Rights and Benefits Upon Termination. In the event of the termination of Executive’s employment under any of the circumstances set forth in Section 1 hereof (“Termination”), the Company shall provide or cause to be provided to Executive the following rights and benefits, which, with the exception of Section 2(d) below, will only be provided if Executive executes and delivers to the Company within twenty one (21) days of the Termination a separation and release agreement in the form attached hereto as Exhibit A (“Release”) and such Release has not been revoked:
(a) a lump sum payment in cash in the amount of two (2) times the sum of (i) Executive’s Annual Base Salary plus (ii) Executive’s Target Bonus, payable on the next regularly scheduled payroll following the earlier to occur of fifteen (15) days from the Company’s receipt of an executed Release or the expiration of sixty (60) days after Executive’s Termination; provided, however, that if the before-stated sixty (60) day period ends in a calendar year following the calendar year in which the sixty (60) day period commenced, then any benefits not subject to clause (i) shall only begin on the next regularly scheduled payroll following the expiration of sixty (60) days after the Executive’s Termination;
(b) for the twenty-four (24) months following Termination, continued health and medical insurance coverage for Executive and Executive’s dependents substantially comparable (with regard to both benefits and employee contributions) to the coverage provided by the Company immediately prior to the Change in Control for active employees of equivalent rank. From the end of such twenty-four (24) month period until Executive attains Social Security retirement age, Executive shall have the right to purchase (pursuant to Part 6 of Subtitle B of title I of the Employee Retirement Income Security Act of 1974, as amended (“COBRA”) rates applicable to such coverage) continued coverage for himself and Executive’s dependents under one or more plans maintained by the Company for its active employees, to the extent Executive would have been eligible to purchase continued coverage under the plan in effect immediately prior to the Change in Control had Executive’s employment terminated twenty-four (24) months following Termination. The payment of any health or medical claims for the health and medical coverage provided in this subsection (b) shall be made to the Executive as soon as administratively practicable after the Executive has provided the appropriate cla...
Rights and Benefits Upon Termination. In the event of the termination of Executive's employment under any of the circumstances set forth in Section 2 hereof ("Termination"), the Bank agrees to provide or cause to be provided to Executive the following rights and benefits:
Rights and Benefits Upon Termination. In the event of the termination of Executive's employment under any of the circumstances set forth in Section 2 hereof ("Termination"), Sonat agrees to provide or cause to be provided to Executive the following rights and benefits:
(a) Salary and Other Payment at Termination. Executive shall be entitled to receive within 30 days of Termination a lump-sum payment in cash in the amount of three times Executive's highest Earnings (as such term is defined in this Section 3 (a)) with respect to any 12 consecutive month period during the three years ending with the date of Termination; provided, however, that if there are fewer than 36 months remaining from the date of Termination to Executive's Normal Retirement Date, the amount calculated pursuant to this paragraph will be reduced by multiplying such amount by a fraction, the numerator of which is the number of months (including any fraction of a month) so remaining to Executive's Normal Retirement Date and the denominator of which is 36.
Rights and Benefits Upon Termination. (a) In the event Employee’s employment is terminated by the Company or Employee’s employment is terminated by Employee for any reason or no reason, the Company shall be obligated to pay to Employee only any earned compensation and/or bonus due pursuant to Section 4 and Section 16, any unpaid reasonable and necessary expenses under Section 6, and any accrued and unpaid benefits due to Employee in accordance with the terms and conditions of the Company’s benefit plans and policies including any accrued but unpaid vacation up to the cap of 20 days through the date of termination. All such payments shall be made in a lump sum to Employee immediately following termination as required by law.
(b) In the event of the termination of Employee’s employment with the Company, all provisions of this Agreement shall be terminated on the date that Employee’s employment with the Company ends and shall have no further force and effect except that the provisions of Sections 8 through 11, 14, 17, 20, 22, 24, and 25 shall survive termination of this Agreement and continue in full force and effect for the period provided therein.
Rights and Benefits Upon Termination. In the event Executive is entitled to receive the rights and benefits described in this Section as a result of the termination or Constructive Termination for Good Reason of Executive's employment as described in Section 1 (collectively referred to as "Termination"), the Employer agrees to provide or cause to be provided to Executive the following rights and benefits.
Rights and Benefits Upon Termination. If Executive's employment is terminated under any of the circumstances set forth in Section 2 ("Termination"), Reynolds agrees to provide or cause to be provided to Executivx xxx xxllowing rights and benefits:
Rights and Benefits Upon Termination. In the event of the termination of Executive's employment under any of the circumstances set forth in Section 2 hereof ("Termination"), Equity agrees to provide or cause to be provided to Executive the following rights and benefits:
Rights and Benefits Upon Termination. In the event of the termination of Executive's employment under any of the circumstances set forth in Section 2 hereof ("Termination"), Sonat agrees to provide or cause to be provided to Executive the following rights and benefits:
Rights and Benefits Upon Termination. Subject to the conditions set forth in Section 4 hereof, in the event Executive is entitled pursuant to Section 2 hereof to receive the rights and benefits described in this Section 3 as a result of the termination of Executive's employment ("Termination"), the Company agrees to provide or cause to be provided to Executive the following rights and benefits:
Rights and Benefits Upon Termination. In the event of the termination of Executive's employment under any of the circumstances set forth in Section 2 (Termination), Kaydon agrees to provide or cause to be provided to Executive the following rights and benefits:
