Termination Payments to Executive. As otherwise provided in this Section 3, in the event of his or her termination of employment with the Company (the date of such termination referred to herein as Executive’s “Termination Date”), Executive may be paid:
a. Executive’s Base Compensation in effect as of his or her Termination Date for the remainder of his or her Employment Term, such term determined as if the notice of nonrenewal described in Section 1.2 hereof was furnished to Executive as of the Termination Date, but in no event less than his or her annualized Base Compensation.
b. Executive’s Incentive Bonus for the year in which his or her Termination Date occurs, prorated to reflect Executive’s actual period of service during such year.
c. The Company shall, at the written request of Executive:
i. Purchase of the principal residence occupied by Executive as of his or her Termination Date (Executive’s “Principal Residence”), provided such Principal Residence is located within 60 miles of Executive’s primary work location, for an amount equal to the greater of (x) the fair market value of such residence as determined by the Company’s third party relocation service, or (y) the purchase price of such residence and the documented cost of any capital improvements made to the such residence made by Executive, but not more than 120% of such purchase price; and
ii. Pay or reimburse Executive for the cost of relocating Executive, his or her immediate family and their household goods and other personal property, in accordance with the Company’s usual relocation practice, to any location in the continental United States. Notwithstanding the foregoing, the Company shall not be obligated hereunder, unless Executive actually relocates to a new principal residence that is more than 60 miles from his or her Principal Residence and Executive submits his or her written request to the Company for the purchase of such residence not later than 12 months after Executive’s Termination Date. In any event, payment hereunder shall be made not later than December 31st of the calendar year following the year in which Executive’s Termination Date occurs.
d. If Executive timely elects to continue coverage under the Company’s group medical plan within the meaning of Code Section 4980B(f)(2), the Company shall pay to the Executive an amount equal to the continuation coverage premium for the same type and level of coverage elected by Executive and/or his or her spouse or dependents for a period of 18 months or until the ...
Termination Payments to Executive. As set forth more fully in this Section 3, Executive may be paid one or more of the following amounts on account of a cessation of employment hereunder:
a. Executive’s Base Compensation accrued but not yet paid as of the date of his Termination Date.
b. Executive’s Incentive Bonus due with respect to the fiscal year preceding his Termination Date, if any, to the extent such bonus has not been paid as of such date.
c. Executive’s Base Compensation payable for the remainder of the Initial Term or for the remainder of any renewal term, but not less than 100% of such Base Compensation or, to the extent any such cessation occurs after the expiration of the Initial Term, 100% of such Base Compensation.
d. Executive’s Incentive Bonus payable in the target amount for the year in which his Termination Date occurs.
e. If Executive and/or his dependants elect to continue group medical coverage, within the meaning of Section 4980B(f)(2) of the Internal Revenue Code of 1986, as amended (the “Code”), with respect to a group health plan sponsored by the Company or an Affiliate (other than a health flexible spending account under a self-insured medical reimbursement plan described in Code Sections 125 and 105(h)), the Company shall pay to Executive the amount of the continuation coverage premium for the same type and level of group health plan coverage received by Executive and his electing dependents immediately prior to such termination of Executive’s employment for the period such coverage is actually provided under Code Section 4980B. Except as expressly provided in Section 3.3 hereof, Executive shall be entitled to receive such compensation or benefits as may be provided under the terms of any separate plan or agreement maintained by the Company or its Affiliates, to the extent such compensation or benefit is not duplicative of the compensation or benefits described above and such other benefits or amounts as may be required by law.
Termination Payments to Executive. As set forth more fully in this Section 3 and except as provided in Sections 3.3 or 3.8 hereof, Executive shall be paid the greater of the amounts or benefits set forth below or the amounts or benefits provided under the terms of the separate plan or arrangement maintained by the Company (or its Affiliates) on account of termination of employment hereunder:
a. Executive's Base Compensation accrued but not yet paid as of the date of his termination.
b. Executive's Base Compensation payable until the Termination Date (determined without regard to the automatic renewal provisions of Section 1.4 hereof), but not less than 100% of such annual Base Compensation.
c. Executive's Incentive Bonus payable with respect to the year of his termination, prorated to reflect Executive's actual period of service during such year.
d. Executive's Incentive Bonus payable in the target amount for the year in which his termination of employment occurs.
