Payments after Employment Period. (a) In the event of a termination of this Agreement under paragraph 4.1(ii), the Companies shall pay to the Executive and provide him with the following: (i) During the remainder of the Employment Period (determined without regard to paragraph 4.1(ii)), but not less than one year following the occurrence of any event of termination under paragraph 4.1(ii), the Companies shall continue to pay the Executive his salary at the rate and as required by paragraph 1.2(a) and in effect immediately prior to the date of termination plus (in any year after the first year) an annual bonus payable at the time or times customary during the Employment Period, which bonus shall be equivalent to a certain percentage of his salary paid to him by the Companies for each such year during the remainder of the Employment Period (determined without regard to paragraph 4.1(ii) but with regard to paragraphs 4.1(iii) and (iv)), such percentage to be equal to the average of the percentage of his salary which his annual bonus represented during each of the three years immediately preceding termination of this Agreement. (ii) During the remainder of the Employment Period (determined without regard to paragraph 4.1(ii) but with regard to paragraphs 4.1(iii) and (iv)), the Executive shall continue to be treated as an executive (at the level provided for in paragraph 1.1(a)) under all of the benefit programs, plans or arrangements of the Companies described in paragraph 1.2(b). In addition, the Executive shall continue to be entitled to all benefits and service credits for benefits under all of the benefit programs, plans or arrangements of the Companies described in paragraph 1.2(d) as if he were still employed during such period under this Agreement. (iii) If, despite the provisions of subparagraph (ii) above, benefits, service credits, or the right to accrue further benefits or service credits under any benefit programs, plans or arrangements of the Companies described in paragraph 1.2(b) shall not be payable or provided to the Executive, or his dependents, beneficiaries and estate, because he is not longer an employee of one or both of the Companies, the Companies shall, to the extent necessary, provide, pay or provide for payment of equivalent benefits, service credits and rights to accrue further benefits or service credits to or for the benefit of the Executive, his dependents, beneficiaries and estate. (b) In the event of a termination of this Agreement under paragraph 4.1(ii), the Executive in his discretion may elect, within 60 days after such termination, to be paid a lump sum or other agreed severance allowance in lieu of termination payments provided for in paragraph 4.2(a) in an amount of cash which shall be negotiated and agreed upon in writing between the Executive and the Companies. Among the forms which the severance allowance may take, if negotiated and agreed upon in writing between the Executive and the Companies, shall be payment of equal installments to the Executive the present value of which, computed at the time required by Section 4999 of the Internal Revenue Code of 1986 (the "Code"), is below the threshold necessary to trigger applicability of Section 4999 of the Code which imposes a nondeductible excise tax on any recipient of an "excess parachute payment" equal to 20% of the amount of such payment. In the event that the Executive makes an election pursuant to this paragraph 4.2(b), the severance allowance shall represent the present fair market value of the amount of salary, bonuses and all benefit programs, plans and arrangements of the Companies which the Executive would be entitled to during the Employment Period (determined without regard to paragraph 4.1(iii)) under this Agreement. Upon the date that the Companies and the Executive enter into a written agreement providing for a severance payment, the Companies' obligations to the Executive pursuant to paragraph 4.2 (a) shall terminate. In the event that the Executive and the Companies are unable to negotiate a mutually satisfactory agreement concerning the amount of a severance payment pursuant to this paragraph 4.2(b), then the Executive shall receive termination payments and benefits as provided in paragraphs 4.2(a). Payments made under this paragraph 4.2 (b) shall continue notwithstanding the subsequent death or disability of the Executive. (c) In the event of a termination of this Agreement under paragraph 4.1(iii), (i) the Companies shall pay the Executive's estate an amount equal to six months' salary at the rate and as required by paragraph 1.2(a) and in effect immediately prior to the date of death, (ii) the Companies shall continue benefits under the Companies' sickness, accident or health insurance for a period of six months following death of the Executive for those dependents and beneficiaries of the Executive who were covered by such programs, plans or arrangements at the date of the Executive's death, and (iii) the Executive's dependents, beneficiaries and estate, as the case may be, will receive such survivor and other benefits as they may be entitled under the terms of the benefit programs, plans, and arrangements described in paragraph 1.2 (b) which provide benefits upon death of the Executive. (d) In the event of a termination of this Agreement under paragraph 4.1(iv), (i) the Companies shall pay the Executive an amount equal to six months' salary at the rate and as required by paragraph 1.2(a) and in effect immediately prior to the date of total disability, (ii) the Companies shall continue benefits under the
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Payments after Employment Period. (a) In the event of a termination of this Agreement under paragraph 4.1(ii), the Companies Bank shall pay to the Executive and provide him with the following:
(i) During the remainder of the Employment Period (determined without regard to paragraph 4.1(ii)), but not less than one year following the occurrence of any event of termination under paragraph 4.1(ii), the Companies Bank shall continue to pay the Executive his salary at the rate and as required by paragraph 1.2(a) and in effect immediately prior to the date of termination plus (in any year after the first year) an annual bonus payable at the time or times customary during the Employment Period, which bonus shall be equivalent to a certain percentage of his salary paid to him by the Companies Bank for each such year during the remainder of the Employment Period (determined without regard to paragraph 4.1(ii) but with regard to paragraphs 4.1(iii) and (iv)), such percentage to be equal to the average of the percentage of his salary which his annual bonus represented during each of the three years immediately preceding termination of this Agreement.
