Severance Plan Benefits Sample Clauses

Severance Plan Benefits. Notwithstanding Section 2(i), if Executive incurs a Separation from Service for which Executive becomes entitled to, and receives, severance benefits pursuant to the UniSource Energy Corporation Severance Pay Plan (the “Severance Plan”) and if Executive’s Separation from Service occurs within six months prior to the occurrence of a Change in Control and is effected in contemplation of such change in Control, Executive also will be entitled to Change in Control Severance Benefits pursuant to this Agreement. The payments and benefits due to Executive as Change in Control Severance Benefits then will be reduced by the amount of any payment or benefit Executive already has received pursuant to the Severance Plan.
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Severance Plan Benefits. (a) Employer acknowledges and agrees that Executive's retirement and termination of employment pursuant to this Agreement shall be treated for all purposes of the Severance Plan as a "Separation from Service without Cause and not following a Change in Control" (within the meaning of Section 3(l)(C) of the Severance Plan). Following the Effective Date, Executive and Employer shall each honor and comply with their respective obligations under the Severance Plan (as modified by Section 1.02(b)).
Sample 1
Severance Plan Benefits. Under Section 5(a) of the Severance Plan, in the event you incur a Qualifying Termination, which for purposes of the Severance Plan generally includes a termination of your employment by the Company without Cause (unless otherwise set forth in this Participation Agreement), then so long as you fulfill the Severance Plan’s requirements (e.g., executing a Separation Agreement and General Release, which may include covenants restricting your ability to work for a competitor), then you would be entitled to the following benefits: • SALARY CONTINUATION FOR ___ MONTHS; • PAYMENT OF ____% OF YOUR TARGET ANNUAL BONUS; • A LUMP-SUM PAYMENT WHICH REPRESENTS THE CURRENT DIFFERENCE BETWEEN YOUR MONTHLY MEDICAL INSURANCE COST IMMEDIATELY PRIOR TO THE APPLICABLE QUALIFYING TERMINATION AND THE MONTHLY COST FOR COBRA FOR ____MONTHS WHICH MAY BE USED FOR ANY PURPOSE INCLUDING TO OFFSET THE COST OF ELECTING COBRA COVERAGE; AND • ____ MONTHS OF OUTPLACEMENT ASSISTANCE FROM A PROVIDER SELECTED BY THE COMPANY. The salary continuation and target bonus payments amounts set forth above will be paid as provided in the Severance Plan beginning approximately 60 days following your Qualifying Termination and ending on the [first anniversary/18 month CHICAGO/#3050368.6 anniversary/second anniversary [choose one or update as applicable]] of the Qualifying Termination. Under Section 5(b) of the Severance Plan, in the event that your Qualifying Termination occurs within two years following the date of a Change in Control of the Company, then so long as you fulfill the Severance Plan’s requirements (e.g., executing a Separation Agreement and General Release, which may include covenants restricting your ability to work for a competitor), then you would be entitled to the following benefits: • SALARY CONTINUATION FOR ___ MONTHS; • PAYMENT OF ____% OF YOUR TARGET ANNUAL BONUS; • A LUMP-SUM PAYMENT WHICH REPRESENTS THE CURRENT DIFFERENCE BETWEEN YOUR MONTHLY MEDICAL INSURANCE COST IMMEDIATELY PRIOR TO THE APPLICABLE QUALIFYING TERMINATION AND THE MONTHLY COST FOR COBRA FOR ____MONTHS WHICH MAY BE USED FOR ANY PURPOSE INCLUDING TO OFFSET THE COST OF ELECTING COBRA COVERAGE; AND • ____ MONTHS OF OUTPLACEMENT ASSISTANCE FROM A PROVIDER SELECTED BY THE COMPANY. The salary continuation and target bonus payments amounts set forth above will be paid as provided in the Severance Plan beginning approximately 60 days following your Qualifying Termination and ending on the [first anniversary/18 month an...
Sample 1
