Common use of Termination other than for Cause or Termination for Good Reason Clause in Contracts

Termination other than for Cause or Termination for Good Reason. If Executive’s employment by the Employer, or any Affiliate or successor of the Employer, shall be subject to a Termination other than during a Covered Period, then, in addition to the Minimum Payments, the Employer shall provide Executive the following benefits: (i) Commencing on the Termination Date, Executive shall receive the applicable Severance Amount (less any amount described in subparagraph (ii) below) paid in 12 substantially equal monthly installments, with each successive payment being due on the monthly anniversary of the Termination Date. (ii) To the extent any portion of the applicable Severance Amount exceeds the “safe harbor” amount described in Treasury Regulation Section 1.409A-1(b)(9)(iii)(A), Executive shall receive such portion of the applicable Severance Amount that exceeds the “safe harbor” amount in a single lump sum payment payable within five (5) days after Executive’s Termination Date. (iii) Executive (and dependents, as may be applicable) shall be entitled to the medical benefits provided in Section 6(e) below.

Appears in 9 contracts

Samples: Employment Agreement (Midland States Bancorp, Inc.), Employment Agreement (Midland States Bancorp, Inc.), Employment Agreement (Midland States Bancorp, Inc.)

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Termination other than for Cause or Termination for Good Reason. If Executive’s employment by the Employer, or any Affiliate or successor of the Employer, shall be subject to a Termination other than during a Covered Period, then, in addition to the Minimum Payments, the Employer shall provide Executive the following benefits: (i) Commencing on the Termination Date, Executive shall receive the applicable Severance Amount (less any amount described in subparagraph (ii) below) paid in 12 substantially equal monthly installments, with each successive payment being due on the monthly anniversary of the Termination Date. (ii) To the extent any portion of the applicable Severance Amount exceeds the “safe harbor” amount described in Treasury Regulation Section 1.409A-1(b)(9)(iii)(A), Executive shall receive such portion of the applicable Severance Amount that exceeds the “safe harbor” amount in a single lump sum payment payable within five (5) days after Executive’s Termination Date. (iii) Executive (and dependents, as may be applicable) shall be entitled to the medical benefits provided in Section 6(e) below. (iv) Executive shall be entitled to receive a Pro Rata Bonus, when Incentive Bonuses are paid to other senior management of Employer, consistent with Section 4(b) of this Agreement.

Appears in 6 contracts

Samples: Employment Agreement (Midland States Bancorp, Inc.), Employment Agreement (Midland States Bancorp, Inc.), Employment Agreement (Midland States Bancorp, Inc.)

Termination other than for Cause or Termination for Good Reason. If Executive’s 's employment by with the Employer, or any Affiliate or successor of the Employer, shall be Company is subject to a Termination other than during a Covered Period, then, in addition to the Minimum PaymentsBenefits, the Employer Company shall provide Executive the following benefits: (i) Commencing on On the thirtieth (30th) day following the Termination Date, Executive shall receive commence receiving the applicable Severance Amount (less any amount described in subparagraph (ii) below) Section 4(c)(ii)), with such amount to be paid in 12 twelve (12) substantially equal monthly installments, with each successive payment being due on the monthly anniversary of the Termination Date. (ii) To the extent any portion of the applicable Severance Amount exceeds the “safe harbor” amount described in Treasury Regulation Section §1.409A-1(b)(9)(iii)(A), Executive shall receive such portion of the applicable Severance Amount that exceeds the “safe harbor” amount in a single lump sum payment payable within five on the thirtieth (530th) days after Executive’s day following the Termination Date. (iii) Executive (and Executive's dependents, as may be applicable) shall be entitled to the medical benefits provided described in Section 6(e) below4(e).

Appears in 3 contracts

Samples: Employment Agreement (West Bancorporation Inc), Employment Agreement (West Bancorporation Inc), Employment Agreement (West Bancorporation Inc)

Termination other than for Cause or Termination for Good Reason. If Executive’s employment by with the Employer, or any Affiliate or successor of the Employer, shall be Company is subject to a Termination other than during a Covered Period, then, in addition to the Minimum PaymentsBenefits, the Employer Company shall provide Executive the following benefits: (i) Commencing on On the thirtieth (30th) day following the Termination Date, Executive shall receive commence receiving the applicable Severance Amount (less any amount described in subparagraph (ii) below) Section 4(c)(ii)), with such amount to be paid in 12 twelve (12) substantially equal monthly installments, with each successive payment being due on the monthly anniversary of the Termination Date. (ii) To the extent any portion of the applicable Severance Amount exceeds the “safe harbor” amount described in Treasury Regulation Section §1.409A-1(b)(9)(iii)(A), Executive shall receive such portion of the applicable Severance Amount that exceeds the “safe harbor” amount in a single lump sum payment payable within five on the thirtieth (530th) days after Executive’s day following the Termination Date. (iii) Executive (and Executive’s dependents, as may be applicable) shall be entitled to the medical benefits provided described in Section 6(e) below4(e).

