Special Severance Benefits. (a) If, during the specific time periods listed in subparagraph (b), the Employment is terminated by any of the specific events listed there, then the Executive will be entitled to the following benefits ("SPECIAL SEVERANCE BENEFITS"): (1) all benefits, if any, that would be provided under the Employment Agreement in the event of a termination of the Employment without Cause by the Company, with any Severance Payment required by the Employment Agreement being paid as provided in subparagraph (c) below instead of as provided in the Employment Agreement; (2) a special severance payment ("SPECIAL SEVERANCE PAYMENT") equal to one times the Executive's [annual] Base Salary; (3) the insurance-related benefits required by the Employment Agreement, if any, to be provided by the Company in the event of a termination without Cause, for an additional one (1) year after the end of the time that such benefits are required to be provided under the Employment Agreement; and (4) from and after the Termination Date until 5 pm Houston time on the date eighteen (18) months after the Termination Date, the Executive will be entitled to exercise any vested, unexpired, and previously-unexercised options to purchase the Company's stock. (b) The specific termination events and time periods in which the Executive will be entitled to the Special Severance Benefits upon a Change of Control are as follows: (1) the Executive's Employment is terminated by the Company, for any reason other than Cause, In Connection With a Change of Control; (2) the Executive Resigns for Good Reason at any time during the period beginning on the Change of Control Date and ending at 5 pm Houston time on the date six (6) months after the Change of Control Date;
Appears in 1 contract
Samples: Change of Control Agreement (Bindview Development Corp)
Special Severance Benefits. (a) If, during the specific time periods listed in subparagraph (b), the Employment is terminated by any of the specific events listed there, then the Executive will be entitled to the following benefits ("SPECIAL SEVERANCE BENEFITS"):
(1) all benefits, if any, benefits that would be provided under the Employment Agreement in the event of a termination of the Employment without Cause by the Company, with any the Severance Payment required by the Employment Agreement being paid as provided in subparagraph (c) below instead of as provided in the Employment Agreement;
(2) a special severance payment ("SPECIAL SEVERANCE PAYMENT") equal to one (1) times the Executive's [annual] Base Salary;; and
(3) the insurance-related benefits required by the Employment Agreement, if any, Agreement to be provided by the Company in the event of a termination without Cause, for an additional one six (16) year months after the end of the time that such benefits are required to be provided under the Employment Agreement; and
(4) from and after the Termination Date until 5 pm Houston time on the date eighteen (18) months after the Termination Date, the Executive will be entitled to exercise any vested, unexpired, and previously-unexercised options to purchase the Company's stock.
(b) The specific termination events and time periods in which the Executive will be entitled to the Special Severance Benefits upon a Change of Control are as follows:
(1) the Executive's Employment is terminated by the Company, for any reason other than Cause, In Connection With a Change of Control;
(2) the Executive Resigns for Good Reason at any time during the period beginning on the Change of Control Date and ending at 5 pm Houston time on the date six (6) months after the Change of Control Date;
(3) the Executive resigns for any reason, with or without the occurrence of an event that constitutes Good Reason, at any time during the period beginning on the date six (6) months after the Change of Control Date and ending at 5 pm Houston time on the date twelve (12) months after the Change of Control Date; or
(4) the Executive dies at any time during the period beginning on the Change of Control Date and ending at 5 pm Houston time on the date twelve (12) months after the Change of Control Date. EXECUTIVE: ----------------
(c) The Special Severance Payment and the Severance Payment required by the Employment Agreement shall be made to the Executive, in cash or immediately-available funds, in a lump sum within 30 days following the Termination Date, notwithstanding the provisions of the Employment Agreement for payment of the Severance Payment in installments.
(d) Payments pursuant to this Agreement shall not be deemed to constitute continued employment beyond the Termination Date.
(e) As a condition to providing the Executive with the Special Severance Benefits, the Company, in its sole discretion, may require the Executive to first execute a release in the form prescribed by the Employment Agreement.
