Common use of Qualifying Termination in Connection with a Change in Control Clause in Contracts

Qualifying Termination in Connection with a Change in Control. If the Executive experiences a Qualifying Termination within six months prior to, or within 24 months following a Change in Control: (i) the Company shall pay to the Executive in a lump sum in cash within 30 days after the Date of Termination the Accrued Obligations; (ii) the Company shall pay to the Executive a cash severance benefit in an amount equal to 2.5 times the sum of the Executive’s Annual Base Salary and Target Bonus (the “CIC Severance Benefits”). The Company shall pay the CIC Severance Benefits in substantially equal monthly installments in accordance with the Company’s normal payroll policies over a 30-month period following the Date of Termination; provided that, if the Date of Termination is prior to a Change in Control, the first payment after the Change in Control shall include amounts owed and not paid prior to the Change in Control as a result of the difference in value between the CIC Severance Benefits and the Severance Benefits; (iii) the Company shall pay to the Executive in a lump sum in cash a pro rata portion of the Executive’s Target Bonus (with proration determined based on the number of months in the fiscal year in which the Executive is employed with the Company). The Company shall pay the prorated Target Bonus no later than March 15 of the year following the fiscal year to which the Annual Bonus relates; (iv) the Executive’s long-term incentive awards shall be treated in accordance with their terms; (v) subject to Section 4(e), for the 30-month period immediately following the Date of Termination, the Company shall continue the Welfare Benefits; and 4844-0817-3566 v.6 (vi) to the extent not theretofore paid or provided, the Company shall timely pay or provide to the Executive the Other Benefits.

Appears in 1 contract

Samples: Employment Agreement (Columbia Banking System, Inc.)

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Qualifying Termination in Connection with a Change in Control. If the Executive experiences a Qualifying Termination within six months prior to, or within 24 months following following, a Change in Control: (i) the Company shall pay to the Executive in a lump sum in cash within 30 days after the Date of Termination the Accrued Obligations; (ii) the Company shall pay to the Executive a cash severance benefit in an amount equal to 2.5 times the sum of the Executive’s Annual Base Salary and Target Bonus (the “CIC Severance Benefits”). The Company shall pay the CIC Severance Benefits in substantially equal monthly installments in accordance with the Company’s normal payroll policies over a 30-month period following the Date of Termination; provided that, if the Date of Termination is prior to a Change in Control, the first payment after the Change in Control shall include amounts owed and not paid prior to the Change in Control as a result of the difference in value between the CIC Severance Benefits and the Severance Benefits; (iii) the Company shall pay to the Executive in a lump sum in cash a pro rata portion of the Executive’s Target Bonus (with proration determined based on the number of months in the fiscal year in which the Executive is employed with the Company). The Company shall pay the prorated Target Bonus no later than March 15 of the year following the fiscal year to which the Annual Bonus relates; (iv) the Executive’s long-term incentive awards shall be treated in accordance with their terms; (v) subject to Section 4(e), for the 30-month period immediately following the Date of Termination, the Company shall continue the Welfare Benefits; and 4844-0817-3566 v.6and (vi) to the extent not theretofore paid or provided, the Company shall timely pay or provide to the Executive the Other Benefits.

Appears in 1 contract

Samples: Employment Agreement (Columbia Banking System, Inc.)

Qualifying Termination in Connection with a Change in Control. If the Executive experiences a Qualifying Termination within six months prior to, or within 24 months following following, a Change in Control: (i) the Company shall pay to the Executive in a lump sum in cash within 30 days after the Date of Termination the Accrued Obligations; (ii) the Company shall pay to the Executive a cash severance benefit in an amount equal to 2.5 times the sum of the Executive’s Annual Base Salary and Target Bonus (the “CIC Severance Benefits”). The Company shall pay the CIC Severance Benefits in substantially equal monthly installments in accordance with the Company’s normal payroll policies over a 30-month period following the Date of Termination; provided that, if the Date of Termination is prior to a Change in Control, the first payment after the Change in Control shall include amounts owed and not paid prior to the Change in Control as a result of the difference in value between the CIC Severance Benefits and the Severance Benefits; (iii) the Company shall pay to the Executive in a lump sum in cash a pro rata portion of the Executive’s Target Bonus (with proration determined based on the number of months in the fiscal year in which the Executive is employed with the Company). The Company shall pay the prorated Target Bonus no later than March 15 of the year following the fiscal year to which the Annual Bonus relates; (iv) the Executive’s long-term incentive awards shall be treated in accordance with their terms;terms; (v) subject to Section 4(e), for the 30-month period immediately following the Date of Termination, the Company shall continue the Welfare Benefits; and 4844-0817-3566 v.6Benefits; and (vi) to the extent not theretofore paid or provided, the Company shall timely pay or provide to the Executive the Other Benefits.

Appears in 1 contract

Samples: Employment Agreement (Columbia Banking System Inc)

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Qualifying Termination in Connection with a Change in Control. If the Executive experiences a Qualifying Termination within six months prior to, or within 24 months following a Change in Control: (i) the Company shall pay to the Executive in a lump sum in cash within 30 days after the Date of Termination the Accrued Obligations; (ii) the Company shall pay to the Executive a cash severance benefit in an amount equal to 2.5 times the sum of the Executive’s Annual Base Salary and Target Bonus (the “CIC Severance Benefits”). The Company shall pay the CIC Severance Benefits in substantially equal monthly installments in accordance with the Company’s normal payroll policies over a 30-month period following the Date of Termination; provided that, if the Date of Termination is prior to a Change in Control, the first payment after the Change in Control shall include amounts owed and not paid prior to the Change in Control as a result of the difference in value between the CIC Severance Benefits and the Severance Benefits; (iii) the Company shall pay to the Executive in a lump sum in cash a pro rata portion of the Executive’s Target Bonus (with proration determined based on the number of months in the fiscal year in which the Executive is employed with the Company). The Company shall pay the prorated Target Bonus no later than March 15 of the year following the fiscal year to which the Annual Bonus relates; (iv) the Executive’s long-term incentive awards shall be treated in accordance with their terms;terms; (v) subject to Section 4(e), for the 30-month period immediately following the Date of Termination, the Company shall continue the Welfare Benefits; and 4844-0817-3566 v.6Benefits; and (vi) to the extent not theretofore paid or provided, the Company shall timely pay or provide to the Executive the Other Benefits.

Appears in 1 contract

Samples: Employment Agreement (Columbia Banking System, Inc.)

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