Obligations of the Company Upon Termination of the Executive During the CIC Period. If the Company terminates Executive without Cause, or Executive terminates Executive’s employment for Good Reason during the CIC Period, the Company shall pay to Executive the following: a) A lump sum cash payment equal to two times Executive’s base salary in effect on the Date of Termination; plus b) A cash bonus equaling the average of the previous three years’ bonus amounts; plus c) Reimbursement of health insurance continuation coverage premiums for a period of two (2) years, or until Executive becomes eligible for Medicare, whichever comes first. The payments described in (a) and (b) will be paid to Executive in a single lump sum within twenty (20) business days following receipt by the Company of the Release contemplated by Section 12 hereof and the expiration of any applicable review, revocation, and/or waiting periods; provided that, if the thirty (30) day period Executive has in which to execute the Release, as set forth in Section 12, spans two calendar years, the payments shall not be made prior to the first day of the second calendar year. Reimbursement of the health insurance continuation coverage premiums will be made in monthly installments.
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Samples: Change of Control Agreement (Bank First Corp), Change of Control Agreement (Bank First Corp), Change of Control Agreement (Bank First Corp)
Obligations of the Company Upon Termination of the Executive During the CIC Period. If the Company terminates Executive without Cause, or Executive terminates Executive’s employment for Good Reason during the CIC Period, the Company shall pay to Executive the following:
a) A lump sum cash payment equal to two three times Executive’s base salary in effect on the Date of Termination; plus
b) A cash bonus equaling the average of the previous three years’ bonus amounts; plus
c) Reimbursement of health insurance continuation coverage premiums for a period of two three (23) years, or until Executive becomes eligible for Medicare, whichever comes first. The payments described in (a) and (b) will be paid to Executive in a single lump sum within twenty (20) business days following receipt by the Company of the Release contemplated by Section 12 hereof and the expiration of any applicable review, revocation, and/or waiting periods; provided that, if the thirty (30) day period Executive has in which to execute the Release, as set forth in Section 12, spans two calendar years, the payments shall not be made prior to the first day of the second calendar year. Reimbursement of the health insurance continuation coverage premiums will be made in monthly installments.
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