Employment Protection Benefits Sample Clauses

Employment Protection Benefits. If, on or before the second anniversary of the Change of Control Date, (x) the Company terminates the Employee’s employment other than for death, for Disability (as defined below) or for Cause (as defined below) or (y) the Employee terminates his employment for Good Reason (as defined below), or such termination for any reason other than death, Disability or for Cause occurs in contemplation of a Change of Control which Change of Control does in fact occur (such termination within ninety (90) days prior to the Change of Control Date being presumed to be in contemplation of a Change of Control unless rebutted by evidence to the contrary). Upon Employee’s execution of a general release of claims in a form satisfactory to the Company, the Company shall pay to the Employee an amount (the “Severance Amount”) equal to the sum of (i) the Employee’s annual base salary, as then in effect prior to any reduction therein with respect to taxes, employee benefit plans or other mandatory or elective withholdings therefrom (the “Base Salary”), and (ii) the average of the annual bonuses paid to the Employee for each of the last two (2) fiscal years of the Company ending prior to the Change of Control Date, subject to Employee’s compliance with the restrictive provisions set forth in Sections 1(c) and 1(d) hereof. Such Severance Payments shall be paid in equal installments on the Company’s regularly scheduled paydays, net of any federal, state and local payroll taxes and other withholdings legally required or properly requested by Employee, in accordance with the Company’s regular payroll practices and procedures.
Sample 1
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Employment Protection Benefits. If, on or before the first anniversary of the Change of Control Date, (x) the Company terminates the Executive's employment other than due to Disability (as defined below) or for Cause (as defined below) or (y) the Executive terminates his employment for Good Reason (as defined below), the Company shall pay to the Executive a cash amount (the "Severance Amount") equal to two times the sum of (i) the Executive's annual Base Salary; and (ii) the highest bonus amount payable to the Executive in respect of either of the last two fiscal years of the Company ending immediately prior to the Change of Control Date. The Severance Amount shall be paid in a single lump sum as soon as practicable, but in no event more than 10 business days (or at such earlier date required by law), following the Executive's date of termination.
Sample 1
Employment Protection Benefits. If, on or before the first anniversary of the Change of Control Date, (x) the Company terminates the Executive's employment other than due to Disability (as defined below) or for Cause (as defined below) or (y) the Executive terminates his employment for Good Reason (as defined below), the Company shall pay to the Executive a cash amount (the "Severance Amount") equal to two times the sum of 2
Sample 1
Employment Protection Benefits. If, on or before the second anniversary of the Change of Control Date, (x) the Company terminates the Employee's employment other than for death, for Disability (as defined below) or for Cause (as defined below) or (y) the Employee terminates his employment for Good Reason (as defined below), or such termination for any reason other than death, Disability or for Cause occurs in contemplation of a Change of Control which Change of Control does in fact occur (such termination within ninety (90) days prior to the Change of Control Date being presumed to be in contemplation of a Change of Control unless rebutted by evidence to the contrary), the Company shall pay to the Employee an amount (the "Severance Amount") equal to the sum of (i) the Employee's annual base salary, as then in effect prior to any reduction therein with respect to taxes, employee benefit plans or other mandatory or elective withholdings therefrom (the "Base Salary"), and (ii) the average of the annual bonuses paid to the Employee for each of the last two fiscal years of the Company ending prior to the Change of Control Date subject to Employee's compliance with the restrictive provisions set forth in Section 1(c) hereof. Such Severance Payments shall be paid in equal installments on the Company's regularly scheduled paydays, net of any federal, state and local payroll taxes and other withholdings legally required or properly requested by Employee, in accordance with the Company's regular payroll practices and procedures.
Sample 1
Employment Protection Benefits 
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Related to Employment Protection Benefits

  • Employment Benefits In addition to the Salary payable to the Executive hereunder, the Executive shall be entitled to the following benefits:

  • Termination Benefits (a) If Executive’s employment is voluntarily (in accordance with Section 2(a) of this Agreement) or involuntarily terminated within two (2) years of a Change in Control, Executive shall receive:

