Common use of Termination Without Cause by Employer or for Good Reason by Executive Clause in Contracts

Termination Without Cause by Employer or for Good Reason by Executive. If the Employment Period is terminated by Employer pursuant to the provisions of Section 5.1 hereof or by Executive pursuant to the provisions of Section 5.3 hereof, Employer will pay to Executive (a) Base Salary for the twelve (12) month period following the date of termination, calculated at the applicable Base Salary rate which would have been in effect from time to time during the balance of Employment Period, assuming no termination, payable in equal installments at the times Base Salary would have been paid had the Employment Period not been terminated, (b) on the date bonuses for the Bonus Year in which the Employment Period is terminated are generally paid by Employer to Employer's senior management employees, the Bonus for such Bonus Year prorated as provided in Section 4.2 and (c) if applicable, the Bonus for the last full Bonus Year pursuant to Section 4.2. All other benefits provided for in Section 4.3 shall be continued at the expense of Employer for the period that payments are required to be made pursuant to the preceding provisions of this Section 6.1. Without limiting the generality of the immediately preceding sentence, Employer agrees that (x) the health benefits to be continued on behalf of the Executive (at Company expense) during the severance period shall not be part of Executive's optional COBRA period; (y) Executive shall have the right and option to continue health coverage at Executive's expense after the severance period to the greatest extent required to be offered by the Company pursuant to applicable law; and (z) Executive shall be entitled to continue contributions into the Company's 401k Plan during the severance period and the Company shall match a share of such contributions in accordance with the Company's general policy applicable to active employees. Notwithstanding termination of the Employment Period, Executive shall continue to be entitled to discounts on purchases of products from the Company in accordance with the discount program in effect from time to time for active employees of the Company.

Appears in 2 contracts

Samples: Employment Agreement (Bank Jos a Clothiers Inc /De/), Employment Agreement (Bank Jos a Clothiers Inc /De/)

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Termination Without Cause by Employer or for Good Reason by Executive. If the Employment Period is terminated by Employer pursuant to the provisions of Section 5.1 hereof or by Executive pursuant to the provisions of Section 5.3 hereof, Employer will pay to Executive (a) Base Salary for the twelve (12) month period following the date of termination, calculated at the applicable Base Salary rate which would have been in effect from time to time during the balance of Employment Period, assuming no termination, payable in equal installments at the times Base Salary would have been paid had the Employment Period not been terminated, (b) on the date bonuses for the Bonus Year in which the Employment Period is terminated are generally paid by Employer to Employer's senior management employees, the Bonus for such Bonus Year prorated as provided in Section 4.2 and (c) if applicable, the Bonus for the last full Bonus Year pursuant to Section 4.2. All other benefits provided for in Section 4.3 4.4 shall be continued at the expense of Employer for the period that payments are required to be made pursuant to the preceding provisions of this Section 6.1. Without limiting the generality of the immediately preceding sentence, Employer agrees that (x) the health benefits to be continued on behalf of the Executive (at Company expense) during the severance period shall not be part of Executive's optional COBRA period; (y) Executive shall have the right and option to continue health coverage at Executive's expense after the severance period to the greatest extent required to be offered by the Company pursuant to applicable law; and (z) Executive shall be entitled to continue contributions into the Company's 401k Plan during the severance period and the Company shall match a share of such contributions in accordance with the Company's general policy applicable to active employees. Notwithstanding termination of the Employment Period, Executive shall continue to be entitled to discounts on purchases of products from the Company in accordance with the discount program in effect from time to time for active employees of the Company.

Appears in 2 contracts

Samples: Employment Agreement (Bank Jos a Clothiers Inc /De/), Employment Agreement (Bank Jos a Clothiers Inc /De/)

