Payment of Severance Benefits Sample Clauses

Payment of Severance Benefits. In the event Executive’s employment is terminated without cause under this Section 4(e), and provided that Executive has executed a general release in a form and substance satisfactory to the Corporation, the Corporation also shall provide to Executive as severance: (A) the payment of an amount equal to one and one-half (1 1/2) times Executive’s Base Salary and target Bonus for the year in which such termination of employment occurs, payable in equal installments on the Corporation’s regular pay schedule over a period of eighteen (18) months (“Salary Continuation”), provided that, in the event of Executive’s death subsequent to the commencement of payments pursuant to this sub-paragraph 4(e)(ii)(A), the balance of the Salary Continuation amount will be paid to Executive’s estate, or other designated beneficiary(ies) as shown in the records of the Corporation; (B) the payment to Executive, at the end of the fiscal year in which Executive’s termination of employment occurs, of a pro rata portion of Executive’s target Bonus for the year in which Executive’s termination occurs, prorated for Executive’s actual employment period during such year and adjusted for performance; (C) continuation of Executive’s participation in the Corporation’s health and welfare benefits (other than disability benefits) until the earlier of (x) eighteen (18) months following Executive’s termination or (y) such time as Executive is covered by comparable programs of a subsequent employer; (D) continuation of Executive’s participation in any executive perquisites applicable to Executive until the earlier of (x) eighteen (18) months following Executive’s termination or (y) such time as Executive is covered by comparable perquisites of a subsequent employer; (E) Executive shall vest in any stock or stock option grants awarded to Executive pursuant to the Del Monte Foods Company 2002 Stock Incentive Plan, or any successor plan, on a pro-rated basis as of Executive’s termination date; provided, however, Executive shall not be entitled to take ownership or otherwise receive settlement of such pro-rated stock award(s) until the end of the performance period associated with that stock award; provided, further, that, Executive shall not be entitled to exercise, take ownership or otherwise receive settlement of such pro-rated stock option award(s) until the scheduled vest date associated with that tranche of the stock option award(s); provided, further, that, upon vesting of Executive’s pro-ra...

Payment of Severance Benefits. Severance Payments shall be made to the Employee in twelve (12) equal monthly installments, commencing on the first day of the month following the effective date of the Release. Notwithstanding the foregoing, the Employee shall not be entitled to any Severance Benefits upon or after the Termination Date if the Employee has breached any of the covenants contained in Section 7. If the Company determines that the Employee has breached any of the provisions of the Release or any provisions of this Agreement after the Termination Date, in addition to any other remedies it may have, the Company shall not be liable to the Employee for any Severance Benefits that remain to be paid or provided to the Employee as of the date of the Company’s determination that the Employee has breached any such provision. Furthermore, the Employee will immediately return to the Company any such Severance Benefits previously received under this Agreement upon such a breach, and, in the event of such breach, the Company will have no obligation to pay any Severance Benefits that otherwise remain payable.

Payment of Severance Benefits. The phrase “Executive’s employment is terminated” and similar or related terms and phrases used in this Agreement shall have the same meaning as or refer to Executive’s experiencing a “separation from service,” within the meaning of Section 409A of the Code and any final regulations and official guidance promulgated thereunder (“Section 409A Authority”). Notwithstanding anything to the contrary in this Agreement, no severance pay or benefits to be paid or provided to Executive, if any, pursuant to this Agreement, when considered together with any other severance payments or separation benefits that are considered deferred compensation under Section 409A Authority will be paid or otherwise provided until Executive has a “separation from service” within the meaning of Section 409A Authority. In addition, if Executive is a “specified employee” within the meaning of Section 409A Authority at the time Executive’s employment is terminated (other than due to death), then any severance benefits payable to Executive under this Agreement, and any other severance payments or separation benefits payments that constitute a “deferral of compensation” under Section 409A Authority (together, the “Deferred Compensation Separation Benefits”) otherwise due to Executive on or within the six (6) month period following the date Executive’s employment is terminated will accrue during such six (6) month period and will become payable in a lump sum payment (less applicable withholding taxes) on the date six (6) months and one (1) day following the date of Executive’s “separation from service.” All subsequent payments, if any, will be payable in accordance with the payment schedule applicable to each payment or benefit. Notwithstanding anything herein to the contrary, if Executive dies following the date his employment is terminated but prior to the six (6) month anniversary of that date, then any payments delayed in accordance with this paragraph will be payable in a lump sum (less applicable withholding taxes) to Executive’s estate as soon as administratively practicable after the date of Executive’s death and all other Deferred Compensation Separation Benefits will be payable in accordance with the payment schedule applicable to each payment or benefit. Each payment of severance benefits to Executive under this Agreement that is made on or before March 14 of the calendar year following Executive’s employment is terminated and is intended to not constitute a “deferral of compensa...

