Termination by the Company Without Cause, or Voluntary Termination by the Executive for Good Reason. If the Company terminates the Executive’s employment other than for Cause, death or Disability, or the Executive voluntarily terminates his employment for Good Reason, in addition to the benefits payable under Section 5(b), the Company will pay the following amounts and provide the following severance benefits: (i) Two (2) times the Executive’s Base Salary at the Executive’s termination of employment, plus two (2) times the Executive’s annual incentive bonus, which will be determined as the higher of (A) the actual incentive bonus paid for the bonus plan year immediately preceding such termination of employment, or (B) the target incentive bonus for the bonus plan year in which such termination of employment occurs (or, if such target incentive bonus has not yet been set by termination of employment, the target incentive bonus for the bonus plan year immediately preceding such termination of employment). (ii) Continued coverage under the Company’s medical, dental and vision through the two (2) year period commencing on the Executive’s termination of employment and ending on the second anniversary of the Executive’s termination of employment (such period referred to as the “Severance Period”, subject to Section 5(g) if applicable), at the same cost to the Executive as in effect on the date of the Executive’s termination of employment, provided that to the extent such continued coverage extends beyond the COBRA continuation period, such coverage will be provided in accordance with the requirements of Code Section 409A and Treasury Regulation §1.409A-3(i)(1)(iv) (or any similar or successor provisions); provided, further, the Executive timely applies and the Executive and the Executive’s dependents remain eligible for the coverage, and provided further that such continued coverage does not result in adverse tax or monetary penalties to the Company (or other applicable adverse effects to the Company based on coverage discrimination rules then in effect). Nothing herein shall be construed to extend the period of time over which COBRA continuation coverage shall be provided to the Executive or the Executive’s dependents beyond that mandated by law (that is, the coverage under this Section 5(d)(ii) will be concurrent with, and not consecutive to, the coverage period mandated by law). Such medical, dental and vision benefits otherwise receivable by the Executive pursuant to this Section 5(d)(ii) shall be discontinued to the extent comparable benefits are actually received by the Executive from a subsequent employer (including an employer of the Executive’s spouse) during the Severance Period, and any such benefits actually received by the Executive shall be reported to the Company. The period through the end of the Employment Term, as it may have been extended, shall continue to count for purposes of determining the Executive’s age and service with the Company with respect to eligibility, vesting and the amount of benefits under such Company’s benefit plans to the maximum extent permitted by applicable law. If the Company determines that the Executive cannot participate in any such benefit plan because the Executive is not actively performing services for the Company (or due to such continued coverage resulting in adverse effects to the Company), or the Company ceases to provide such benefit plans after the Executive’s termination of employment, the Company will make provision for such benefits under an alternate arrangement, such as through the reimbursement of an individual insurance policy purchased by the Executive that provides similar benefits, provided that such reimbursement will be provided in accordance with the requirements of Code Section 409A and Treasury Regulation §1.409A-3(i)(1)(iv) (or any similar or successor provisions). To the extent that the Executive’s compensation is necessary for determining the amount of any such continued coverage or benefits, such compensation (Base Salary and annual incentive bonus target) through the Severance Period shall be deemed to be at the highest rate in effect during the twelve (12)-month period immediately preceding the Executive’s termination of employment. (iii) Executive perquisites on the same basis on which the Executive was receiving such perquisites prior to the Executive’s termination of employment, including reimbursement of expenses relating to financial planning services, tax return preparation and annual physicals incurred on or before December 31 of the calendar year that includes the last day of the Severance Period; provided that reimbursement of such perquisites shall be made to the Executive in accordance with the Company’s reimbursement practices, and in all events no later than December 31 of the calendar year that includes the third anniversary of the Executive’s termination of employment (or such earlier time as required under Code Section 409A). The Company will bear the cost of such perquisites, at the same level in effect immediately prior to the Executive’s termination of employment. Perquisites otherwise receivable by the Executive pursuant to this Section shall be reduced to the extent (A) comparable perquisites are actually received by or made available to the Executive without cost during the period following the Executive’s termination of employment covered by this Section or (B) comparable perquisites are reduced for active executive officers of the Company during such time. The Executive shall report to the Company any such perquisites actually received by or made available to the Executive. (iv) Any outstanding stock options, restricted stock or other equity-based compensation awards that would have vested during the Severance Period shall immediately vest upon the date of the Executive’s termination of employment, and any such vested