Executive's Benefits. (a) The Executive shall be entitled to participate in or receive benefits under any employee benefit plan or arrangement made available by the Company in the future to its officers and key management employees, subject to and on a basis consistent with the terms, conditions and overall administration of such plans and arrangements. Without in any way limiting the foregoing, such benefits shall include the following:
(i) The Company, in order to retain its valued employees, will establish a contributory Internal Revenue Code Section 401(k) plan by September 30, 1998. Contributions of the participating employees, including Executive, may be matched by contributions from the Company at the discretion of the Board of Directors of the Company.
(ii) Executive shall be entitled to all paid legal holidays made available by the Company to its employees, such holidays to include, without limitation, New Years Day, Memorial Day, Independence Day, Labor Day, Thanksgiving Day and Christmas Day.
(iii) In addition to such paid holidays, Executive shall be entitled to twenty-five (25) vacation days each calendar year, during which time Executive's compensation shall be paid in full. Vacation time not taken in the calendar year will be accumulated and added to the vacation time for subsequent years; provided, however, Executive shall not take vacations in excess of fifteen (15) consecutive business days without at least four (4) weeks' prior notice to the Chairman and Chief Executive Officer of the Company.
(iv) The Company shall provide Executive fully-paid insurance benefits as described in Exhibit B hereto.
(b) Nothing paid to the Executive under any plan or arrangement presently in effect or made available in the future shall be deemed to be in lieu of the annual salary payable to Executive pursuant to Section 3.02
Executive's Benefits. The Executive shall be eligible to participate in -------------------- the employee benefit plans and any executive compensation programs maintained by the Company that are applicable to other officers of the Company, including (without limitation) retirement plans, savings or profit-sharing plans, stock option, incentive or other bonus plans, life, disability, health, medical and hospital, accident and other insurance programs, paid vacations, and similar plans or programs that may exist, subject in each case to the generally applicable terms and conditions of the applicable plan or program in question. The following additional Executive benefits will be made available:
Executive's Benefits. The Executive shall be eligible to participate in the employee benefit plans and Executive compensation programs maintained by the Company applicable to other Executives of the Company, including (without limitation) retirement plans, savings or profit-sharing plans, stock option and employee stock purchase plans, incentive or other bonus plans, life, disability, health, medical and hospital, accident and other insurance programs, paid vacations, and similar plans or programs, subject in each case to the terms and conditions of the plan or program in question and to the sole determination of the Board of Directors, or any committee administering such plan or program. The Company agrees that Executive shall maintain and carry over to Company his current accrued vacation and sick time from his employment with Phoenix Technologies Ltd., and thereafter while being employed by Company earn vacation at a rate of 15 days per year provided Executive does not accrue a total of more than 40 days of vacation. After Executive has accrued 40 days of vacation, Executive shall no longer be eligible to earn further vacation until he uses some vacation, at which point Executive can again begin to accrue vacation up to the 40 day vacation cap. The following additional Executive benefits will be made available:
(a) EXCHANGE OF PHOENIX STOCK OPTIONS. Executive shall be able to participate in Company's option exchange plan, allowing Executive to exchange his vested and unvested Phoenix stock options for Company stock options at an exchange ratio of 1.862 Company stock options for each Phoenix stock option. The vesting schedule for all stock options exchanged under the plan will remain unchanged, generally over four years.
Executive's Benefits in Termination by Executive for “Good Reason” or by Company without “Cause” following Change in Control. If Executive terminates his active employment under his oral or written employment agreement with the Company for “Good Reason” following a Change in Control or the Company terminates his active employment under his oral or written employment agreement with the Company without Cause (as defined below) following a Change in Control:
Executive's Benefits. The Executive shall receive no more than one Benefit under the Plan. The Executive’s Pre-Retirement Death Benefit is as defined in Schedule A-1 and A-2 of Section 2 of this Plan Agreement. The Executive’s options as to the Form of Retirement Benefit are as set forth in Schedule B hereto. In Schedule B, the age column represents the age at which the Executive XXXXXX ENERGY Xxxxxx Executives’ Supplemental Benefit Plan (as amended and restated effective January 1, 2005) experiences death, Normal Retirement, Approved Early Retirement, or such other event which causes him or her to receive a benefit under the Plan (other than the economic benefit described in Section 2(c) of the Plan).
