Other Plan Benefits. (a) The Company will timely pay the Executive all salary and other benefits earned up through his or her employment termination date including under the terms of any incentive or other compensation or benefit plan or arrangement of the Company. (b) The Company shall be obligated to and agrees to satisfy, subject to the terms and conditions thereof, the Executive’s earned or vested rights and benefits under all qualified, nonqualified and supplemental retirement, 401(k), savings, deferred compensation, executive, employee and retiree medical, dental and health plans, and other health, welfare or benefit plans of the Company. (c) The health, medical and dental coverage which the Company is obligated to provide for the Executive, under the Severance Agreement or CIC Agreement or pursuant to any executive, employee or retiree health, medical or dental plan or arrangement, will be provided to the Executive and his or her family such that neither the benefits provided thereunder nor any and all premiums therefor or the value thereof shall be taxable to the Executive or his or her family for U.S. federal income tax purposes, including the obligation of the Company to provide such health, medical and dental coverage and benefits on an insured basis so as not to cause benefits thereunder or premiums therefor or the value thereof to be taxable to the Executive or his family as a discriminatory “self-insured medical reimbursement plan” within the broad meaning of Section 105(h) of the Internal Revenue Code of 1986, as amended (the “Code”), or any successor Code provision.

Other Plan Benefits. Nothing in this Agreement shall prevent the Executive from receiving, in addition to any amounts he may be entitled to receive under this Agreement, any amounts which may be distributable to him at any time under the terms of any qualified employee benefit plan or any other non-qualified or incentive plan or arrangement of the Company which is now in effect or which may hereafter be adopted.

See All (4)

Other Plan Benefits. Nothing in this Agreement shall prevent the Executive from receiving, in addition to any amounts the Executive may be entitled to receive under this Agreement, any amounts which may be distributable to the Executive at any time under the terms of any qualified employee benefit plan or any other non-qualified or incentive plan or arrangement of the Company which is now in effect or which may hereafter be adopted. Notwithstanding anything to the contrary, if the Executive incurs a Separation from Service and the Executive satisfies the requirements for receiving the change in control benefit described in Section 3 of this Agreement and a severance benefit under the Company’s corporate policy manual severance pay policy as in effect on January 1, 2015 and as it may be amended from time to time (the “Severance Pay Policy”), then the Executive will receive either the change in control benefit described in this Agreement or the severance benefit payable under the Severance Pay Policy(whichever is greater), but will not receive both such benefits. In addition, all agreements or undertakings governing the payment of severance benefits by the Company to the Executive, other than this Agreement or the Severance Pay Policy (whichever is applicable to the Executive), are hereby superseded and shall no longer have any force or effect. (2) All of the remaining provisions of the Agreement are hereby approved, ratified and confirmed in all respects.

Other Plan Benefits. During the term of your employment hereunder, the Bank shall maintain in full force and effect, and you shall be entitled to participate in all of its employee benefit plans and arrangements made generally available to its executives and key management employees in effect on your employment Date or plans or arrangements providing you with at least equivalent benefits thereunder, including, without limitation, each retirement plan and arrangement, life insurance and health and accident plan and arrangement, medical insurance plan, disability plan, survivor income plan, vacation plan and bonus plan. The Bank shall not make any changes in such plans or arrangements, which would adversely affect your rights or benefits thereunder, unless such changes occur pursuant to a program applicable to all the Bank’s executives and do not result in a proportionately greater reduction in your rights or benefits as compared with any other executive of the Bank. You shall be entitled to participate in or receive benefits under any employee benefit plan or arrangement made generally available by the Bank in the future to its executives and key management employees, subject to and on a basis consistent with the terms, conditions and overall administration of such plans and arrangements. Nothing paid to you under any plan or arrangement presently in effect or made available in the future shall be deemed to be in lieu of the salary payable to you pursuant to subsection (a) of this Section 4. Any payments or benefits payable to you hereunder in respect of any calendar year during which you are employed by the Bank for less than the entire such year shall, unless otherwise provided in the applicable plan or arrangement, be prorated in accordance with the number of days in such calendar year during which you are so employed. In lieu of providing you coverage under the Bank’s current disability insurance and life insurance plans, the Bank will reimburse your Mass Mutual disability insurance premiums, currently in the amount of Two Thousand Dollars ($2,000) and provide you with a twenty (20) year term life insurance policy in the face amount of One Million Dollars ($1,000,000), provided that the annual premium does not exceed One Thousand Two Hundred Dollars ($1,200).

