Severance Payments and Other Benefits Sample Clauses

Severance Payments and Other Benefits. IN THE EVENT OF TERMINATION OTHER THAN FOLLOWING A CHANGE OF CONTROL. a. In the event Employee's employment is terminated Without Cause other than within two (2) years following a Change in Control, the Company shall provide the payments and other benefits specified below to Employee: (1) The Company shall make the following payments to Employee:
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Severance Payments and Other Benefits a. In consideration of the covenants and agreements of Xxxx set forth in Section 3 hereof, dbn shall continue to pay Xxxx, a bi-monthly severance payment equal to Xxxx'x base xxxxx bi-monthly income, minus applicable federal and state tax withholding) through and including April 30, 2000. b. dbn shall continue to maintain, at the sole cost and expense of dbn, health and dental insurance coverage, on the same terms, conditions and coverage as exist on the date hereof, for Xxxx and his eligible dependents (which shall include those persons in Xxxx' family currently covered under dbn's health and insurance coverage) from the date hereof until October 31, 2000. Alternatively, Xxxx may, at his option at any time between the date hereof and October 31, 2000, obtain his own policy of health and dental insurance coverage (on terms no less favorable than the terms under dbn's existing coverage) for Xxxx and his eligible dependents (which shall include those persons in Xxxx' family currently covered under dbn's health and insurance coverage) and dbn shall pay the costs and expenses of such insurance coverage until October 31, 2000 in an amount not to exceed the amount that dbn would be responsible for under the first sentence of this Section 2.b. c. dbn shall, in compliance with COBRA, offer Xxxx and his eligible dependents continuation coverage in compliance with COBRA from and after October 31, 2000, at the sole cost and expense of Xxxx. d. The provisions of this Agreement, and any payment provided for hereunder, shall not reduce any amounts payable, or in any way diminish, Xxxx' rights under any benefit, 401(k), retirement, defined contribution, defined benefit or other plan or arrangement as of the date of this Agreement.
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Severance Payments and Other Benefits. Section 6.3(a) of the Agreement is hereby deleted and replaced in its entirety with the following language: The Company shall pay to Executive severance consisting of an amount equal to the sum of the Executive’s Base Compensation, Bonus at target and long-term incentive compensation award at target, prorated based on the total number of months from the date of termination through December 31, 2011; however, in no event shall the period of time for which such severance is calculated be less than twelve (12) months. Other than as set forth in this subset (a) the Company shall have no further obligations under this Agreement in the event of such termination. The severance shall be paid in equal monthly installments following such termination. The Company shall also pay the Executive within thirty (30) days of his termination: (i) any unpaid base salary prorated to the date of termination; (ii) any previous year’s earned but unpaid Bonus; and (iii) unpaid cash entitlements, if any, earned and accrued pursuant to the terms of the applicable Company plan or program (which unpaid cash entitlements shall not include any unpaid Bonus or any unpaid long-term incentive award or other award under the plan for the year in which such termination occurs) prior to the date of the date of termination. Further, within thirty (30) days after the Compensation Committee of the Company’s Board of Directors reviews actual performance results for the entire calendar year in which the termination occurs and determines Executive’s achievement of target levels of performance, the Company shall pay the Executive any Bonus and long-term incentive compensation award prorated to the date of termination. Executive agrees to be bound by the covenants set forth in Sections 7 through 13 hereof prior to, as of and subsequent to the termination date for such periods of time as provided for in said sections respectively. In addition, Executive shall continue to participate in such health benefit plans in which he was enrolled prior to termination throughout the term of the payments set forth in this Section 6.3(a), with said period of participation in any case to run concurrently with any period of COBRA coverage to which Executive may be entitled. To the extent such health benefit coverage extends beyond the aforesaid period of COBRA coverage, and to the extent that in such case the difference between the premium paid by Executive for participation in such health benefit plans and the premiu...
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Severance Payments and Other Benefits. In consideration for your entering into this Agreement, specifically including the General Release and covenants contained herein, the Company will pay you a lump sum cash payment equal to $4.4 million (the "Severance Payment"). The Severance Payment will be paid to you by wire transfer promptly after the date hereof, but in no event later than 5 business days after the date hereof. In addition, until March 3, 2001, the Company shall provide you, at its expense, with your current office (or other comparable office space in the Morristown, New Jersey area) and a secretary and driver, reasonably satisfactory to you.
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Severance Payments and Other Benefits. In consideration of your ------------------------------------- covenants and agreements contained in this Agreement and the Employment Agreement, the Company hereby agrees to pay and provide the following amounts and other benefits to you, subject to and in accordance with the following terms and conditions; provided, however, that the Company shall not be required to -------- ------- make any such payments or provide any such benefits in the event you are in breach of any material provision of (i) this Agreement (including Sections 5, 6 and 7 hereof), (ii) any provision of the Employment Agreement that survives the termination of the "Employment Period" thereunder (including Sections 10, 12 and 13 thereof), as amended by this Agreement, (iii) any provision of the Option Agreement, or (iv) any provision of the Shareholders' Agreement dated as of May 28, 1999, among the Company, Coyote Acquisition LLC, Coyote Acquisition II LLC and the Individual Shareholders named therein (including you): For the period commencing on January 1, 2002, and ending December 31, 2003 (the "Severance --------- Payment Period"), the Company shall pay you severance at the rate of $235,000 -------------- per year, in equal bi-weekly installments of $9,038.48 each (or in such other installments as may from time to time be the policy of the Company with respect to the payment of salaries to its senior executive officers, but in no event less often than monthly).During the period commencing on January 1, 2002, and ending June 30, 2003, the Company shall at its own cost (including the payment of any premium contribution that would otherwise be required to be paid by you) continue to provide you with group health insurance coverage under the Company's plan, provided that you timely elect to continue to receive such coverage under COBRA, subject to the Company's right from time to time generally to amend, modify, change or terminate in any respect any of its benefit plans, policies, or programs providing such insurance coverage. (a) During the Severance Payment Period, the Company will continue to lease for your own use the automobile currently leased by the Company and provided to you (provided that the foregoing shall not obligate the Company or any of its affiliates to pay any other costs or expenses of your use of such automobile, such as taxes, insurance, fuel, maintenance and repairs), and upon the expiration of such lease you shall have the option of purchasing such vehicle (wheth...
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Severance Payments and Other Benefits. After receiving this signed Agreement and the signed Second Release (in the form appended hereto as Appendix B) from Executive and upon the expiration of the waiting period described in Paragraph 5 (the “Effective Date”) of the Second Release, the Corporation will provide Executive with the payments and benefits described in paragraphs (a) through (d) below:
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Severance Payments and Other Benefits. (a) In lieu of severance under any other plan or arrangement of the Company, if the Waiver and Release has been executed as set forth in Section 12 and not revoked prior to the 8th day following the date of execution (the “Waiver Effective Date”) and the Employee is otherwise in compliance with this Agreement on the relevant payment date, the Company shall pay to the Employee (or his estate as applicable) the following severance payments (the “Severance Payments”): (i) within 30 days following the Waiver Effective Date, the Company shall pay to the Employee a lump sum payment equal to $300,000 and (ii) on March 15, 2006, the Company shall pay to the Employee a lump sum payment equal to $290,000. (b) The parties agree that all unvested options and restricted stock are forfeited as of the Severance Date. Subject to and in accordance with the governing plan and option agreement(s), the Employee may exercise any vested and exercisable options to the extent outstanding and unexercised as of the Severance Date until the earlier of (i) the date 3 months following the Severance Date or (ii) the expiration of the original term of the option. (c) The Employee will be given the opportunity to elect continuation coverage under the Company’s group health plan at his expense in accordance with the applicable plan terms and applicable law. All other benefits will cease as of the Severance Date. The Employee may elect to receive his vested account balance under the Company’s 401(k) plan in accordance with the plan’s terms.
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Severance Payments and Other Benefits 
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Related to Severance Payments and Other Benefits

