Obligations of the Corporation Upon Termination. The following provisions describe the obligations of the Corporation to the Executive under this Agreement upon termination of his employment. However, except as explicitly provided in this Agreement, nothing in this Agreement shall limit or otherwise adversely affect any rights which the Executive may have under applicable law, under any other agreement with the Corporation or any of its subsidiaries, or under any compensation or benefit plan, program, policy or practice of the Corporation or any of its subsidiaries.
Obligations of the Corporation Upon Termination. 3.1 The Corporation shall have the following obligations in the event that the Executive's employment is terminated:
Obligations of the Corporation Upon Termination. Upon termination of this Agreement the Corporation shall have the following obligations:
Obligations of the Corporation Upon Termination. (a) Termination by the Corporation Other Than for Cause, Death or Disability. If, during the Employment Period, the Corporation shall terminate the Executive's employment other than for Cause, death or Disability or the Executive shall terminate his employment for Good Reason (termination in any such case referred to as "Termination"), subject to and conditioned upon the execution by the Executive of, and his not subsequently revoking, a release substantially in the form attached hereto as Exhibit F:
(i) the Corporation shall pay the Executive in a lump sum in cash within 30 days after the Date of Termination the sum of:
(1) the Executive's Annual Base Salary through the Date of Termination to the extent not theretofore paid,
(2) a pro rata Annual Bonus for the fiscal year in which occurs the Date of Termination, such pro rata Annual Bonus to be equal to the product of (x) the Executive's target Annual Bonus in effect under the ACP as of the Date of Termination and (y) a fraction, the numerator of which is the number of days in the current fiscal year through the Date of Termination, and the denominator of which is 365, and
(3) any compensation previously deferred by the Executive (together with any accrued interest or earnings thereon), his Supplemental Retirement Benefit as determined under Section 3(c) and any accrued vacation pay, in each case to the extent not theretofore paid (the sum of the amounts described in clauses (1), (2) and (3) shall be hereinafter referred to as the "Accrued Obligations"); and
(ii) the Corporation shall pay to the Executive on a monthly basis an amount equal to the Executive's Severance Compensation (defined below), payment of such Severance Compensation to commence on the last day of the month immediately following the month in which occurs the Date of Termination and to be paid on the last day of each month thereafter until the earlier to occur of (x) the last day of the month in which occurs the second anniversary of the Date of Termination or (y) the last day of the month in which the Executive attains the age of 65 (such period to be called the "Termination Period"); provided, however, that such payments shall be reduced (but not below zero) to reflect any other amounts payable to the Executive in respect of salary or bonus continuation to be received by the Executive under any severance plan, policy or arrangement of the Corporation. For purposes of this Agreement, the term "Severance Compensation" shall mean the sum ...
Obligations of the Corporation Upon Termination. Upon termination of the Executive's employment with the Corporation, the Corporation shall have the following obligations (including the obligation to pay the cost of all benefits provided by the applicable benefit plan to the Executive and the Executive's family under this Section 6 except normal employee contributions required by the applicable benefit plan of other participating executives with comparable responsibilities), provided, however, that any item paid or payable under this Agreement shall be reduced by any amount paid or payable to the Executive and the Executive's family with respect to the same type of payment under the Severance Plan. For this purpose, any payment under this Agreement or the Severance Plan made over time shall be discounted to present value at the Interest Rate before reducing any payment under this Agreement by any amount paid or payable to the Executive under the Severance Plan.
Obligations of the Corporation Upon Termination. The following provisions describe the obligations of the Corporation to the Executive under this Agreement upon termination of his employment.
(a) Death, Disability, Discharge for
Obligations of the Corporation Upon Termination. (a) Cause or Voluntary - If the Executive's employment shall be terminated for Cause or if the Executive terminates his employment for other than Good Reason (a"Voluntary Termination"), the Corporation's obligations to the Executive shall terminate, other than the obligation (i) to pay to the Executive his Base Salary through the Date of Termination at the rate in effect on the day preceding the Date of Termination, (ii) to pay (A) the pro rata portion through the Date of Termination of the Unconditional Semi-Annual Bonus pursuant to section 3(b) at the rate in effect on the day preceding the Date of Termination and (B) an amount which together with the pro rata portion of the Unconditional Semi-Annual Bonus paid to the Executive by the Corporation would equal an aggregate of $75,000, and (iii) to continue to provide the Executive with benefits of the type described in Section 4 through the Date of Termination. Executive acknowledges that the amount to be paid to the Executive by the Corporation pursuant to section 9(a)(ii) above shall be deemed consideration for the agreements of the Executive set forth in section 10 below; provided, however, that if the Executive challenges the enforceability of Section 10 below and it is found unenforceable by a court having jurisdiction over the matter, then the Executive shall remit to the Corporation the $75,000.
Obligations of the Corporation Upon Termination. A. Section 9(b) entitled "Without Cause or for Good Reason" shall be amended to include the following as subsection (iv) to be inserted immediately following subsection (iii) and to read in full as follows"
Obligations of the Corporation Upon Termination. Upon termination of the Executive's employment with the Corporation during the Term, the Corporation shall have the following obligations (including the obligation to pay the cost of all benefits provided by any applicable benefit plan to the Executive and the Executive's family to the extent permissible under the terms of such plans and applicable law except normal employee contributions required by the applicable benefit plan of other participating executives with comparable responsibilities).
Obligations of the Corporation Upon Termination. (a) If, during the Employment Period, the Corporation shall terminate the Employee’s employment other than for Cause, death or disability or the Employee shall terminate employment for Good Reason, then the Corporation shall pay to the Employee each month for 12 months one-twelfth of the Employee’s annual salary, and the amounts set forth below:
(i) To the extent not theretofore paid, the Employee’s accrued salary through the Date of Termination, any bonus for a prior year that remains unpaid; and
(ii) The Employees’ bonus for the year in which his employment terminates calculated according to Section 4(b).
(b) If, during the Employment Period, the Corporation shall terminate the Employee’s employment for Cause or the Employee shall terminate his employment without Good Reason, then the Corporation shall have no further obligation to the Employee; provided the Corporation shall pay to the Employee, to the extent not theretofore paid, the Employee’s accrued salary through the Date of Termination and any bonus for the prior year that remains unpaid; and, provided further, in order that Section 11(c) shall apply for twelve (12) months following a termination of employment for cause or a resignation by Employee without Good Reason, the Corporation may, at its option, pay to the Employee the same amounts at the same times as set forth in Section 10(a).
(c) If, during the Employment Period, the Employee is terminated due to disability, as defined in Section 9(b) hereof, then the Corporation shall pay to the Employee in a lump sum in cash within 30 days after the Date of Termination to the extent not theretofore paid, the Employee’s accrued salary through the Date of Termination and any bonus for a prior year that remains unpaid.
(d) If, during the Employment Period, the Employee shall die, then the Corporation shall pay to the Employee’s personal representative in a lump sum in cash within 30 days after the Date of Termination to the extent not theretofore paid, the Employee’s accrued salary through the Date of Termination and any bonus for a prior year that remains unpaid.
(e) Notwithstanding anything in this Agreement to the contrary, if Employee breaches Section 11, Employee will not thereafter be entitled to receive any further compensation or benefits pursuant to this Section 10. All payments to Employee pursuant to Sections 10(a)(ii) and 10(b)(ii) shall be solely in exchange for Employee’s covenants and agreements set forth in Section 11 and shall not be d...
