SEVERANCE PAY FOR EXECUTIVE Sample Clauses

SEVERANCE PAY FOR EXECUTIVE. Except as otherwise provided below, the parties hereby agree that Executive shall be owed severance payments (the "Severance Payments") equal to an aggregate of Two Hundred Thousand Dollars ($200,000). Except as otherwise provided below, the Severance Payments shall be payable as salary continuation in equal bi-weekly installments from the Company commencing as of the Resignation Date and continuing for a period of 12 months ending on October 31, 2000 (the "Severance Period"). The Company will provide during the Severance Period health, life, accident, and disability insurance benefits for Executive on the same basis and with the same coverage as for other senior executives of the Company (e.g., Rogex Xxxxxx), xr any successor to the Company, and shall deem the termination of Executive's health insurance coverage for purposes of COBRA and HIPPA as of the date said insurance coverage terminates hereunder. Executive shall also be entitled to retain his Company automobile until October 31, 2000 (collectively, the Severance Payments and the other benefits provided hereunder are referred to as the "Severance Benefits"). Notwithstanding the foregoing, (i) all Severance Benefits shall cease immediately after the later to occur of (x) May 1, 2000 or (y) the date Executive becomes employed on a full-time basis by another business or enterprise, and (ii) the Severance Payments shall be reduced, on a dollar-for-dollar basis, by the amount of all (A) accrued but unpaid interest on the Lewix Xxxe (as defined below) and (B) consulting or other payments received by Executive for services or work performed between May 1, 2000 and October 31, 2000. Any such reduction in Severance Payments required by clause (ii) of the preceding sentence shall be applied first against the next Severance Payment then due to Executive and then against each succeeding Severance Payment thereafter until such reduction has been satisfied in full. Executive shall give prompt written notice of his employment or engagement by any company or other entity at any time during the period from May 1, 2000 through October 31, 2000.
Sample 1
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SEVERANCE PAY FOR EXECUTIVE. The parties hereto agree that Executive's termination pursuant to this Agreement shall be deemed to be a termination of Executive without cause pursuant to Section 4(b) of the Employment Agreement. As a result, Executive shall be entitled to and Sovereign and the Company shall pay severance pay ("SEVERANCE PAY") equal to Executive's base salary for a period of one year. The Severance Pay shall be paid by Sovereign or the Company to the Executive on a monthly basis beginning on the first day of the first month following the Resignation Date by check mailed to Executive's home address.
Sample 1
SEVERANCE PAY FOR EXECUTIVE. The parties hereby agree that Executive's resignation pursuant to this Agreement shall be deemed to be a resignation of Executive without Good Reason pursuant to Section 7 of the Management Agreement and as a result Executive shall be owed no severance or other pay from the Company after the Resignation Date. Notwithstanding the foregoing, in exchange for the mutual promises and covenants contained herein, Executive is hereby released from the liquidated damages required to be paid by Executive to the Company pursuant to Section 7(c)(ii)(B) of the Management Agreement.
Sample 1
SEVERANCE PAY FOR EXECUTIVE. The parties hereto agree that Executive's termination pursuant to this Agreement shall be deemed to be a termination of Executive without cause pursuant to Section 4(b) of the Employment Agreement. As a result, Executive shall be entitled to and the Company shall pay severance pay ("SEVERANCE PAY") equal to $120,763. The Severance Pay shall be paid by the Company to the Executive on March 2, 1998 by check mailed to Executive's home address. The Executive will also be paid for his unused vacation time.
Sample 1

Related to SEVERANCE PAY FOR EXECUTIVE

  • Executive Compensation Until such time as the Investor ceases to own any debt or equity securities of the Company acquired pursuant to this Agreement or the Warrant, the Company shall take all necessary action to ensure that its Benefit Plans with respect to its Senior Executive Officers comply in all respects with Section 111(b) of the EESA as implemented by any guidance or regulation thereunder that has been issued and is in effect as of the Closing Date, and shall not adopt any new Benefit Plan with respect to its Senior Executive Officers that does not comply therewith. “Senior Executive Officers” means the Company’s “senior executive officers” as defined in subsection 111(b)(3) of the EESA and regulations issued thereunder, including the rules set forth in 31 C.F.R. Part 30.

  • Separation Compensation In exchange for your agreement to the general release and waiver of claims and covenant not to sue set forth below and your other promises herein, the Company agrees to provide you with the following:

  • Executive Compensation Plans Executive shall be entitled during the Term to participate, without discrimination or duplication, in executive compensation plans and programs intended for general participation by senior executives of the Bank, as presently in effect or as they may be modified or added to by the Bank from time to time, subject to the eligibility and other requirements of such plans and programs, including without limitation any stock option plans, plans under which restricted stock/restricted stock units, performance-based restricted stock/restricted stock units or performance-accelerated restricted stock/restricted stock units (collectively, “stock plans”) may be awarded, other annual and long-term cash and/or equity incentive plans, and deferred compensation plans. The Bank makes no commitment under this Section 5(a) to provide participation opportunities to Executive in all plans and programs or at levels equal to (or otherwise comparable to) the participation opportunity of any other executive.

  • Employee Compensation The wages, salaries and other compensation paid to employees who will be employed for the benefit of the Project, and to others who perform special services for the benefit of the Project, to the extent not otherwise paid through a Cash Management System, shall be paid by Owner from a Project Account pursuant to this Section 9.2.

  • Consulting Compensation In consideration for the services to be provided by the Consultant pursuant to Section 1, above, the Consultant shall be compensated as follows:

  • Executive Perquisites Executive shall be entitled to receive such executive perquisites and fringe and other benefits as are provided to the senior most executives and their families under any of the Company's plans and/or programs in effect from time to time and such other benefits as are customarily available to executives of the Company and their families.

  • Compensation of Employee Employer shall pay Employee, and Employee shall accept from Employer, in full payment for Employee's services hereunder, compensation as follows:

  • Compensation of Employees Compensate its employees for services rendered at an hourly rate at least equal to the minimum hourly rate prescribed by any applicable federal or state law or regulation.

  • Post-Employment Benefits A. If Employee's employment is terminated by ARAMARK for any reason other than Cause, Employee shall be entitled to the following post-employment benefits:

  • Base Salary and Incentive Compensation The Company shall pay to Executive (i) his Base Salary (as in effect as of the date of his termination) and (ii) Incentive Compensation (in an aggregate amount equal to the applicable portion of the cash Incentive Compensation received by the Executive for the most recent fiscal year prior to his termination) as follows: Years of Base Payout Service Salary Incentive Compensation Period Less than one 3 months 25% of the Short Term Incentive Plan award for the most recent full fiscal year prior to termination 3 months One but less than two 6 months 50% of the Short Term Incentive Plan award for the most recent full fiscal year prior to termination 6 months Two but less than three 9 months 75% of the Short Term Incentive Plan award for the most recent full fiscal year prior to termination 9 months Three or More 12 months 100% of the Short Term Incentive Plan award for the most recent full fiscal year prior to termination 12 months To the extent permitted under Code Section 409A, the sum of applicable Base Salary and Incentive Compensation shall be divided into equal monthly payments and paid to the Executive over the applicable Payout Period shown in the table above, depending on the Executive’s years of service at the time of Termination.

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