Common use of Non-Change of Control Severance Benefit Clause in Contracts

Non-Change of Control Severance Benefit. (a) Subject to the following provisions of this Section, the Employing Companies shall provide the Executive with the payments and benefits set forth in this Section, if during the Term and before the occurrence of a Change of Control, either (i) the Employing Companies Terminate the Executive’s Employment (other than a termination for Unacceptable Performance, Disability, or death pursuant to Section 10), or (ii) the Executive voluntarily Terminates his/her Employment for Good Reason pursuant to Section 11. Notwithstanding the preceding provisions of this Subsection, the Executive shall not be entitled to benefits pursuant to this Section if he/she is entitled to benefits pursuant to Section 8. Any amount payable to the Executive pursuant to this Section is in addition to amounts already owed to the Executive by the Employing Companies and is in consideration of the covenants set forth in this Agreement and/or the Release.

Appears in 4 contracts

Samples: Employment Agreement (Old National Bancorp /In/), Employment Agreement (Old National Bancorp /In/), Employment Agreement (Old National Bancorp /In/)

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Non-Change of Control Severance Benefit. (a) Subject a)Subject to the following provisions of this Section, the Employing Companies shall provide the Executive with the payments and benefits set forth in this Section, if during the Term and before the occurrence of a Change of Control, either (i) the Employing Companies Terminate the Executive’s 's Employment (other than a termination for Unacceptable Performance, Disability, or death pursuant to Section 10), or (ii) the Executive voluntarily Terminates his/her Employment for Good Reason pursuant to Section 11. Notwithstanding the preceding provisions of this Subsection, the Executive shall not be entitled to benefits pursuant to this Section if he/she is entitled to benefits pursuant to Section 8. Any amount payable to the Executive pursuant to this Section is in addition to amounts already owed to the Executive by the Employing Companies and is in consideration of the covenants set forth in this Agreement and/or the Release.

Appears in 2 contracts

Samples: Employment Agreement (Old National Bancorp /In/), Employment Agreement (Old National Bancorp /In/)

Non-Change of Control Severance Benefit. (a) Subject to the following provisions of this Section, the Employing Companies Companies' shall provide the Executive with the payments and benefits set forth in this Section, if during the Term and before the occurrence of a Change of Control, either (i) the Employing Companies Terminate the Executive’s 's Employment (other than a termination for Unacceptable Performance, Disability, or death pursuant to Section 10)8), or (ii) the Executive voluntarily Terminates his/her Employment for Good Reason pursuant to Section 119. Notwithstanding the preceding provisions of this Subsection, the Executive shall not be entitled to benefits pursuant to this Section Section, if he/she he is entitled to benefits pursuant to Section 86. Any amount payable to the Executive pursuant to this Section is in addition to amounts already owed to the Executive his/her by the Employing Companies and is in consideration of the covenants set forth in this Agreement and/or the Release.

Appears in 1 contract

Samples: Control Agreement (Old National Bancorp /In/)

Non-Change of Control Severance Benefit. (a) Subject to the following provisions of this Section, the Employing Companies shall provide the Executive with the payments and benefits set forth in this Section, if during the Term and before the occurrence of a Change of Control, either (i) the Employing Companies Terminate the Executive’s Employment (other than a termination for Unacceptable Performance, Disability, or death pursuant to Section 10), or (ii) the Executive voluntarily Terminates his/her his Employment for Good Reason pursuant to Section 11. Notwithstanding the preceding provisions of this Subsection, the Executive shall not be entitled to benefits pursuant to this Section if he/she he is entitled to benefits pursuant to Section 8. Any amount payable to the Executive pursuant to this Section is in addition to amounts already owed to the Executive by the Employing Companies and is in consideration of the covenants set forth in this Agreement and/or the Release.

Appears in 1 contract

Samples: Employment Agreement (Old National Bancorp /In/)

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Non-Change of Control Severance Benefit. (a) Subject to the following provisions of this Section, the Employing Companies Companies’ shall provide the Executive with the payments and benefits set forth in this Section, if during the Term and before the occurrence of a Change of Control, either (i) the Employing Companies Terminate the Executive’s Employment (other than a termination for Unacceptable Performance, Disability, or death pursuant to Section 10)8), or (ii) the Executive voluntarily Terminates his/her Employment for Good Reason pursuant to Section 119. Notwithstanding the preceding provisions of this Subsection, the Executive shall not be entitled to benefits pursuant to this Section Section, if he/she he is entitled to benefits pursuant to Section 86. Any amount payable to the Executive pursuant to this Section is in addition to amounts already owed to the Executive his/her by the Employing Companies and is in consideration of the covenants set forth in this Agreement and/or the Release.

Appears in 1 contract

Samples: Change of Control Agreement (Old National Bancorp /In/)

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