Common use of Severance Agreements Clause in Contracts

Severance Agreements. (a) In the event of the termination of employment of the Executive by Horizon for any reason whatsoever other than for Cause at any time from and after the date of this Agreement or in the event of termination of employment of the Executive by the Executive with Good Reason (as defined in Section 3 hereof) at any time within the twelve (12) month period after the occurrence of a Change of Control: (i) Executive shall be entitled to severance pay in an amount equal to the Executive’s annual base salary then in effect on the date of termination of employment plus fifty percent (50%) of the maximum total dollar amount of the annual bonus potential for all kinds of bonuses (including, without limitation, any annual cash bonus and deferred incentive bonus) that the Executive was eligible to receive with respect to the fiscal year in which such termination of employment occurs and considering any deferred portion of such bonuses fully vested. Such severance amount shall be payable in a lump sum payment within ten (10) days after the date on which such termination of employment occurs. (ii) In the event such termination occurs after a Change of Control, all stock options or other equity deferred awards granted by Horizon to the Executive, all contributions made by Horizon for the account of the Executive to any pension, thrift or any other benefit plan, and all other benefits or bonuses (including cash bonuses) which contain vesting or exercisability provisions conditioned upon or subject to the continued employment of the Executive, shall become fully vested immediately prior to such termination; provided, however, that, if any such amount, benefit, or payment cannot become fully vested pursuant to such plan or arrangement on account of limitations imposed by law, the Executive shall be entitled, to the extent permitted by law, to receive from Horizon an amount in cash payable within 30 days of the date of termination equal to the total amount of benefits or payments which the Executive will have to forfeit pursuant to such plan or arrangement on account of such termination of employment. In addition, with respect to any stock options, in such event the Executive shall have thirty (30) days after such termination to exercise such stock options. The provisions of this Section 1(a)(ii) shall govern and control over then provisions of any agreement or plan evidencing such stock options or other equity deferred awards to the contrary. (iii) For a period of one (1) year following Executive’s termination, the provision to Executive (and Executive’s dependents, if applicable) of the same level of medical, dental, accident, disability and life insurance benefits upon substantially the same terms and conditions (including contributions required by Executive for such benefits) as existed immediately prior to Executive’s termination (or, if more favorable to Executive, as such benefits and terms and conditions existed immediately prior to the Change in Control); provided, that, if Executive cannot continue to participate in the Company plans providing such benefits, the Company shall pay Executive a cash payment in an amount equivalent, on an after-tax basis to the Executive, to the cost of such benefits. Notwithstanding the foregoing, in the event Executive becomes reemployed with another employer and becomes eligible to receive welfare benefits from such employer, the welfare benefits described herein shall be secondary to such benefits during the period of Executive’s eligibility, but only to the extent that the company reimburses Executive for any increased cost and provides any additional benefits necessary to give Executive the benefits provided hereunder. (b) No severance pay shall be payable to the Executive in the event of (i) the voluntary termination of employment by the Executive without Good Reason, (ii) the termination of employment of the Executive by Horizon with Cause or (iii) the termination of employment of the Executive due to death, disability or retirement. In such event, the Executive will only be eligible for severance benefits in accordance with Horizon’s established policies, if any, as then in effect.

Severance Agreements. (a) In the event of the termination of employment of the Executive by Horizon for any reason whatsoever other than for Cause (as defined in Section 2 hereof) at any time from and in the twelve (12) month period after the date occurrence of this Agreement a Change of Control or in the event of the termination of employment of the Executive by the Executive with Good Reason (as defined in Section 3 hereof) at any time within in the twelve (12) month period after the occurrence of a Change of Control: (i) Executive shall be entitled to severance pay in an amount equal to the Executive’s annual base salary then in effect on the date of termination of employment plus fifty percent (50%) of the maximum total dollar amount of the annual bonus potential for all kinds of bonuses (including, without limitation, any annual cash bonus and deferred incentive bonus) that the Executive was eligible to receive with respect to the fiscal year in which such termination of employment occurs and considering any deferred portion of such bonuses fully vested. Such severance amount shall be payable in a lump sum payment within ten (10) days after the date on which such termination of employment occurs. (ii) In the event such termination occurs after a Change of Control, all All stock options or other equity deferred awards granted by Horizon to the Executive, all contributions made by Horizon for the account of the Executive to any pension, thrift or any other benefit plan, and all other benefits or bonuses (including cash bonuses) which contain vesting or exercisability provisions conditioned upon or subject to the continued employment of the Executive, shall become fully vested immediately prior to such termination; provided, however, that, if any such amount, benefit, or payment cannot become fully vested pursuant to such plan or arrangement on account of limitations imposed by law, the Executive shall be entitled, to the extent permitted by law, to receive from Horizon an amount in cash payable within 30 days of the date of termination equal to the total amount of benefits or payments which the Executive will have to forfeit pursuant to such plan or arrangement on account of such termination of employment. In addition, with respect to any stock options, in such event the Executive shall have thirty (30) days after such termination to exercise such stock options. The provisions of this Section 1(a)(ii) shall govern and control over then the provisions of any agreement or plan evidencing such stock options or other equity deferred awards to the contrary. (iii) For a period of one (1) year following Executive’s termination, the provision to Executive (and Executive’s dependents, if applicable) of the same level of medical, dental, accident, disability and life insurance benefits upon substantially the same terms and conditions (including contributions required by Executive for such benefits) as existed immediately prior to Executive’s termination (or, if more favorable to Executive, as such benefits and terms and conditions existed immediately prior to the Change change in Controlcontrol); provided, that, if Executive cannot continue to participate in the Company plans providing such benefits, the Company shall pay Executive a cash payment in an amount equivalent, on an after-tax basis to the Executive, to the cost of such benefits. Notwithstanding the foregoing, in the event Executive becomes reemployed with another employer and becomes eligible to receive welfare benefits from such employer, the welfare benefits described herein shall be secondary to such benefits during the period of Executive’s eligibility, but only to the extent that the company reimburses Executive for any increased cost and provides any additional benefits necessary to give Executive the benefits provided hereunder. (b) No severance pay shall be payable to the Executive in the event of (i) the voluntary termination of employment by the Executive without Good Reason, (ii) the termination of employment of the Executive by Horizon with Cause or (iii) the termination of employment of the Executive due to death, disability or retirement. In such event, the Executive will only be eligible for severance benefits in accordance with Horizon’s established policies, if any, as then in effect.

