SEVERANCE COMPENSATION IN THE EVENT. OF A TERMINATION UPON A CHANGE IN CONTROL. In the event of a Termination Upon a Change in Control, the Employee shall be paid as severance compensation his Base Salary (at the rate payable at the time of such termination) for a period of twelve (12) months from the date of such Termination Upon a Change in Control, on the dates specified in Section 3.1, and the Employee shall also be paid an amount equal to the average annual bonus earned by the Employee as an employee of Avocent Corporation and its affiliates and predecessors in the two (2) years immediately preceding the date of termination. Notwithstanding anything in this Section 4.1 to the contrary, the Employee may in the Employee’s sole discretion, by delivery of a notice to the Employer within thirty (30) days following a Termination Upon a Change in Control, elect to receive from the Employer a lump sum severance payment by bank cashier’s check equal to the present value of the flow of cash payments that would otherwise be paid to the Employee pursuant to this Section 4.1. Such present value shall be determined as of the date of delivery of the notice of election by the Employee and shall be based on a discount rate equal to the interest rate of 90-day U.S. Treasury bills, as reported in The Wall Street Journal (or similar publication), on the date of delivery of the election notice. If the Employee elects to receive a lump sum severance payment, Avocent Corporation shall cause the Employer to make such payment to the Employee within ten (10) days following the date on which the Employee notifies the Employer of the Employee’s election. The Employee shall also be entitled to have the vesting of any awards granted to the Employee under any Avocent stock option, restricted stock, performance share, or other equity plans deemed and treated as fully earned and accelerated. The Employee shall be provided with medical plan benefits under any health plans of Avocent or Employer in which the Employee is a participant to the full extent of the Employee’s rights under such plans for a period of twelve (12) months from the date of such Termination Upon a Change in Control (even if Employee elects to receive a lump sum severance payment).
SEVERANCE COMPENSATION IN THE EVENT. OF A TERMINATION UPON A CHANGE IN CONTROL. In the event Officer's employment is terminated in a Termination Upon a Change in Control, Officer shall be paid as severance compensation 1.5 times his Base Salary (at the rate payable at the time of such termination), through the remaining term of this Agreement and any extensions thereof, on the dates specified in Section 3.1; provided, however, that if Officer is employed by a new employer during such period, the severance compensation payable to Officer during such period will be reduced by the amount of compensation that Officer is receiving from the new employer. However, Officer is under no obligation to mitigate the amount owed Officer pursuant to this Section 4.1 by seeking other employment or otherwise. Notwithstanding anything in this Section 4.1 to the contrary, Officer may in Officer's sole discretion, by delivery of a notice to Corporation within 30 days following a Termination Upon a Change in Control, elect to receive from Corporation a lump sum severance payment by bank cashier's check equal to the present value of the flow of cash payments that would otherwise be paid to Officer pursuant to this Section 4.1. However, in no event shall payment pursuant to this Section 4.1 be less than 1.5 times his Base Salary as defined herein for the applicable period. Such present value shall be determined as of the date of delivery of the notice of election by Officer and shall be based on a discount rate equal to the interest rate on 90-day U.S. Treasury bills, as reported in the Wall Street Journal (or similar publication), on the date of delivery of the election notice. If Officer elects to receive a lump sum severance payment, Corporation shall make such payment to Officer within ten days following the date on which Officer notifies Corporation of Officer's election. In addition to the severance payment payable under this Section 4.1, Officer shall be paid an amount equal to two times the average annual bonus, if any, earned by Officer in the two years immediately preceding the date of termination. Officer shall also receive (i) full vesting of any awards granted to Officer under the Incentive Plans, and any implementation thereof or incentive award thereunder; and (ii) an immediate release of awards that have been reserved by Corporation for Officer under the Incentive Plans, and any implementation thereof or incentive award thereunder, or otherwise, and full vesting of such awards. Officer shall continu...
SEVERANCE COMPENSATION IN THE EVENT of a Termination Upon a Change in Control. In the event Employee's employment is terminated in a Termination Upon a Change in Control, Employee shall be paid as severance compensation his Base Salary (at the rate payable at the time of such termination), for a period of one (1) year, however, if Employee is employed by a new employer during such period, the severance compensation payable to Employee during such period will be reduced by the amount of compensation that Employee actually receives from the new employer. However, Employee is under no obligation to mitigate the amount owed Employee pursuant to this Section by seeking other employment or otherwise. Employee shall also be entitled to an accelerated vesting of any awards granted to Employee under the Corporation's Stock Option Plan to the extent provided in the stock option agreement entered into at the time of grant. Employee shall continue to accrue retirement benefits and shall continue to enjoy any benefits under any plans of the Corporation in which Employee is a participant to the full extent of Employee's rights under such plans, including any perquisites provided under this Agreement, for the same period, and in direct proportion to the Severance received hereunder; provided, however, that the benefits under any such plans of the Corporation in which Employee is a participant, including any such perquisites, shall cease upon re-employment by a new employer.
