Common use of Good Reason; Other Than for Cause or Disability Clause in Contracts

Good Reason; Other Than for Cause or Disability. If, at any time during the period beginning with the Effective Date and ending on the third anniversary of such date, the Company shall terminate the Executive’s employment other than for Cause, Disability or death, or if the Executive shall terminate his employment with the Company for Good Reason, the Company shall pay to the Executive in a lump sum in cash within 30 days after the Date of Termination a severance payment, the value of which is three times the Executive’s base amount of compensation (as defined in Section 280G(b)(3) of the Internal Revenue Code of 1986 (the “Code”)) including, but not limited to, such items as salary, bonus, fringe benefits, and deferred compensation, less one dollar ($1.00), subject, however, to Section 3(b) of this agreement.

Appears in 4 contracts

Samples: Executive Severance Agreement (Mercantile Bankshares Corp), Executive Severance Agreement (Mercantile Bankshares Corp), Executive Severance Agreement (Mercantile Bankshares Corp)

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Good Reason; Other Than for Cause or Disability. If, ----------------------------------------------- at any time during the period beginning with the Effective Date and ending on the third anniversary of such date, the Company shall terminate the Executive’s 's employment other than for Cause, Disability or death, or if the Executive shall terminate his employment with the Company for Good Reason, the Company shall pay to the Executive in a lump sum in cash within 30 days after the Date of Termination a severance payment, the value of which is three times the Executive’s 's base amount of compensation (as defined in Section 280G(b)(3) of the Internal Revenue Code of 1986 (the "Code")) including, but not limited to, such items as salary, bonus, fringe benefits, and deferred compensation, less one dollar ($1.00), subject, however, to Section 3(b) of this agreement.

Appears in 2 contracts

Samples: Executive Severance Agreement (Mercantile Bankshares Corp), Executive Severance Agreement (Mercantile Bankshares Corp)

Good Reason; Other Than for Cause or Disability. If, at any time during the period beginning with the Effective Date and ending on the third anniversary of such date, the Company shall terminate the Executive’s employment other than for Cause, Disability or death, or if the Executive shall terminate his her employment with the Company for Good Reason, the Company shall pay to the Executive in a lump sum in cash within 30 days after the Date of Termination a severance payment, the value of which is three times the Executive’s base amount of compensation (as defined in Section 280G(b)(3) of the Internal Revenue Code of 1986 (the “Code”)) including, but not limited to, such items as salary, bonus, fringe benefits, and deferred compensation, less one dollar ($1.00), subject, however, to Section 3(b) of this agreement.

Appears in 2 contracts

Samples: Executive Severance Agreement (Mercantile Bankshares Corp), Executive Severance Agreement (Mercantile Bankshares Corp)

Good Reason; Other Than for Cause or Disability. If, at any time ----------------------------------------------- during the period beginning with the Effective Date and ending on the third anniversary of such date, the Company shall terminate the Executive’s 's employment other than for Cause, Disability or death, or if the Executive shall terminate his employment with the Company for Good Reason, the Company shall pay to the Executive in a lump sum in cash within 30 days after the Date of Termination a severance payment, the value of which is three times the Executive’s 's base amount of compensation (as defined in Section 280G(b)(3) of the Internal Revenue Code of 1986 (the "Code")) including, but not limited to, such items as salary, bonus, fringe benefits, and deferred compensation, less one dollar ($1.00), subject, however, to Section 3(b) of this agreement.

Appears in 1 contract

Samples: Executive Severance Agreement (Mercantile Bankshares Corp)

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Good Reason; Other Than for Cause or Disability. If, at any time during the period beginning with the Effective Date and ending on the third anniversary of such date, the Company shall terminate the Executive’s 's employment other than for Cause, Disability or death, or if the Executive shall terminate his employment with the Company for Good Reason, the Company shall pay to the Executive in a lump sum in cash within 30 days after the Date of Termination a severance payment, the value of which is three times the Executive’s 's base amount of compensation (as defined in Section 280G(b)(3) of the Internal Revenue Code of 1986 (the "Code")) including, but not limited to, such items as salary, bonus, fringe benefits, and deferred compensation, less one dollar ($1.00), subject, however, to Section 3(b) of this agreement.

Appears in 1 contract

Samples: Executive Severance Agreement (Mercantile Bankshares Corp)

Good Reason; Other Than for Cause or Disability. If, at any time during the period beginning with the Effective Date and ending on the third anniversary of such date, the Company shall terminate the Executive’s employment other than for Cause, Disability or death, or if the Executive shall terminate his employment with the Company for Good Reason, the Company shall pay to the Executive in a lump sum in cash within 30 days after the Date of Termination a severance payment, the value of which is three times the Executive’s base amount of compensation (as defined in Section 280G(b)(3) of the Internal Revenue Code of 1986 (the “Code”)) or any successor provision) including, but not limited to, such items as salary, bonus, fringe benefits, and deferred compensation, less one dollar ($1.00), subject, however, to Section 3(b) of this agreement.

Appears in 1 contract

Samples: Executive Severance Agreement (Mercantile Bankshares Corp)

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