e. If Executive's principal office is located in Pineville, Louisiana, the Company shall, at the written request of Executive:
i. Purchase his principal residence if such residence is located within 60 miles of the Company's Pineville, Louisiana office (the "Principal Residence") for an amount equal to the greater of (1) the purchase price of such Principal Residence plus the documented cost of any capital improvements to the Principal Residence made by Executive, or (2) the fair market value of such Principal Residence as determined by the Company's usual relocation practice; and
ii. Pay or reimburse Executive for the cost of relocating Executive, his family and their household goods and other personal property, in accordance with the Company's usual relocation practice, to any location in the United States. Notwithstanding the foregoing, the Company shall not be obligated hereunder, unless, within 12 months after the termination of his employment with the Company (and its Affiliates), the Company is requested to purchase such Principal Residence or Executive has actually relocated from the Pineville, Louisiana area.
f. If Executive and/or his dependents elects to continue group medical coverage, within the meaning of Code Section 4980B(f)(2), with respect to a group health plan sponsored by the Company or an Affiliate (other than a health flexible spending account under a self-insured medical reimbursement plan described in Code Sections 125 and 105(h)), the Company shall pay the continuation coverage premium for the same type a...
Termination Payments to Executive. As set forth more fully in this Section 3 and except as provided in Sections 3.3 or 3.8 hereof, Executive shall be paid the greater of the amounts or benefits set forth below or the amounts or benefits provided under the terms of the separate plan or arrangement maintained by the Company (or its Affiliates) on account of termination of employment hereunder:
a. Executive’s Base Compensation accrued but not yet paid as of the date of his termination.
b. Executive’s Base Compensation payable until the Termination Date (determined without regard to the automatic renewal provisions of Section 1.4 hereof), but not less than 100% of such annual Base Compensation.
c. Executive’s Incentive Bonus payable with respect to the year of his termination, prorated to reflect Executive’s actual period of service during such year.
d. Executive’s Incentive Bonus payable in the target amount for the year in which his termination of employment occurs.
e. If Executive’s principal office is located in Pineville, Louisiana, the Company shall, at the written request of Executive:
i. Purchase his principal residence if such residence is located within 60 miles of the Company’s Pineville, Louisiana office (the “Principal Residence”) for an amount equal to the greater of (1) the purchase price of such Principal Residence plus the documented cost of any capital improvements to the Principal Residence made by Executive, or (2) the fair market value of such Principal Residence as determined by the Company’s usual relocation practice; and
ii. Pay or reimburse Executive for the cost of relocating Executive, his family and their household goods and other personal property, in accordance with the Company’s usual relocation practice, to any location in the United States. Notwithstanding the foregoing, the Company shall not be obligated hereunder, unless, within 12 months after the termination of his employment with the Company (and its Affiliates), the Company is requested to purchase such Principal Residence or Executive has actually relocated from the Pineville, Louisiana area.
f. If Executive and/or his dependents elects to continue group medical coverage, within the meaning of Code Section 4980B(f)(2), with respect to a group health plan sponsored by the Company or an Affiliate (other than a health flexible spending account under a self-insured medical reimbursement plan described in Code Sections 125 and 105(h)), the Company shall pay the continuation coverage premium for the same type a...
Termination Payments to Executive. As set forth more fully in this Section 3 and except as provided in Section 3.3 hereof, Executive shall be entitled to one or more of the payments described below:
a. Executive's Base Compensation accrued but not yet paid as of the date of his termination.
b. Executive's Incentive Bonus payable (or that would be payable if Executive continued employment) with respect to the year of his termination, prorated to reflect Executive's actual period of service during such year.
c. Executive's Base Compensation payable until the Termination Date (determined without regard to the automatic renewal provisions of Section 1.4 hereof), but not less than 100% of such annual Base Compensation. Except as expressly provided in this Section 3, Executive shall also be entitled to such compensation and benefits as may be provided under the terms of a separate plan or agreement maintained by the Company (or its Affiliates), to the extent not duplicative of the benefits provided herein.
Termination Payments to Executive. As set forth more fully in this Section 3, Executive may be paid one or more of the following amounts on account of his termination of employment hereunder:
a. Executive’s annualized Base Compensation in effect on his Termination Date.
