Severance Benefits Provided Clause Samples

Severance Benefits Provided. Upon a Qualifying Termination and subject to Employee’s compliance with Sections 8 - 10 hereof and Employee’s timely execution and delivery of the Release, Bank will pay or provide to Employee the following amounts and benefits: (i) That portion of Employee’s base salary earned through the date of termination, payable in accordance with normal payroll practices commencing as of the first payroll period following Employee’s return of the executed Release and the lapse of all applicable revocation periods, or as soon as administratively practicable thereafter; (ii) A lump sum amount equal to 2.00 times Employee’s annual base salary in effect as of the date immediately preceding the date of termination plus a single sum payment equal to the average of the Employee’s total cash bonuses paid or payable for the last two calendar years preceding the date of termination multiplied by a factor of 1.00, all payable as of the date of the first payroll following delivery of the executed Release and the lapse of all applicable revocation periods, or as soon as administratively practicable thereafter; (iii) Continued participation in the group health insurance and group life insurance benefits which Employee was eligible to participate in or receive on the day prior to the date of termination (“Insurance Programs”), beginning on the date of termination and continuing for a period of twelve (12) months (“Benefit Continuation Term”), but only to the extent Employee continues to qualify for participation therein and takes all actions required in connection with such participation (including participation through Employee’s timely election of COBRA continuation coverage). If Employee is not permitted to continue participation in those Insurance Programs for any portion of the Benefit Continuation Term, Bank will reimburse Employee for the cost of health insurance and life insurance benefits for the Benefit Continuation Term, subject to the Employee timely providing evidence of payment for such benefits; provided, however, the amount of these benefits will be limited to an amount equal to 110% of Bank’s cost of providing comparable benefits under the Insurance Programs and provided that Employee shall receive the entire amount payable under this Section 4(c)(iii) no later than the end of the second calendar year following the Qualifying Termination; (iv) All amounts that have vested or accrued prior to or on the date of termination (or otherwise are or become payable to Empl...