided under such other plan during such applicable period of eligibilityeligibility (such continuation of such benefits for the applicable period herein set forth shall be hereinafter referred to as "Welfare Benefit Continuation"). For purposes of determining eligibility (but not the time of commencement of benefits) of the Executive for retiree benefits pursuant to such plans, practices, programs and policies, the Executive shall be considered to have remained employed until 3 years after the Date end of Termination the Employment Period and to have retired on the last day of such period; and
(iviii) to the extent not theretofore paid or provided, the Company shall timely pay or provide to the Executive and/or the Executive's family any other amounts or benefits required to be paid or provided or which the Executive and/or the Executive's family is eligible to receive pursuant to this Agreement and under any plan, program, policy or practice or contract or agreement of the Company and its affiliated companies as in effect and applicable generally to other peer executives and their families during the 90-day period immediately preceding the Effective Date or, if more favorable to the Executive, as in effect generally thereafter with respect to other peer executives of the Company and its affiliated companies and their families (such other amounts and benefits shall be hereinafter referred to as the “"Other Benefits”").
Appears in 2 contracts
Samples: Change of Control Employment Agreement (Landamerica Financial Group Inc), Change of Control Employment Agreement (Landamerica Financial Group Inc)
During the Window Period. If, during the Employment Period, the Executive shall terminate employment without any reason during the Window Period:
(i) the Company shall pay to the Executive in a lump sum in cash within 30 days after the Date of Termination the sum of (1) the Executive’s 's Annual Base Salary through the Date of Termination to the extent not theretofore paid and (2) the product of (x) the higher of (I) the Recent Annual Bonus and (II) the Annual Bonus paid or payable, including any bonus or portion thereof which has been earned but deferred (and annualized for any fiscal year consisting of less than twelve full months or during which the Executive was employed for less than 12 full months), for the most recently completed fiscal year during the Employment Period, if any (such higher amount being referred to as the “"Highest Annual Bonus”") and (y) a fraction, the numerator of which is the number of days in the current fiscal year through the Date of Termination, and the denominator of which is 365, in each case to the extent not theretofore paid (the sum of the amounts described in clauses (1) and (2) shall be hereinafter referred to as the “"Accrued Obligations”"); and
(ii) the amount equal to the sum of (x) the Executive’s 's Annual Base Salary and (y) the Highest Annual Bonus; and
(iii) for three years after the Executive’s 's Date of Termination, or such longer period as may be provided by the terms of the appropriate plan, program, practice or policy, the Company shall continue benefits to the Executive and/or the Executive’s 's family at least equal to those which would have been provided to them in accordance with the plans, programs, practices and policies described in Section 4(b)(iv) of this Agreement if the Executive’s 's employment had not been terminated or, if more favorable to the Executive, as in effect generally at any time thereafter with respect to other peer executives of the Company and its affiliated companies and their families, provided, however, that if the Executive becomes reemployed with another employer and is eligible to receive medical or other welfare benefits under another employer provided plan, the medical and other welfare benefits described herein shall be secondary to those provided under such other plan during such applicable period of eligibility. For purposes of determining eligibility (but not the time of commencement of benefits) of the Executive for retiree benefits pursuant to such plans, practices, programs and policies, the Executive shall be considered to have remained employed until 3 years after the Date of Termination and to have retired on the last day of such period; and
(iv) to the extent not theretofore paid or provided, the Company shall timely pay or provide to the Executive any other amounts or benefits required to be paid or provided or which the Executive is eligible to receive under any plan, program, policy or practice or contract or agreement of the Company and its affiliated companies (such other amounts and benefits shall be hereinafter referred to as the “"Other Benefits”").