SEVERANCE COMPENSATION IN THE EVENT of a Termination Upon a Change in Control. In the event Employee's employment is terminated in a Termination Upon a Change in Control, Employee shall be paid as severance compensation her Base Salary (at the rate payable at the time of such termination), for a period of six (6) months, however, if Employee is employed by a new employer during such period, the severance compensation payable to Employee during such period will be reduced by the amount of compensation that Employee actually receives from the new employer. Employee shall also be entitled to an accelerated vesting of any awards granted to Employee under the Corporation's Stock Option Plan to the extent provided in the stock option agreement entered into at the time of grant. Employee shall continue to accrue retirement benefits and shall continue to enjoy any benefits under any plans of the Corporation in which Employee is a participant to the full extent of Employee's rights under such plans, including any perquisites provided under this Agreement, for the same period, and in direct proportion to the Severance received hereunder; provided, however, that the benefits under any such plans of the Corporation in which Employee is a participant, including any such perquisites, shall cease upon re-employment by a new employer.
SEVERANCE COMPENSATION IN THE EVENT of a Termination Upon a Change in Control. In the event Employee's employment is terminated in a Termination Upon a Change in Control, Employee shall be paid as severance compensation his Base Salary (at the rate payable at the time of such termination), for the remaining portion of the Term of this Agreement. Employee shall continue to accrue retirement benefits and shall continue to enjoy any benefits under any plans of the Corporation in which Employee is a participant to the full extent of Employee's rights under such plans, including any perquisites provided under this Agreement, though the remaining term of this Agreement. Notwithstanding anything in this Section to the contrary, Employee may in Employee's sole discretion, by delivery of a notice to Corporation within thirty (30) days following a Termination Upon a Change in Control, elect to receive from Compensation a lump sum severance payment by bank cashier's check equal to the present value of the flow of cash payments that would otherwise be paid to Employee pursuant to this Section. Employee shall also be entitled to an accelerated vesting of any awards granted to Employee under the Corporation's Stock Option Plan to the extent provided in the stock option agreement entered into at the time of grant. Employee shall continue to accrue retirement benefits and shall continue to enjoy any benefits under any plans of the Corporation in which Employee is a participant to the full extent of Employee's rights under such plans, including any perquisites provided under this Agreement, though the remaining term of this Agreement; provided, however, that the benefits under any such plans of the Corporation in which Employee is a participant, including any such perquisites, shall cease upon re-employment by a new employer.
SEVERANCE COMPENSATION IN THE EVENT of a Termination Other Than for Cause. In the event Employee's employment is terminated in a Termination Other Than for Cause, Employee shall be paid as severance compensation his full Base Salary (at the rate payable at the time of such termination), for a period of the remaining portion of the Initial Term of the Employment contract. The Employee shall be entitled to an accelerated vesting of any awards granted to Employee under Employer's Stock Option Plan to the extent provided in the stock option agreement entered into at the time of grant.
SEVERANCE COMPENSATION IN THE EVENT. OF A TERMINATION AT WILL OR TERMINATION BY
SEVERANCE COMPENSATION IN THE EVENT of a Termination Other Than for Cause. In the event Employee's employment is terminated in a Termination Other Than for Cause, Employee shall be paid as severance compensation his Base Salary (at the rate payable at the time of such termination), for a period of the lesser of the remaining portion of the Initial Term or six (6) months from the date of such termination, on the dates specified in Section 3.1; provided, however, that if Employee is employed by a new employer during such period, the severance compensation payable to Employee during such period will be reduced by the amount of compensation that Employee is receiving from the new employer, officer is under no obligation to mitigate the amount owed to the officer pursuant to this Section by seeking employment or other Employee shall be entitled to an accelerated vesting of any awards granted to Employee under Employer's Stock Option Plan to the extent provided in the stock option agreement entered into at the time of grant.
SEVERANCE COMPENSATION IN THE EVENT of a Termination Upon a Change in Control. In the event Employee's employment is terminated in a Termination Upon a Change in Control, Employee shall be paid as severance compensation his Base Salary (at the rate payable at the time of such termination), for the remaining portion of the Term of this Agreement. Employee shall continue to accrue retirement benefits and shall continue to enjoy any benefits under any plans of the Corporation in which Employee is a participant to the full extent of Employee's rights under such plans, including any perquisites provided under this Agreement, though the remaining term of this Agreement.
SEVERANCE COMPENSATION IN THE EVENT of a Termination Upon a Change in Control. In the event Employee's employment is terminated in a Termination Upon a Change in Control, within one year of the Effective Date Employee shall be paid as severance compensation his Base Salary (at the rate payable at the time of such termination), for a period of one hundred and eighty (180) days.
