Common use of Salary, Bonus and Benefits Clause in Contracts

Salary, Bonus and Benefits. Effective upon a Change in Control Termination, the Executive shall be entitled to the following: (A) a lump sum payment in an amount equal to one times his base salary plus his target bonus, such salary to be the highest annual salary (excluding any bonuses) in effect with respect to the Executive during the six-month period immediately preceding the Executive’s termination and such target bonus to be the highest target bonus in effect with respect to the Executive for (1) the fiscal year in which the Change in Control occurs, (2) the fiscal year following the year in which the Change in Control occurs, or (3) the fiscal year in which the Change in Control Termination occurs, whichever is highest, payable within forty-five (45) days after the termination date; and (B) continued participation in the Benefit Plans, subject to the terms and conditions of the respective plans and applicable law, for a period of one year following the termination date; provided that, to the extent that any of the Benefit Plans does not permit such continuation of the Executive’s participation following his termination or any such plan is terminated, the Company shall pay the Executive an amount which is sufficient for him to purchase equivalent benefits, such amount to be paid quarterly in advance; provided, further, however, that to the extent the Executive becomes eligible to receive medical, dental, vision and/or basic life insurance benefits under a plan provided by another employer, the Executive’s entitlement to participate in the corresponding Benefit Plans or to receive such corresponding alternate payments shall cease as of the date the Executive is eligible to participate in such other plan, and the Executive shall promptly notify the Company of his eligibility under such plan.

Appears in 6 contracts

Samples: Executive Agreement, Executive Agreement (PTC Inc.), Executive Agreement (PTC Inc.)

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Salary, Bonus and Benefits. Effective upon a Change in Control Termination, the Executive shall be entitled to the following: (A) a lump sum payment in an amount equal to one times his the Executive’s base salary plus his the Executive’s target bonus, such salary to be the highest annual salary (excluding any bonuses) in effect with respect to the Executive during the six-month period immediately preceding the Executive’s termination and such target bonus to be the highest target bonus in effect with respect to the Executive for (1) the fiscal year in which the Change in Control occurs, (2) the fiscal year following the year in which the Change in Control occurs, or (3) the fiscal year in which the Change in Control Termination occurs, whichever is highest, payable within forty-five (45) days after the termination date; and (B) continued participation in the Benefit Plans, subject to the terms and conditions of the respective plans and applicable law, for a period of one year following the termination date; provided that, to the extent that any of the Benefit Plans does not permit such continuation of the Executive’s participation following his the Executive’s termination or any such plan is terminated, the Company shall pay the Executive an amount which is sufficient for him the Executive to purchase equivalent benefits, such amount to be paid quarterly in advance; provided, further, however, that to the extent the Executive becomes eligible to receive medical, dental, vision and/or basic life insurance benefits under a plan provided by another employer, the Executive’s entitlement to participate in the corresponding Benefit Plans or to receive such corresponding alternate payments shall cease as of the date the Executive is eligible to participate in such other plan, and the Executive shall promptly notify the Company of his the Executive’s eligibility under such plan.

Appears in 3 contracts

Samples: Executive Agreement (PTC Inc.), Executive Agreement (PTC Inc.), Executive Agreement (PTC Inc.)

Salary, Bonus and Benefits. Effective upon a Change in Control Termination, the Executive shall be entitled to the following: (A) a lump sum payment in an amount equal to one two times his base salary plus his target bonus, such salary to be the highest annual salary (excluding any bonuses) in effect with respect to the Executive during the six-month period immediately preceding the Executive’s termination or required to take effect at any time within six months following such termination and such target bonus to be the highest target bonus in effect or required by this Agreement to take effect with respect to the Executive for (1) the fiscal year in which the Change in Control occurs, (2) the fiscal year following the year in which the Change in Control occurs, or (3) the fiscal year in which the Change in Control Termination occurs, whichever is highest, payable within forty-five (45) days after the termination date; and (B) continued participation in the Benefit Plans, subject to the terms and conditions of the respective plans and applicable law, for a period of one year two years following the termination date; provided that, to the extent that any of the Benefit Plans does not permit such continuation of the Executive’s participation following his termination or any such plan is terminated, the Company shall pay the Executive an amount which is sufficient for him to purchase equivalent benefits, such amount to be paid quarterly in advance; provided, further, however, that to the extent the Executive becomes eligible to receive medical, dental, vision and/or basic life insurance benefits under a plan provided by another employer, the Executive’s entitlement to participate in the corresponding Benefit Plans or to receive such corresponding alternate payments shall cease as of the date the Executive is eligible to participate in such other plan, and the Executive shall promptly notify the Company of his eligibility under such plan.