stock options will be immediately exercisable at any time prior to the earlier of (A) the last day of the Severance Period, or (B) the stock option expiration or other termination date, subject to the terms of the equity-based compensation award and applicable xxxxxxx xxxxxxx policies and regulations. Notwithstanding the foregoing, any restricted stock or other equity-based compensation awards that were intended to satisfy the requirements for performance-based compensation under Code Section 162(m), and would become vested only upon the attainment of specified performance goals, shall vest only if (and at the time that) such performance goals are achieved. (v) Outplacement services, as elected by the Executive (and with a firm selected by the Executive), not to exceed $50,000 in total. Such outplacement services must be incurred by the Executive no later than the end of the calendar year that includes the last day of the Severance Period. If applicable, reimbursement of such expenses shall be made to the Executive no later than the end of the calendar year that includes the third anniversary of the termination of the Executive’s employment (or earlier as provided under Code Section 409A). (vi) To the extent the Company’s group life insurance benefit plan permits the Executive to elect to convert such coverage into individual life insurance policy coverage after the Executive’s termination of employment, and the Executive makes such election, the Company shall provide reimbursement of any premiums paid by the Executive on such individual life insurance policy coverage through the Severance Period; provided that reimbursement of such premiums shall be made to the Executive in accordance with the Company’s reimbursement practices, and in all events no later than December 31 of the calendar year that includes the third anniversary of the Executive’s termination of employment (or such earlier time as required under Code Section 409A).
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Termination by the Company Without Cause, or Voluntary Termination by the Executive for Good Reason. If the Company terminates the Executive’s 's employment other than for Cause, death or Disability, or the Executive voluntarily terminates his employment for Good Reason, in addition to the benefits payable under Section 5(b2(b), the Company will pay the following amounts and provide the following severance benefits:
(i) Two One (21) times the Executive’s 's annual base salary (“Base Salary Salary”) at the Executive’s 's termination of employment, plus two one (21) times the Executive’s 's annual incentive bonus, which will be determined as the higher of (A) the actual incentive bonus paid for the bonus plan year immediately preceding such termination of employmentemployment (including a bonus plan year in which the Company was a subsidiary of SPX), or (B) the target incentive bonus for the bonus plan year in which such termination of employment occurs (or, if such target incentive bonus has not yet been set by termination of employment, the target incentive bonus for the bonus plan year immediately preceding such termination of employmentemployment (including a bonus plan year in which the Company was a subsidiary of SPX)), plus (C) the amount, if any, to which the bonus that would have been paid to the Executive for the bonus plan year in which such termination of employment occurs, based on the performance level actually attained, exceeds the amount payable under the highest of (A) or (B); provided, however, that, if such termination of employment occurs prior to the second anniversary of the Effective Date, the amount payable pursuant to this Section 2(d)(i) shall be twice the amount that would otherwise be payable pursuant to this Section 2(d)(i).
(ii) Continued coverage under the Company’s 's medical, dental dental, and vision through the two one (2) year period commencing on the Executive’s termination of employment and ending on the second 1)-year anniversary of the Executive’s 's termination of employment (such period referred to as the “Severance Period”, subject to Section 5(g) if applicable)employment, at the same cost to the Executive as in effect on the date of the Executive’s 's termination of employment, provided that to the extent such continued coverage extends beyond the COBRA continuation period, such coverage will be provided in accordance with the requirements of Code Section 409A and Treasury Regulation §1.409A-3(i)(1)(iv) (or any similar or successor provisions); provided, further, the Executive timely applies and the Executive and the Executive’s dependents remain eligible for the coverage, and provided further that such continued coverage does not result in adverse tax or monetary penalties to the Company (or other applicable adverse effects to the Company based on coverage discrimination rules then in effect). Nothing herein shall be construed to extend the period of time over which COBRA continuation coverage shall be provided to the Executive or the Executive’s dependents beyond that mandated by law (that is, the coverage under this Section 5(d)(ii2(d)(ii) will be concurrent with, and not consecutive to, the coverage period mandated by law). Such medical, dental and vision benefits otherwise receivable by the Executive pursuant to this Section 5(d)(ii2(d)(ii) shall be discontinued to the extent comparable benefits are actually received by the Executive from a subsequent employer (including an employer of the Executive’s spouse) during the Severance Periodone (1)-year period following the Executive’s termination of employment, and any such benefits actually received by the Executive shall be reported to the Company. The one (1)-year period through following the end Executive’s termination of the Employment Term, as it may have been extended, employment shall continue to count for purposes of determining the