(ii) During the remainder of the Employment Period (determined without regard to paragraph 4.1(ii) but with regard to paragraphs 4.1(iii) and and
(iv)), ) the Executive shall continue to be treated as an executive (at the level provided for in paragraph 1.1(a)) under all of the benefit programs, plans or arrangements of the Companies Bank described in paragraph 1.2(b). In addition, the Executive shall continue to be entitled to all benefits and service credits for benefits under all of the benefit programs, plans or arrangements of the Companies Bank described in paragraph 1.2(d) as if he were still employed during such period under this Agreement.
(iii) If, despite the provisions of subparagraph (ii) above, benefits, service credits, or the right to accrue further benefits or service credits under any benefit programs, plans or arrangements of the Companies Bank described in paragraph 1.2(b) shall not be payable or provided to the Executive, or his dependents, beneficiaries and estate, because he is not longer an employee of one or both of the CompaniesBank, the Companies Bank shall, to the extent necessary, provide, pay or provide for payment of equivalent benefits, service credits and rights to accrue further benefits or service credits to or for the benefit of the Executive, his dependents, beneficiaries and estate.
(b) In the event of a termination of this Agreement under paragraph 4.1(ii), the Executive in his discretion may elect, within 60 days after such termination, to be paid a lump sum or other agreed severance allowance in lieu of termination payments provided for in paragraph 4.2(a) in an amount of cash which shall be negotiated and agreed upon in writing between the Executive and the CompaniesBank. Among the forms which the severance allowance may take, if negotiated and agreed upon in writing between the Executive and the CompaniesBank, shall be payment of equal installments to the Executive the present value of which, computed at the time required by Section 4999 of the Internal Revenue Code of 1986 (the "Code"), is below the threshold necessary to trigger applicability of Section 4999 of the Code which imposes a nondeductible excise tax on any recipient of an "excess parachute payment" equal to 20% of the amount of such payment. In the event that the Executive makes an election pursuant to this paragraph 4.2(b), the severance allowance shall represent the present fair market value of the amount of salary, bonuses and all benefit programs, plans and arrangements of the Companies Bank which the Executive would be entitled to during the Employment Period (determined without regard to paragraph 4.1(iii)) under this Agreement. Upon the date that the Companies Bank and the Executive enter into a written agreement providing for a severance payment, the Companies' Bank's obligations to the Executive pursuant to paragraph 4.2
(a) shall terminate. In the event that the Executive and the Companies Bank are unable to negotiate a mutually satisfactory agreement concerning the amount of a severance payment pursuant to this paragraph 4.2(b), then the Executive shall receive termination payments and benefits as provided in paragraphs 4.2(a). Payments made under this paragraph 4.2
(b) shall continue notwithstanding the subsequent death or disability of the Executive.
(c) In the event of a termination of this Agreement under paragraph 4.1(iii), (i) the Companies Bank shall pay the Executive's estate an amount equal to six months' salary at the rate and as required by paragraph 1.2(a) and in effect immediately prior to the date of death, (ii) the Companies Bank shall continue benefits under the Companies' Bank's sickness, accident or health insurance for a period of six months following death of the Executive for those dependents and beneficiaries of the Executive who were covered by such programs, plans or arrangements at the date of the Executive's death, and (iii) the Executive's dependents, beneficiaries and estate, as the case may be, will receive such survivor and other benefits as they may be entitled under the terms of the benefit programs, plans, and arrangements described in paragraph 1.2
(b) which provide benefits upon death of the Executive.