Executive's Benefits. The Executive shall be eligible to participate in the employee benefit plans and Executive compensation programs maintained by the Company applicable to other Executives of the Company, including (without limitation) retirement plans, savings or profit-sharing plans, stock option, incentive or other bonus plans, life, disability, health, medical and hospital, accident and other insurance programs, paid vacations, and similar plans or programs, subject in each case to the generally applicable terms and conditions of the applicable plan or program in question and to the sole determination of the Board or any committee administering such plan or program. The Board of Directors agrees that Executive shall while being employed by inSilicon Corporation earn vacation at a rate of 20 days per year provided Executive does not accrue a total of more than 40 days of vacation. After Executive has accrued 40 days of vacation, Executive shall no longer be eligible to earn further vacation until he uses some vacation, at which point Executive can again begin to accrue vacation up to the 40 day vacation cap. The following additional Executive benefits will be made available:
(a) STOCK OPTION GRANT. Executive shall, upon acceptance of his employment, be granted an option to purchase 185,000 shares of Company stock, at an exercise price to be determined by the Board of Directors, with a recommendation made to the Board that the price be set at the closing market price on his date of hire. The option will vest in accordance to Company's Option Plan, over a four-year period.
(b) BONUS ELIGIBILITY AND PAYMENT. The target amount of Executive's fiscal year 2001 bonus will be $55,500. Actual payments under the bonus plan will be based on application of the terms of the published Executive Bonus Plan.
Executive's Benefits. The Executive shall be eligible to participate in the employee benefit plans and Executive compensation programs maintained by the Company applicable to other Executives of the Company, including (without limitation) retirement plans, savings or profit-sharing plans, stock option and employee stock purchase plans, incentive or other bonus plans, life, disability, health, medical and hospital, accident and other insurance programs, paid vacations, and similar plans or programs, subject in each case to the terms and conditions of the plan or program in question and to the sole determination of the Board of Directors, or any committee administering such plan or program. The Company agrees that Executive, while being employed by Company, earn vacation at a rate of 15 days per year provided Executive does not accrue a total of more than 40 days of vacation. After Executive has accrued 40 days of vacation, Executive shall no longer be eligible to earn further vacation until he uses some vacation, at which point Executive can again begin to accrue vacation up to the 40 day vacation cap. The following additional Executive benefits will be made available:
Executive's Benefits. (a) The Executive shall receive no more than one Benefit under the Plan. The Executive’s Pre-Retirement Death Benefit is as defined in Schedules X-0, X-0, X-0 and A-4 of Section 2 of this Plan Agreement. The Executive’s options as to the Form of Retirement Benefit are as set forth in Schedule B hereto. In Schedule B, the age column represents the age at which the Executive experiences death, Normal Retirement, Approved Early Retirement, or such other event which causes him or her to receive a benefit under the Plan (other than the economic benefit described in Section 2(c) of the Plan).
(b) All premiums due on the Policy shall be paid by the Company. Prior to the Executive’s termination of employment, he or she shall have no obligation to pay any portion of the premiums due on the Policy or to reimburse the Company for any amount which is required to be included in the Executive’s income for Federal income tax purposes by reason of the “economic benefit” of the Policy provided by the Company to the Executive. However, unless waived by the Company in writing, if the Executive elects and has the Post-Retirement Death Benefit provided for in Section 6(c)(i) of the Plan in effect after his termination of employment, the Executive agrees to reimburse the Company by January 31 following the date of each premium payment prior to the Endorsement Termination Date in an amount such that for Federal income tax purposes the reimbursement for each year is equal to the amount which would, in the absence of this agreement, be required to be included in Executive’s income for Federal income tax purposes by reason of the “economic benefit” of the Policy provided by the Company to the Executive. If the Executive fails to so reimburse the Company within sixty (60) days of being advised in writing of the amount due (or by the January 31 due date, if later), the Company may terminate this Plan Agreement without further liability. The Company may agree in writing to waive the reimbursement requirement at any time.
(c) If the Executive remained employed by the Company until April 30, 2005, he or she shall thereupon have a right to an Approved Early Retirement at any time and the consent of the Administrative Committee thereto shall not be required, and the Company shall not adversely amend, modify or terminate the Plan as to the Executive without his written consent.
(d) Notwithstanding the regular provisions of the Plan requiring spousal consent to the designation of a Benefici...
Executive's Benefits. As consideration for the commitments and releases in this Agreement, Xxxxxxx will provide Executive with the following benefits to which Executive is not otherwise entitled. All payments will be less required deductions and tax withholdings.
Executive's Benefits