Appears in 1 contract
Samples: Change of Control Agreement (Bindview Development Corp)
Special Severance Benefits. (a) If, during the specific time periods listed in subparagraph (b), the Employment is terminated by any of the specific events listed there, then the Executive will be entitled to the following benefits ("SPECIAL SEVERANCE BENEFITS"):
(1) all benefits, if any, that would be provided under the Employment Agreement in the event of a termination of the Employment without Cause by the Company, with any Severance Payment required by the Employment Agreement being paid as provided in subparagraph (c) below instead of as provided in the Employment Agreement;
(2) a special severance payment ("SPECIAL SEVERANCE PAYMENT") equal to one times one-half (1/2) of the Executive's [annual] Base Salary;
(3) the insurance-related benefits required by the Employment Agreement, if any, to be provided by the Company in the event of a termination without Cause, for an additional one six (16) year months after the end of the time that such benefits are required to be provided under the Employment Agreement; and
(4) from and after the Termination Date until 5 pm Houston time on the date eighteen one (181) months year after the Termination Date, the Executive will be entitled to exercise any vested, unexpired, and previously-unexercised options to purchase the Company's stock.
(b) The specific termination events and time periods in which the Executive will be entitled to the Special Severance Benefits upon a Change of Control are as follows:
(1) the Executive's Employment is terminated by the Company, for any reason other than Cause, In Connection With a Change of Control;
(2) the Executive Resigns for Good Reason at any time during the period beginning on the Change of Control Date and ending at 5 pm Houston time on the date six (6) months after the Change of Control Date;
Appears in 1 contract
Samples: Change of Control Agreement (Bindview Development Corp)
Special Severance Benefits. (a) If, during the specific time periods listed in subparagraph (b), the Employment is terminated by any of the specific events listed there, then the Executive will be entitled to the following benefits ("SPECIAL SEVERANCE BENEFITS"):benefits:
(1i) all benefits, if any, that would be provided under The Company shall pay to the Employment Agreement in the event of a termination of the Employment without Cause by the Company, with any Severance Payment required by the Employment Agreement being paid as provided in subparagraph (c) below instead of as provided in the Employment Agreement;
(2) a special severance payment ("SPECIAL SEVERANCE PAYMENT") Executive an amount equal to one times the Executive's [annual] Base Salary;
sum of (3A) the insurance-related benefits required by highest Base Salary in effect (i) during the Employment Agreement, if any, 12 months immediately prior to be provided by the Company in the event of a termination without Cause, for an additional one (1) year after the end of the time that such benefits are required to be provided under the Employment Agreement; and
(4) from and after the Termination Date until 5 pm Houston time on or (ii) during the date eighteen Employment, if the Employment has lasted less than 12 months plus (18B) months after the average annual bonus earned by the Executive for the most recent two (2) fiscal years ending prior to the Termination Date, such amount to be paid in cash or immediately-available funds in a lump sum on the 60th day following the Termination Date.
(ii) The continuation of insurance and other benefits set forth in Section 6.2 shall be extended by an additional 12 months.
(iii) The amount payable under subparagraph (i) is in addition to any severance payments due to Executive will be entitled to exercise any vested, unexpiredunder the provisions of Section 6.1 as a result of such termination of Employment, and previously-unexercised options the continuation of insurance and other benefits under subparagraph (ii) is in addition to purchase the Company's stockcontinuation of benefits under the provisions of Section 6.2 as a result of such termination of Employment.
(b) The specific termination events and time periods in which the Executive will be entitled to the Special Severance Benefits upon a Change of Control special severance benefits under Section 10.1(a)(i) above are as follows:
(1i) the Executive's ’s Employment is terminated by the Company, for any reason other than Cause, In Connection With a at any time during the period beginning on the Change of Control;Control date and ending on the date two (2) years after the Change of Control date; or
(2ii) the Executive Resigns for Good Reason at any time during the period beginning on the Change of Control Date date and ending at 5 pm Houston time on the date six two (62) months years after the Change of Control Date;date.
(c) In addition, all restricted stock, stock option or other equity compensation awards granted by the Company that were unvested immediately prior to the Change of Control date shall become fully vested as of the Change of Control date. The provisions of this Section 10.1(c) shall control except to the extent that the provisions of the applicable restricted stock, stock option or other equity award are more favorable.
(d) As a condition to providing the Executive with the special severance benefits under Sections 10.1(a)(i) and (ii), the Company will require the Executive to first execute a release consistent with the requirements of Section 6.1(b).