Executive’s 's age and service with the Company with respect to eligibility, vesting and the amount of benefits under such Company’s 's benefit plans to the maximum extent permitted by applicable law. If the Company determines that the Executive cannot participate in any such benefit plan because the Executive is not actively performing services for the Company (or due to such continued coverage resulting in adverse effects to the Company), or the Company ceases to provide such benefit plans after the Executive’s termination of employment, the Company will make provision for such benefits under an alternate arrangement, such as through the reimbursement of an individual insurance policy purchased by the Executive that provides similar benefits, provided that such reimbursement will be provided in accordance with the requirements of Code Section 409A and Treasury Regulation §1.409A-3(i)(1)(iv) (or any similar or successor provisions). To the extent that the Executive’s 's compensation is necessary for determining the amount of any such continued coverage or benefits, such compensation (Base Salary and annual incentive bonus target) through the Severance Period one (1)-year anniversary of the Executive's termination of employment shall be deemed to be at the highest rate in effect during the twelve (12)-month period immediately preceding the Executive’s 's termination of employment. Notwithstanding the foregoing, if Executive’s employment is terminated prior to the second anniversary of the Effective Date, the period of coverage provided pursuant to this Section 2(d)(ii) shall be extended to a two (2) year period.
(iii) Executive perquisites on the same basis on which the Executive was receiving such perquisites prior to the Executive’s 's termination of employment, including five (5) weeks annual vacation, charitable matching gifts up to $10,000 per year, reimbursement of expenses relating to financial planning services, tax return preparation and annual physicals incurred on or before December 31 of the calendar year that includes the last day first anniversary of the Severance PeriodExecutive's termination of employment; provided that reimbursement of such perquisites shall be made to the Executive in accordance with the Company’s 's reimbursement practices, and in all events no later than December 31 of the calendar year that includes the third anniversary of the Executive’s 's termination of employment (or such earlier time as required under Code Section 409A)employment. The Company will bear the cost of such perquisites, at the same level in effect immediately prior to the Executive’s 's termination of employment. Perquisites otherwise receivable by the Executive pursuant to this Section shall be reduced to the extent (Ai) comparable perquisites are actually received by or made available to the Executive without cost during the period following the Executive’s 's termination of employment covered by this Section or (Bii) comparable perquisites are reduced for active executive officers of the Company during such time. The Executive shall report to the Company any such perquisites actually received by or made available to the Executive. Notwithstanding the foregoing, if Executive’s employment is terminated prior to the second anniversary of the Effective Date, the period of perquisites provided pursuant to this Section 2(d)(ii) shall be extended to a two (2) year period.
(iv) Any outstanding stock options, restricted stock or other equity-based compensation awards that would have vested during the Severance Period period through the one year anniversary of the Executive’s employment termination shall immediately vest upon the date of the Executive’s 's termination of employment, and any such vested stock options will be immediately exercisable at any time prior to the earlier of (A) two (2) years from the last day Executive's termination of the Severance Periodemployment, or (B) the stock option expiration or other termination date, subject to the terms of the equity-based compensation award and applicable xxxxxxx xxxxxxx policies and regulations. Notwithstanding the foregoing, any restricted stock or other equity-based compensation awards that were intended to satisfy the requirements for performance-based compensation under Code Section 162(m), and would become vested only upon the attainment of specified performance goals, shall vest only if (and at the time that) such performance goals are achieved.
(v) Outplacement services, as elected by the Executive (and with a firm selected by the Executive), not to exceed $50,000 35,000 in total. Such outplacement services must be incurred by the Executive no later than the end of the calendar year that includes the last day second anniversary of the Severance PeriodExecutive's termination of employment. If applicable, reimbursement of such expenses shall be made to the Executive no later than the end of the calendar year that includes the third anniversary of the Executive's termination of the Executive’s employment (or earlier as provided under Code Section 409A).
(vi) To the extent the Company’s group life insurance benefit plan permits the Executive to elect to convert such coverage into individual life insurance policy coverage after the Executive’s termination of employment, and the Executive makes such election, the Company shall provide reimbursement of any premiums paid by the Executive on such individual life insurance policy coverage through the Severance Periodfirst anniversary of the Executive’s termination of employment; provided that reimbursement of such premiums shall be made to the Executive in accordance with the Company’s 's reimbursement practices, and in all events no later than December 31 of the calendar year that includes the third anniversary of the Executive’s 's termination of employment (or such earlier time as required under Code Section 409A).