Severance Plan Benefits. Subject to your continued employment and performance of your duties as described herein through the Separation Date, the termination of your employment on the Separation Date shall be treated as a termination without Cause by the Company for purposes of the Severance Plan, and you will be eligible to receive the severance benefits provided under the Severance Plan, in accordance with and subject to the terms of the Severance Plan, including without limitation your execution and delivery (and non-revocation) of a release of claims as contemplated by the Severance Plan, in the Company’s customary form, and your compliance with all other terms and conditions set forth in the Severance Plan.
Sample 1
Severance Plan Benefits. (i) Effective as of the Effective Date, Executive shall be designated as a Tier 1 participant in the Severance Plan. Executive shall be designated as a Tier 1 participant in the Severance Plan for each full and partial calendar year during the Employment Term. Notwithstanding anything to the contrary contained in the Severance Plan, (i) the requirements of Sections 4.02 and 5.03 of the Severance Plan (or any successor provisions thereto) shall not be applicable to Executive (as such matters are covered by the Restrictive Covenant Agreement described in Section 8 below) and (ii) Executive shall not be required to execute a release of claims as a condition to payment following termination of employment in connection with a “Change in Control” (as defined in the Severance Plan) pursuant to which Executive is entitled to benefits under Article V of the Severance Plan or a successor provision thereto. Nothing herein shall restrict the ability of the Board to amend or terminate the Severance Plan to the extent permitted pursuant to its terms; provided that, unless otherwise consented to in writing by Executive, any amendment or termination of the Severance Plan or determination by the Committee or the Board that would adversely affect the benefits and other terms provided to Executive under the Severance Plan shall not apply to Executive until the earlier to occur of (i) the two-year anniversary of the date upon which Executive is informed of such amendment or (ii) the end of the Employment Term.
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Severance Plan Benefits. Subject to the terms of this Agreement and the Severance Plan, provided that Xxxxx (i) signs and returns this Agreement to the Company within twenty-one (21) days after Xxxxx’x receipt thereof, (ii) does not revoke this Agreement, and (iii) complies with this Agreement, Xxxxx shall be entitled to receive the following payments and other benefits:
Sample 1
Severance Plan Benefits. Subject to the terms of this Agreement and the Severance Plan, provided that Employee (i) signs and returns this Agreement to the Company within twenty-one (21) days after Employee’s receipt thereof, (ii) signs and returns to the Company the First Supplemental Release within twenty-one (21) days after (but not before) the Termination Date, (iii) with respect to and as a condition of all payments (or installments thereof) and other benefits that would be due to be paid after the conclusion of the Consulting Period, signs and returns to the Company an additional supplemental release in the form attached as Exhibit A to this Agreement (the “Second Supplemental Release,” together with the First Supplemental Release, the “Supplemental Releases”) within five (5) business days after (but not before) the conclusion of the Consulting Period, (iv) does not revoke this Agreement or the Supplemental Releases, and (v) complies with this Agreement, Employee shall be entitled to receive the following payments and other benefits:
Sample 1
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Severance Plan Benefits. Employee’s separation from employment will constitute a Qualifying Termination, but not a Change in Control Termination, as defined in the H&R Block, Inc. Executive Severance Plan applicable to Employee (the “Plan”) (a copy of the Plan is attached to this Release Agreement as Exhibit A). Accordingly, Company shall provide Employee the following payments and benefits to which he would be entitled under the Plan, which shall be payable and provided in accordance with and subject to the terms of the Plan unless otherwise specified below:
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Severance Plan Benefits 
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Related to Severance Plan Benefits