Appears in 2 contracts
Samples: Change of Control Employment Agreement (Landamerica Financial Group Inc), Change of Control Employment Agreement (Landamerica Financial Group Inc)
During the Window Period. If, during the Employment Period, the Executive shall terminate employment without any reason during the Window Period:
(i) the Company shall pay to the Executive in a lump sum in cash within 30 days after the Date of Termination the sum of (1) the Executive’s 's Annual Base Salary through the Date of Termination to the extent not theretofore paid and (2) the product of (x) the higher of (I) the Recent Annual Bonus and (II) the Annual Bonus paid or payable, including any bonus or portion thereof which has been earned but deferred (and annualized for any fiscal year consisting of less than twelve full months or during which the Executive was employed for less than 12 twelve full months), for the most recently completed fiscal year during the Employment Period, if any (such higher amount being referred to as the “"Highest Annual Bonus”") and (y) a fraction, the numerator of which is the number of days in the current fiscal year through the Date of Termination, and the denominator of which is 365, in each case to the extent not theretofore paid (the sum of the amounts described in clauses (1) and (2) shall be hereinafter referred to as the “"Accrued Obligations”"); and
(ii) the amount equal to the sum of (x) the Executive’s 's Annual Base Salary and (y) the Highest Annual Bonus; and
(iii) for three years after the Executive’s 's Date of Termination, or such longer period as may be provided by the terms of the appropriate plan, program, practice or policy, the Company shall continue benefits to the Executive and/or the Executive’s 's family at least equal to those which would have been provided to them in accordance with the plans, programs, practices and policies described in Section 4(b)(iv) of this Agreement if the Executive’s 's employment had not been terminated or, if more favorable to the Executive, as in effect generally at any time thereafter with respect to other peer executives of the Company and its affiliated companies and their families, provided, however, that if the Executive becomes reemployed with another employer and is eligible to receive medical or other welfare benefits under another employer provided plan, the medical and other welfare benefits described herein shall be secondary to those provided under such other plan during such applicable period of eligibility. For purposes of determining eligibility (but not the time of commencement of benefits) of the Executive for retiree benefits pursuant to such plans, practices, programs and policies, the Executive shall be considered to have remained employed until 3 three years after the Date of Termination and to have retired on the last day of such period; and
(iv) to the extent not theretofore paid or provided, the Company shall timely pay or provide to the Executive any other amounts or benefits required to be paid or provided or which the Executive is eligible to receive under any plan, program, policy or practice or contract or agreement of the Company and its affiliated companies (such other amounts and benefits shall be hereinafter referred to as the “"Other Benefits”").
Appears in 1 contract
Samples: Change of Control Employment Agreement (Hilb Rogal & Hamilton Co /Va/)
During the Window Period. If, during the Employment Period, the Executive shall terminate employment without any reason during the Window Period:
(i) the Company shall pay to the Executive in a lump sum in cash within 30 days after the Date of Termination Termination, except as provided in Section 6(f) of this Agreement the aggregate of the following amounts:
(A) the sum of (1) the Executive’s Annual Base Salary through the Date of Termination to the extent not theretofore paid and (2) the product of (x) the higher of (I) the Recent Annual Bonus and (II) the Annual Bonus paid or payable, including any bonus or portion thereof which has been earned but deferred (and annualized for any fiscal year consisting of less than twelve full months or during which the Executive was employed for less than 12 full months), for the most recently completed fiscal year during the Employment Period, if any (such higher amount being referred to as the “Highest Annual Bonus”) and (y) a fraction, the numerator of which is the number of days in the current fiscal year through the Date of Termination, and the denominator of which is 365, in each case to the extent not theretofore paid (the sum of the amounts described in clauses (1) and (2) shall be hereinafter referred to as the “Accrued Obligations”); and
(iiB) the amount equal to the sum of (x) the Executive’s Annual Base Salary and (y) the Highest Annual Bonus; and;
(iiiii) for three years after the period from Executive’s Date of Termination through December 31 of the second calendar year following the calendar year of Executive’s Date of Termination, or such longer period as may be provided by the terms of the appropriate plan, program, practice or policy, the Company shall continue benefits to the Executive and/or the Executive’s family at least equal to those which would have been provided to them in accordance with the plans, programs, practices and policies described in Section 4(b)(iv) of this Agreement if the Executive’s employment had not been terminated or, if more favorable to the Executive, as in effect generally at any time thereafter with respect to other peer executives of the Company and its affiliated companies and their familiesfamilies at a cost to the Executive no greater than the cost the Executive would have paid for such benefits if he had remained employed, provided, however, that (i) if continuation is not possible under the terms of the applicable plan, program, practice or policy, then the Company shall pay in cash in a lump sum within thirty (30) days following Executive’s Date of Termination an amount equal to the present value of the contributions the Company would have made thereunder on behalf of Executive and/or Executive’s family for the period from Executive’s Date of Termination through December 31 of the second calendar year following the calendar year of Executive’s Date of Termination, calculated using (a) Company contribution levels in effect on the Date of Termination and (b) a present value discount rate, equal to 120% of the Federal short-term rate (using monthly compounding) as defined in Section 1274(d) of the Code and as published for the month immediately preceding the month of payment; and (ii) if the Executive becomes reemployed with another employer and is eligible to receive medical or other welfare benefits under another employer provided plan, the medical and other welfare benefits described herein shall be secondary to those provided under such other plan during such applicable period of eligibility. For purposes of determining eligibility (but not the time of commencement of benefits) of the Executive for retiree benefits pursuant to such plans, practices, programs and policies, the Executive shall be considered to have remained employed until 3 years after the Date of Termination and to have retired on the last day of such period. To the extent required by Code Section 409A, (i) a reimbursement made under this section shall be paid by December 31 of the calendar year after the calendar year in which the reimbursed expense is incurred and (ii) no reimbursement or in-kind benefit provided under this section during one calendar year shall affect the expenses eligible for reimbursement or in-kind benefits provided during another calendar year; and
(iviii) to the extent not theretofore paid or provided, the Company shall timely pay or provide to the Executive any other amounts or benefits required to be paid or provided or which the Executive is eligible to receive under any written plan, program, policy or practice or contract or agreement of the Company and its affiliated companies (such other amounts and benefits shall be hereinafter referred to as the “Other Benefits”).