Severance Agreements. (a) In the event of the termination of employment of the Executive by Horizon for any reason whatsoever other than for without Cause at any time from and after (as defined in Section 2 hereof) or the date of this Agreement or in the event of termination of employment of the Executive by the Executive with Good Reason (as defined in Section 3 hereof) at any time within the twelve (12) month period after the occurrence of a Change of Control:, (i) a. Executive shall be entitled to severance pay in an amount equal to the Executive’s annual base salary then in effect on the date of termination of employment plus fifty percent (50%) of the maximum total dollar amount of the annual bonus potential for all kinds of bonuses (including, without limitation, any annual cash bonus and deferred incentive bonus) that the Executive was eligible to receive with respect to the fiscal year in which such termination of employment occurs and considering any deferred portion of such bonuses fully vestedoccurs. Such severance amount shall be payable in a lump sum twelve (12) equal monthly installments payable on the first regular payroll payment within ten (10) days date of Horizon in the calendar month after the date on month in which such termination of employment occurs. (ii) b. In the event such termination occurs after a Change of Control, all stock options or other equity deferred awards granted by Horizon the Company to the Executive, all contributions made by Horizon the Company for the account of the Executive to any pension, thrift or any other benefit plan, and all other benefits or bonuses (including cash bonuses) which contain vesting or exercisability provisions conditioned upon or subject to the continued employment of the Executive, shall become fully vested immediately prior to such terminationvested; provided, however, that, if any such amount, benefit, or payment cannot become fully vested pursuant to such plan or arrangement on account of limitations imposed by law, the Executive shall be entitled, to the extent permitted by law, to receive from Horizon the Company an amount in cash payable within 30 days of the date of termination equal to the total amount of benefits or payments which the Executive will have to forfeit pursuant to such plan or arrangement on account of such termination of employment. In addition, with respect to any stock options, in such event . c. The Company shall continue the participation of the Executive shall have thirty (30) days after such termination on the same basis as extended to exercise such stock options. The provisions senior executive officers of this Section 1(a)(ii) shall govern the Company from time to time in all life, accident, disability, medical, dental and control over then provisions of any agreement or plan evidencing such stock options or all other equity deferred awards to health plans maintained by the contrary. (iii) For Company for its senior executives for a period of one (1) year following Executive’s termination, commencing with the provision to Executive (and Executive’s dependents, if applicable) of calendar month after the same level of medical, dental, accident, disability and life insurance benefits upon substantially the same terms and conditions (including contributions required by Executive for month in which such benefits) as existed immediately prior to Executive’s termination (or, if more favorable to Executive, as such benefits and terms and conditions existed immediately prior to the Change in Control); provided, that, if Executive cannot continue to participate in the Company plans providing such benefits, the Company shall pay Executive a cash payment in an amount equivalent, on an after-tax basis to the Executive, to the cost of such benefitsoccurs. Notwithstanding the foregoing, in the event Executive becomes reemployed with another employer and becomes eligible to receive welfare benefits from such employer, the welfare benefits described herein shall be secondary to such benefits during the period of Executive’s eligibility, but only to the extent that the company reimburses Executive for any increased cost and provides any additional benefits necessary to give Executive the benefits provided hereunder. (b) No severance pay shall be payable to the Executive in the event of (ia) the voluntary termination of employment by the Executive without Good Reason, (iib) the termination of employment of the Executive by Horizon with Cause or (iiic) the termination of employment of the Executive due to death, disability or retirement. In such event, the Executive will only be eligible for severance benefits in accordance with Horizon’s established policies, if any, as then in effect.