  • Plan Benefits (iii) Subject to your execution of the Release (as defined below), you will become vested in a pro rata portion of any of your unvested restricted stock awards that are outstanding on your Termination Date provided the applicable performance criteria, if any, are met. Such pro rata portion shall be equal to the percentage of the total vesting period, measured in days, in which you remained employed by Tyson multiplied by the number of shares subject to the award. Any award subject to this subsection (iii) shall not be paid until such time as it would otherwise have been paid if under the terms of the award it was subject to performance criteria and will only be paid if any applicable performance criteria are met;

  • Severance Plans Trident shall cause Fountain to establish the Fountain Severance Plans, each effective as of the Fountain Distribution Date and each in substantially the same form(s) as the Trident Severance Plans as provided by Trident in the online data room in Folders 8.2.2.3, 8.2.2.4 and 8.2.2.5 as of the date of this Agreement (provided that Trident will, prior to establishing such Fountain Severance Plans, amend Section 3.02(b)(x) of the Trident Severance Plan in Folder 8.2.2.5 to be identical to Section 3.02(b)(x) of the Trident Severance Plan in Folder 8.2.2.3 and such amended plan shall serve as the form for the corresponding Fountain Severance Plan) and, correspondingly, Fountain Employees and Former Fountain Employees who are currently eligible to receive or are receiving severance payments shall cease participating in the Trident Severance Plans on the Fountain Distribution Date. After the Fountain Distribution Date: (i) Fountain shall be solely responsible for (x) the payment of all Liabilities under the Trident Severance Plans (as amended pursuant to the proviso above) or Fountain Severance Plans relating to Fountain Employees and Former Fountain Employees, (y) the management and administration of the Fountain Severance Plans and (z) the payment of all employer-related costs in establishing and maintaining the Fountain Severance Plans, and (ii) Trident shall retain sole responsibility for (w) all Liabilities under the Trident Severance Plans or Fountain Severance Plans relating to Trident Employees and Former Trident Employees, (x) all Liabilities for severance or termination pay or benefits under individual agreements entered into with any Trident Employee or Former Trident Employee prior to the Fountain Distribution Date, (y) the management and administration of the Trident Severance Plans and (z) the payment of all employer-related costs in maintaining the Trident Severance Plans. In no event shall an employee or former employee receive a duplication of severance benefits. Except as provided below, Fountain shall be solely responsible for the adjudication of any claims filed by a Fountain Employee or Former Fountain Employee before, on or after the Fountain Distribution Date under a Trident Severance Plan. Notwithstanding the previous sentence, Trident shall be solely responsible for the adjudication of any claim filed by a Fountain Employee or Former Fountain Employee under a Trident Severance Plan before the Fountain Distribution Date that (A) has not been finally adjudicated by Trident on the day immediately preceding the Fountain Distribution Date; and (B) under the applicable claims procedure, Trident’s plan administrator or other authorized person or committee will have a less than sixty (60) day period after the Fountain Distribution Date to respond to such claim. Notwithstanding the previous sentence, if Trident’s response to such claim does not finally adjudicate the claim, Trident shall immediately upon sending its response to the claimant transfer administration of such claim to Fountain for final adjudication.

  • Severance Benefits To the extent that Employee shall be entitled to receive Severance Benefits pursuant to Section 4(d) or 4(e) hereof, Company and Employee agree that the following shall apply: (i) "Severance Benefits" shall mean: (A) a continuation of Employee's then effective salary as payable pursuant to Section 3(a) hereof during the Severance Period (as defined below); (B) payment of any bonus payable to Employee pursuant to Section 3(c) hereof, calculated based on the full Company bonus payable thereunder (subject to attainment by Company of any objective financial or performance standards applicable to Company) and prorated for any period during the Severance Period that is less than the full twelve (12) month period in which such bonus would be earned; (C) immediate vesting and payment of any Option Payments; and (D) continuation during the Severance Period of any medical/dental care coverage (or the reasonable equivalent thereof) which Employee is receiving as of the date of termination of the Period of Employment, provided that such insurance coverage shall terminate prior to the expiration of the Severance Period as of the first date that Employee is covered under another employer's health benefit program which provides substantially the same level of benefits without exclusion for pre-existing medical conditions. Such coverage shall be in lieu of any other continued health care coverage to which Employee or his dependents would otherwise be entitled in accordance with the requirements of the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended ("COBRA"), by reason of Employee's termination of employment. (ii) "Severance Period" shall mean a period of twenty-four (24) months following the termination of the Period of Employment pursuant to Section 4(d) or 4(e) hereof. (iii) Company shall be entitled to a credit for any amounts paid pursuant to Part One, Paragraph 1 of the Change of Control Agreement for any amounts payable pursuant to Paragraph (i)(A) and (i)(B) above as part of any Severance Benefits payable hereunder. (iv) Except as provided in Section 6 below, the Severance Benefits shall be received by Employee in lieu of any other right Employee may have under applicable law, Company or Parent policies or plans or otherwise with respect to any payments or compensation in connection with the termination of Employee's employment with Company. (v) Employee agrees that payment of the Severance Benefits may, in the discretion of the Company, be subject to the prior execution by the Employee of a release of claims in a form provided by the Company prior to any such payment and that payment of the Severance Benefits shall be consideration for such release. (g)