Appears in 1 contract
Samples: Change of Control Employment Agreement (Landamerica Financial Group Inc)
During the Window Period. If, during the Employment Period, the Executive shall terminate employment without any reason during the Window Period:
(i) the Company shall pay to the Executive in a lump sum in cash within 30 days after the Date of Termination Termination, except as provided in Section 6(f) of this Agreement, the sum of (1) the Executive’s Annual Base Salary through the Date of Termination to the extent not theretofore paid and (2) the product of (x) the higher of (I) the Recent Annual Bonus and (II) the Annual Bonus paid or payable, including any bonus or portion thereof which has been earned but deferred (and annualized for any fiscal year consisting of less than twelve full months or during which the Executive was employed for less than 12 full months), for the most recently completed fiscal year during the Employment Period, if any (such higher amount being referred to as the “Highest Annual Bonus”) and (y) a fraction, the numerator of which is the number of days in the current fiscal year through the Date of Termination, and the denominator of which is 365, in each case to the extent not theretofore paid (the sum of the amounts described in clauses (1) and (2) shall be hereinafter referred to as the “Accrued Obligations”); and
(ii) the amount equal to the sum of (x) the Executive’s Annual Base Salary and (y) the Highest Annual Bonus; and
(iii) for three years the period from Executive’s Date of Termination through December 31 of the second calendar year following the calendar year of Executive’s Date of Termination after the Executive’s Date of Termination, or such longer period as may be provided by the terms of the appropriate plan, program, practice or policy, or by Code Section 4980B(f)(2), the Company shall continue benefits to the Executive and/or the Executive’s family at least equal to those which would have been provided to them in accordance with the plans, programs, practices and policies described in Section 4(b)(iv) of this Agreement if the Executive’s employment had not been terminated or, if more favorable to the Executive, as in effect generally at any time thereafter with respect to other peer executives of the Company and its affiliated companies and their families, provided, however, that if the Executive becomes reemployed with another employer and is eligible to receive medical or other welfare benefits under another employer provided plan, the medical and other welfare benefits described herein shall be secondary to those provided under such other plan during such applicable period of eligibility. For purposes of determining eligibility (but not the time of commencement of benefits) of the Executive for retiree benefits pursuant to such plans, practices, programs and policies, the Executive shall be considered to have remained employed until 3 years after the Date of Termination and to have retired on the last day of such period; and
(iv) to the extent not theretofore paid or provided, the Company shall timely pay or provide to the Executive any other amounts or benefits required to be paid or provided or which the Executive is eligible to receive under any plan, program, policy or practice or contract or agreement of the Company and its affiliated companies (such other amounts and benefits shall be hereinafter referred to as the “Other Benefits”).
