Termination of Employment with the Company. If Executive's employment with the Company is terminated by the Coinmach Board without Cause, or if Executive's employment is terminated by Executive for Good Reason (and not by reason of Executive's death or disability) and (i) no Company Event of Default has occurred and is continuing, Executive shall be entitled to receive severance pay in an amount equal to 2.0 times the sum of his Annual Base Salary then in effect plus the amount of the bonus paid to Executive for the most recently completed fiscal year, payable in 18 equal monthly installments, or (ii) a Company Event of Default has occurred and is continuing, Executive shall be entitled to receive severance pay in an amount equal to his Annual Base Salary then in effect payable in 12 equal monthly installments, in the case of each of clauses (i) and (ii) subject to applicable withholding tax requirements, commencing upon the execution by the Company and Executive of a mutual release of the parties' respective rights, duties, privileges and obligations hereunder other than those rights, duties, privileges and obligations which are contemplated to continue beyond the Employment Period, which release the parties hereby agree to use their reasonable good faith efforts to secure.
Appears in 5 contracts
Samples: Senior Management Agreement, Senior Management Agreement (Coinmach Corp), Senior Management Agreement (Coinmach Corp)