(d) In the event of a termination of this Agreement under paragraph 4.1(iv), (i) the Companies shall pay the Executive an amount equal to six months' salary at the rate and as required by paragraph 1.2(a) and in effect immediately prior to the date of total disability, (ii) the Companies shall continue benefits under theor
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Payments after Employment Period. (a) In the event of a termination of this Agreement under paragraph 4.1(ii), the Companies shall pay to the Executive and provide him with the following:
(i) During the remainder of the Employment Period (determined without regard to paragraph 4.1(ii)), but not less than one year following the occurrence of any event of termination under paragraph 4.1(ii), the Companies shall continue to pay the Executive his salary at the rate and as required by paragraph 1.2(a) and in effect immediately prior to the date of termination plus (in any year after the first year) an annual bonus payable at the time or times customary during the Employment Period, which bonus shall be equivalent to a certain percentage of his salary paid to him by the Companies for each such year during the remainder of the Employment Period (determined without regard to paragraph 4.1(ii) but with regard to paragraphs 4.1(iii) and (iv)), such percentage to be equal to the average of the percentage of his salary which his annual bonus represented during each of the three years immediately preceding termination of this Agreement.
(ii) During the remainder of the Employment Period (determined without regard to paragraph 4.1(ii) but with regard to paragraphs 4.1(iii) and (iv)), the Executive shall continue to be treated as an executive (at the level provided for in paragraph 1.1(a)) under all of the benefit programs, plans or arrangements of the Companies described in paragraph 1.2(b). ,
(b) In addition, the Executive shall continue to be entitled to all benefits and service credits for benefits under all of the benefit programs, plans or arrangements of the Companies described in paragraph 1.2(d) as if he were still employed during such period under this Agreement.
(iii) If, despite the provisions of subparagraph (ii) above, benefits, service credits, or the right to accrue further benefits or service credits under any benefit programs, plans or arrangements of the Companies described in paragraph 1.2(b) shall not be payable or provided to the Executive, or his dependents, beneficiaries and estate, because he is not longer an employee of one or both of the Companies, the Companies shall, to the extent necessary, provide, pay or provide for payment of equivalent benefits, service credits and rights to accrue further benefits or service credits to or for the benefit of the Executive, his dependents, beneficiaries and estate.
(b) In the event of a termination of this Agreement under paragraph 4.1(ii), the Executive in his discretion may elect, within 60 days after such termination, to be paid a lump sum or other agreed severance allowance in lieu of termination payments provided for in paragraph 4.2(a) in an amount of cash which shall be negotiated and agreed upon in writing between the Executive and the Companies. Among the forms which the severance allowance may take, if negotiated and agreed upon in writing between the Executive and the Companies, shall be payment of equal installments to the Executive the present value of which, computed at the time required by Section 4999 of the Internal Revenue Code of 1986 (the "Code"), is below the threshold necessary to trigger applicability of Section 4999 of the Code which imposes a nondeductible excise tax on any recipient of an "excess parachute payment" equal to 20% of the amount of such payment. In the event that the Executive makes an election pursuant to this paragraph 4.2(b), the severance allowance shall represent the present fair market value of the amount of salary, bonuses and all benefit programs, plans and arrangements of the Companies which the Executive would be entitled to during the Employment Period (determined without regard to paragraph 4.1(iii)) under this Agreement. Upon the date that the Companies and the Executive enter into a written agreement providing for a severance payment, the Companies' obligations to the Executive pursuant to paragraph 4.2
(a) shall terminate. In the event that the Executive and the Companies are unable to negotiate a mutually satisfactory agreement concerning the amount of a severance payment pursuant to this paragraph 4.2(b), then the Executive shall receive termination payments and benefits as provided in paragraphs 4.2(a). Payments made under this paragraph 4.2
(b) shall continue notwithstanding the subsequent death or disability of the Executive.
(c) In the event of a termination of this Agreement under paragraph 4.1(iii), (i) the Companies shall pay the Executive's estate an amount equal to six months' salary at the rate and as required by paragraph 1.2(a) and in effect immediately prior to the date of death, (ii) the Companies shall continue benefits under the Companies' sickness, accident or health insurance for a period of six months following death of the Executive for those dependents and beneficiaries of the Executive who were covered by such programs, plans or arrangements at the date of the Executive's death, and (iii) the Executive's dependents, beneficiaries and estate, as the case may be, will receive such survivor and other benefits as they may be entitled under the terms of the benefit programs, plans, and arrangements described in paragraph 1.2
(b) which provide benefits upon death of the Executive.