Other Plan Benefits. The Executive holds a share-based performance award (the "Two Year Award") under State Street's 1997 Equity Incentive Plan, conditionally entitling him to certain payments in 2003 based on the then value of State Street stock and subject to the achievement of certain corporate performance goals. The total number of shares subject to the Two Year Award is 90,400 shares. In recognition of his services through retirement, State Street will pay to the Executive the cash value of one half of the shares subject to the Two Year Award (45,200 shares), at an assumed price of $52.50 per share, for a total of $2,373,000 (the "Award Payment"). One-third of the Award Payment ($791,000) will be paid to the Executive on or before July 15, 2002, an additional one-third ($791,000) on or before January 15, 2003, and the final one-third ($791,000) on or before July 15, 2003.

Related to Other Plan Benefits

Plan Benefits Each year, prior to the annual enrollment period, EMPLOYEES will receive Enrollment information that will outline the benefits offered next calendar year. Information relative to specific health insurance benefits and limitations will be updated regularly and contained in the SPD. In the event there is a conflict between the provisions of the collective bargaining agreement and the SPD, the District's SPD shall control.
Retirement Benefits Due to either investment or employment during the marriage, either the Husband or Wife: (check one)
Vacation Benefits During the Term, the Executive shall be eligible for 20 vacation days annually, which shall be accrued and used in accordance with the applicable policies of the Company. During the Term, the Executive shall be eligible to participate in such medical, dental and life insurance, retirement and other plans as the Company may have or establish from time to time on terms and conditions applicable to other senior executives of the Company generally. The foregoing, however, shall not be construed to require the Company to establish any such plans or to prevent the modification or termination of such plans once established.
Other Employment Benefits During the Employment Term, the Executive shall be entitled to the following employment benefits: (a) four (4) weeks of paid vacation in each fiscal year of EDGEN while the Executive is employed hereunder (one week of which, if not used by the Executive in any given fiscal year, may be carried over to the next fiscal year; provided, that the Executive shall not have more than five (5) weeks of paid vacation in any given fiscal year as a result of such carry over), and sick leave in accordance with EDGEN’s policies from time to time in effect for executive officers of EDGEN; provided, that, except as provided herein, vacation and/or sick leave time not used in any year may not be carried over or transferred from one year to another or converted to cash, except in a year in which there is a Change of Control (as hereinafter defined) where the Executive is no longer employed; (b) participation, subject to qualification requirements, in medical, life or other insurance or hospitalization plans and long-term disability policies which are presently in effect or hereinafter instituted by EDGEN and applicable to its executive officers generally; (c) participation, subject to classification requirements and continued maintenance thereof by EDGEN in other Executive benefit plans, such as pension and profit sharing plans, which are from time to time applicable to EDGEN’s executive officers generally; (d) an automobile allowance of $1,200 per month, which shall be used by the Executive to cover all lease and insurance payments with respect to one automobile of the Executive’s choice for business purposes, which automobile’s retail value shall not exceed $75,000. The Executive shall provide proof of insurance in limits and with a company approved by EDGEN. EDGEN shall also be listed as a “named insured” under the policy. EDGEN shall reimburse the Executive, upon the presentation of appropriate receipts, for all reasonable and necessary maintenance, repair and gasoline costs incurred by the Executive in connection with the use of such automobile; provided, that such costs are directly related to the performance by the Executive of his obligations to EDGEN and/or to Parent hereunder; (e) EDGEN shall purchase (subject to the insurability of the Executive at standard rates) a life insurance policy in the amount of $1,000,000 on the life of the Executive to provide benefits under Section 5.2 (b) hereof; and (f) a supplemental payment of $9500 per annum (the “Supplemental Payment”), which shall be paid in accordance with EDGEN’s customary payroll practices which are in effect from time to time during the Employment Term.
Death Benefits Upon the Executive’s death during the Contract Period, the Executive’s estate shall not be entitled to any further benefits under this Agreement.
Compensation Benefits In accordance with Section 142 of the State Finance Law, this contract shall be void and of no force and effect unless the Contractor shall provide and maintain coverage during the life of this contract for the benefit of such employees as are required to be covered by the provisions of the Workers' Compensation Law.