Appears in 2 contracts

Samples: Executive Agreement, Executive Agreement (Parametric Technology Corp)

Salary, Bonus and Benefits. Effective upon a any Change in Control Termination, the Executive shall be entitled to the following: (A) a lump sum payment in an amount equal to one times his base salary plus his target bonus, such salary to be the highest annual salary (excluding any bonuses) in effect with respect to the Executive during the six-month period immediately preceding the Executive’s termination and such target bonus to be the highest target bonus in effect with respect to the Executive for (1) the fiscal year in which the Change in Control occurs, (2) the fiscal year following the year in which the Change in Control occurs, or (3) the fiscal year in which the Change in Control Termination occurs, whichever is highest, payable within forty-five thirty (4530) days after the termination date; andprovided that, upon a termination described in Section 1(c)(ii), payment of such amount shall be made upon the earlier of (a) six months and one day following the termination date and (b) the earliest date as of which such payment may be made without penalty pursuant to Section 409A(a)(2) of the U.S. Internal Revenue Code of 1986 (the “Code”); (B) continued participation in the Benefit Plans, subject to the terms and conditions of the respective plans and applicable law, for a period of one year following the termination date; provided that, to the extent that any of the Benefit Plans does do not permit such continuation of the Executive’s participation following his termination or any such plan is terminated, the Company shall pay the Executive an amount which is sufficient for him to purchase equivalent benefits, such amount to be paid quarterly in advance; provided, further, however, that to the extent the Executive becomes eligible to receive medical, dental, vision and/or basic life insurance benefits under a plan provided by another employer, the Executive’s entitlement to participate in the corresponding Benefit Plans or to receive such corresponding alternate payments shall cease as of the date the Executive is eligible to participate in such other plan, and the Executive shall promptly notify the Company of his eligibility under such plan. Payments and benefits under this Section 3(c) shall be in lieu and without duplication of any amounts or benefits under Section 2, and the Executive shall be entitled to any such payments and benefits for no more than two years even if both such sections apply. If, in the event of a Change in Control Termination under Section 1(c)(iii), the Executive becomes entitled to payments under this Section 3(d) after he has begun to receive payments under Section 2, he shall be entitled to a make-up payment to ensure that he receives the higher amount payable hereunder for the full two-year period.

Appears in 1 contract

Samples: Executive Agreement (Parametric Technology Corp)

Salary, Bonus and Benefits. Effective upon a Change in Control Termination, the Executive shall be entitled to the following: (A) a lump sum payment in an amount equal to one times his base salary plus his target bonus, such salary to be the highest annual salary (excluding any bonuses) in effect from and after October 1, 2010 with respect to the Executive during the six-month period immediately preceding the Executive’s termination and such target bonus to be the highest target bonus in effect with respect to the Executive for (1) the fiscal year in which the Change in Control occurs, (2) the fiscal year following the year in which the Change in Control occurs, or (3) the fiscal year in which the Change in Control Termination occurs, whichever is highest, payable within forty-five (45) days after the termination date; and (B) continued participation in the Benefit Plans, subject to the terms and conditions of the respective plans and applicable law, for a period of one year following the termination date; provided that, to the extent that any of the Benefit Plans does not permit such continuation of the Executive’s participation following his termination or any such plan is terminated, the Company shall pay the Executive an amount which is sufficient for him to purchase equivalent benefits, such amount to be paid quarterly in advance; provided, further, however, that to the extent the Executive becomes eligible to receive medical, dental, vision and/or basic life insurance benefits under a plan provided by another employer, the Executive’s entitlement to participate in the corresponding Benefit Plans or to receive such corresponding alternate payments shall cease as of the date the Executive is eligible to participate in such other plan, and the Executive shall promptly notify the Company of his eligibility under such plan.

