Common use of Entitlement to Severance Benefits Clause in Contracts

Entitlement to Severance Benefits. If Executive's employment terminates due to an Involuntary Termination or a Constructive Termination within twenty- four (24) months following a Change in Control, the termination of employment will be a Covered Termination and the Company shall pay Executive the compensation and benefits described in this Article II. If Executive's employment terminates, but not due to an Involuntary Termination or a Constructive Termination within twenty-four (24) months following a Change in Control, or for any reason prior to a Change in Control or after twenty-four (24) months or more following a Change in Control, then the termination of employment will not be a Covered Termination and Executive will not be entitled to receive any payments or benefits under this Article II. Payment of any benefits described in this Article II shall be subject to the restrictions and limitations set forth in Article III.

Appears in 1 contract

Samples: Executive Change in Control Severance Benefits Agreement (Silicon Valley Bancshares)

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Entitlement to Severance Benefits. If Executive's employment terminates due to an Involuntary Termination or a Constructive Voluntary Termination for Good Reason within twenty- twenty-four (24) months following a Change in of Control, the termination of employment will be a Covered Termination and the Company shall pay Executive the compensation and benefits described in this Article II. If Executive's employment terminates, but not due to an Involuntary Termination or a Constructive Voluntary Termination for Good Reason within twenty-four (24) months following a Change in Control, or for any reason prior to a Change in Control or after twenty-four (24) months or more following a Change in of Control, then the termination of employment will not be a Covered Termination and Executive will not be entitled to receive any payments or benefits under this Article II. Payment of any benefits described in this Article II shall be subject to the restrictions and limitations set forth in Article III.benefits

Appears in 1 contract

Samples: Change of Control Severance Benefits Agreement (Verilink Corp)

Entitlement to Severance Benefits. If Executive's employment terminates due to an Involuntary Termination or a Constructive Termination within twenty- twenty-four (24) months following a Change in Control, the termination of employment will be a Covered Termination and the Company shall pay Executive the compensation and benefits described in this Article II. If Executive's employment terminates, terminates (i) but not due to an Involuntary Termination or a Constructive Termination within twenty-four (24) months following a Change in Control, or (ii) for any reason prior to a Change in Control or (iii) after twenty-four (24) months or more following a Change in Control, then the termination of employment will not NOT be a Covered Termination and Executive will not NOT be entitled to receive any payments or benefits under this Article II. Payment of any benefits described in this Article II shall be subject to the restrictions and limitations set forth in Article III.

Appears in 1 contract

Samples: Executive Change in Control Severance Benefits Agreement (Silicon Valley Bancshares)

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Entitlement to Severance Benefits. If Executive's employment terminates due to an Involuntary Termination or a Constructive Voluntary Termination for Good Reason within twenty- twenty-four (24) months following a Change in Control, the termination of employment will be a Covered Termination and the Company shall pay Executive the compensation and benefits described in this Article II. If Executive's employment terminates, but not due to an Involuntary Termination or a Constructive Voluntary Termination for Good Reason within twenty-four (24) months following a Change in Control, or for any reason prior to a Change in Control or after twenty-four (24) months or more following a Change in Control, then the termination of employment will not be a Covered Termination and Executive will not be entitled to receive any payments or benefits under this Article II. Payment of any benefits described in this Article II shall be subject to the restrictions and limitations set forth in Article III.

Appears in 1 contract

Samples: Executive Change in Control Severance Benefits Agreement (Vlsi Technology Inc)

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