Severance Benefit Payment Clause Samples
Severance Benefit Payment. Upon the occurrence of a Severance Event (as defined below) and Employee's resignation from or termination of employment as a result thereof, the Company shall, in lieu of any other payment obligation under this Agreement, provide Employee with a severance benefit payment in an amount equal to Employee's then existing annual base pay plus an amount equal to an average of Employee's three previous annual cash bonuses (collectively, the "Severance Benefit Payment") plus continuation of medical and dental plan coverage (subject to the terms of such plans and to Employee's making any required contributions thereto) for a period of one year from such resignation or termination. For purposes of this Agreement, a "Severance Event" is any one of the events specified in subsections (a) through (d) below:
(a) Without the express written consent of Employee, the assignment of Employee to any duties inconsistent with his position, duties, responsibilities or status with the Company as such exist as of the date hereof or a reduction of his duties or responsibilities for reasons other than cause;
(b) Any failure of the Company to obtain the assumption of the obligation to perform this Agreement by any successor as contemplated in Section 13 hereof;
(c) Any failure by the Company or its stockholders, as the case may be, to re-elect Employee to the corporate offices of Chairman of the Board, Chief Executive Officer and President, or upon his removal from any such office for reasons other than cause; or
(d) Any breach by the Company (or any successor) of any of the provisions of this Agreement or any failure by the Company to carry out any of its obligations hereunder for reasons other than cause. The Severance Benefit Payment shall be paid to Employee in semi-monthly installments in the same amounts and at the same times as Employee's base pay was being paid at the time of the Severance Event, until the full amount of the Severance Benefit Payment has been paid.
Severance Benefit Payment. The Company shall provide Employee with a severance benefit payment in an amount equal to the Employee's then existing annual base pay (or an amount equal to the Employee's base pay for the balance of the term hereof if less than one year) (the "Severance Benefit Payment") upon the occurrence of any one of the events specified in subsections (a) through (d) below and Employee's subsequent resignation from or termination of employment (each, a "Severance Event"):
(a) Without the express written consent of Employee, the assignment of Employee to any duties inconsistent with his position, duties, responsibilities or status with the Company as such exist as of the date hereof or a reduction of his duties or responsibilities for reasons other than cause;
(b) Any failure of the Company to obtain the assumption of the obligation to perform this Agreement by any successor as contemplated in Section 13 hereof;
(c) Any failure by the Company or its stockholders, as the case may be, to re-elect the Employee to the corporate office of President, or upon his removal from any such office for reasons other than cause; or
(d) Any breach by the Company (or any successor) of any of the provisions of this Agreement or any failure by the Company to carry out any of its obligations hereunder for reasons other than cause. The Severance Benefit Payment shall be paid to Employee in semi-monthly installments in the same amounts and at the same times as Employee's base pay was being paid at the time of the Severance Event, until the full amount of the Severance Benefit Payment has been paid.
Severance Benefit Payment. Provided Executive complies with the terms of this Agreement (including the Waiver and General Release), the Company agrees to pay Executive the following severance benefits:
a. A lump-sum cash payment of one year of Executive’s annual base salary equal to $345,000.
b. A lump-sum cash payment equal to $425,100, which represents the approximate value as determined by the Company of (i) one-half of Executive’s new hire award of Restricted Units (as defined under the LTI) granted on January 5, 2015; and (ii) one-third of Executive’s Performance Units (as defined under the LTI) granted on June 1, 2015, calculated at target, and (iii) which represents your share of the Company performance portion of the STI grant as determined by the Company.
c. A lump-sum cash payment of $15,400 to be used for payment of COBRA premiums after the Termination Date.
d. A lump-sum cash payment of $5,000 to be used for outplacement services. For avoidance of doubt, as of the Termination Date, Executive is not vested in any award under the LTI or STI and forfeits any right to future payment under the LTI and STI, including but not limited to any payment which Executive may otherwise be eligible to receive if continuously employed. The total payments described in this Paragraph 4 constitute the Severance Benefit Payment. The Severance Benefit Payment shall be reduced by any monies owed by Executive to the Company, the General Partner, and/or the Partnership, including, but not limited to, any overpayments made to Executive by the Company, the General Partner, and/or the Partnership and the balance of any loan by the Company, the General Partner, and/or the Partnership to Executive that is outstanding at the time that the benefits are paid.
Severance Benefit Payment. If you are eligible for and timely elect continued group health coverage under COBRA, the Company will pay you a monthly amount approximately equal to the full cost of your monthly COBRA premium payments for yourself and your eligible dependents, plus a tax gross-up payment for applicable taxes (“Severance Benefit Payments”). Your Severance Benefit Payments will be paid until the earliest to occur of (i) the end of the Severance Period, (ii) the expiration of your eligibility for continuation coverage under COBRA, or (iii) the date when you become eligible for substantially equivalent group health coverage in connection with new employment or self-employment, subject to the following sentence. On the first payroll date on or after the sixtieth (60th) day following the Separation Date, the Company will make the first payment pursuant to this Paragraph 2.4 equal to the aggregate amount of Severance Benefit Payments that the Company would have paid through such date had such payments (if any) commenced on the Separation Date, and the balance of the Severance Benefit Payments will be paid thereafter in monthly installments over the remainder of the Severance Period. The Severance Benefit Payments will be subject to standard payroll deductions and withholdings. In addition, as a condition to receiving the Severance Benefit Payments you agree and acknowledge that if you become eligible for substantially equivalent coverage under another employer’s group health plan or otherwise cease to be eligible for COBRA during the Severance Period, you will immediately notify the Company of such event, and all payments and obligations under this Paragraph 2.4 will cease. You acknowledge and agree that the Severance Benefit Payments do not include amounts, if any, payable by you under a health care reimbursement plan, which amounts are your sole responsibility.