Executive Severance Benefit Plan Sample Clauses

Executive Severance Benefit Plan. Employee is eligible to participate in the LipoScience, Inc. Executive Severance Benefit Plan (the “Severance Plan”), subject to the terms and conditions of such plan.
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Executive Severance Benefit Plan. Executive acknowledges and agrees that he is not an “Eligible Employee” under the Company’s Executive Severance Benefit Plan. Upon a termination of employment, Executive’s rights to receive any severance pay or post-termination benefit continuation will be only as set forth in this Agreement and as otherwise required by applicable law.
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Executive Severance Benefit Plan. You agree that the benefits set forth in this Agreement replace in their entirety any benefits you may now or in the future be entitled to under the Company’s Executive Severance Benefits Plan established effective January 6, 2012 (the “Severance Plan”), and you waive all rights thereunder.
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Executive Severance Benefit Plan. Executive acknowledges and agrees that he is not an “Eligible Employee” under the Company’s Executive Severance Benefit Plan.
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Executive Severance Benefit Plan. You acknowledge and agree that you are not entitled to any severance benefits in connection with your employment resignation, and that the benefits set forth in this Agreement replace in their entirety any benefits you may now or in the future be eligible for or entitled to under the Company’s Executive Severance Benefits Plan established effective January 6, 2012 and amended as of February 18, 2020 (the “Severance Plan”), and you waive all rights thereunder as of the date you sign this Agreement.
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Executive Severance Benefit Plan. The Agreement gives the Employee an election between the cash severance payments under the Company’s Executive Severance Benefit Plan and the cash severance provisions of the Agreement. Because choices between severance payment schedules violate Section 409A, notwithstanding any contrary provision of the Agreement or the Executive Severance Benefit Plan, the Employee shall not have the option of electing a cash payment under the Executive Severance Benefit Plan and will cease to participate in such plan effective December 31, 2008 if he has not already ceased participation prior to that date.
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Executive Severance Benefit Plan. As a senior leader of the XL Group you will be eligible to participate in the XL Group plc Executive Severance Benefit Plan (the “Severance Plan”) on condition that you enter into and comply with the restrictive covenants contained in Clause 15 of this Employment Contract. For the avoidance of doubt, when calculating any payment due under the Severance Plan credit will be given for pay and benefits received while on garden leave in accordance with clause 5 of this Employment Contract. A copy of the Severance Plan is attached at Annex 1 to this Employment Contract. This Employment Contract and the restrictive covenants and confidentiality provisions in clauses 12 and 15 shall serve as a “Participation Agreement” as provided for uner the Severance Plan. The Company acknowledges and agrees that subject to the Executive Vice President, Human Resources, receiving the Employment Contract, signed by you, and executing it on behalf of the Company, upon the commencement of your employment you will become a participant in the Severance Plan, and will be covered by and subject to all of the Severance Plan's provisions. Should the Company in its discretion terminate the Severance Plan prior to the date of your termination of employment without establishing a successor plan, you will no longer be a participant in the Page 4 / 4 Severance Plan and the restrictions set forth in clause 15 of this Employment Contract shall cease to be effective as of the date the Severance Plan terminates.
Sample 1
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Executive Severance Benefit Plan. You may be eligible to receive certain severance benefits from the Company following the Separation Date, based on the termination of your employment, under the Severance Plan. The Company will determine your eligibility for such benefits under the terms and conditions of the Severance Plan, and agrees, as part of this Agreement, to waive the requirement that you must be subject to a “separation from service” (as defined for purposes of Section 409A) prior to receipt of the severance benefits. To the extent that you are so eligible, you will be required to comply with all requirements for receipt of severance benefits under the Severance Plan, including the requirement of executing a general waiver and release as provided under Section 5(a) of the Severance Plan. In addition, you agree, as part of this Agreement and in exchange for the benefits that you will receive hereunder (including but not limited to the Company’s waiver of the “separation from service” requirement and the potential continuation of vesting of your Awards), that you are not eligible to, and will not, receive the six (6) month period of extended exercisability of any Awards that are stock options under the Severance Plan. You acknowledge and agree that, except for any benefits to which you may be entitled under the Severance Plan, you have no entitlement to severance benefits in connection with the termination of your employment on the Separation Date or otherwise.
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Related to Executive Severance Benefit Plan

