TERMINATION BY DST OTHER THAN FOR CAUSE. (i) DST may terminate this Agreement and Executive's employment other than for cause immediately upon notice to Executive, and in such event, DST shall provide severance benefits to Executive in accordance with Paragraph 4(d)(ii) below. (ii) In the event of termination of Executive's employment under Paragraph 4(d)(i), DST shall continue, for a period of twenty-four (24) months following such termination, (A) to pay to Executive as severance pay a monthly amount equal to one-twenty-fourth (1/24th) of the annual base salary referenced in Paragraph 2(a) above at the rate in effect immediately prior to termination, and, (B) to reimburse Executive for the cost (including state and federal income taxes payable with respect to this reimbursement) of obtaining coverage comparable to the health and life insurance provided pursuant to this Agreement, unless Executive is provided comparable coverage in connection with other employment. The foregoing obligations of DST shall continue until the end of the said twenty-four (24) month period notwithstanding the death or disability of Executive during said period (except, in the event of death, the obligation to reimburse Executive for the cost of life insurance shall not continue). After termination of employment, Executive shall not be entitled to accrue or receive benefits under the DST Officers Incentive Plan or similar plan with respect to the severance pay provided herein, notwithstanding that benefits under such plans then are still generally available to executive employees of DST; contributions and benefits under such plans with respect to the year of termination shall be based solely upon compensation paid to Executive for periods prior to termination. In the year of termination, Executive shall be entitled to participate in the DST Profit Sharing Plan and the DST Employee Stock Ownership Plan only if the Executive meets all requirements of such plans for participation in such year.
Appears in 1 contract
TERMINATION BY DST OTHER THAN FOR CAUSE. (i) DST may terminate this Agreement and Executive's employment other than for cause immediately upon notice to Executive, and in such event, DST shall provide severance benefits to Executive in accordance with Paragraph 4(d)(ii) below.
(ii) In the event of termination of Executive's employment under Paragraph 4(d)(i), DST shall continue, for a period of twenty-four (24) months following such terminationshall, (A) to within sixty (60) days after such termination, pay to Executive as severance pay a monthly lump sum amount equal to one-twenty-fourth twelve (1/24th12) months of the annual base salary referenced in Paragraph 2(a) above at the rate in effect immediately prior to termination, and, (B) to for a period of twelve (12) months following such termination (the "Period"), reimburse Executive for the cost (including federal, state and federal local income taxes payable with respect to this reimbursement) of obtaining coverage comparable to the health and life insurance provided pursuant to this Agreement, unless Executive is provided comparable coverage in connection with other employment. The foregoing obligations of DST shall continue until the end of the said twenty-four twelve (2412) month period notwithstanding the death or disability of Executive during said period (except, in the event of death, the obligation to reimburse Executive for the cost of life insurance shall not continue). After termination Executive shall receive, on the payment due date as provided in the DST Annual Incentive Program, any Annual Incentive earned for the performance year in which Executive's employment terminated; provided, however, that such award shall be prorated to reflect only the portion of employmentsuch performance year that precedes Executive's termination. To the extent required by Code Section 409A and guidance issued thereunder, such award shall be deferred in accordance with any applicable deferral requirements and elections in place with respect to such award and, to the extent deferred, such award shall be paid pursuant to the terms of deferral procedures in effect with respect to the DST Annual Incentive Program from time to time. Notwithstanding the receipt during the Period of separation pay as provided herein and the benefits that are generally available to executive employees of DST during the Period, (a) Executive shall not be entitled to accrue or receive such benefits under during the DST Officers Incentive Plan or similar plan with respect to the severance pay provided herein, notwithstanding that benefits under such plans then are still generally available to executive employees of DST; Period except as set forth herein and (b) any contributions and benefits under such applicable plans with respect to the year of termination shall be based solely upon compensation paid to Executive for periods prior to termination. In the year of termination, Executive shall be entitled to participate in the DST 401(k) Profit Sharing Plan and the DST Employee Stock Ownership Plan only if the Executive meets all requirements of such plans for participation in such year.
Appears in 1 contract
TERMINATION BY DST OTHER THAN FOR CAUSE. (i) DST may terminate this Agreement and Executive's employment other than for cause immediately upon notice to Executive, and in such event, DST shall provide severance benefits to Executive in accordance with Paragraph 4(d)(ii) below.
(ii) In the event of termination of Executive's employment under Paragraph 4(d)(i), DST shall continue, for a period of twenty-four twelve (2412) months following such termination, (A) to pay to Executive as severance pay a monthly amount equal to one-twenty-fourth twelfth (1/24th1/12th) of the annual base salary referenced in Paragraph 2(a) above at the rate in effect immediately prior to termination, and, (B) to reimburse Executive for the cost (including state and federal income taxes payable with respect to this reimbursement) of obtaining coverage comparable to the health and life insurance provided pursuant to this Agreement, unless Executive is provided comparable coverage in connection with other employment. The foregoing obligations of DST shall continue until the end of the said twenty-four twelve (2412) month period notwithstanding the death or disability of Executive during said period (except, in the event of death, the obligation to reimburse Executive for the cost of life insurance shall not continue). After termination of employment, Executive shall not be entitled to accrue or receive benefits under the DST Officers Incentive KCSI Executive Plan or similar plan the KCSI Incentive Compensation Plan with respect to the severance pay provided herein, notwithstanding that benefits under such plans then are still generally available to executive employees of DST; contributions and benefits under such plans with respect to the year of termination shall be based solely upon compensation paid to Executive for periods prior to termination. In the year of termination, Executive shall be entitled to participate in the DST KCSI Profit Sharing Plan and the DST KCSI Employee Stock Ownership Plan (if DST employees then still participate in such plans) only if the Executive meets all requirements of such plans for participation in such year.
Appears in 1 contract
TERMINATION BY DST OTHER THAN FOR CAUSE. (i) DST may terminate this Agreement and Executive's ’s employment other than for cause immediately upon notice to Executive, and in such event, DST shall provide severance benefits to Executive in accordance with Paragraph 4(d)(ii4 (d) (ii) below.
(ii) In the event of termination of Executive's ’s employment under Paragraph 4(d)(i4 (d) (i), DST shall shall, continue, for a period of twenty-four twelve (2412) months following such termination, (A) to pay to Executive as severance pay a monthly amount equal to one-twenty-fourth twelfth (1/24th1/12th) of the annual base salary referenced in Paragraph 2(a) above at the rate in effect immediately prior to termination, and, (B) to reimburse Executive for the cost (including state and federal income taxes payable with respect to this reimbursement) of obtaining coverage comparable to the health and life insurance provided pursuant to this Agreement, unless Executive is provided comparable coverage in connection with other employment. The foregoing obligations of DST shall continue until the end of the said twenty-four twelve (2412) month period notwithstanding the death or disability of Executive during said period (except, in the event of death, the obligation to reimburse Executive for the cost of life insurance shall not continue). After termination of employment, Executive shall not be entitled to accrue or receive benefits under the DST Officers Incentive KCSI Executive Plan or similar plan the KCSI Incentive Compensation Plan with respect to the severance pay provided herein, notwithstanding that benefits under such plans then are still generally available to executive employees of DST; contributions and benefits under such plans with respect to the year of termination shall be based solely upon compensation paid to Executive for periods prior to termination. In the year of termination, Executive shall be entitled to participate in the DST KCSI Profit Sharing Plan and the DST KCSI Employee Stock Ownership ownership Plan (if DST employees then still participate in such plans) only if the Executive meets all requirements of such plans for participation in such year.
Appears in 1 contract
