Executive Severance Agreement Sample Clauses
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Executive Severance Agreement. If Optionee has executed an Executive Severance Agreement with the Company, the Option will be Vested in accordance with the terms of the Executive Severance Agreement if Optionee becomes entitled to the receipt of "Severance Benefits," as set forth in that Executive Severance Agreement and sixteen (16) days have passed following the execution of a standard form of "Waiver & Release" of claims and compliance with the "Conditions" by Optionee as set forth in the Company's standard Executive Severance Agreement.
Executive Severance Agreement. (a) The parties intend and agree to modify the cash payment provision of paragraph 4 of the Employment Agreement between Executive and the Company, dated October 19, 1997 (the "First Agreement") as follows: Eight days after the execution of this Agreement, Executive shall receive a lump sum payment in the amount of [$2.1] million, less taxes and deductions required by law to be withheld. Such payment shall fully satisfy the company's obligation with respect to the payment of cash (salary and bonus) detailed in paragraph 4 of the First Agreement.
(b) It is the parties' intent not to modify in any way the stock acceleration provision in paragraph 4 of the First Agreement. Accordingly, upon the termination of Executive's employment at the end of the Employment Period, for any reason, all of the unvested options held by Executive on the date of such termination that would have vested over the succeeding twenty-four month period shall immediately vest and become exercisable in full. However, should a Change in Control (as defined in the First Agreement) occur during the Employment Period, the stock acceleration provision of paragraph 4 of the First Agreement shall not apply. Instead, and in accordance with the First Agreement, all of
Executive Severance Agreement. “Executive Severance Agreement” means the Executive Severance Agreement between the Company and Executive dated as of even date herewith.
Executive Severance Agreement. The Executive Severance Agreement entered into between the Company and the Executive as of February 3, 1999.
Executive Severance Agreement. The Employer and the Executive hereby terminate the Severance Agreement in accordance with its terms.
Executive Severance Agreement. Executive shall be entitled to a change in control benefit with Covalent the terms of which are set forth on Exhibit C.
Executive Severance Agreement. Simultaneous with the execution of this Agreement, and as a condition of the Executive’s willingness to agree to the restrictions described herein, the Company and the Executive are executing an Executive Severance Agreement that provides certain protections to the Executive.
Executive Severance Agreement. The Parties agree that the terms of this Agreement substantially comply with the requirements of the Executive Severance Agreement, and the Executive Severance Agreement will no longer be of independent force and effect. Neither Party will have any further obligations thereunder; except that, if a change of control of the Company occurs after the date hereof, nothing herein is intended to waive any additional amount that could be payable to Employee under the terms of the Executive Severance Agreement, to the extent such additional amount arises out of a change of control of the Company.
Executive Severance Agreement. In the event Benninger receives any cash ▇▇▇▇▇▇▇▇ under that certain Executive Severance Agreement dated December 15, 1982 between Valero and Benninger, Valero shall be ▇▇▇▇▇▇▇▇ to credit any cash payments that are made to Benninger pursuant to his E▇▇▇▇▇▇▇▇ Severance Agreement against any cash payments that it is obligated to make under this Agreement. Valero agrees that if remuneration or benefits of any form paid to Benninger by Valero during ▇▇ ▇▇▇▇▇ his employment with Valero are excess parachute payments as defined in Section 280G of the Internal Revenue Code of 1986, as amended ("Code"), and are subject to the 20% excise tax imposed by Section 4999 of the Code, Valero shall pay Benninger a bonus no later ▇▇▇▇ ▇▇▇▇n days prior to the earliest of the due date for the excise tax return or initial estimated payment, in an amount equal to the excise tax payable as a result of the excess parachute payment and any additional federal income taxes (including any additional excise taxes) payable by him as a result of the bonus, assuming that he will be subject to federal income taxes at the highest individual marginal rate. It is the intention of the Parties that the bonus be "grossed up" so that the bonus contains sufficient funds to pay the excise and all additional federal income taxes due as a result of the bonus payment so that Benninger will suffer no de▇▇▇▇▇▇▇ ▇rom the excise tax payable as a result of the excess golden parachute payments.
Executive Severance Agreement. Employer and Employee have entered into an Executive Severance Agreement of even date herewith, the terms of which are incorporated herein. Anything in this Agreement or in the Executive Severance Agreement to the contrary notwithstanding, any payments made or benefits provided under the Executive Severance Agreement shall mitigate any payments or benefits required to be provided under this Agreement and any payment made or benefits provided under this Agreement shall mitigate any payments or benefits required to be provided under the Executive Severance Agreement.