  • Change in Control Severance Benefits If there is a Change in Control, and within one (1) year of such Change in Control, the Executive’s employment is terminated under the circumstances described in Sections 4(a) through 4(f) above, the Executive shall be entitled to the following: (I) if such termination is a termination by the Company without Cause pursuant to Section 4(a) or the Executive resigns for Good Reason pursuant to Section 4(b), the Company shall pay the Executive the Accrued Obligations and, in addition, subject to the provisions of Section 19, (A) an amount equal to twenty-four (24) months of the Executive’s Base Salary at the rate in effect on the date of termination or resignation, payable in a lump sum within sixty (60) calendar days of the date of termination or resignation; and (B) provided the Executive timely elects continuation coverage under COBRA, the Company shall also pay, on the Executive’s behalf, the portion of monthly premiums for the Executive’s group health insurance, including coverage for the Executive’s dependents, that the Company paid immediately prior to the date of termination or resignation, during the eighteen (18) month period following the date of termination or resignation, subject to the Executive’s continued eligibility for COBRA coverage. The Company will pay for such COBRA coverage for eligible dependents only for those dependents who were enrolled immediately prior to the date of termination or resignation. The Executive will continue to be required to pay that portion of the premium for the Executive’s health coverage, including coverage for the Executive’s eligible dependents, that the Executive was required to pay as an active employee immediately prior to the date of termination or resignation. Notwithstanding the foregoing, in the event that under applicable guidance the reimbursement of COBRA premiums causes the Company’s group health plan to violate any applicable nondiscrimination rule, the parties agree to negotiate in good faith a mutually agreeable alternative arrangement; and (II) if such termination is a termination or resignation under the circumstances described in Sections 4(c), 4(d), 4(e) or 4(f), the Executive shall be entitled to the compensation and benefits for which the Executive is eligible under such sections.

  • Severance Pay In the event that your employment is terminated by the Company, except for “Cause” as defined below, you will be eligible to receive the following:

  • Severance Benefits To the extent that Employee shall be entitled to receive Severance Benefits pursuant to Section 4(d) or 4(e) hereof, Company and Employee agree that the following shall apply: (i) "Severance Benefits" shall mean: (A) a continuation of Employee's then effective salary as payable pursuant to Section 3(a) hereof during the Severance Period (as defined below); (B) payment of any bonus payable to Employee pursuant to Section 3(c) hereof, calculated based on the full Company bonus payable thereunder (subject to attainment by Company of any objective financial or performance standards applicable to Company) and prorated for any period during the Severance Period that is less than the full twelve (12) month period in which such bonus would be earned; (C) immediate vesting and payment of any Option Payments; and (D) continuation during the Severance Period of any medical/dental care coverage (or the reasonable equivalent thereof) which Employee is receiving as of the date of termination of the Period of Employment, provided that such insurance coverage shall terminate prior to the expiration of the Severance Period as of the first date that Employee is covered under another employer's health benefit program which provides substantially the same level of benefits without exclusion for pre-existing medical conditions. Such coverage shall be in lieu of any other continued health care coverage to which Employee or his dependents would otherwise be entitled in accordance with the requirements of the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended ("COBRA"), by reason of Employee's termination of employment. (ii) "Severance Period" shall mean a period of twenty-four (24) months following the termination of the Period of Employment pursuant to Section 4(d) or 4(e) hereof. (iii) Company shall be entitled to a credit for any amounts paid pursuant to Part One, Paragraph 1 of the Change of Control Agreement for any amounts payable pursuant to Paragraph (i)(A) and (i)(B) above as part of any Severance Benefits payable hereunder. (iv) Except as provided in Section 6 below, the Severance Benefits shall be received by Employee in lieu of any other right Employee may have under applicable law, Company or Parent policies or plans or otherwise with respect to any payments or compensation in connection with the termination of Employee's employment with Company. (v) Employee agrees that payment of the Severance Benefits may, in the discretion of the Company, be subject to the prior execution by the Employee of a release of claims in a form provided by the Company prior to any such payment and that payment of the Severance Benefits shall be consideration for such release. (g)

  • Exclusive Severance Benefits The Severance Benefits payable under Section 6.4(a) or the Change of Control Benefits payable under Section 6.4(b), if they become applicable under the terms of this Agreement, will be in lieu of any other severance or similar benefits that would otherwise be payable under any other agreement, plan, program or policy of the Company.

  • Severance Pay and Benefits Upon Termination by the Company without Cause or by the Executive for

  • Termination of Employment and Severance Benefits The Executive’s employment hereunder shall terminate under the following circumstances:

  • Executive Benefit Plans The Executive will be eligible to participate in any executive benefit plans offered by the Company including, without limitation, medical, dental, short-term and long-term disability, life, pension, profit sharing and nonqualified deferred compensation arrangements, as the Board may determine in its discretion. The Company reserves the right to modify, suspend or discontinue any and all of the plans, practices, policies and programs at any time without recourse by the Executive, so long as the Company takes such action generally with respect to other similarly situated officers.

  • Cash Severance Benefits Severance equal to the amount set forth in the Participant’s Participation Agreement and payable in cash in a lump sum in accordance with the terms and conditions of this Plan, including without limitation Section 7 hereof.

  • Termination of Employment with Severance Benefits (a) The Executive shall be entitled to the severance benefits described in section 9(b) in the event that:

  • Change of Control Severance Benefits A Covered Termination of Executive’s employment on or within twelve (12) months following the effective date of a Change of Control entitles Executive to receive the benefits set forth in this Section 3.2.

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