SEVERANCE; CHANGE IN CONTROL. (a) If the Company terminates the Executive for any reason other than "for cause" as provided in paragraph 8, above, then the Executive shall be entitled to receive severance compensation for a period of two years (or the remainder of the Executive's term if shorter) following termination, at a rate equal to the Executive's base salary as of the date of termination. In addition, the Executive shall be entitled to receive all medical, insurance and other benefits as provided hereunder for the remainder of the term of the Agreement and the bonus payment provided in paragraph 2(b) for the year in which the Executive was terminated.
Appears in 4 contracts
Samples: Employment Agreement (First Reserve Inc), Employment Agreement (First Reserve Inc), Employment Agreement (First Reserve Inc)
