Termination for Other Reason. If the Executive's employment is terminated during the term of this Agreement by the Executive for Good Reason or by the Company other than by reason of (i) death, (ii) Disability, or (iii) for Cause, then the Company shall pay the Executive a cash lump sum in an amount equal to (i) four (4) times his Base Salary in effect at the time of his termination of employment, plus (ii) the higher of the Bonus which the Executive received in the prior fiscal year, or the target Bonus applicable to the Executive in the fiscal year of such termination. Such amount shall be payable no later than thirty (30) days following the Executive's termination pursuant to this Section 5.5. For the three year period after the Executive's termination of employment pursuant to this Section 5.5, the Executive shall be (i) entitled to continued participation in all of the Company's employee benefit plans, including, without limitation, continued accrual for retirement benefits, and all of the other benefits and perquisites provided for under this Agreement (other than those benefits set forth in clause (vi) below) or (ii) provided the economic equivalent of such continued participation and perquisites. In addition, the Company shall be obligated to: (i) provide that all options granted to the Executive under the Company's Long-Term Incentive and Share Award Plan and such other stock option or incentive plans as may be maintained by the Company shall vest upon such termination; (ii) transfer to the Executive all right and title to the automobiles provided to the Executive pursuant to Section 3.4 herein; and (iii) provide the Executive coverage under the Company's medical plans and life insurance plans or other similar medical or life insurance coverage, or the economic equivalent of such coverage, for so long as the Executive shall live.
Appears in 1 contract
Termination for Other Reason. If the Executive's employment is terminated during the term of this Agreement by the Executive for Good Reason or by the Company other than by reason of (i) death, (ii) Disability, or (iii) for Cause, then the Company shall pay the Executive a cash lump sum in an amount equal to (i) four (4) times his Base Salary in effect at the time of his termination of employment, plus (ii) the higher of the Bonus which the Executive received in the prior fiscal year, or the target Bonus applicable to the Executive in the fiscal year of such termination. Such amount shall be payable no later than thirty (30) days following the Executive's termination pursuant to this Section 5.5. For the three year period after the Executive's termination of employment pursuant to this Section 5.5, the Executive shall be (i) entitled to continued participation in all of the Company's employee benefit plans, including, without limitation, continued accrual for retirement benefits, and all of the other benefits and perquisites provided for under this Agreement (other than those benefits set forth in clause (vi) below) or (ii) provided the economic equivalent of such continued participation and perquisites. In addition, the Company shall be obligated to: (i) provide that all options granted to the Executive under the Company's Long-Term Incentive and Share Award Plan and such other stock option or incentive plans as may be maintained by the Company shall vest upon such termination; (ii) transfer to the Executive all right and title to the automobiles provided to the Executive pursuant to Section 3.4 herein; and (iii) provide the Executive coverage under the Company's medical plans and life insurance plans or other similar medical or life insurance coverage, or the economic equivalent of such coverage, for so long as the Executive shall live.to
Appears in 1 contract
Termination for Other Reason. If the Executive's employment is terminated during the term of this Agreement by the Executive for Good Reason or by the Company other than by reason of (i) death, (ii) Disability, or (iii) for Cause, then the Company shall pay the Executive a cash lump sum in an amount equal to (i) four (4) times his Base Salary in effect at the time of his termination of employment, plus (ii) the higher of the Bonus which the Executive received in the prior fiscal year, or the target Bonus applicable to the Executive in the fiscal year of such termination. Such amount shall be payable no later than thirty (30) days following the Executive's termination pursuant to this Section 5.5. For the three year period after the Executive's termination of employment pursuant to this Section 5.5, the Executive shall be (i) entitled to continued participation in all of the Company's employee benefit plans, including, without limitation, continued accrual for retirement benefitsbenefits and continued coverage under the Company's medical and hospitalization and life insurance plans, and all of the other benefits and perquisites provided for under this Agreement (other than those benefits set forth in clause (vi) below) or (ii) provided the economic equivalent of such continued participation and perquisites. In addition, the Company shall be obligated to: to (i) pay all premiums with respect to the split dollar life insurance policy maintained by the Company on the Executive's life existing as of the date of this Agreement; (ii) provide that all options granted to coverage for the Executive under the Company's Long-Term Incentive and Share Award Plan and such other stock option or incentive plans as may be maintained by automobile insurance policies, for which the Company shall vest upon such termination; (ii) transfer to be reimbursed by the Executive all right and title to the automobiles provided to the Executive pursuant to Section 3.4 hereinExecutive; and (iii) provide the Executive coverage under the Company's medical plans and life insurance plans or other similar medical or life insurance coverage, or the economic equivalent of such coverage, for so long as the Executive shall live.
Appears in 1 contract
Termination for Other Reason. If the Executive's employment is terminated during the term of this Agreement by the Executive for Good Reason or by the Company other than by reason of (i) death, (ii) Disability, or (iii) for without Cause, then the Company shall pay the Executive a cash lump sum in an amount equal to the greater of: (iA) four (4) times his the sum of the Executive's Base Salary in effect at the time of his the termination of employment, his employment plus (ii) the higher of the Bonus which the Executive received in the prior fiscal year, or the maximum target Bonus applicable amounts payable to the Executive with respect to the Fiscal Year in which such termination occurs; or (B) the fiscal year Base Salary and maximum target Bonus amounts payable to the Executive for the remainder of such terminationthe Employment Period. Such amount shall be payable no later than thirty (30) days following the Executive's termination pursuant to this Section 5.55.4. For the three four year period after the Executive's termination of employment pursuant to this Section 5.55.4, the Executive shall be (i) shall be entitled to continued participation in all of the Company's employee benefit plans, including, without limitation, continued accrual for retirement benefitsbenefits and continued coverage under the Company's medical and hospitalization and life insurance plans, and all of the other benefits and perquisites provided for under this Agreement (other than those benefits set forth in clause (vi) below) or (ii) provided be paid a cash lump sum equal to the economic equivalent aggregate amounts which the Executive would have been credited or received under all of such continued participation benefit plans, incentive plans, benefits and perquisites. In addition, the Company shall be obligated to: (i) provide that all options granted to the Executive under the Company's Long-Term Incentive and Share Award Plan and such other stock option or incentive plans as may be maintained by the Company shall vest upon such termination; (ii) transfer to the Executive all right and title to the automobiles provided to the Executive pursuant to Section 3.4 herein; and (iii) provide the Executive coverage under the Company's medical plans and life insurance plans or other similar medical or life insurance coverage, or the economic equivalent of such coverage, for so long as the Executive shall live.:
Appears in 1 contract