Appears in 1 contract

Samples: Executive Agreement (Parametric Technology Corp)

Salary, Bonus and Benefits. Effective upon a any Change in Control Termination, the Executive shall be entitled to the following: (Ai) a lump sum payment in an amount equal to one times of his base salary plus his target bonus, paid bi-weekly, for a two-year period commencing on the termination date, such salary and bonus to be paid at a rate equal, on an annualized basis, to the highest annual salary (excluding any bonuses) and target bonus in effect with respect to the Executive during the six-month period immediately preceding the Executive’s termination and such target bonus to be the highest target bonus Change in effect with respect to the Executive for (1) the fiscal year in which Control or the Change in Control occursTermination, whichever is higher; provided that (2A) no such payments shall be made until the fiscal year earlier of (I) six months and one day following the year in which the Change in Control occurs, or (3) the fiscal year in which date of the Change in Control Termination occurs, whichever is highest, payable within fortyor (II) the earliest date as of which such payments may begin without penalty pursuant to Section 409A(a)(2) of the Code and (B) all such bi-five weekly payments that are deferred pursuant to clause (45A) days after shall be paid in the termination dateaggregate on the first day that such payments may be made pursuant to clause (B); and (Bii) continued participation in the Benefit Plans, subject to the terms and conditions of the respective plans and applicable law, for a period of one year two years following the termination date; provided that, to the extent that any of the Benefit Plans does do not permit such continuation of the Executive’s participation following his termination or any such plan is terminated, the Company shall pay the Executive an amount which is sufficient for him to purchase equivalent benefits, such amount to be paid quarterly in advance; provided, further, however, that to the extent the Executive becomes eligible to receive medical, dental, vision and/or basic life insurance benefits under a plan provided by another employer, the Executive’s entitlement to participate in the corresponding Benefit Plans or to receive such corresponding alternate payments shall cease as of the date the Executive is eligible to participate in such other plan, and the Executive shall promptly notify the Company of his eligibility under such plan. Payments and benefits under this Section 3(d) shall be in lieu and without duplication of any amounts or benefits under Section 2, and the Executive shall be entitled to any such payments and benefits for no more than two years even if both such sections apply. If, in the event of a Change in Control Termination under Section 1(c)(iii), the Executive becomes entitled to payments under this Section 3(d) after he has begun to receive payments under Section 2, he shall be entitled to a make-up payment to ensure that he receives the higher amount payable hereunder for the full two-year period, with such make-up payment being made within thirty (30) days of the Change in Control Termination.

Appears in 1 contract

Samples: Executive Agreement (Parametric Technology Corp)

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Salary, Bonus and Benefits. Effective upon a Change in Control Termination, the Executive shall be entitled to the following: : (A) a lump sum payment in an amount equal to one times his the Executive’s base salary plus his the Executive’s target bonus, such salary to be the highest annual salary (excluding any bonuses) in effect with respect to the Executive during the six-month period immediately preceding the Executive’s termination and such target bonus to be the highest target bonus in effect with respect to the Executive for (1) the fiscal year in which the Change in Control occurs, (2) the fiscal year following the year in which the Change in Control occurs, or (3) the fiscal year in which the Change in Control Termination occurs, whichever is highest, payable within forty-forty- five (45) days after the termination date; and and (B) continued participation in the Benefit Plans, subject to the terms and conditions of the respective plans and applicable law, for a period of one year following the termination date; provided that, to the extent that any of the Benefit Plans does not permit such continuation of the Executive’s participation following his the Executive’s termination or any such plan is terminated, the Company shall pay the Executive an amount which is sufficient for him the Executive to purchase equivalent benefits, such amount to be paid quarterly in advance; provided, further, however, that to the extent the Executive becomes eligible to receive medical, dental, vision and/or basic life insurance benefits under a plan provided by another employer, the Executive’s entitlement to participate in the corresponding Benefit Plans or to receive such corresponding alternate payments shall cease as of the date the Executive is eligible to participate in such other plan, and the Executive shall promptly notify the Company of his the Executive’s eligibility under such plan.

Appears in 1 contract

Samples: Executive Agreement (PTC Inc.)