Termination Without Cause by Employer or for Good Reason by Executive. If the Employment Period is terminated by Employer pursuant to the provisions of Section 5.1 hereof or by Executive pursuant to the provisions of Section 5.3 hereof, Employer will pay to Executive (ai) Executive's Base Salary for the twelve (12) month period following through the date of termination, calculated at (ii) within five (5) days following the applicable date of termination in one lump sum an amount equal to the Base Salary rate which would have been multiplied by the number of years (and fractional portions thereof) remaining in effect from time to time during the balance of Employment Period, assuming no termination, payable in equal installments at the times Base Salary would have been paid had the Employment Period not been terminated, (bthe "Severance Period") and (iii) on the date bonuses due pursuant to the provisions of Section 4.2 hereof, the bonus for the then current Bonus Year, prorated for the period of time during the Bonus Year in which the Employment Period is terminated are generally paid by Employer to Employer's senior management employees, the Bonus for such Bonus Year prorated as provided in Section 4.2 and (c) if applicable, the Bonus for the last full Bonus Year pursuant to Section 4.2that Executive was employed. All other benefits provided for in Sections 4.3, 4.4 and Section 4.3 4.5 (except for pension and retirement benefits) shall be continued at the expense of Employer for the period Severance Period. In the event that payments are required any such benefits cannot be continued under the terms of the applicable benefit programs or Employer chooses not to be made continue such benefits, the Employer shall pay to Executive a lump sum amount having an equal value of such remaining benefits. In addition, if the Employment Period is terminated by Employer pursuant to the preceding provisions of this Section 6.1. Without limiting 5.1 hereof or by Executive pursuant to the generality provisions of Section 5.3 hereof, (i) the restrictions with respect to all unvested shares of Restricted Stock previously granted to Executive shall immediately lapse and such shares shall become transferable and no longer subject to forfeiture and (ii) all unvested portions of the immediately preceding sentence, Employer agrees that (x) the health benefits Options previously granted to be continued on behalf of the Executive (at Company expense) during the severance period shall not be part of Executive's optional COBRA period; (y) Executive shall immediately become vested and exercisable. Employer shall have the right and option no obligation to continue health coverage at Executive's expense after any other benefits provided for in Section 4 past the severance period to the greatest extent required to be offered by the Company pursuant to applicable law; and (z) Executive shall be entitled to continue contributions into the Company's 401k Plan during the severance period and the Company shall match a share date of such contributions in accordance with the Company's general policy applicable to active employees. Notwithstanding termination of the Employment Period, Executive shall continue to be entitled to discounts on purchases of products from the Company in accordance with the discount program in effect from time to time for active employees of the Companytermination.

Appears in 2 contracts

Samples: Employment Agreement (Consolidated Technology Group LTD), Employment Agreement (Technology Acquisitions LLC)

Termination Without Cause by Employer or for Good Reason by Executive. If the Employment Period is terminated by Employer pursuant to the provisions of Section 5.1 hereof or by Executive pursuant to the provisions of Section 5.3 hereof, Employer will pay to Executive (ai) Executive's Base Salary for the twelve (12) month period following through the date of termination, calculated at (ii) within five (5) days following the applicable date of termination in one lump sum an amount equal to the lesser of (a) the Base Salary rate which would have been multiplied by the number of years (and fractional portions thereof) remaining in effect from time to time during the balance of Employment Period, assuming no termination, payable in equal installments at the times Base Salary would have been paid had the Employment Period not been terminated, (the "Severance Period") or (b) the Base Salary for a one year term, and (iii) on the date bonuses due pursuant to the provisions of Section 4.2 hereof, the bonus for the then current Bonus Year, prorated for the period of time during the Bonus Year in which the Employment Period is terminated are generally paid by Employer to Employer's senior management employees, the Bonus for such Bonus Year prorated as provided in Section 4.2 and (c) if applicable, the Bonus for the last full Bonus Year pursuant to Section 4.2that Executive was employed. All other benefits provided for in Sections 4.3, 4.4 and Section 4.3 4.5 (except for pension and retirement benefits) shall be continued at the expense of Employer for the period Severance Period. In the event that payments are required any such benefits cannot be continued under the terms of the applicable benefit programs or Employer chooses not to be made continue such benefits, the Employer shall pay to Executive a lump sum amount having an equal value of such remaining benefits. In addition, if the Employment Period is terminated by Employer pursuant to the preceding provisions of this Section 6.1. Without limiting 5.1 hereof or by Executive pursuant to the generality provisions of Section 5.3 hereof, (i) the restrictions with respect to all unvested shares of Restricted Stock, if any, previously granted to Executive shall immediately lapse and such shares shall become transferable and no longer subject to forfeiture and (ii) all unvested portions of the immediately preceding sentence, Employer agrees that (x) the health benefits Options previously granted to be continued on behalf of the Executive (at Company expense) during the severance period shall not be part of Executive's optional COBRA period; (y) Executive shall immediately become vested and exercisable. Employer shall have the right and option no obligation to continue health coverage at Executive's expense after any other benefits provided for in Section 4 past the severance period to the greatest extent required to be offered by the Company pursuant to applicable law; and (z) Executive shall be entitled to continue contributions into the Company's 401k Plan during the severance period and the Company shall match a share date of such contributions in accordance with the Company's general policy applicable to active employees. Notwithstanding termination of the Employment Period, Executive shall continue to be entitled to discounts on purchases of products from the Company in accordance with the discount program in effect from time to time for active employees of the Companytermination.