Appears in 1 contract
Termination by the Company Without Cause, or Voluntary Termination by the Executive for Good Reason. If the Company terminates the Executive’s employment other than for Cause, death or Disability, or the Executive voluntarily terminates his employment for Good Reason, in addition to the benefits payable under Section 5(b), the Company will pay the following amounts and provide the following severance benefits:
(i) Two (2) times the Executive’s Base Salary at the Executive’s termination of employment, plus two (2) times the Executive’s annual incentive bonus, which will be determined as the higher of (A) the actual incentive bonus paid for the bonus plan year immediately preceding such termination of employment, or (B) the target incentive bonus for the bonus plan year in which such termination of employment occurs (or, if such target incentive bonus has not yet been set by termination of employment, the target incentive bonus for the bonus plan year immediately preceding such termination of employment), plus (C) the amount, if any, to which the bonus that would have been paid to the Executive for the bonus plan year in which such termination of employment occurs, based on the performance level actually attained, exceeds the amount payable under the highest of (A) or (B).
(ii) Continued coverage under the Company’s medical, dental dental, and vision through the two (2) year period commencing on the Executive’s termination of employment and ending on the second anniversary of the Executive’s termination of employment (such period referred to as the “Severance Continuation Period”, subject to Section 5(g) if applicable), at the same cost to the Executive as in effect on the date of the Executive’s termination of employment, provided that to the extent such continued coverage extends beyond the COBRA continuation period, such coverage will be provided in accordance with the requirements of Code Section 409A and Treasury Regulation §1.409A-3(i)(1)(iv) (or any similar or successor provisions); provided, further, the Executive timely applies and the Executive and the Executive’s dependents remain eligible for the coverage, and provided further that such continued coverage does not result in adverse tax or monetary penalties to the Company (or other applicable adverse effects to the Company based on coverage discrimination rules then in effect). Nothing herein shall be construed to extend the period of time over which COBRA continuation coverage shall be provided to the Executive or the Executive’s dependents beyond that mandated by law (that is, the coverage under this Section 5(d)(ii) will be concurrent with, and not consecutive to, the coverage period mandated by law). Such medical, dental and vision benefits otherwise receivable by the Executive pursuant to this Section 5(d)(ii) shall be discontinued to the extent comparable benefits are actually received by the Executive from a subsequent employer (including an employer of the Executive’s spouse) during the Severance Continuation Period, and any such benefits actually received by the Executive shall be reported to the Company. The period through the end of the Employment Term, as it may have been extended, shall continue to count for purposes of determining the Executive’s age and service with the Company with respect to eligibility, vesting and the amount of benefits under such Company’s benefit plans to the maximum extent permitted by applicable law. If the Company determines that the Executive cannot participate in any such benefit plan because the Executive is not actively performing services for the Company (or due to such continued coverage resulting in adverse effects to the Company), or the Company ceases to provide such benefit plans after the Executive’s termination of employment, the Company will make provision for such benefits under an alternate arrangement, such as through the reimbursement of an individual insurance policy purchased by the Executive that provides similar benefits, provided that such reimbursement will be provided in accordance with the requirements of Code Section 409A and Treasury Regulation §1.409A-3(i)(1)(iv) (or any similar or successor provisions). To the extent that the Executive’s compensation is necessary for determining the amount of any such continued coverage or benefits, such compensation (Base Salary and annual incentive bonus target) through the Severance Continuation Period shall be deemed to be at the highest rate in effect during the twelve (12)-month period immediately preceding the Executive’s termination of employment.
(iii) Executive perquisites on the same basis on which the Executive was receiving such perquisites prior to the Executive’s termination of employment, including reimbursement of expenses relating to financial planning services, tax return preparation and annual physicals incurred on or before December 31 of the calendar year that includes the last day of the Severance Continuation Period; provided that reimbursement of such perquisites shall be made to the Executive in accordance with the Company’s reimbursement practices, and in all events no later than December 31 of the calendar year that includes the third anniversary of the Executive’s termination of employment (or such earlier time as required under Code Section 409A). The Company will bear the cost of such perquisites, at the same level in effect immediately prior to the Executive’s termination of employment. Perquisites otherwise receivable by the Executive pursuant to this Section shall be reduced to the extent (Ai) comparable perquisites are actually received by or made available to the Executive without cost during the period following the Executive’s termination of employment covered by this Section or (Bii) comparable perquisites are reduced for active executive officers of the Company during such time. The Executive shall report to the Company any such perquisites actually received by or made available to the Executive.