Appears in 1 contract
Special Severance Benefits. (a) If, during the specific time periods listed in subparagraph (b), the Employment is terminated by any of the specific events listed there, then the Executive will be entitled to the following benefits ("SPECIAL SEVERANCE BENEFITS"):
(1) all benefits, if any, that would be provided under the Employment Agreement in the event of a termination of the Employment without Cause by the Company, with any Severance Payment required by the Employment Agreement being paid as provided in subparagraph (c) below instead of as provided in the Employment Agreement;
(2) a special severance payment ("SPECIAL SEVERANCE PAYMENT") equal to one times nine-twelfths (i.e., 3/4) of the Executive's [annual] Base Salary;
(3) the insurance-related benefits required by the Employment Agreement, if any, to be provided by the Company in the event of a termination without Cause, for an additional one nine (19) year months after the end of the time that such benefits are required to be provided under the Employment Agreement; and
(4) from and after the Termination Date until 5 pm Houston time on the date eighteen one (181) months year after the Termination Date, the Executive will be entitled to exercise any vested, unexpired, and previously-unexercised options to purchase the Company's stock.
(b) The specific termination events and time periods in which the Executive will be entitled to the Special Severance Benefits upon a Change of Control are as follows:
(1) the Executive's Employment is terminated by the Company, for any reason other than Cause, In Connection With a Change of Control;
(2) the Executive Resigns for Good Reason at any time during the period beginning on the Change of Control Date and ending at 5 pm Houston time on the date six (6) months after the Change of Control Date;
Appears in 1 contract
Samples: Change of Control Agreement (Bindview Development Corp)
Special Severance Benefits. (a) If, during the specific time periods listed in subparagraph (b), the Employment is terminated by any of the specific events listed there, then the Executive will be entitled to the following benefits ("SPECIAL SEVERANCE BENEFITS"):
(1) all benefits, if any, that would be provided under the Employment Agreement in the event of a termination of the Employment without Cause by the Company, with any Severance Payment required by the Employment Agreement being paid as provided in subparagraph (c) below instead of as provided in the Employment Agreement;
(2) a special severance payment ("SPECIAL SEVERANCE PAYMENT") equal to one three times the Executive's [annual] annual Base Salary;
(3) the insurance-related benefits required by the Employment Agreement, if any, to be provided by the Company in the event of a termination without Cause, for an additional one (1) year after the end of the time that such benefits are required to be provided under the Employment Agreement; and
(4) from and after the Termination Date until 5 pm Houston Dallas time on the date eighteen (18) months after the Termination Date, the Executive will be entitled to exercise any vested, unexpired, and previously-unexercised options to purchase the Company's stock.
(b) The specific termination events and time periods in which the Executive will be entitled to the Special Severance Benefits upon a Change of Control are as follows:
(1) the Executive's Employment is terminated by the Company, for any reason other than Cause, In Connection With a Change of Control;
(2) the Executive Resigns for Good Reason as a result of a Constructive Termination at any time during the period beginning on the Change of Control Date and ending at 5 pm Houston Dallas time on the date six (6) months after the Change of Control Date;
(3) the Executive resigns for any reason, with or without the occurrence of an event that constitutes a Constructive Termination, at any time during the period beginning on the date six (6) months after the Change of Control Date and ending at 5 pm Dallas time on the date twelve (12) months after the Change of Control Date; or
(4) the Executive dies, while still employed by the Company, at any time during the period beginning on the Change of Control Date and ending at 5 pm Dallas time on the date twelve (12) months after the Change of Control Date.
(c) The Special Severance Payment and the Severance Payment required by the Employment Agreement, if any, shall be made to the Executive, in cash or immediately-available funds, in a lump sum within 30 days following the Termination Date, notwithstanding the provisions of the Employment Agreement for payment of the Severance Payment in installments.
(d) Payments pursuant to this Agreement shall not be deemed to constitute continued employment beyond the Termination Date.
(e) As a condition to providing the Executive with the Special Severance Benefits, the Company, in its sole discretion, may require the Executive to first execute a release in the form prescribed by the Employment Agreement.
Appears in 1 contract
Samples: Change of Control Agreement (Citadel Security Software Inc)