Payment of Severance Payments and Benefits Sample Clauses

Payment of Severance Payments and Benefits. 3.1 In the event Executive shall obtain Alternative Employment during any period in which Executive is entitled to Severance Payments and Benefits pursuant to Section 2.2 or 2.3 above (other than the initial six (6) month period described in Section 2.2 or 2.), Executive shall promptly give notice to the Company of such Alternative Employment, which notice shall describe the following with respect to such Alternative Employment: (i) the salary, commission, bonus and other monetary compensation payable to Executive; (ii) the medical, health and other insurance benefits to be provided to Executive and (iii) any other consideration payable to or otherwise be provided to Executive. The Company shall be credited for any compensation payable or benefits provided with respect to Alternative Employment against the Company's obligation to pay and or provide Severance Payments and Benefits for any period (other than the initial six (6) month period described in Section 2.2 or 2.3) pursuant to Section 2 hereof so that: (A) the monetary portion of the Severance Payments and Benefits shall be reduced for any cash compensation payable to Executive for such period with respect to such Alternative Employment; (B) the Company shall cease to obligated to provide any medical, health or other insurance benefit to the extent an equivalent benefit is provided to Executive in connection with such Alternative Employment. Following a Protected Termination of Executive's employment with the Company, Executive shall use reasonable efforts to obtain Alternative employment, provided, that nothing contained herein shall be deemed to obligate Executive to accept Alternative Employment that: (1) involves duties, responsibility, authority and status that are less in any material respect that applied to Executive's position with the Company as of the Closing Date; (2) involves a reduction in Executive's annual base salary that Executive was receiving as of the Closing Date; or (iii) requires Executive to work more than 100 miles from the location at which Executive was working on the Closing Date.
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Payment of Severance Payments and Benefits. The payments described in Paragraph 2(a) shall commence on May 31, 2019. The payments described in Paragraph 2(b) shall be paid as provided in the LTIP. The payment described in Paragraph 2(c) shall be paid in accordance with the AIP. For the avoidance of any doubt, if either: (i) Employee fails to execute this Agreement on or before March 7, 2019; or (ii) Employee executes this Agreement by such date but revokes such execution within the Revocation Period, no payments shall be made pursuant to this Section 2 or Sections 3 and 4.
Sample 1

Related to Payment of Severance Payments and Benefits

  • Severance Payments and Benefits For purposes of this Agreement, the term "Severance Payments and Benefits" shall mean:

  • Termination Payments and Benefits Regardless of the circumstances of the Executive’s termination, Executive shall be entitled to payment when due of any earned and unpaid base salary, expense reimbursements and vacation days accrued prior to the termination of Executive’s employment, and other unpaid vested amounts or benefits under Company retirement and health benefit plans, and, as applicable, under Equity Agreements in accordance with their terms, and to no other compensation or benefits.

  • Separation Payments and Benefits Without admission of any liability, fact or claim, the Company hereby agrees, subject to Executive’s timely execution and non-revocation hereof and Executive’s compliance with Executive’s obligations pursuant to this Agreement and the Surviving Provisions, to provide Executive the severance payments and benefits set forth below:

  • Payments and Benefits Subject to the terms and conditions of this Agreement, if the Executive’s employment is terminated during the Term of this Agreement and before a Change in Control (A) by the Company for a reason other than for Cause or (B) by the Executive for Good Reason, the Executive shall be entitled to:

  • Severance Payments 6.1 If the Executive's employment is terminated following a Change in Control and during the Term, other than (A) by the Company for Cause, (B) by reason of death or Disability, or (C) by the Executive without Good Reason, then the Company shall pay the Executive the amounts, and provide the Executive the benefits, described in this Section 6.1 ("Severance Payments") and Section 6.2, in addition to any payments and benefits to which the Executive is entitled under Section 5 hereof; provided, however, that the Executive shall not be entitled to the Severance Payments unless and until the Executive (or, in the event of the Executive's death, the executor, personal representative or administrator of the Executive's estate) has signed a written waiver and release substantially in the form set forth on Exhibit A hereto. For purposes of this Agreement, the Executive's employment shall be deemed to have been terminated following a Change in Control by the Company without Cause or by the Executive with Good Reason, if (i) during the Term the Executive's employment is terminated by the Company without Cause following a Potential Change in Control but prior to a Change in Control (whether or not a Change in Control ever occurs) and such termination was at the request or direction of a Person who has entered into an agreement with the Company the consummation of which would constitute a Change in Control, (ii) during the Term the Executive terminates his employment for Good Reason following a Potential Change in Control but prior to a Change in Control (whether or not a Change in Control ever occurs) and the circumstance or event which constitutes Good Reason occurs at the request or direction of such Person or (iii) during the Term the Executive's employment is terminated by the Company without Cause or by the Executive for Good Reason and such termination or the circumstance or event which constitutes Good Reason is otherwise in connection with or in anticipation of a Change in Control (whether or not a Change in Control ever occurs). An Executive will not be considered to have been terminated by reason of the divestiture of a facility, sale or other disposition of a business or business unit, or the outsourcing of a business activity with which the Executive is affiliated, notwithstanding the fact that such divestiture, sale or outsourcing takes place within two years following a Change in Control, if the Executive is offered comparable employment by the successor company and such successor company agrees to assume the Company's obligations to the Executive under this Agreement.

  • Severance Payments; Salary and Benefits The Company agrees to provide Executive with the severance payments and benefits described in Section 4(b) [and Section 4(c)] of the Employment Agreement, payable at the times set forth in, and subject to the terms and conditions of, the Employment Agreement. In addition, to the extent not already paid, and subject to the terms and conditions of the Employment Agreement, the Company shall pay or provide to Executive all other payments or benefits described in Section 3(c) of the Employment Agreement, subject to and in accordance with the terms thereof.

  • Other Payments and Benefits On any termination of employment, including, without limitation, termination due to the Employee’s death or Disability (as defined in Section 10) or for Cause, the Employee shall receive any accrued but unpaid salary, reimbursement of any business or other expenses incurred prior to termination of employment but for which the Employee had not received reimbursement, and any other rights, compensation and/or benefits as may be due the Employee in accordance with the terms and provisions of any agreements, plans or programs of the Company (but in no event shall the Employee be entitled to duplicative rights, compensation and/or benefits).

  • Payment and Benefits In consideration of the promises made in this Release, Employer has agreed to pay Executive the benefits as provided in that certain employment agreement made and entered into as of _________________________, by and between the Parties (the “Employment Agreement”). Executive understands and acknowledges that the benefits described in this Section 2 constitute benefits in excess of those to which Executive would be entitled without entering into this Release. Executive acknowledges that such benefits are being provided by Employer as consideration for Executive entering into this Release, including the release of claims and waiver of rights provided in Section 3 of this Release.

  • Severance Payment Executive will be paid continuing payments of severance pay at a rate equal to Executive’s base salary rate, as then in effect, for twelve (12) months from the date of such termination of employment, to be paid periodically in accordance with the Company’s normal payroll policies.

  • Additional Payments and Benefits The Executive shall also be entitled to:

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