  • Separation Benefits If this Agreement is terminated either by the Company without Cause in accordance with Section 6(c) (including the Company’s non-renewal of this Agreement) or by Employee resigning his employment for Good Reason in accordance with Section 6(d), the Company shall have no further obligation to Employee under this Agreement, except the Company shall provide the Accrued Obligations to Employee in accordance with Section 7(a) plus the following payments and benefits (collectively, the “Separation Benefits”) to Employee: (i) an amount equal to one times the sum of the Base Salary in effect immediately before the Termination Date plus the Annual Bonus received by Employee for the fiscal year preceding the Termination Date (or if Employee was employed for less than one full fiscal year prior to the Termination Date, the Annual Bonus for purposes of this Section 7 shall be the Annual Bonus payable during the current fiscal year at the target amount provided above) (together, the “Separation Pay”); and (ii) during the six-month period commencing on the Termination Date that Employee is eligible to elect and elects to continue coverage for himself and his eligible dependents under the Company’s group heath insurance plan pursuant to the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”), or similar state law, the Company shall reimburse Employee on a monthly basis for the difference between the amount Employee pays to effect and continue such coverage under COBRA and the employee contribution amount that active employees of the Company pay for the same or similar coverage; provided, however, that Employee shall notify the Company in writing within five days after he becomes eligible after the Termination Date for group health insurance coverage, if any, through subsequent employment or otherwise and the Company shall have no further reimbursement obligation after Employee becomes eligible for group health insurance coverage due to subsequent employment or otherwise. The Separation Pay shall be paid to Employee in a lump sum within 60 days of the Termination Date; provided, however, that no Separation Pay shall be paid to Employee unless the Company receives, on or within 55 days after the Termination Date, an executed and fully effective copy of the Release (as defined below). Any COBRA reimbursements due under this Section shall be made by the last day of the month following the month in which the applicable premiums were paid by Employee. For the avoidance of doubt, Employee shall not be entitled to the Separation Benefits if this Agreement is terminated (i) due to Employee’s death; (ii) by the Company due to Employee’s Inability to Perform; (iii) by the Company for Cause; (iv) by Employee without Good Reason; or (v) by non-renewal by Employee in accordance with Sections 4(b) and 6(f).

  • Severance Pay and Benefits Upon Termination by the Company without Cause or by the Executive for

  • Separation Pay and Benefits Specifically in consideration of your signing this Agreement and subject to the limitations, obligations, and other provisions contained in this Agreement, the Company agrees as follows:

  • 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:

  • Severance Plan The term “Severance Plan” shall mean the Assured Guaranty Ltd. Executive Severance Plan.

  • Severance and Change in Control Benefits The Committee has designated you a participant in the Company’s Executive Change in Control and Severance Plan (the “Policy”), attached as Exhibit A to this Agreement. As a participant in the Policy, you will be eligible to receive severance payments and benefits upon certain qualifying terminations of your Employment as set forth in Exhibit B to this Agreement (the “Participation Terms”), subject to the terms and conditions of the Policy. By signing this Agreement, you agree that this Agreement, the Policy, and the Participation Terms constitute the entire agreement between you and the Company regarding the subject matter of this paragraph and supersede in their entirety all prior representations, understandings, undertakings or agreements (whether oral or written and whether expressed or implied), and specifically supersede any severance and/or change of control provisions of any offer letter, employment agreement, or equity award agreement entered into between you and the Company. For the avoidance of doubt, all other terms of any equity awards granted to you by the Company will remain in effect.

  • Compensation Benefits In consideration of Executive's services hereunder, the Company shall provide Executive the following:

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