Payment of Severance Benefits. Any lump sum payments or vested awards due Executive in accordance with this Section 7 shall be paid to Executive no later than 2 and 1/2 months following the end of the month in which the termination of employment occurs.

Payment of Severance Benefits. The payments provided for in Sections 4.2(b) and (e), plus interest accrued in accordance with the following sentence, shall be made on the date that is 18 months following the Executive’s “separation from service” as defined in Section 409A of the Code and the regulations promulgated thereunder. The aggregate amount payable under Section 4.2(b) shall bear interest at an annualized rate of 4.5% from and after the Executive’s “separation from service” until paid pursuant to this Section 4.3.

Payment of Severance Benefits. Subject to Sections 3(c), 3(d), and any applicable timing requirements of Section 4(b)(v) below, the Participant shall be entitled to receive the following severance payments and benefits: (i) Severance pay in an amount equal to (x) [24][12](1) months of the Participant’s annual then-current base salary and (y) 100% of the Participant’s annual target bonus, payable in a lump-sum cash payment on the first payroll date after the Release becomes irrevocable; (ii) If Participant then participates in the Company’s medical plan(s) and the Participant timely elects to continue to receive group health insurance coverage under the Consolidated Omnibus Budget Reconciliation Act (“COBRA”), the Company shall either directly pay or reimburse the Participant for all monthly COBRA premiums, whether monthly or in a lump-sum cash payment, at the Company’s sole discretion, incurred by Participant on behalf of both the Participant and the Participant’s dependents for a period of [24][12](2) months (such monthly payments being the “COBRA Amount”), provided that in order to be reimbursed, the Participant must provide the Company with adequate documentation of payment of such monthly COBRA premiums. The COBRA (1) Only the CEO is eligible for 24 months’ worth of severance. The remaining participants receive 12 months’ worth of severance. (2) Only the CEO is eligible for 24 months’ worth of COBRA reimbursements. The remaining participants receive 12 months’ worth of COBRA reimbursements. Amount shall maintain the coverage the Participant and the Participant’s dependents (if applicable) had immediately prior to the date of termination of Participant’s Continuous Service Status with the Company (subject to any changes in coverage that effect employees generally). In the event the Participant does not elect COBRA coverage, the Participant subsequently becomes ineligible for continued COBRA coverage, the Participant fails to provide the Company with adequate documentation of Participant’s payment of such COBRA premiums (if applicable), or the Participant does not execute the Release or subsequently revokes the Release, the Company shall no longer be obligated to pay the Participant any remaining portion of the COBRA Amount. At the Company’s sole discretion, it may provide an additional amount (the “Gross-Up Payment”) such that the net amount retained by the Participant, after deduction of any Federal, state and local income and employment taxes upon the COBRA Amount and the Gross-Up ...

Payment of Severance Benefits. The payment of any Severance Benefits as provided in this Agreement is in consideration of and conditioned on the Key Employee’s first execution of the attached Non-Competition, Non-Solicitation and Confidentiality Agreement contemporaneously with the execution of this Agreement and the Key Employee’s second execution of the Non-Competition, Non-Solicitation and Confidentiality Agreement incorporating the non-compete provisions of ¶ 4 within three (3) business days of the Key Employee’s termination of employment.

Payment of Severance Benefits. The Severance Benefits described in Sections 6(c)(ii)(A) and (B) will be paid in cash to the Employee in a single lump sum as soon as practicable following the Qualifying Event, but in no event more than thirty (30) days after the Qualifying Event, provided, however, that the Employee executes the agreement described in Paragraph 6(b).

Payment of Severance Benefits. The Corporation will pay the base salary portion of the Severance Benefits in installments through the Corporation’s regular payroll procedure according to Executive’s pay schedule at the time of termination of employment; provided, however, that the Corporation shall have the discretion to pay in a cash lump sum payment of the base salary portion of the Severance Benefits. The Severance Benefits shall be subject to mandatory withholding, including federal, state and local income taxes, as well as FICA and other applicable withholding.

Payment of Severance Benefits. No severance benefits shall be payable hereunder unless the Executive's employment by the Company shall have been terminated for one of the reasons set forth in Section 5 hereof during the period commencing on the Date of this Agreement and ending on the second anniversary of that date (the "Change in Status Period").