Separation Benefits If this Agreement is terminated either by the Company without Cause in accordance with Section 6(c) (including the Company’s non-renewal of this Agreement) or by Employee resigning his employment for Good Reason in accordance with Section 6(d), the Company shall have no further obligation to Employee under this Agreement, except the Company shall provide the Accrued Obligations to Employee in accordance with Section 7(a) plus the following payments and benefits (collectively, the “Separation Benefits”) to Employee: (i) an amount equal to one times the sum of the Base Salary in effect immediately before the Termination Date plus the Annual Bonus received by Employee for the fiscal year preceding the Termination Date (or if Employee was employed for less than one full fiscal year prior to the Termination Date, the Annual Bonus for purposes of this Section 7 shall be the Annual Bonus payable during the current fiscal year at the target amount provided above) (together, the “Separation Pay”); and (ii) during the six-month period commencing on the Termination Date that Employee is eligible to elect and elects to continue coverage for himself and his eligible dependents under the Company’s group heath insurance plan pursuant to the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”), or similar state law, the Company shall reimburse Employee on a monthly basis for the difference between the amount Employee pays to effect and continue such coverage under COBRA and the employee contribution amount that active employees of the Company pay for the same or similar coverage; provided, however, that Employee shall notify the Company in writing within five days after he becomes eligible after the Termination Date for group health insurance coverage, if any, through subsequent employment or otherwise and the Company shall have no further reimbursement obligation after Employee becomes eligible for group health insurance coverage due to subsequent employment or otherwise. The Separation Pay shall be paid to Employee in a lump sum within 60 days of the Termination Date; provided, however, that no Separation Pay shall be paid to Employee unless the Company receives, on or within 55 days after the Termination Date, an executed and fully effective copy of the Release (as defined below). Any COBRA reimbursements due under this Section shall be made by the last day of the month following the month in which the applicable premiums were paid by Employee. For the avoidance of doubt, Employee shall not be entitled to the Separation Benefits if this Agreement is terminated (i) due to Employee’s death; (ii) by the Company due to Employee’s Inability to Perform; (iii) by the Company for Cause; (iv) by Employee without Good Reason; or (v) by non-renewal by Employee in accordance with Sections 4(b) and 6(f).
Post-Retirement Benefits The present value of the expected cost of post-retirement medical and insurance benefits payable by the Borrower and its Subsidiaries to its employees and former employees, as estimated by the Borrower in accordance with procedures and assumptions deemed reasonable by the Required Lenders is zero.
Group Benefits To determine if a leave under the provisions of the Family and Medical Leave Act will be a paid or unpaid leave, contact the District’s Human Resources Department.
Termination Benefits (a) Upon the occurrence of a Change in Control, followed at any time during the term of this Agreement by the involuntary termination of the Executive’s employment (other than for Termination for Cause or death), or by the Executive for Good Reason, the Employers shall: (i) pay the Executive, or in the event of his subsequent death, his beneficiary or beneficiaries, or his estate, as the case may be, a lump sum payment within thirty (30) days of the Date of Termination an amount equal to three (3) times the Executive’s average annual compensation for the five most recent taxable years that the Executive has been employed by the Employers or such lesser number of years in the event that the Executive shall have been employed by the Employers for less than five years. For this purpose, annual compensation shall include base salary and any other taxable income, including, but not limited to, amounts related to the granting, vesting or exercise of restricted stock or stock option awards, commissions, bonuses, pension and profit sharing plan contributions or benefits (whether or not taxable), severance payments, retirement benefits, and fringe benefits paid or to be paid to the Executive or paid for the Executive’s benefit during any such year; and (ii) cause to be continued life insurance and non-taxable medical, dental and disability coverage substantially identical to the coverage maintained by the Employers for the Executive prior to his Date of Termination, except to the extent such coverage may be changed in its application to all employees on a nondiscriminatory basis. Such coverage and payments shall cease upon the expiration of thirty-six (36) full calendar months from the Date of Termination. (b) Notwithstanding the foregoing, to the extent required to avoid penalties under Section 409A of the Code, the cash severance payable under Section 3 of this Agreement shall be delayed until the first day of the seventh month following the Executive’s Date of Termination. (c) For purposes of this Agreement, a “termination of employment” shall mean a “Separation from Service” as defined in Section 409A of the Code and the regulations promulgated thereunder, such that the Employers and the Executive reasonably anticipate that the level of bona fide services the Executive would perform after a termination of employment would permanently decrease to a level that is less than 50% of the average level of bona fide services performed (whether as an employee or as an independent contractor) over the immediately preceding thirty-six (36) month period.

Other Plan Benefits Sample Clauses

Filter & Search

Related Clauses

Parent Clauses

Related to Other Plan Benefits