Severance Awards. If the Executive's employment is Terminated during the Covered Period, then no later than 30 days after the later of (a) the six-month anniversary of such Termination, or (b) the occurrence of a Change in Control that qualifies as a “change in control event” as defined in §1.409A-3(i)(5) of the final regulations under Internal Revenue Code Section 409A, the Company shall:
a. Pay to the Executive the Severance Amount;
b. Transfer to the Executive the ownership of all club memberships, automobiles and other perquisites which were assigned to the Executive as of the day immediately preceding such Termination;
c. In accordance with Section 2.2 hereof, provide for the benefit of the Executive, his spouse, and his dependents, if any, coverage under the plans, policies or programs (as the same may be amended from time to time) maintained by the Company for the purpose of providing medical benefits and life insurance to other Executive's of the Company with comparable duties; provided, however, that in no event shall the coverage provided under this paragraph be substantially less than the coverage provided to the Executive as of the date immediately preceding a Termination;
d. Pay to the Executive an amount equal to the contributions by the Company to the Whitney National Bank Savings Plus 401(k) Plan or a successor arrangement, that would have been made for the lesser of (i) three years following the date of Termination, or (ii) the number of years until the Executive's normal retirement age under such plan;
e. Pay to the Executive an amount equal to the present value of the additional benefits which would have accrued under the Whitney National Bank Retirement Plan and the Whitney Holding Corporation Retirement Restoration Plan, or any successors thereto, that would have been made for the lesser of (i) three years following the Date of Termination, or (ii) the number of years until the Executive's normal retirement age under such plans; and
f. Pay to the Executive the amount to which the Executive would be entitled under the Executive Incentive Compensation Plan, or a successor thereto, for the calendar year in which a Change in Control occurs, determined as if all performance goals applicable to the Company and the Executive were achieved; and
g. Pay to the Executive an amount equal to the present value of any benefit accrued under either the Whitney National Bank Retirement Plan or the Whitney Holding Corporation Retirement Restoration Plan, or any successors...
Severance Awards. 43.1 An Employee who has at least ten (10) years service with the Employer (or any predecessor of the Employer) is entitled to be paid on permanent layoff, resignation or retirement a severance award equal to the amount obtained by multiplying the number of completed years of service by one percent (1%) of salary to a maximum of twenty-five percent (25%) of final regular salary. In the event of the death of the employee, the severance award shall be provided to the employee’s estate.
43.2 Notwithstanding Article 43.1, an Employee who under the provisions of the prior Collective Agreement between the parties and dated October 19, 1998 is entitled to a severance award which when combined with a severance award as calculated pursuant to Article 42.1 for all service after October 19, 1998, is greater than that provided in Article 42.1 is entitled to receive that greater severance award in place of the award provided in Article 42.1.
Severance Awards. If the Executive's employment is Terminated during the Covered Period, then no later than 30 days after the later of (a) the date of such Termination, or (b) the occurrence of a Change in Control, the Company shall:
a. Pay to the Executive the Severance Amount;
b. Transfer to the Executive the ownership of all club memberships, automobiles and other perquisites which were assigned to the Executive as of the day immediately preceding such Termination;
c. In accordance with Section 2.2 hereof, provide for the benefit of the Executive, his spouse, and his dependents, if any, coverage under the plans, policies or programs (as the same may be amended from time to time) maintained by the Company for the purpose of providing medical benefits and life insurance to other executives of the Company with comparable duties; provided, however, that in no event shall the coverage provided under this paragraph be substantially less than the coverage provided to the Executive as of the date immediately preceding a Termination;
d. Pay to the Executive an amount equal to the contributions by the Company to the First National Bank Employee Profit Sharing Plan, or a successor arrangement, that would have been made for the lesser of (i) 3 years following the date of Termination, or (ii) the number of years until the Executive's normal retirement age under such plan;
e. Pay to the Executive the amount to which the Executive would be entitled under the annual First National Bank Performance Plan, or a successor thereto, for the calendar year in which a Change in Control occurs, determined as if all performance goals applicable to the Company and the Executive were achieved.
Severance Awards. 43.1 An Employee who has at least ten (10) years service with the Employer (or any predecessor of the Employer) is entitled to be paid on permanent layoff, resignation or retirement a severance award equal to the amount obtained by multiplying the number of completed years of service by one percent (1%) of salary to a maximum of twenty-five percent (25%) of final regular salary. In the event of the death of the employee, the severance award shall be provided to the employee’s estate.
43.2 Notwithstanding Article 43.1, an Employee who under the provisions of the prior Collective Agreement between the parties and dated October 19, 1998 is entitled to a severance award which when combined with a severance award as calculated pursuant to Article 43.1 for all service after October 19, 1998, is greater than that provided in Article 43.1 is entitled to receive that greater severance award in place of the award provided in Article 43.1.
43.3 All Service Benefit accruals cease March 31, 2015. The salary/hourly rate used to calculate the Service Benefit is the salary on the date of retirement. All years of service up to the day of retirement will be taken into account in determining whether the employees meets the applicable year of service eligibility. As described above
a) Employees will have the option to elect a one-time option of an early payout (“the Service Payout”) of the service benefit available in this article.
b) The Service Payout will be based on service accrued to March 31, 2015. The salary used to calculate the Service Payout will be that in effect on March 31, 2018.
c) Despite the requirement for consecutive years of service in this article, an eligible employee with service up to March 31, 2015 may be eligible for a service payout base on service up to March 31, 2016. Where an employee makes the election to receive the one-time Service Payout option, they cease to be eligible to receive any severance award with respect to their service.
d) The Service Payout will occur within 90 days of signing of the Local collective agreement
e) The Service Benefit is frozen as of March 31, 2015 and no new employee hired after Aril 1, 2015 will be eligible for the Service Benefit pursuant to this article. If an employee does not elect a Service Payout the salary used to calculate the award upon retirement is the salary/hourly rate at time of retirement.
f) The Employer recognizes the Union’s right to challenge the constitutionality of Xxxx 148 , the Public Servic...
