Prior to a Change of Control: Good Reason or Other than for Cause. If, during the Employment Period and prior to a Change of Control, the Company shall terminate the Executive’s employment other than for Cause, or the Executive shall terminate employment for Good Reason: (i) The Company shall pay to the Executive, in a lump-sum in cash on the date 60 days after the Date of Termination (unless other payment terms are specified in this Section 6 or in Section 16(h)), the aggregate of the following amounts: A. the sum of (1) the Executive’s Annual Base Salary through the Date of Termination to the extent not theretofore paid, (2) any compensation previously deferred by the Executive, to the extent permitted by the plan under which such deferral was made (together with any accrued interest or earnings thereon), and any accrued vacation pay, in each case to the extent not theretofore paid, and (3) a separate sum equal to the amount of any earned but unpaid bonus awarded to the Executive for any previously completed taxable year (the sum of the amounts described in clauses (1), (2) and (3) shall be hereinafter referred to as the “Accrued Obligations”); and B. the amount (such amount shall be hereinafter referred to as the “Severance Amount”) equal to the sum of:
Appears in 7 contracts
Samples: Executive Employment Agreement (Hercules Offshore, Inc.), Executive Employment Agreement (Hercules Offshore, Inc.), Executive Employment Agreement (Hercules Offshore, Inc.)