  • Compensation and Other Benefits Subject to the provisions of this Agreement, the Company shall pay and provide the following compensation and other benefits to the Executive during the Term as compensation for services rendered hereunder:

  • Vacation and Other Benefits Each Contract Year, Executive shall be entitled to four (4) weeks of paid vacation in accordance with Employer’s applicable policies and procedures for executive-level employees. Executive shall also be eligible to participate in and receive the fringe benefits generally made available to other executive-level employees of Employer in accordance with and to the extent that Executive is eligible under the general provisions of Employer’s fringe benefit plans or programs; provided, however, that Executive understands that these benefits may be increased, changed, eliminated or added from time to time during the Term as determined in Employer’s sole and absolute discretion.

  • Expense Reimbursement and Other Benefits (a) During the term of Executive’s employment hereunder, pursuant to Applica’s Travel and Expense Policy and upon the submission of proper substantiation by the Executive, including copies of all relevant invoices, receipts or other evidence reasonably requested by Applica, Applica shall reimburse the Executive for all reasonable expenses actually paid or incurred by the Executive in the course of and pursuant to the business of Applica or any Affiliates. (b) Executive shall participate in Applica’s Group Health and Hospitalization Plan, Group Life Insurance Plan, Group Disability Insurance Plan and all other insurances, or insurance plans (collectively, the “Welfare Benefits”), and executive benefits and bonuses covering Applica’s executive officers as are now or may in the future be in effect, subject to applicable eligibility requirements. Additionally, Applica shall provide the Executive with life insurance in an amount equal to five times his Base Salary. During the Term, Applica shall pay for (i) the Executive’s annual dues in a country club and (ii) tax preparation and financial planning for the Executive on an annual basis up to a maximum of 1% of his base salary. (c) During the Term, Applica shall provide Executive with a monthly automobile allowance of $975. (d) During the Term, the Executive will be entitled to four weeks’ paid vacation for each year. The Executive will also be entitled to the paid holidays and other paid leave set forth in Applica’s policies. Vacation days and holidays during any fiscal year that are not used by the Executive during such Fiscal Year may not be carried over and used in any subsequent Fiscal Year.

