Failure to Extend Agreement. In the event that this Agreement has not been extended or renewed by mutual agreement at the end of its term on December 31, 2002 and the employment of Executive continues, then the following shall apply:
Failure to Extend Agreement. (a) Following December 31, 2008, if the Company fails to extend Executive's employment for any reason other than for Cause, in which case Paragraph 6.2 (relating to termination for Cause) shall apply, or if the Company and Executive, after good faith negotiations have not mutually agreed to the essential terms of, and entered into a new employment agreement prior to March 31, 2009, Executive's employment shall terminate on April 1, 2009. Upon the termination of Executive's employment pursuant to this Section, the Company shall pay Executive severance consisting of the sum of: (i) Executive's then current annual Base Compensation; (ii) Executive's then current annual target Bonus; and (iii) Executive's then current Long Term Incentive Compensation target award. The severance shall be paid in 12 equal monthly installments following such termination. The Company shall also pay Executive within 30 days of his termination: (i) any unpaid base salary and current year's target Bonus and long-term incentive compensation award, prorated to the date of termination; (ii) any previous year's earned but not paid Bonus; and (iii) unpaid cash entitlements earned and accrued pursuant to the terms of the applicable Company plan or program prior to the date of termination. In the event of any termination of or failure to extend employment as described in this Section 6.5, Executive agrees to continue to be bound by the covenants set forth herein at Sections 7 through 13 subsequent to the date of such termination for such periods of time as provided for in said Sections respectively. In addition, Executive shall continue to participate in such health insurance plans in which he was enrolled at the time his employment ends throughout the term of the payments set forth in this Section 6.5(a), as if he were still employed by the Company, said participation in any case to run concurrently with any period of COBRA coverage to which Executive may be entitled.
Failure to Extend Agreement. If prior to December 31, 2008 the Company offers to Executive in writing an extension of the period of Executive’s employment under this Agreement or a new agreement in principle with Executive to apply to a term commencing January 1, 2009 but the Company and Executive have not mutually agreed to the terms of or entered into a new employment agreement by March 31, 2009, then: (a) Executive’s employment shall terminate on April 1, 2009 and the Company’s obligations to Executive for any period thereafter shall be the same as they would have been, and Executive shall receive the same payments and other benefits that he would have received, had the Company terminated his employment pursuant to Section 6.3 (but not including any additional payment with respect to stock options or equivalent (SARs paid in stock) pursuant to subsection 6.3(a)(iv)); and (b) Executive’s employment from the period after December 31, 2008 and until March 31, 2009 shall constitute an employment at will from month to month, and during said period Executive shall receive: (i) a base salary during such period of employment at the annual rate of 400% of his annual Base Compensation hereunder as of December 31, 2008; (ii) the terms of this Agreement that governed Executive’s other benefits and perquisites prior to January 1, 2009 will continue to apply, and will be additional to Executive’s salary as specified in subset (i) above; and (iii) Executive shall be entitled to payment with respect to the annual Bonus for calendar year 2008, and stock option or equivalent (SARs paid in stock) awards for the performance period ending December 31, 2008 to the extent provided by this Agreement, but Executive will not be entitled to an annual Bonus, or stock option or equivalent (SARs paid in stock) awards or any other incentive compensation award for performance periods beginning after December 31, 2008. If the Company does not make such written offer to Executive on or before December 31, 2008, then Executive’s employment shall terminate on December 31, 2008 and Executive shall receive all amounts and benefits set forth in Section 6.3.
Failure to Extend Agreement. (a) In the event that the Savings Bank fails to renew the term of this Agreement (see Paragraph 1 above), and upon the subsequent termination of CEO's full-time employment hereunder by the Savings Bank for any reason other than disability or retirement, death or Termination for Cause as defined in Section 8.3 hereof, the Savings Bank shall pay CEO, as severance pay or liquidated damages, or both, a sum equal to the sum of (i) the Base Salary from the date of termination and ending thirty-six months thereafter and (ii) the highest rate of bonus awarded to the CEO during the prior three years. At the election of the CEO, which election is to be made on an annual basis during the month of January, and which election is irrevocable for the year in which made and upon the occurrence of an Event of Termination, any payments shall be made in a lump sum or paid monthly during the remaining term of this Agreement following the CEO's termination. In the event that no election is made, payment to the CEO will be made on a monthly basis during the remaining term of this Agreement. Such payments shall not be reduced in the event the CEO obtains other employment following termination of employment. At the minimum, the Savings Bank shall pay CEO not less than the Base Salary for the period of one year. In addition, the provisions of Paragraphs 8.1.2 (c) and 8.1.2 (d) shall apply.