Appears in 2 contracts

Samples: Employment Agreement (West Bancorporation Inc), Employment Agreement (West Bancorporation Inc)

Termination other than for Cause or Termination for Good Reason. If Subject to Section 7 below, if Executive’s employment by the Employer, or any Affiliate or successor of the Employer, shall be subject to a Termination other than during a Covered Period, then, in addition to the Minimum Payments, the Employer shall provide Executive the following benefits: (i) Commencing on the Termination Date, Executive shall receive the applicable Severance Amount (less any amount described in subparagraph (ii) below) paid in 12 twelve (12) substantially equal monthly installments, with each successive payment being due on the monthly anniversary of the Termination Date. (ii) To the extent any portion of the applicable Severance Amount exceeds the “safe harbor” amount described in Treasury Regulation Section 1.409A-1(b)(9)(iii)(A), Executive shall receive such portion of the applicable Severance Amount that exceeds the “safe harbor” amount in a single lump sum payment payable within five (5) days after Executive’s Termination Date. (iii) Executive (and dependents, as may be applicable) shall be entitled to the medical benefits provided in Section 6(e) below. (iv) Executive shall be entitled to receive a Pro Rata Bonus, when Incentive Bonuses are paid to other senior management of Employer, consistent with Section 4(a) of this Agreement.

Appears in 2 contracts

Samples: Transitional Employment Agreement (Midland States Bancorp, Inc.), Transitional Employment Agreement (Midland States Bancorp, Inc.)

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Termination other than for Cause or Termination for Good Reason. If Executive’s 's employment by with the Employer, or any Affiliate or successor of the Employer, shall be Company is subject to a Termination other than during a Covered Period, then, in addition to the Minimum PaymentsBenefits, the Employer Company shall provide Executive the following benefits: (i) Commencing on On the thirtieth (30th) day following the Termination Date, Executive shall receive commence receiving the applicable Severance Amount (less any amount described in subparagraph (ii) below) Section 4(c)(ii)), with such amount to be paid in 12 twenty-four (24) substantially equal monthly installments, with each successive payment being due on the monthly anniversary of the Termination Date. (ii) To the extent any portion of the applicable Severance Amount exceeds the “safe harbor” amount described in Treasury Regulation Section §1.409A-1(b)(9)(iii)(A), Executive shall receive such portion of the applicable Severance Amount that exceeds the “safe harbor” amount in a single lump sum payment payable within five on the thirtieth (530th) days after Executive’s day following the Termination Date. (iii) Executive (and Executive's dependents, as may be applicable) shall be entitled to the medical benefits provided described in Section 6(e) below4(e).

Appears in 1 contract

Samples: Employment Agreement (West Bancorporation Inc)

Termination other than for Cause or Termination for Good Reason. If Executive’s employment by the EmployerBank, or any Affiliate or successor of the EmployerBank, shall be subject to a Termination other than during a Covered Period, then, in addition to the Minimum Payments, the Employer Bank shall provide Executive the following benefits: (i) Commencing on the Termination Date, Executive shall receive the applicable Severance Amount (less any amount described in subparagraph (ii) below) paid in 12 substantially equal monthly installments, with each successive payment being due on the monthly anniversary of the Termination Date. (ii) To the extent any portion of the applicable Severance Amount exceeds the “safe harbor” amount described in Treasury Regulation Section 1.409A-1(b)(9)(iii)(A), Executive shall receive such portion of the applicable Severance Amount that exceeds the “safe harbor” amount in a single lump sum payment payable within five (5) days after Executive’s Termination Date. (iii) Executive (and dependents, as may be applicable) shall be entitled to the medical benefits provided in Section 6(e) below.

Appears in 1 contract

Samples: Employment Agreement (Midland States Bancorp, Inc.)

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