Receipt of Benefits. If Executive is entitled to receive a severance benefit pursuant to Section 8(a) hereof:
(1) Within ten (10) days following the date of termination of Executive’s employment, Company will provide Executive with a single lump sum cash payment in an amount equal to: (1) one hundred percent (100%) of Executive’s highest annualized Base Salary in effect on any date during the Initial Term or any Renewal Term; plus (2) one hundred percent (100%) of the annual compensation paid to Executive in the preceding year under all Incentive Compensation Plans (annual and quarterly) in which Executive participates as of the date his employment is terminated or, if an Incentive Compensation Plan was not in existence in the preceding year, one hundred percent (100%) of the annual compensation paid to Executive in the preceding year under a predecessor Incentive Compensation Plan; plus (3) with respect to any Incentive Compensation Plan with quarterly objectives, a prorated portion (based on the number of calendar days that have elapsed during the quarter) of the payment to which Executive would be entitled under the Incentive Compensation Plan (had Executive’s employment not been terminated) for the quarter in which Executive’s employment is terminated; plus (4) with respect to any Incentive Compensation Plan with annual objectives, a prorated portion (based on the number of calendar days that have elapsed during the year) of the payment to which Executive would be entitled under the Incentive Compensation Plan (had Executive’s employment not been terminated) for the calendar year in which Executive’s employment is terminated.
(2) Executive shall be vested in any and all equity-based plans and agreements of Company in which Executive had an interest, vested or contingent. If applicable law prohibits such vesting, then Company shall pay to Executive a single lump sum cash payment in an amount equal to the value of benefits and rights that would have, but for such prohibition, been vested in Executive. Any payment made pursuant to this Section 8(b)(2) will be made within sixty (60) days following the date of termination of Executive’s employment.
(3) If Executive’s employment termination constitutes a Separation from Service, Executive shall be entitled to continue to receive life, disability, accident and group health and dental insurance benefits, at substantially the levels Executive was receiving immediately prior to Executive’s Separation from Service, for a period of ti...
Receipt of Benefits. If Executive is entitled to receive a severance benefit pursuant to Section 8(a) hereof, Company will provide Executive with Executive’s Base Salary for the remainder of the Initial Term or current Renewal Term plus the Incentive Severance Compensation, to be paid as soon as reasonably practicable, allowing Company a sufficient amount of time to calculate such amount. Executive shall have no duty to mitigate damages in order to receive the compensation described by this Subsection. If Executive is entitled to receive the payments called for by this Section 8(b), Executive’s right to receive the compensation provided by Section 6(c) or 7(c) shall be reduced to the extent of such payments.
Receipt of Benefits. If Executive is entitled to receive a severance benefit pursuant to Section 8(b) hereof, Company will provide Executive with the following benefits:
(1) A lump sum severance payment within ten (10) days following Executive's last day of work equal to the sum of (i) three times the greater of Executive's annualized Base Salary in effect on the date of termination of employment or Executive's highest annualized Base Salary in effect on any date during the term of this Agreement and (ii) three times the amount of all incentive compensation paid or accrued to Executive for the Company's most recent last four fiscal quarters then ended.
(2) Executive shall be vested in any and all stock bonus and stock option plans and agreements of Company in which Executive had an interest, vested or contingent. If applicable law prohibits such vesting, then Company
Receipt of Benefits. If Executive is entitled to receive benefits pursuant to Section 9(a) hereof: (i) Executive shall receive (1) the Accrued Obligations; (2) severance pay in an amount equal to: (a) 100% of the Executive’s highest annualized Base Salary in effect on any date during the Initial Term or any Renewal Term, plus (b) with respect to any Incentive Plan with annual objectives, a prorated portion (based on the number of calendar days that have elapsed during the year) of the payment to which Executive would be entitled under the Incentive Plan (had Executive’s employment not been terminated) for the calendar year in which Executive’s employment is terminated.
Receipt of Benefits. As a separate promise, and in further consideration of this Agreement, Executive also agrees not to compete against the Company in the financial services business at any time while receiving benefits under this Agreement, whether as an employee, director, contractor or consultant to any financial services institution within Milwaukee, Ozaukee, Waukesha, or Dane counties in Wisconsin. This agreement not to compete is independent of the Covenants not to Compete in Sections 7.1 and 7.2. Any applicable obligations of Executive under Article 7 also survive the expiration of this Agreement.
Receipt of Benefits. A director, employee or agent of the Contractor must not:
(a) give or receive any commission, fee, rebate, gift or entertainment of significant value from; or
(b) enter into any business agreement with, any director, employee or agent of CleanCo other than as a representative of CleanCo or in the ordinary and proper course of business between any of those parties.
Receipt of Benefits. Neither the Company's contribution nor any benefit paid under the Plan shall be considered a part of any employee's wages for any purpose. No person who receives any benefit shall for that reason be deemed an employee of the Company during such period and he/she shall not thereby accrue any greater right to participate in, accrue credits or receive benefits under any other employee benefit plan to which the Company contributes than he/she would if he/she were not receiving such benefits.
Receipt of Benefits. The Participant shall receive only the benefits expressly granted to the Participant and only upon fulfillment of all conditions of the Participant’s participation, including full payment where applicable.
Receipt of Benefits. A director, employee or agent of the Contractor must not, and must ensure that no Contractor's Personnel:
(a) give or receive any commission, fee, rebate, gift or entertainment of significant value from; or
(b) enter into any business agreement with, any director, employee or agent of the Company other than as a representative of the Company or in the ordinary and proper course of business between any of those parties.
Receipt of Benefits. Executive is entitled to receive a severance benefit if Executive is terminated after a Change in Control or as a result of a Change in Control. The Company will provide Executive with the following benefits.
(1) A lump sum severance payment, paid within ten (10) days following Executive’s last day of work, equal to the sum of:
(i) any bonus compensation, including deferred bonuses, to which Executive would have been entitled under the Company’s bonus plan; plus
(ii) an amount equal to the salary Executive received during the most recent twelve-month period; plus
(iii) an amount equal to all sums Executive received as bonus compensation during the most recent twelve (12)-month period.
(2) Executive shall continue to have the use of any leased automobile provided by Company until the natural expiration of such lease, with all lease payments and insurance premiums paid by Company. At the expiration of such lease, Executive shall have the right, in Executive’s sole discretion, to acquire such automobile or return it to the dealer, in accordance with the provisions of the automobile lease.
(3) Nothing in this Agreement shall be deemed to limit or eliminate any other benefits (such as COBRA) to which Executive may be entitled by law or any other agreement between Executive and the Company.