(iv) Any outstanding stock options, restricted stock or other equity-based compensation awards that would have vested during the Severance Continuation Period shall immediately vest upon the date of the Executive’s termination of employment, and any such vested stock options will be immediately exercisable at any time prior to the earlier of (A) the last day of the Severance Continuation Period, or (B) the stock option expiration or other termination date, subject to the terms of the equity-based compensation award and applicable xxxxxxx xxxxxxx policies and regulations. Notwithstanding the foregoing, any restricted stock or other equity-based compensation awards that were intended to satisfy the requirements for performance-based compensation under Code Section 162(m), and would become vested only upon the attainment of specified performance goals, shall vest only if (and at the time that) such performance goals are achieved.
(v) Outplacement services, as elected by the Executive (and with a firm selected by the Executive), not to exceed $50,000 in total. Such outplacement services must be incurred by the Executive no later than the end of the calendar year that includes the last day of the Severance Continuation Period. If applicable, reimbursement of such expenses shall be made to the Executive no later than the end of the calendar year that includes the third anniversary of the Executive’s termination of the Executive’s employment (or earlier as provided under Code Section 409A).
(vi) To the extent the Company’s group life insurance benefit plan permits the Executive to elect to convert such coverage into individual life insurance policy coverage after the Executive’s termination of employment, and the Executive makes such election, the Company shall provide reimbursement of any premiums paid by the Executive on such individual life insurance policy coverage through the Severance Continuation Period; provided that reimbursement of such premiums shall be made to the Executive in accordance with the Company’s reimbursement practices, and in all events no later than December 31 of the calendar year that includes the third anniversary of the Executive’s termination of employment (or such earlier time as required under Code Section 409A).
Appears in 1 contract
Samples: Employment Agreement (SPX Corp)
Termination by the Company Without Cause, or Voluntary Termination by the Executive for Good Reason. If the Company terminates the Executive’s employment other than for Cause, Cause or death or Disabilitydisability, or the Executive voluntarily terminates his employment for Good Reason, in addition to the benefits payable under Section 5(b(b), the Company will pay the following amounts and provide the following severance benefits:
(i) Two (2) times the The Executive’s Base Salary at through the Executive’s one-year anniversary of the employment termination of employment, plus two (2) times the Executive’s and annual incentive bonus, which will be determined as the higher highest of (A) the actual incentive bonus paid for the bonus plan year immediately preceding such termination of employmenttermination, or (B) the target incentive average annual bonus paid to the Executive for the three bonus plan years preceding the year in which such termination occurs (excluding any years of partial, or no, bonus plan participation), plus (C) the amount, if any, to which the bonus that would have been paid to the Executive for the bonus plan year in which such termination occurs, based on the performance level actually attained, exceeds the amount payable under the highest of employment occurs (or, if such target incentive bonus has not yet been set by termination of employment, the target incentive bonus for the bonus plan year immediately preceding such termination of employmentA) or (B).