(d) In the event of a termination of this Agreement under paragraph 4.1(iv), (i) the Companies shall pay the Executive an amount equal to six months' salary at the rate and as required by paragraph 1.2(a) and in effect immediately prior to the date of total disability, (ii) the Companies shall continue benefits under the
Appears in 1 contract
Payments after Employment Period. (a) In the event of a termination of this Agreement under paragraph 4.1(ii), the Companies shall pay to the Executive and provide him with the following:
(i) During the remainder of the Employment Period (determined without regard to paragraph 4.1(ii)), but not less than one year following the occurrence of any event of termination under paragraph 4.1(ii), the Companies shall continue to pay the Executive his salary at the rate and as required by paragraph 1.2(a) and in effect immediately prior to the date of termination plus (in any year after the first year) an annual bonus payable at the time or times customary during the Employment Period, which bonus shall be equivalent to a certain percentage of his salary paid to him by the Companies for each such year during the remainder of the Employment Period (determined without regard to paragraph 4.1(ii) but with regard to paragraphs 4.1(iii) and (iv)), such percentage to be equal to the average of the percentage of his salary which his annual bonus represented during each of the three years immediately preceding termination of this Agreement.
(ii) During the remainder of the Employment Period (determined without regard to paragraph 4.1(ii) but with regard to paragraphs 4.1(iii) and (iv)), the Executive shall continue to be treated as an executive (at the level provided for in paragraph 1.1(a)) under all of the benefit programs, plans or arrangements of the Companies described in paragraph 1.2(b). In addition, the Executive shall continue to be entitled to all benefits and service credits for benefits under all of the benefit programs, plans or arrangements of the Companies described in paragraph 1.2(d) as if he were still employed during such period under this Agreement.
(iii) If, despite the provisions of subparagraph (ii) above, benefits, service credits, or the right to accrue further benefits or service credits under any benefit programs, plans or arrangements of the Companies described in paragraph 1.2(b) shall not be payable or provided to the Executive, or his dependents, beneficiaries and estate, because he is not longer an employee of one or both of the Companies, the Companies shall, to the extent necessary, provide, pay or provide for payment of equivalent benefits, service credits and rights to accrue further benefits or service credits to or for the benefit of the Executive, his dependents, beneficiaries and estate.
(b) In the event of a termination of this Agreement under paragraph 4.1(ii), the Executive in his discretion may elect, within 60 days after such termination, to be paid a lump sum or other agreed severance allowance in lieu of termination payments provided for in paragraph 4.2(a) in an amount of cash which shall be negotiated and agreed upon in writing between the Executive and the Companies. Among the forms which the severance allowance may take, if negotiated and agreed upon in writing between the Executive and the Companies, shall be payment of equal installments to the Executive the present value of which, computed at the time required by Section 4999 of the Internal Revenue Code of 1986 (the "Code"), is below the threshold necessary to trigger applicability of Section 4999 of the Code which imposes a nondeductible excise tax on any recipient of an "excess parachute payment" equal to 20% of the amount of such payment. In the event that the Executive makes an election pursuant to this paragraph 4.2(b), the severance allowance shall represent the present fair market value of the amount of salary, bonuses and all benefit programs, plans and arrangements of the Companies which the Executive would be entitled to during the Employment Period (determined without regard to paragraph 4.1(iii)) under this Agreement. Upon the date that the Companies and the Executive enter into a written agreement providing for a severance payment, the Companies' obligations to the Executive pursuant to paragraph 4.2
(a) shall terminate. In the event that the Executive and the Companies are unable to negotiate a mutually satisfactory agreement concerning the amount of a severance payment pursuant to this paragraph 4.2(b), then the Executive shall receive termination payments and benefits as provided in paragraphs 4.2(a). Payments made under this paragraph 4.2
(b) shall continue notwithstanding the subsequent death or disability of the Executive.
(c) In the event of a termination of this Agreement under paragraph 4.1(iii), (i) the Companies shall pay the Executive's estate an amount equal to six months' salary at the rate and as required by paragraph 1.2(a) and in effect immediately prior to the date of death, (ii) the Companies shall continue benefits under the Companies' sickness, accident or health insurance for a period of six months following death of the Executive for those dependents and beneficiaries of the Executive who were covered by such programs, plans or arrangements at the date of the Executive's death, and (iii) the Executive's dependents, beneficiaries and estate, as the case may be, will receive such survivor and other benefits as they may be entitled under the terms of the benefit programs, plans, and arrangements described in paragraph 1.2
(b) which provide benefits upon death of the Executive.
(d) In the event of a termination of this Agreement under paragraph 4.1(iv), (i) the Companies shall pay the Executive an amount equal to six months' salary at the rate and as required by paragraph 1.2(a) and in effect immediately prior to the date of total disability, (ii) the Companies shall continue benefits under thethe Companies' sickness, accident and health insurance for two years following the date of total disability for the Executive and his dependents and beneficiaries who are covered by such programs, plans and arrangements during the two-year period; and (iii) the Executive, and his dependents, beneficiaries and estate, as the case may be, will receive such benefits as they may be entitled under the terms of the benefit programs, plans, and arrangements described in paragraph 1.2
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