b. Executive’s Incentive Bonus, prorated to reflect his actual period of service during the year in which his Terminate Date occurs;
c. Executive’s Incentive Bonus in the target amount applicable during the year in which his Termination Date occurs; and/or
d. If Executive and/or his dependants elect to continue group medical coverage within the meaning of Code Section 4980B(f)(2) with respect to one or more group health plans sponsored by the Company or an Affiliate (other than a health flexible spending account under a self-insured medical reimbursement plan described in Code Sections 125 and 105(h)), an amount equal to the continuation coverage premium for the same type and level of group health plan coverage received by Executive and his electing dependents immediately prior to such termination of Executive’s employment for the period such coverage is actually continued in accordance with Code Section 4980B, but not more than 12 months. Executive shall further be entitled to receive such other compensation or benefits as may be provided under the terms of any separate plan or agreement maintained by the Company or its Affiliates; provided, however, that the provision of any amount hereunder shall be in lieu of, and not in addition to, any severance pay or similar termination benefit otherwise payable to Executive under any severance plan, policy or program maintained by the Company or an Affiliate. For purposes of clarity, and without limiting the generality of the foregoing, nothing herein is intended to limit or restrict Executive’s right to receive payments under the Salary Continuation Agreement (Executive’s right to receive payments thereunder being determined solely in accordance with the terms and provisions of such agreement).
Termination Payments to Executive. As set forth more fully in this Section 3 and except as provided in Sections 3.3 or 3.8 hereof, Executive shall be paid the greater of the amounts or benefits set forth below or the amounts or benefits provided under the terms of the separate plan or arrangement maintained by the Company (or its Affiliates) on account of termination of employment hereunder:
a. Executive's Base Compensation accrued but not yet paid as of the date of his termination.
b. Executive's Base Compensation payable until the Termination Date (determined without regard to the automatic renewal provisions of Section 1.4 hereof), but not less than 100% of such annual Base Compensation.
c. Executive's Incentive Bonus payable with respect to the year of his termination, prorated to reflect Executive's actual period of service during such year.
d. Executive's Incentive Bonus payable in the target amount for the year in which his termination of employment occurs.
e. If Executive's principal office is located in Pineville, Louisiana, the Company shall, at the written request of Executive: Purchase his principal residence if such residence is located within 60 miles of the Company's Pineville, Louisiana office (the "Principal Residence") for an amount equal to the greater of (1) the purchase price of such Principal Residence plus the documented cost of any capital improvements to the Principal Residence made by Executive, or (2) the fair market value of such Principal Residence as determined by the Company's usual relocation practice; and
Termination Payments to Executive a. Upon the Executive’s involuntary termination without Cause (as defined below) during the term of this Agreement, the Bank shall pay the Executive an amount equal to his remaining Base Salary through December 31, 2014. Such amount shall be paid in a cash lump sum no later than 60 days after the date of such termination of employment.
Termination Payments to Executive. Subject to the terms of Sections 4, 5 and 6 below, in the event of the termination of Executive's employment with the Company during the Employment Term (as it may have been) extended or following a Change of Control, Executive will be paid the amounts and benefits set forth below except as provided elsewhere in this Section 3:
Termination Payments to Executive. As set forth more fully herein, if, during the Employment Term, Hibernia shall terminate Executive’s employment other than for Cause, Death, Disability or as a result of non-renewal of this Agreement, or Executive shall terminate his employment on account of Constructive Termination, Hibernia shall pay and/or provide to Executive the following:
a. The following amounts to the extent accrued but not yet paid (collectively, the “Accrued Obligations”): (i) Executive’s Base Compensation accrued but not yet paid as of the Date of Termination (as set forth in each separate provision of this Section 3), (ii) any cash Incentive Bonus that has been determined and awarded to Executive for the most recently completed fiscal year prior to the Date of Termination which has not yet been paid and (iii) accrued vacation pay not theretofore paid or used in accordance with Hibernia’s policy for payment of accrued and unused vacation time (payable on or before the earlier of the date required by law or 20 days after the Date of Termination).
b. Executive’s Base Compensation for the remainder of the Employment Term but not less than Executive’s current annual Base Compensation, payable in not more than two equal installments (one-half not later than 30 days after the Date of Termination and the other one-half not later than 90 days after the Date of Termination).
c. An amount equal to the product of the cash Incentive Bonus awarded to Executive for the most recently completed fiscal year prior to the Date of Termination (or, if such Incentive Bonus has not yet been determined, the most recent cash Incentive Bonus that has been awarded to Executive) and a fraction, the numerator of which is the number of days that have elapsed in the year in which the Date of Termination occurs through the Date of Termination, and the denominator of which is 365, payable in not more than two equal installments (one-half not later than 30 days after the Date of Termination and the other one-half not later than 90 days after the Date of Termination).
d. Continue to provide medical benefits (for the period described below) to Executive and/or his dependents if such person(s) elect to continue group medical coverage, within the meaning of Code Section 4980B(f)(2), with respect to a group health plan sponsored by Hibernia (other than a health flexible spending account under Code Sections 125 and 105(h)), at the same type and level of group health plan coverage received by Executive and his electing...