  • Insurance and Other Benefits During the Employment Period, the Executive and the Executive’s dependents shall be entitled to participate in the Company’s insurance programs and any ERISA benefit plans, as the same may be adopted and/or amended from time to time (the “Benefits”). The Executive shall be entitled to paid personal days on a basis consistent with the Company’s other senior executives, as determined by the Board. The Executive shall be bound by all of the policies and procedures established by the Company from time to time. However, in case any of those policies conflict with the terms of this Agreement, the terms of this Agreement shall control.

  • Executive Perquisites, Benefits and Other Compensation Executive shall be entitled to receive additional benefits and compensation from the Company in such form and to such extent as specified below: (i) Payment of all premiums for coverage for Executive and his dependent family members under health, hospitalization, disability, dental, life and other insurance plans that the Company may have in effect from time to time, benefits provided to Executive under this clause (i) to be at least equal to such benefits provided to Metals executives. (ii) Reimbursement for all business travel and other out-of-pocket expenses reasonably incurred by Executive in the performance of his services pursuant to this Agreement. All reimbursable expenses shall be appropriately documented in reasonable detail by Executive upon submission of any request for reimbursement, and in a format and manner consistent with the Company's expense reporting policy. (iii) The Company shall provide Executive with other executive perquisites as may be available to or deemed appropriate for Executive by the Board and participation in all other Company-wide employee benefits as are available from time to time.

  • Payment of Employment Taxes and Other Expenses Should City, in its discretion, or a relevant taxing authority such as the Internal Revenue Service or the State Employment Development Division, or both, determine that Contractor is an employee for purposes of collection of any employment taxes, the amounts payable under this Agreement shall be reduced by amounts equal to both the employee and employer portions of the tax due (and offsetting any credits for amounts already paid by Contractor which can be applied against this liability). City shall then forward those amounts to the relevant taxing authority. Should a relevant taxing authority determine a liability for past services performed by Contractor for City, upon notification of such fact by City, Contractor shall promptly remit such amount due or arrange with City to have the amount due withheld from future payments to Contractor under this Agreement (again, offsetting any amounts already paid by Contractor which can be applied as a credit against such liability). A determination of employment status pursuant to the preceding two paragraphs shall be solely for the purposes of the particular tax in question, and for all other purposes of this Agreement, Contractor shall not be considered an employee of City. Notwithstanding the foregoing, Contractor agrees to indemnify and save harmless City and its officers, agents and employees from, and, if requested, shall defend them against any and all claims, losses, costs, damages, and expenses, including attorneys’ fees, arising from this section.

  • Salary and Other Compensation As compensation for the services to be rendered by the Employee to the Company pursuant to this Agreement, the Employee shall be paid the following compensation and other benefits:

  • Other Benefits During the Term, the Executive shall be eligible to participate in or receive benefits under the Company’s employee benefit plans in effect from time to time, subject to the terms of such plans.

  • No Other Benefits Executive understands and acknowledges that the compensation specified in Sections 2 and 3 of this Agreement shall be in lieu of any and all other compensation, benefits and plans.

  • Compensation Other Than Severance Payments 4.1 If the Executive’s employment shall be terminated for any reason following a Change in Control, the Company shall pay the Executive’s full salary to the Executive through the Date of Termination at the rate in effect immediately prior to the Date of Termination or, if Section 18(n)(ii) is applicable as an event or circumstance constituting Good Reason, the rate in effect immediately prior to such event or circumstance, together with all compensation and benefits payable to the Executive through the Date of Termination under the terms of the Company’s compensation and benefit plans, programs or arrangements as in effect immediately prior to the Date of Termination (or, if more favorable to the Executive, as in effect immediately prior to the first occurrence of an event or circumstance constituting Good Reason). In addition, if the Executive’s employment is terminated for any reason following a Change in Control other than (a) by the Company for Cause and (b) by the Executive without Good Reason, then the Company shall pay a pro-rata portion of the Executive’s annual bonus for the performance year in which such termination occurs to the Executive on the later of (x) the date that annual bonuses are generally paid to other senior executives and (y) the date that is the first business day after the date that is six months after the Date of Termination. This pro-rata bonus shall be determined by multiplying the amount the Executive would have received based upon actual financial performance through such termination, as reasonably determined by the Company, by a fraction, the numerator of which is the number of days during such performance year that the Executive is employed by the Company and the denominator of which is 365. 4.2 If the Executive’s employment shall be terminated for any reason following a Change in Control, the Company shall pay to the Executive the Executive’s normal post-termination compensation and benefits as such payments become due. Such post-termination compensation and benefits shall be determined under, and paid in accordance with, the Company’s retirement, insurance and other compensation or benefit plans, programs and arrangements as in effect immediately prior to the Date of Termination or, if more favorable to the Executive, as in effect immediately prior to the occurrence of the first event or circumstance constituting Good Reason.

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