Termination Allowance Under A Severance Plan or Policy Sample Clauses

Termination Allowance Under A Severance Plan or Policy. If you would otherwise ordinarily receive a termination allowance under an Industries' severance plan or termination allowance policy, including, without limitation, the ITT Industries, Inc. Senior Executive Severance Pay Plan, a copy of which is attached hereto as Exhibit I, were you deemed to be covered under and eligible for such Plan, exceeding the amount of base salary remaining under this Agreement at the time of notice by Industries of its intent to terminate your full-time employment, Industries will pay you a termination allowance, in accordance with the terms of the Industries' severance plan or termination allowance policy, in lieu of salary continuation under this Agreement. In no case will both termination allowance and amounts under this Agreement (whether lump sum or salary continuation) be paid. 3. A new Paragraph 5A is added to the Agreement to read as follows: 5A. Termination After An Acceleration Event Notwithstanding Paragraph 5 hereof, if within two years following an Acceleration Event, your employment with Industries is involuntarily terminated other than for cause or is terminated by you for Good Reason, then Industries will pay you the following severance benefits ("Severance Benefits"): Severance Pay -- The sum of (x) three times your highest annual base salary rate (as provided in Paragraph 3(a) hereof) (whether or not deferred) at any time during the three year period immediately preceding your termination of employment, and (y) three times the highest bonus paid or awarded (whether or not deferred) to you in respect of the three years preceding an Acceleration Event. Benefits and Perquisites -- Continued health and life insurance benefits and perquisites (including, without limitation, any Industries provided automobile and any tax or financial advisory services) for a three year period following your termination of employment at the same cost to you, and at the same coverage levels, provided to you (and your eligible dependents) immediately prior to your termination of employment. -- Payment of a lump sum amount ("Pension Lump Sum Amount") equal to the difference between (i) the total lump sum value of your pension benefit under the ITT Industries Salaried Retirement Plan, Industries' Excess Pension Plan IA and Industries' Excess Pension Plan IB ("Pension Plans") as of your termination of employment and (ii) the total lump sum value of your pension benefit under the Pension Plans after crediting you with an additional three ye...
Sample 1
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Termination Allowance Under A Severance Plan or Policy. If you are eligible for and would otherwise ordinarily receive a termination allowance under a Hartford severance plan or termination allowance policy exceeding the amount of base salary remaining under the Agreement at the time of notice by Hartford of its intent to terminate your full-time employment, Hartford will pay you a termination allowance in an amount equivalent to what you would have received under Hartford's severance plan or termination allowance policy, in lieu of the amount of salary continuation under this Agreement. In no case will both termination allowance and amounts under this Agreement (whether lump sum or salary continuation) be paid.
Sample 1

Related to Termination Allowance Under A Severance Plan or Policy

  • Severance Compensation upon Termination Subject to the provisions of Section 10 hereof, in the event of the Employee’s Termination upon a Change of Control, the Company shall pay to the Employee, within fifteen (15) days after the Termination Date (or as soon as possible thereafter in the event that the procedures set forth in paragraph (b) of Section 11 hereof cannot be completed within fifteen (15) days) an amount in cash equal to three (3) times the sum of the Employee’s Base Salary in effect either immediately prior to the Separation from Service or immediately prior to the Change of Control, whichever is higher.

  • SEVERANCE COMPENSATION IN THE EVENT OF A TERMINATION OTHER THAN FOR CAUSE In the event of a Termination Other Than for Cause, 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, on the dates specified in Section 3.1, and 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 4.2 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 Other Than for Cause, 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 4.2. 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 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 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 AHC or Avocent stock option plans fully 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 Other Than for Cause (even if Employee elects to receive a lump sum severance payment).

  • Termination Benefits (a) If Executive’s employment is voluntarily (in accordance with Section 2(a) of this Agreement) or involuntarily terminated within two (2) years of a Change in Control, Executive shall receive:

  • Other Termination Benefits In addition to any amounts or benefits payable upon a Termination of Employment hereunder, Executive shall, except as otherwise specifically provided herein, be entitled to any payments or benefits provided under the terms of any plan, policy or program of the Company in which Executive participates or as otherwise required by applicable law.

  • Severance Compensation and Benefits Not in Derogation of Other Benefits Anything to the contrary herein contained notwithstanding, the payment or obligation to pay any monies, or granting of any benefits, rights or privileges to Executive as provided in this Agreement shall not be in lieu or derogation of the rights and privileges that the Executive now has or will have under any plans or programs of or agreements with the Company, except that if the Executive received any payment hereunder, the Executive shall not be entitled to any payment under the Company’s severance policy for officers and directors.

  • Post-Termination Benefits If the Executive's employment shall be terminated for any reason following a Change in Control and during the Term, 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.

  • Termination of Employment with Severance Benefits (a) The Executive shall be entitled to the severance benefits described in section 9(b) in the event that:

  • Severance Compensation upon Termination of Employment If the Company shall terminate the Executive’s employment other than pursuant to Section 5(a), (b) or (c) or if the Executive shall terminate his employment for Good Reason, then the Company shall pay to the Executive as severance pay in a lump sum, in cash, on the fifth day following the Date of Termination, an amount equal to three (3) times the average of the aggregate annual compensation paid to the Executive during the three (3) fiscal years of the Company immediately preceding the Change of Control by the Company subject to United States income taxes (or, such fewer number of fiscal years if the Executive has not been employed by the Company during each of the preceding three (3) fiscal years).

  • Early Termination Benefit If Early Termination occurs, the Bank shall distribute to the Executive the benefit described in this Section 2.2 in lieu of any other benefit under this Article.

  • Termination of Employment and Severance Benefits The Executive’s employment hereunder shall terminate under the following circumstances:

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