  • Separation Benefits If this Agreement is terminated either by the Company without Cause in accordance with Section 6(c) (including the Company’s non-renewal of this Agreement) or by Employee resigning his employment for Good Reason in accordance with Section 6(d), the Company shall have no further obligation to Employee under this Agreement, except the Company shall provide the Accrued Obligations to Employee in accordance with Section 7(a) plus the following payments and benefits (collectively, the “Separation Benefits”) to Employee: (i) an amount equal to one times the sum of the Base Salary in effect immediately before the Termination Date plus the Annual Bonus received by Employee for the fiscal year preceding the Termination Date (or if Employee was employed for less than one full fiscal year prior to the Termination Date, the Annual Bonus for purposes of this Section 7 shall be the Annual Bonus payable during the current fiscal year at the target amount provided above) (together, the “Separation Pay”); and (ii) during the six-month period commencing on the Termination Date that Employee is eligible to elect and elects to continue coverage for himself and his eligible dependents under the Company’s group heath insurance plan pursuant to the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”), or similar state law, the Company shall reimburse Employee on a monthly basis for the difference between the amount Employee pays to effect and continue such coverage under COBRA and the employee contribution amount that active employees of the Company pay for the same or similar coverage; provided, however, that Employee shall notify the Company in writing within five days after he becomes eligible after the Termination Date for group health insurance coverage, if any, through subsequent employment or otherwise and the Company shall have no further reimbursement obligation after Employee becomes eligible for group health insurance coverage due to subsequent employment or otherwise. The Separation Pay shall be paid to Employee in a lump sum within 60 days of the Termination Date; provided, however, that no Separation Pay shall be paid to Employee unless the Company receives, on or within 55 days after the Termination Date, an executed and fully effective copy of the Release (as defined below). Any COBRA reimbursements due under this Section shall be made by the last day of the month following the month in which the applicable premiums were paid by Employee. For the avoidance of doubt, Employee shall not be entitled to the Separation Benefits if this Agreement is terminated (i) due to Employee’s death; (ii) by the Company due to Employee’s Inability to Perform; (iii) by the Company for Cause; (iv) by Employee without Good Reason; or (v) by non-renewal by Employee in accordance with Sections 4(b) and 6(f).

  • Compensation Benefits In consideration of Executive's services hereunder, the Company shall provide Executive the following:

  • Relocation Benefits If the Executive moves his residence in order to pursue other business or employment opportunities during the Continuation Period and requests in writing that the Company provide relocation services, he will be reimbursed for any expenses incurred in that initial relocation (including taxes payable on the reimbursement) which are not reimbursed by another employer. Benefits under this provision will include assistance in selling the Executive's home and all other assistance and benefits which were customarily provided by the Company to transferred executives prior to the Change in Control.

  • Unemployment Benefits The Company will not oppose the Executive’s claim for unemployment insurance benefits.

  • Standard Benefits During the Employment Period, Executive shall be entitled to participate in all employee benefit plans and programs, including paid vacations, generally available to other similarly situated Company executives, subject to the terms and conditions of the applicable plans.

  • Health Benefits Provided that Executive elects continued coverage under federal COBRA law, the Company shall pay the premiums of Executive's group health insurance coverage, including coverage for Executive's eligible dependents, for a maximum period of eighteen (18) months following a Covered Termination; provided, however, that the Company shall pay premiums for Executive's eligible dependents only for coverage for which those eligible dependents were enrolled immediately prior to the Covered Termination. No premium payments will be made following the effective date of Executive's coverage by a health insurance plan of a subsequent employer. For the balance of the period that Executive is entitled to coverage under federal COBRA law, Executive shall be entitled to maintain such coverage at Executive's own expense.

  • Post-Termination Benefits If the Executive's employment shall be terminated for any reason following a Change in Control and during the Term, the Company shall pay to the Executive the Executive's normal post-termination compensation and benefits as such payments become due. Such post-termination compensation and benefits shall be determined under, and paid in accordance with, the Company's retirement, insurance and other compensation or benefit plans, programs and arrangements as in effect immediately prior to the Date of Termination or, if more favorable to the Executive, as in effect immediately prior to the occurrence of the first event or circumstance constituting Good Reason.

  • Vacation; Benefits During the Term, the Executive shall be eligible for 20 vacation days annually, which shall be accrued and used in accordance with the applicable policies of the Company. During the Term, the Executive shall be eligible to participate in such medical, dental and life insurance, retirement and other plans as the Company may have or establish from time to time on terms and conditions applicable to other senior executives of the Company generally. The foregoing, however, shall not be construed to require the Company to establish any such plans or to prevent the modification or termination of such plans once established.

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