Appears in 1 contract
Samples: Change of Control Employment Agreement (Landamerica Financial Group Inc)
During the Window Period. If, during the Employment Period, the Executive shall terminate employment without any reason during the Window Period:
(i) the Company shall pay to the Executive in a lump sum in cash within 30 days after the Date of Termination the sum of (1) the Executive’s 's Annual Base Salary through the Date of Termination to the extent not theretofore paid and (2) the product of (x) the higher of (I) the Recent Annual Bonus and (II) the Annual Bonus paid or payable, including any bonus or portion thereof which has been earned but deferred (and annualized for any fiscal year consisting of less than twelve full months or during which the Executive was employed for less than 12 twelve full months), for the most recently completed fiscal year during the Employment Period, if any (such higher amount being referred to as the “"Highest Annual Bonus”") and (y) a fraction, the numerator of which is the number of days in the current fiscal year through the Date of Termination, and the denominator of which is 365, in each case to the extent not theretofore paid (the sum of the amounts described in clauses (1) and (2) shall be hereinafter referred to as the “"Accrued Obligations”"); and
(ii) the amount equal to the product of (1) one- half and (2) the sum of (x) the Executive’s 's Annual Base Salary and (y) the Highest Annual Bonus; and
(iii) for three years after the Executive’s 's Date of Termination, or such longer period as may be provided by the terms of the appropriate plan, program, practice or policy, the Company shall continue benefits to the Executive and/or the Executive’s 's family at least equal to those which would have been provided to them in accordance with the plans, programs, practices and policies described in Section 4(b)(iv) of this Agreement if the Executive’s 's employment had not been terminated or, if more favorable to the Executive, as in effect generally at any time thereafter with respect to other peer executives of the Company and its affiliated companies and their families, provided, however, that if the Executive becomes reemployed with another employer and is eligible to receive medical or other welfare benefits under another employer provided plan, the medical and other welfare benefits described herein shall be secondary to those provided under such other plan during such applicable period of eligibility. For purposes of determining eligibility (but not the time of commencement of benefits) of the Executive for retiree benefits pursuant to such plans, practices, programs and policies, the Executive shall be considered to have remained employed until 3 three years after the Date of Termination and to have retired on the last day of such period; and
(iv) to the extent not theretofore paid or provided, the Company shall timely pay or provide to the Executive any other amounts or benefits required to be paid or provided or which the Executive is eligible to receive under any plan, program, policy or practice or contract or agreement of the Company and its affiliated companies (such other amounts and benefits shall be hereinafter referred to as the “"Other Benefits”").
Appears in 1 contract
Samples: Change of Control Employment Agreement (Hilb Rogal & Hamilton Co /Va/)
During the Window Period. If, during the Employment Period, the Executive shall terminate employment without any reason during the Window Period:
(i) the Company shall pay to the Executive in a lump sum in cash within 30 days after the Date of Termination Termination, except as provided in Section 6(f) of this Agreement, the aggregate of the following amounts:
(A) the sum of (1) the Executive’s Annual Base Salary through the Date of Termination to the extent not theretofore paid and (2) the product of (x) the higher of (I) the Recent Annual Bonus and (II) the Annual Bonus paid or payable, including any bonus or portion thereof which has been earned but deferred (and annualized for any fiscal year consisting of less than twelve full months or during which the Executive was employed for less than 12 full months), for the most recently completed fiscal year during the Employment Period, if any (such higher amount being referred to as the “Highest Annual Bonus”) and (y) a fraction, the numerator of which is the number of days in the current fiscal year through the Date of Termination, and the denominator of which is 365, in each case to the extent not theretofore paid (the amount described in clause (2) shall be referred to as the “Pro-Rata Bonus,” and the sum of the amounts described in clauses (1) and (2) shall be hereinafter referred to as the “Accrued Obligations”); and
(iiB) the amount equal to the sum of (x) the Executive’s Annual Base Salary and (y) the Highest Annual Bonus; and;
(iiiii) for three years after the Executive’s Date of Termination, or such longer period as may be provided by the terms of the appropriate plan, program, practice or policy, the Company shall continue benefits to the Executive and/or the Executive’s family at least equal to those which would have been provided to them in accordance with the plans, programs, practices and policies described in Section 4(b)(iv) of this Agreement if the Executive’s employment had not been terminated or, if more favorable to the Executive, as in effect generally at any time thereafter with respect to other peer executives of the Company and its affiliated companies and their familiesfamilies at a cost to the Executive no greater than the cost the Executive would have paid for such benefits if he had remained employed, provided, however, that (i) if continuation is not possible under the terms of the applicable plan, program, practice or policy, then the Company shall pay in cash in a lump sum within thirty (30) days following Executive’s Date of Termination, subject to Section 6(f) of this Agreement, an amount equal to the present value of the contributions the Company would have made thereunder on behalf of Executive and/or Executive’s family for the three years following the Executive’s Date of Termination, calculated using (a) Company contribution levels in effect on the Date of Termination and (b) a present value discount rate, equal to 120% of the Federal short-term rate (using monthly compounding) as defined in Section 1274(d) of the Code and as published for the month immediately preceding the month of payment; and (ii) if the Executive becomes reemployed with another employer and is eligible to receive medical or other welfare benefits under another employer provided plan, the medical and other welfare benefits described herein shall be secondary to those provided under such other plan during such applicable period of eligibility. For purposes of determining eligibility (but not the time of commencement of benefits) of the Executive for retiree benefits pursuant to such plans, practices, programs and policies, the Executive shall be considered to have remained employed until 3 three years after the Date of Termination and to have retired on the last day of such period. To the extent required by Code Section 409A, (i) a reimbursement made under this Section 6(a)(ii) shall occur on or before December 31 of the calendar year following the calendar year during which the applicable expense is incurred and (ii) no reimbursement or in-kind benefit provided under this Section 6(a)(ii) during one calendar year shall affect the expenses eligible for reimbursement or in-kind benefits provided during another calendar year (nor may the underlying rights be liquidated or exchanged for any other benefit); and
(iviii) to the extent not theretofore paid or provided, the Company shall timely pay or provide to the Executive any other amounts or benefits required to be paid or provided or which the Executive is eligible to receive under any written plan, program, policy or practice or contract or agreement of the Company and its affiliated companies (such other amounts and benefits shall be hereinafter referred to as the “Other Benefits”).