Salary, Bonus and Benefits. Effective upon a any Change in Control Termination, the Executive shall be entitled to the following: (A) a lump sum payment in an amount equal to one times his base salary plus his target bonus, such salary to be the highest annual salary (excluding any bonuses) in effect with respect to the Executive during the six-month period immediately preceding the Executive’s termination and such target bonus to be the highest target bonus in effect with respect to the Executive for (1) the fiscal year in which the Change in Control occurs, (2) the fiscal year following the year in which the Change in Control occurs, or (3) the fiscal year in which the Change in Control Termination occurs, whichever is highest, payable within forty-five thirty (4530) days after the termination date; and; (B) continued participation in the Benefit Plans, subject to the terms and conditions of the respective plans and applicable law, for a period of one year following the termination date; provided that, to the extent that any of the Benefit Plans does do not permit such continuation of the Executive’s participation following his termination or any such plan is terminated, the Company shall pay the Executive an amount which is sufficient for him to purchase equivalent benefits, such amount to be paid quarterly in advance; provided, further, however, that to the extent the Executive becomes eligible to receive medical, dental, vision and/or basic life insurance benefits under a plan provided by another employer, the Executive’s entitlement to participate in the corresponding Benefit Plans or to receive such corresponding alternate payments shall cease as of the date the Executive is eligible to participate in such other plan, and the Executive shall promptly notify the Company of his eligibility under such plan. Payments and benefits under this Section 3(c) shall be in lieu and without duplication of any amounts or benefits under Section 2, and the Executive shall be entitled to any such payments and benefits for no more than one year even if both such sections apply. If, in the event of a Change in Control Termination under Section 1(c)(iii), the Executive becomes entitled to payments under this Section 3(c) after he has begun to receive payments under Section 2, he shall be entitled to a make-up payment to ensure that he receives the higher amount payable hereunder for the full one-year period, with such make-up payment being made within thirty (30) days of the Change in Control Termination.

Appears in 1 contract

Samples: Executive Agreement (Parametric Technology Corp)

Salary, Bonus and Benefits. Effective upon a any Change in Control Termination, the Executive shall be entitled to the following: (Ai) a lump sum payment in an amount equal to one times of his base salary plus his target bonus, paid bi-weekly, for a two-year period commencing on the termination date, such salary and bonus to be paid at a rate equal, on an annualized basis, to the highest annual salary (excluding any bonuses) and target bonus in effect with respect to the Executive during the six-month period immediately preceding the Executive’s termination and such target bonus to be the highest target bonus Change in effect with respect to the Executive for (1) the fiscal year in which Control or the Change in Control occursTermination, whichever is higher; provided that (2A) no such payments shall be made until the fiscal year earlier of (I) six months and one day following the year in which the Change in Control occurs, or (3) the fiscal year in which date of the Change in Control Termination occurs, whichever is highest, payable within fortyor (II) the earliest date as of which such payments may begin without penalty pursuant to Section 409A(a)(2) of the Code and (B) all such bi-five weekly payments that are deferred pursuant to clause (45A) days after shall be paid in the termination dateaggregate on the first day that such payments may be made pursuant to clause (B); and (Bii) continued participation in the Benefit Plans, subject to the terms and conditions of the respective plans and applicable law, for a period of one year two years following the termination date; provided that, to the extent that any of the Benefit Plans does do not permit such continuation of the Executive’s participation following his termination or any such plan is terminated, the Company shall pay the Executive an amount which is sufficient for him to purchase equivalent benefits, such amount to be paid quarterly in advance; provided, further, however, that to the extent the Executive becomes eligible to receive medical, dental, vision and/or basic life insurance benefits under a plan provided by another employer, the Executive’s entitlement to participate in the corresponding Benefit Plans or to receive such corresponding alternate payments shall cease as of the date the Executive is eligible to participate in such other plan, and the Executive shall promptly notify the Company of his eligibility under such plan. Payments and benefits under this Section 3(d) shall be in lieu and without duplication of any amounts or benefits under Section 2, and the Executive shall be entitled to any such payments and benefits for no more than two years even if both such sections apply. If, in the event of a Change in Control Termination under Section 1(c)(iii), the Executive becomes entitled to payments under this Section 3(d) after he has begun to receive payments under Section 2, he shall be entitled to a make-up payment to ensure that he receives the higher amount payable hereunder for the full two-year period.

Appears in 1 contract

Samples: Executive Agreement (Parametric Technology Corp)

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