Payment of Severance Benefit. (a) In the event that a Change in Control (as hereinafter defined) occurs and, within the period beginning ninety (90) days before the date of the Change in Control and ending twelve (12) months thereafter, (a) Executive’s employment is terminated by the Company or a Subsidiary (as hereinafter defined) without Cause (as hereinafter defined) or (b) Executive voluntarily terminates his/her employment with Company and its Subsidiaries with Good Reason (as hereinafter defined), then the Company shall pay to Executive severance pay under this Agreement. Transfer of Executive’s employment from the Company to a Subsidiary (or to an entity of which the Company is a Subsidiary) or from a Subsidiary to the Company or to another Subsidiary (or to an entity of which the Company is a Subsidiary), by itself shall not be considered a termination of Executive’s employment. Such severance pay shall be in the form of salary continuation of Executive’s regular base pay in effect ninety (90) days before the time of the Change in Control or at the time of the termination of his employment, whichever is greater. The Company shall pay such severance pay during the twelve (12) month period immediately following the date on which Executive’s employment with the Company terminates; provided, however, that, if Executive commences new employment within such twelve (12) month period, such severance pay shall cease on the later of (i) the date six (6) months after Executive’s employment with the Company terminates or (ii) the date Executive commences new employment.
Payment of Severance Benefit. The Severance Benefit shall be paid to the Executive in a lump sum payment as soon as practicable following the Executive’s Termination of Employment; provided, however, that if the Executive is a Specified Employee at the time payment is due hereunder, then the lump sum payment shall be deferred and paid as soon as practicable following the expiration of six (6) months from the effective date of the Executive’s Termination of Employment. The Company shall be entitled to withhold appropriate employment and income taxes, if required by applicable law, if the Severance Benefit becomes payable.
Payment of Severance Benefit. The portion of the Severance Benefit consisting of the Lump Sum Benefit shall be paid to the Executive in a lump sum payment within sixty (60) days following the Executive’s Termination of Employment. All portions of the Severance Benefit consisting of reimbursements and in-kind benefits described in Section 3(a) must be incurred by the Executive during the Severance Period to be eligible for reimbursement. The amount of reimbursable expenses incurred, and the amount of in-kind benefits provided, in one taxable year shall not affect the expenses eligible for reimbursement, or in-kind benefits provided, in any other taxable year. Each category of reimbursement shall be paid as soon as administratively practicable, but in no event shall any such reimbursement be paid after the last day of the calendar year following the calendar year in which the expense was incurred. Neither rights to reimbursement nor in-kind benefits are subject to liquidation or exchanges for other benefits. As a condition of the Company’s payment of any portion of the Severance Benefit, the Executive must execute a release agreement as provided in Section 16 below within such period of time following the Termination of Employment as is permitted by the Company and not timely revoke the release agreement during any revocation period provided pursuant to the terms of the release agreement. All payments of the Severance Benefit shall accrue from the date of the Termination of Employment and shall be made or commence at the end of the revocation period provided pursuant to the terms of the release agreement but no later than the sixtieth (60th) day following the Executive’s Termination of Employment, with any accrued but unpaid severance being paid on the date of the first payment. Notwithstanding any provision in the Agreement to the contrary, if the Executive is a ‘specified employee’ within the meaning of Section 409A of the Code as of his Termination of Employment, then such portions of the Severance Benefit that would result in a tax under Code Section 409A if paid during the first six (6) months after Termination of Employment shall be withheld, starting with the payments latest in time during such six (6) month period, and paid to the Executive during the seventh month following the date of his Termination of Employment. The Company shall be entitled to withhold appropriate employment and income taxes, if required by applicable law, as and when the applicable portions of the Severanc...
Payment of Severance Benefit. Payment of any Severance Benefit under this Section shall be paid in a lump sum or with Employer’s regular salary payment schedule, as determined by Executive.
Payment of Severance Benefit. Payment will be made in one (1) lump sum to the person entitled thereto; and shall be made after the employee receives his/her first retirement check from the retirement system. This payment shall be paid within forty-five (45) calendar days following proof of the issuance of the retiree's first retirement check being provided to the Treasurer. Payment to an estate will be made within fifteen (15) working days of submission of the death certificate.
Payment of Severance Benefit. Payment of any Severance Benefit under this Section shall commence on the 60th day following the Executive’s termination of employment (as defined in accordance with Section 5(g)(v) above), provided that Executive has executed and submitted a release of claims and the statutory period during which the Executive is entitled to revoke the release of claims has expired before the 60th day following the Executive’s termination. Severance benefits will be paid thereafter on Employer’s regular salary payment schedule and shall continue until 2 years after termination of employment. The first such payment shall include payment of all amounts that would have been paid after termination of employment payments had commenced on the payroll date immediately after termination of employment. Except as provided herein, or as permitted under Code Section 409A, Severance Benefits shall be paid at regular payroll intervals and shall not be accelerated nor delayed.
Payment of Severance Benefit. (i) The Company shall pay the Severance Benefit in equal installments during the Severance Period in accordance with the Company's then regular payroll policy for executive employees, as such policy may be amended from time to time.
Payment of Severance Benefit. (a) If Executive is employed full-time by the Company (or one of its subsidiaries) at the time of a "Change in Control" (as defined in Section 4 hereof), Executive shall be entitled to a Severance Payment as set forth in Section 2 hereof, payable upon the occurrence of the Change in Control; provided, -------- ADAC LABORATORIES EXECUTIVE SEVERANCE AGREEMENT however, that if, within ten (10) days prior to the Change in Control, Executive ------- is offered employment by the Company (or one of its subsidiaries) or its successor corporation on "Similar Terms" (as hereinafter defined) to those then applicable to him as an executive employee of the Company (or one of its subsidiaries), the Severance Payment shall be paid to him twelve (12) months following the Change in Control, but only if the following events occur: (i) Executive accepts such employment and (ii) Executive is not, during such twelve (12) month period, terminated as an employee of the Company (or one of its subsidiaries) or its successor corporation for "Cause" (as hereinafter defined).
Payment of Severance Benefit. Section 8(d) of the Employment Agreement is amended and restated to read in its entirety as follows:
Payment of Severance Benefit. With respect to a Severance Event resulting from a termination of the Executive’s employment by reason of death or Disability, the Company shall pay the related Severance Benefit to the Executive in a single lump sum in immediately available funds, in United States Dollars, within five business days after the Termination Date. With respect to all other Severance Events (the “Deferred Severance Events”), the Company shall pay the related Severance Benefit (the “Deferred Severance Benefit”) to the Executive in a single lump sum in immediately available funds, in United States Dollars, on the first business day following the date that is six months after the Termination Date. Following the first event constituting a Deferred Severance Event, the Deferred Severance Benefit shall automatically become fully vested in favor of the Executive, and the Company shall transfer an amount equal to the Deferred Severance Benefit into an irrevocable trust, commonly referred to as a rabbi trust (the “Rabbi Trust”), for accumulating and holding funds or assets of the Company to be used solely for the purpose of paying the Deferred Severance Benefit. Neither Executive nor his beneficiaries shall be deemed to have any legal or equitable interest in any specific assets of the Company or in the assets of the Rabbi Trust, nor any preference or priority over the rights of any general unsecured creditor of the Company. The funds and assets of the Rabbi Trust shall remain subject to the claims of creditors of the Company in the event of insolvency of the Company.”