Appears in 1 contract
Samples: Change of Control Employment Agreement (Landamerica Financial Group Inc)
During the Window Period. If, during the Employment Period, the Executive shall terminate employment without any reason during the Window Period:
(i) the Company shall pay to the Executive in a lump sum in cash within 30 days after the Date of Termination Termination, except as provided in Section 6(f) of this Agreement, the sum of (1) the Executive’s Annual Base Salary through the Date of Termination to the extent not theretofore paid and (2) the product of (x) the higher of (I) the Recent Annual Bonus and (II) the Annual Bonus paid or payable, including any bonus or portion thereof which has been earned but deferred (and annualized for any fiscal year consisting of less than twelve full months or during which the Executive was employed for less than 12 twelve full months), for the most recently completed fiscal year during the Employment Period, if any (such higher amount being referred to as the “Highest Annual Bonus”) and (y) a fraction, the numerator of which is the number of days in the current fiscal year through the Date of Termination, and the denominator of which is 365, in each case to the extent not theretofore paid (the amount described in clause (2) shall be referred to as the “Pro-Rata Bonus,” and the sum of the amounts described in clauses (1) and (2) shall be hereinafter referred to as the “Accrued Obligations”); and
(ii) the amount equal to the product of (1) one-half and (2) the sum of (x) the Executive’s Annual Base Salary and (y) the Highest Annual Bonus; and
(iii) for three years after the Executive’s Date of Termination, or such longer period as may be provided by the terms of the appropriate plan, program, practice or policy, the Company shall continue benefits to the Executive and/or the Executive’s family at least equal to those which would have been provided to them in accordance with the plans, programs, practices and policies described in Section 4(b)(iv) of this Agreement if the Executive’s employment had not been terminated or, if more favorable to the Executive, as in effect generally at any time thereafter with respect to other peer executives of the Company and its affiliated companies and their families, provided, however, that if the Executive becomes reemployed with another employer and is eligible to receive medical or other welfare benefits under another employer provided plan, the medical and other welfare benefits described herein shall be secondary to those provided under such other plan during such applicable period of eligibility. Such benefits shall be provided in such a manner that they are excluded from the Executive’s income for federal income tax purposes and, if the Company reasonably determines that providing continued coverage under one or more of its health benefit plans contemplated by this Section 6(a)(iii) could be taxable to the Executive, the Company shall provide the medical benefits at the level required hereby through the purchase of individual insurance coverage at the Company’s sole expense. For purposes of determining eligibility (but not the time of commencement of benefits) of the Executive for retiree benefits pursuant to such plans, practices, programs and policies, the Executive shall be considered to have remained employed until 3 three years after the Date of Termination and to have retired on the last day of such period. To the extent required by Code Section 409A, (i) a reimbursement made under this Section 6(a)(iii) shall occur on or before December 31 of the calendar year following the calendar year during which the applicable expense is incurred and (ii) no reimbursement or in-kind benefit provided under this Section 6(a)(iii) during one calendar year shall affect the expenses eligible for reimbursement or in-kind benefits provided during another calendar year (nor may the underlying rights be liquidated or exchanged for any other benefit); and
(iv) to the extent not theretofore paid or provided, the Company shall timely pay or provide to the Executive any other amounts or benefits required to be paid or provided or which the Executive is eligible to receive under any plan, program, policy or practice or contract or agreement of the Company and its affiliated companies (such other amounts and benefits shall be hereinafter referred to as the “Other Benefits”).
Appears in 1 contract
Samples: Change of Control Employment Agreement (Hilb Rogal & Hobbs Co)