Common use of Premature Termination by Employer Clause in Contracts

Premature Termination by Employer. (i) In the event of the termination of this Agreement by Employer prior to the last day of the then current term for any reason other than a termination in accordance with the provisions of SECTION 4(h) (Change in Control) or SECTION 4(e) (Termination for Cause), then notwithstanding any mitigation of damages by Executive, Employer shall pay Executive an amount equal to the sum of: (A) Executive's Base Compensation at the annual rate then payable to Executive; (B) an amount equal to the average of the annual performance bonuses paid to Executive during the most recent three (3) fiscal years of Employer; and (C) an amount equal to the contributions made or credited by Employer under all employee retirement plans for the benefit of Executive for the most recently ended fiscal year of Employer. In addition, Employer shall continue to provide coverage for Executive and his immediate family under any health insurance programs maintained by Employer for one (1) year; PROVIDED, HOWEVER, that if the continuation of such health insurance is not permitted under the Employer's then current health insurance policy, then Employer agrees to pay Executive's premiums to continue such coverage under the Consolidated Omnibus Budget Reconciliation Act of 1985 ("COBRA") until the earlier of the date one (1) year from the date of termination, or the date such coverage otherwise terminates under COBRA, the period of health insurance continuation shall be credited against Executive's COBRA continuation rights and he will be required to complete all COBRA election and other forms. The payment of amounts under this subsection by Employer shall not offset or diminish any compensation or benefits accrued as of the date of termination.

Premature Termination by Employer. (i) In the event of the termination of this Agreement by Employer prior to the last day of the then current term for any reason other than a termination in accordance with the provisions of SECTION Section 4(h) (Change in Control) or SECTION Section 4(e) (Termination for Cause), then notwithstanding any mitigation of damages by Executive, Employer shall pay Executive an amount equal to the sum of: (A) Executive's ’s Base Compensation at the annual rate then payable to Executive; (B) an amount equal to the average of the annual performance bonuses paid to Executive during the most recent three (3) fiscal years of Employer; and (C) an amount equal to the contributions made or credited by Employer under all employee retirement plans for the benefit of Executive for the most recently ended fiscal year of Employer. In addition, Employer shall continue to provide coverage for Executive and his immediate family under any health insurance programs maintained by Employer for one (1) year; PROVIDEDprovided, HOWEVERhowever, that if the continuation of such health insurance is not permitted under the Employer's ’s then current health insurance policy, then Employer agrees to pay Executive's ’s premiums to continue such coverage under the Consolidated Omnibus Budget Reconciliation Act of 1985 ("“COBRA"”) until the earlier of the date one (1) year from the date of termination, or the date such coverage otherwise terminates under COBRA, the period of health insurance continuation shall be credited against Executive's ’s COBRA continuation rights and he will be required to complete all COBRA election and other forms. The payment of amounts under this subsection by Employer shall not offset or diminish any compensation or benefits accrued as of the date of termination.