Common use of Pursuant to Xx Clause in Contracts

Pursuant to Xx. Xxxxxxxx’x employment agreement, he receives an annual base salary at a rate that is reviewed and adjusted from time to time by our Compensation Committee. Under the agreement, if Xx. Xxxxxxxx is terminated by the Company for cause, or if he resigns for other than good reason, he is entitled to receive salary earned up to the date of termination or resignation. If Xx. Xxxxxxxx’x employment is terminated without cause, or if Xx. Xxxxxxxx resigns for good reason (as defined in his agreement), he is entitled to an amount equal to two times his then current annual base salary, payable in a single lump sum on the Lump-Sum Payment Date, which amount increases to three times his then current annual base salary if his employment is terminated or he resigns for good reason within 12 months immediately following a change of control. Substantially equivalent compensation and benefits are payable in the event of Xx. Xxxxxxxx’x permanent disability (as defined) or his death. Xx. Xxxxxxxx would also be entitled to (i) any accrued but unused vacation pay; (ii) all vested rights and benefits pursuant to our Company plans and programs; (iii) relocation benefits back to the Chicago, IL area; (iv) health and welfare benefits coverage for 12 months (provided such coverage will cease if Xx. Xxxxxxxx receives comparable coverage from subsequent employment); and (v) a cash payment under our AIP equal to the lesser of (a) the amount he would have received if he had been employed by Atlas on the last day of such year (assuming for such purpose that 50% of any individual bonus objectives had been achieved) or (b) his target bonus percentage. Moreover, if, within six months following termination of employment by Xxxxx for reasons other than cause or by Xx. Xxxxxxxx for good reason, a change of control occurs, then, in addition to the payment described above, Xx. Xxxxxxxx would be entitled to an additional amount equal to 12 months of his then current monthly base salary.

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Pursuant to Xx. Xxxxxxxx’x employment agreement, he receives an annual base salary at a rate that is reviewed and adjusted from time to time by our Compensation Committee. Under the agreement, if Xx. Xxxxxxxx is terminated by the Company for cause, or if he resigns for other than good reason, he is entitled to receive salary earned up to the date of termination or resignation. If Xx. Xxxxxxxx’x employment is terminated without cause, or if Xx. Xxxxxxxx resigns for good reason (as defined in his agreement), he is entitled to an amount equal to two times his then current annual base salary, payable in a single lump sum on the Lump-Sum Payment Date, which amount increases to three times his then current annual base salary if his employment is terminated or he resigns for good reason within 12 months immediately following a change of control. Substantially equivalent compensation and benefits are payable in the event of Xx. Xxxxxxxx’x permanent disability (as defined) or his death. Xx. Xxxxxxxx would also be entitled to (i) any accrued but unused vacation pay; (ii) all vested rights and benefits pursuant to our Company plans and programs; (iii) relocation benefits back to the Chicago, IL area; (iv) health and welfare benefits coverage for 12 months (provided such coverage will cease if Xx. Xxxxxxxx receives comparable coverage from subsequent employment); and (v) a cash payment under our AIP equal to the lesser of (a) the amount he would have received if he had been employed by Atlas on the last day of such year (assuming for such purpose that 50% of any individual bonus objectives had been achieved) or (b) his target bonus percentage. Moreover, if, within six months following termination of employment by Xxxxx Atlas for reasons other than cause or by Xx. Xxxxxxxx for good reason, a change of control occurs, then, in addition to the payment described above, Xx. Xxxxxxxx would be entitled to an additional amount equal to 12 months of his then then-current monthly base salary.

Appears in 1 contract

Samples: www.ezodproxy.com

Pursuant to Xx. Xxxxxxxx’x employment agreement, he receives an annual base salary at a rate that is reviewed and adjusted from time to time by our Compensation Committee. Under the agreement, if Xx. Xxxxxxxx is terminated by the Company for cause, or if he resigns for other than good reason, he is entitled to receive salary earned up to the date of termination or resignation. If Xx. Xxxxxxxx’x employment is terminated without cause, or if Xx. Xxxxxxxx resigns for good reason (as defined in his agreement), he is entitled to an amount equal to two times his then current annual base salary, payable in a single lump sum on the Lump-Sum Payment Date, which amount increases to three times his then current annual base salary if his employment is terminated or he resigns for good reason within 12 months immediately following a change of control. Substantially equivalent compensation and benefits are payable in the event of Xx. Xxxxxxxx’x permanent disability (as defined) or his death. Xx. Xxxxxxxx would also be entitled to (i) any accrued but unused vacation pay; (ii) all vested rights and benefits pursuant to our Company plans and programs; (iii) relocation benefits back to the Chicago, IL area; (iv) health and welfare benefits coverage for 12 months (provided such coverage will cease if Xx. Xxxxxxxx receives comparable coverage from subsequent employment); and (v) a cash payment under our AIP equal to the lesser of (a) the amount he would have received if he had been employed by Atlas on the last day of such year (assuming for such purpose that 50% of any individual bonus objectives had been achieved) or (b) his target bonus percentage. Moreover, if, within six months following termination of employment by Xxxxx for reasons other than cause or by Xx. Xxxxxxxx for good reason, a change of control occurs, then, in addition to the payment described above, Xx. Xxxxxxxx would be entitled to an additional amount equal to 12 months of his then then-current monthly base salary.

Appears in 1 contract

Samples: www.ezodproxy.com

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Pursuant to Xx. Xxxxxxxx’x employment agreement, he receives an annual base salary at a rate that is reviewed and adjusted from time to time by our Compensation Committee. Under the agreement, if Xx. Xxxxxxxx is terminated by the Company for cause, or if he resigns for other than good reason, he is entitled to receive salary earned up to the date of termination or resignation. If Xx. Xxxxxxxx’x employment is terminated without cause, or if Xx. Xxxxxxxx resigns for good reason (as defined in his agreement), he is entitled to an amount equal to two times his then current annual base salary, payable in a single lump sum on the Lump-Sum Payment Date, which amount increases to three times his then current annual base salary if his employment is terminated or he resigns for good reason within 12 months immediately following a change of control. Substantially equivalent compensation and benefits are payable in the event of Xx. Xxxxxxxx’x permanent disability (as defined) or his death. Xx. Xxxxxxxx would also be entitled to (i) any accrued but unused vacation pay; (ii) all vested rights and benefits pursuant to our Company plans and programs; (iii) relocation benefits back to the Chicago, IL area; (iv) health and welfare benefits coverage for 12 months (provided such coverage will cease if Xx. Xxxxxxxx receives comparable coverage from subsequent employment); and (v) a cash payment under our AIP equal to the lesser of (a) the amount he would have received if he had been employed by Atlas on the last day of such year (assuming for such purpose that 50% of any individual bonus objectives had been achieved) or (b) his target bonus percentage. Moreover, if, within six months following termination of employment by Xxxxx Atlas for reasons other than cause or by Xx. Xxxxxxxx for good reason, a change of control occurs, then, in addition to the payment described above, Xx. Xxxxxxxx would be entitled to an additional amount equal to 12 months of his then current monthly base salary.

Appears in 1 contract

Samples: www.ezodproxy.com

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