(ii) Continued coverage under the Company’s medical, dental dental, vision, key manager life insurance and vision pension through the two (2) one-year period commencing on the Executive’s termination of employment and ending on the second anniversary of the Executive’s termination of employment (such period referred to as the “Severance Period”, subject to Section 5(g) if applicable)termination, at the same cost to the Executive as in effect on the date of the Executive’s termination of employmenttermination, provided that to the extent such continued coverage extends beyond the COBRA continuation period, such coverage will be provided in accordance with the requirements of Code Section 409A and Treasury Regulation §1.409A-3(i)(1)(iv) (or any similar or successor provisions); provided, further, the Executive timely applies and the Executive and the Executive’s dependents remain eligible for the coverage, and provided further that such continued coverage does not result in adverse tax or monetary penalties to the Company (or other applicable adverse effects to the Company based on coverage discrimination rules then in effect). Nothing herein shall be construed to extend the period of time over which COBRA continuation coverage shall be provided to the Executive or the Executive’s dependents beyond that mandated by law (that is, the coverage under this Section 5(d)(ii) will be concurrent with, and not consecutive to, the coverage period mandated by law). Such medical, dental and vision benefits otherwise receivable by the Executive pursuant to this Section 5(d)(ii) shall be discontinued to the extent comparable benefits are actually received by the Executive from a subsequent employer (including an employer of the Executive’s spouse) during the Severance Period, and any such benefits actually received by the Executive shall be reported to the Company. The period through the end of the Employment Term, as it may have been extended, Term shall continue to count for purposes of determining the Executive’s age and service with the Company with respect to eligibility, vesting and the amount of benefits under such the Company’s benefit plans to the maximum extent permitted by applicable law. If the Company determines that the Executive cannot participate in any such benefit plan because the Executive he is not actively performing services for the Company (or due to such continued coverage resulting in adverse effects to the Company), or the Company ceases to provide such benefit plans after the Executive’s termination of employment, the Company will make provision for provide such benefits under (A) an alternate arrangement, such as through the reimbursement purchase of an individual insurance policy purchased by the Executive that provides similar benefits, provided that such reimbursement coverage will be provided in accordance with the requirements of Code Section 409A and Treasury Regulation §1.409A-3(i)(1)(iv) (or any similar or successor provisions)) or (B) if applicable, through a nonqualified pension or profit sharing plan, provided that such payments shall be made no later than December 31 of the calendar year following the calendar year in which the Executive’s termination of employment occurs. To the extent that the Executive’s compensation is necessary for determining the amount of any such continued coverage or benefits, such compensation (Base Salary and annual incentive bonus targetbonus) through the Severance Period one-year anniversary of the employment termination shall be deemed to be at the highest rate in effect during the twelve (12)-month 12-month period immediately preceding the Executive’s termination of employment.
(iii) Executive perquisites on the same basis on which the Executive was receiving such perquisites prior to his employment termination, including: (A) reimbursement for club dues through the Executive’s termination one year anniversary of employment, including the employment termination; and (B) reimbursement of expenses relating to financial planning services, tax return preparation and annual physicals incurred on or before December 31 of the calendar year that includes the last day first anniversary of the Severance PeriodExecutive’s employment termination; provided that reimbursement of such perquisites shall be made to the Executive in accordance with the Company’s reimbursement practices, and in all events no later than December 31 of the calendar year that includes the third anniversary of the termination of the Executive’s termination of employment (or such earlier time as required under Code Section 409A)employment. The Company will bear the cost of such perquisites, at the same level in effect immediately prior to the Executive’s termination of employmentemployment termination. Perquisites otherwise receivable by the Executive pursuant to this Section shall be reduced to the extent (A) comparable perquisites are actually received by or made available to the Executive without cost during the period following the Executive’s employment termination of employment covered by this Section or (B) comparable perquisites are reduced for active executive officers of the Company during such timeSection. The Executive shall report to the Company any such perquisites actually received by or made available to the Executive.
(iv) Any outstanding stock options, restricted stock or other equity-based compensation awards that would have vested during the Severance Period shall immediately vest upon the date of the Executive’s termination of employment, and any such vested stock options will be immediately exercisable at any time prior to the earlier of (A) the last day of the Severance Period, or (B) the stock option expiration or other termination date, subject to the terms of the equity-based compensation award and applicable xxxxxxx xxxxxxx policies and regulations. Notwithstanding the foregoing, any restricted stock or other equity-based compensation awards that were intended to satisfy the requirements for performance-based compensation under Code Section 162(m), and would become vested only upon the attainment of specified performance goals, shall vest only if (and at the time that) such performance goals are achieved.
(v) Outplacement services, as elected by the Executive (and with a firm selected by the Executive), not to exceed $50,000 in total. Such outplacement services must be incurred by the Executive no later than the end of the calendar year that includes the last day of the Severance Period. If applicable, reimbursement of such expenses shall be made to the Executive no later than the end of the calendar year that includes the third anniversary of the termination of the Executive’s employment (or earlier as provided under Code Section 409A).
(vi) To the extent the Company’s group life insurance benefit plan permits the Executive to elect to convert such coverage into individual life insurance policy coverage after the Executive’s termination of employment, and the Executive makes such election, the Company shall provide reimbursement of any premiums paid by the Executive on such individual life insurance policy coverage through the Severance Period; provided that reimbursement of such premiums shall be made to the Executive in accordance with the Company’s reimbursement practices, and in all events no later than December 31 of the calendar year that includes the third anniversary of the Executive’s termination of employment (or such earlier time as required under Code Section 409A).
Appears in 1 contract
Samples: Employment Agreement (SPX Corp)
