Common use of Pension Benefits Clause in Contracts

Pension Benefits. The Corporation shall pay to the Executive the maximum contribution that the Corporation or a subsidiary thereof would have been required to make on behalf of the Executive under the Encana (USA) Retirement Plan at the percentage of salary specified therein in respect to the Severance Period based on: (i) The Executive’s annual base salary (using the Severance Salary Rate) if he were fully employed until the end of the 24th calendar month following the Date of Termination; and (ii) The lesser of the Average Bonus and 40% of the amount of the annual base salary (using the Severance Salary Rate) the Executive would have earned had he continued to be employed until the end of the 24th calendar month following the Date of Termination. This payment will be made to the Executive in a lump sum on the Payment Date.

Appears in 2 contracts

Samples: Change in Control Agreement (Encana Corp), Change in Control Agreement (Encana Corp)

AutoNDA by SimpleDocs

Pension Benefits. The Corporation shall pay to the Executive the maximum contribution that the Corporation or a subsidiary thereof would have been required to make on behalf of the Executive under the Encana (USA) U.S. Retirement Plan at the percentage of salary specified therein in respect to the Severance Period based on: (i) The Executive’s annual base salary (using the Severance Salary Rate) if he she were fully employed until the end of the 24th calendar month following the Date of Termination; Termination; and (ii) The lesser of the Average Bonus and 40% of the amount of the annual base salary (using the Severance Salary Rate) the Executive would have earned had he she continued to be employed until the end of the 24th calendar month following the Date of Termination. This payment will be made to the Executive in a lump sum on the Payment Date.

Appears in 1 contract

Samples: Change in Control Agreement (Ovintiv Inc.)

Pension Benefits. The Corporation shall pay to the Executive the maximum contribution that the Corporation or a subsidiary thereof would have been required to make on behalf of the Executive under the Encana (USA) U.S. Retirement Plan at the percentage of salary specified therein in respect to the Severance Period based on: (i) The Executive’s annual base salary (using the Severance Salary Rate) if he were fully employed until the end of the 24th calendar month following the Date of Termination; Termination; and (ii) The lesser of the Average Bonus and 40% of the amount of the annual base salary (using the Severance Salary Rate) the Executive would have earned had he continued to be employed until the end of the 24th calendar month following the Date of Termination. This payment will be made to the Executive in a lump sum on the Payment Date.

Appears in 1 contract

Samples: Change in Control Agreement (Ovintiv Inc.)

Pension Benefits. The Corporation shall pay to the Executive the maximum contribution that the Corporation or a subsidiary thereof would have been required to make on behalf of the Executive under the Encana (USA) U.S. Retirement Plan at the percentage of salary specified therein in respect to the Severance Period based on: (i) The Executive’s annual base salary (using the Severance Salary Rate) if he she were fully employed until the end of the 24th calendar month following the Date of Termination; Termination; and (ii) The lesser of the Average Bonus and 4067% of the amount of the annual base salary (using the Severance Salary Rate) the Executive would have earned had he she continued to be employed until the end of the 24th calendar month following the Date of Termination. This payment will be made to the Executive in a lump sum on the Payment Date.

Appears in 1 contract

Samples: Change in Control Agreement (Ovintiv Inc.)

Pension Benefits. The Corporation shall pay to the Executive the maximum contribution that the Corporation or a subsidiary thereof would have been required to make on behalf of the Executive under the Encana (USA) U.S. Retirement Plan at the percentage of salary specified therein in respect to the Severance Period based on: (i) The Executive’s annual base salary (using the Severance Salary Rate) if he were fully employed until the end of the 24th calendar month following the Date of Termination; and (ii) The lesser of the Average Bonus and 40% of the amount of the annual base salary (using the Severance Salary Rate) the Executive would have earned had he continued to be employed until the end of the 24th calendar month following the Date of Termination. This payment will be made to the Executive in a lump sum on the Payment Date.

Appears in 1 contract

Samples: Change in Control Agreement (Ovintiv Inc.)

AutoNDA by SimpleDocs

Pension Benefits. The Corporation shall pay to the Executive the maximum contribution that the Corporation or a subsidiary thereof would have been required to make on behalf of the Executive under the Encana (USA) U.S. Retirement Plan at the percentage of salary specified therein in respect to the Severance Period based on: (i) The Executive’s annual base salary (using the Severance Salary Rate) if he were was fully employed until the end of the 24th calendar month following the Date of Termination; Termination; and (ii) The lesser of the Average Applicable Bonus and 4067% of the amount of the annual base salary (using the Severance Salary Rate) the Executive would have earned had he continued to be employed until the end of the 24th calendar month following the Date of Termination. This payment will be made to the Executive in a lump sum on the Payment Date.

Appears in 1 contract

Samples: Change in Control Agreement (Ovintiv Inc.)

Pension Benefits. The Corporation shall pay to the Executive the maximum contribution that the Corporation or a subsidiary thereof would have been required to make on behalf of the Executive under the Encana (USA) U.S. Retirement Plan at the percentage of salary specified therein in respect to the Severance Period based on: (i) The Executive’s annual base salary (using the Severance Salary Rate) if he were she was fully employed until the end of the 24th calendar month following the Date of Termination; Termination; and (ii) The lesser of the Average Applicable Bonus and 40% of the amount of the annual base salary (using the Severance Salary Rate) the Executive would have earned had he she continued to be employed until the end of the 24th calendar month following the Date of Termination. This payment will be made to the Executive in a lump sum on the Payment Date.

Appears in 1 contract

Samples: Change in Control Agreement (Ovintiv Inc.)

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!