Failure to Extend Agreement. (a) Following December 31, 2005, if the Company terminates Executive's employment for any reason other than for cause, in which case Paragraph 6.2 (relating to termination for cause) shall apply, or if the Company and Executive, after good faith negotiations have not mutually agreed to the terms of, and entered into a new agreement prior to March 31, 2006, Executive's employment shall terminate on April 1, 2006. Upon the termination of Executive's employment pursuant to this section, the Company shall pay Executive severance consisting of: (i) Executive's then current annual base compensation; (ii) Executive's then current annual target Bonus; and (iii) Executive's then current Long Term Incentive Compensation target award. The severance shall be paid in 12 equal monthly installments following such termination. The Company shall also pay Executive within 30 days of his termination his (i) unpaid base salary and current year's target Bonus and long-term incentive compensation award, prorated to
Failure to Extend Agreement. (a) Following December 31, 2005, if the Company terminates Executive’s employment for any reason other than for Cause (in the case of a termination for Cause, subsection 6.2 shall apply), or if the Company and Executive have not mutually agreed to the terms of, and entered into a new agreement prior to March 31, 2006, Executive’s employment shall terminate on April 1, 2006 and the Company’s obligations shall be the same as they would have been, and Executive shall receive the same payments and other benefits that he would have received, had the Company terminated his employment pursuant to subsection 6.3 (but not including any additional payment with respect to Stock Options pursuant to subsection 6.3(a)(iv)).
Failure to Extend Agreement. (a) Following December 31, 2005, if the Company terminates Executive’s employment for any reason other than for cause, in which case Paragraph 6.2 (relating to termination for cause) shall apply, or if the Company and Executive, after good faith negotiations have not mutually agreed to the terms of, and entered into a new agreement prior to March 31, 2006, Executive’s employment shall terminate on April 1, 2006. Upon the termination of Executive’s employment pursuant to this section, the Company shall pay Executive severance consisting of: (i) Executive’s then current annual base compensation; and (ii) Executive’s then current annual target Bonus. The severance shall be paid in 12 equal monthly installments following such termination. The Company shall also pay Executive within 30 days of his termination his (i) unpaid base salary and current year’s target Bonus and long-term incentive cash award, prorated to the date of termination; (ii) any previous year’s earned but not paid Bonus; and (iii) unpaid cash entitlements earned and accrued pursuant to the terms of the applicable Company plan or program prior to the date of termination. Executive shall be bound by the covenants set forth herein effective as of the termination date. In addition, Executive shall continue to participate in such health insurance plans in which he is enrolled throughout the term of the payments set forth in this Section 6.5(a), as if he were still employed by the Company, said participation to run concurrently with any period of COBRA coverage to which Executive may be entitled.
Failure to Extend Agreement. (a) Following July 31, 2004, if the Company terminates Executive's employment for any reason other than for cause (in the case of a termination for cause, subsection 6.2 shall apply), or if the Company and Executive, after good faith negotiations, have not mutually agreed to the terms of, and entered into a new agreement prior to July 31, 2004, Executive's employment shall terminate on July 31, 2004 (or such later date as provided at subsection 6.5(b)). Upon the termination of Executive's employment pursuant to this subsection 6.5(a), the Company shall pay Executive severance consisting of: (i) one-half of Executive's then current annual Base Compensation; and (ii) one-half of Executive's then current annual CNA Financial Corporation 2000 Incentive Compensation Plan target bonus. The severance shall be paid in six equal monthly installments following such termination. In addition, the special stock grants described in subsection 3(c) and all subsequent stock option grants shall vest as provided for in the Addendum. The Company shall also pay the Executive within 30 days of his termination his Accrued Obligations. In addition, Executive shall continue to participate in such health insurance plans in which he is enrolled for twelve (12) months after the date of his termination, as if he were still employed by the Company, said participation to run concurrently with any period of COBRA coverage to which Executive may be entitled.
Failure to Extend Agreement. (a) On or before June 30, 2005, the Company may offer to Executive in writing an extension of the period of Executive’s employment under this Agreement or a new agreement in principle with Executive, in either case having a term of employment commencing January 1, 2006 and on terms no less favorable to Executive than the terms in effect immediately prior to such offer (“Offer”). If the Offer is accepted by Executive, the applicable dates under this subsection 6.5 shall be adjusted in accordance with the term of such extension or, if a new Agreement, such new Agreement shall govern such new term of employment. If the Company does not make an Offer to Executive on or before June 30, 2005, then Executive’s employment shall terminate on December 31, 2005 and Executive shall receive all amounts and benefits set forth in subsection 6.3(a).
Failure to Extend Agreement. The Company gives notice of its intent not to extend the Change of Control Period as provided in Section 1(b) hereof.