Appears in 2 contracts

Samples: Employment Agreement (Consolidated Technology Group LTD), Employment Agreement (Technology Acquisitions LLC)

Termination Without Cause by Employer or for Good Reason by Executive. If the Employment Period is terminated by -5- 6 Employer without Cause pursuant to the provisions of Section 5.1 hereof or by Executive for Good Reason pursuant to the provisions of Section 5.3 hereof, Employer will pay to Executive within five (a5) Base Salary for the twelve (12) month period days following the date of termination, calculated at the applicable termination Executive's Base Salary rate which would have been in effect from time to time during the balance of Employment Period, assuming no termination, payable in equal installments at the times Base Salary would have been paid had the Employment Period not been terminated, (b) on through the date bonuses for the Bonus Year in which of termination. In addition, if the Employment Period is terminated are generally paid by Employer without Cause pursuant to the provisions of Section 5.1 hereof or by Executive for Good Reason pursuant to the provisions of Section 5.3 hereof, (i) the Employer shall continue to pay Executive's Base Salary for the remainder of the Employment Period (the "Severance Period") in accordance with the Employer's senior management employeesnormal payroll practices, (ii) for purposes of the vesting of all unvested shares of Restricted Stock previously granted to Executive pursuant to the Executive Retention Bonus Plan and payment of any unpaid amounts of Executive's Cash Bonus Target pursuant to the Executive Retention Bonus Plan, such shares shall continue to vest and become transferable and no longer subject to forfeiture and the payment of any unpaid portion of such Cash Bonus Target shall be paid at the times set forth in the Executive Retention Bonus Plan, but only to the degree that the Performance Goals in the Executive Retention Bonus Plan are met, as though Executive were still employed with the Employer on the date or dates of such vesting and (iii) all unvested portions of the Options granted to Executive in connection with this Agreement and any unvested stock options held by executive with respect to the common stock of Concentric that were assumed by the Employer on the Effective Date shall immediately become vested and exercisable. In addition, if the Employment Period is terminated by Employer without Cause pursuant to the provisions of Section 5.1 hereof or by Executive for Good Reason pursuant to the provisions of Section 5.3 hereof, Employer shall, for the two-year period following such termination, make available to Executive the same health and insurance benefits made available to Executive immediately prior to such termination at the same cost to Executive as such benefits are made available to other employees of Employer (who were similarly situated with Executive immediately prior to his termination) during the course of the two-year period. In the event that the same benefits cannot be made available to Executive because he is no longer an employee of the Employer, the Bonus Employer shall provide economically equivalent benefits for such Bonus Year prorated as provided in Section 4.2 and (c) if applicable, the Bonus for the last full Bonus Year pursuant period. Employer shall have no obligation to Section 4.2. All continue any other benefits provided for in Section 4.3 shall be continued at 4 past the expense date of Employer for the period that payments are required to be made pursuant to the preceding provisions of this Section 6.1. Without limiting the generality of the immediately preceding sentence, Employer agrees that (x) the health benefits to be continued on behalf of the Executive (at Company expense) during the severance period shall not be part of Executive's optional COBRA period; (y) Executive shall have the right and option to continue health coverage at Executive's expense after the severance period to the greatest extent required to be offered by the Company pursuant to applicable law; and (z) Executive shall be entitled to continue contributions into the Company's 401k Plan during the severance period and the Company shall match a share of such contributions in accordance with the Company's general policy applicable to active employees. Notwithstanding termination of the Employment Period, Executive shall continue to be entitled to discounts on purchases of products from the Company in accordance with the discount program in effect from time to time for active employees of the Companytermination.

Appears in 1 contract

Samples: Employment Agreement (Nextlink Communications Inc/New)

Termination Without Cause by Employer or for Good Reason by Executive. If the Employment Period is terminated by Employer pursuant to the provisions of Section 5.1 hereof or by Executive pursuant to the provisions of Section 5.3 hereof, Employer will pay to Executive (i) the greater of (a) the Base Salary for the balance of the Employment Period, or (b) Base Salary for the twelve one (121) month period following the date of terminationyear, calculated in each case, at the applicable Base Salary rate which would have been in effect from time to time for each year during the balance of Employment Period, assuming no termination, payable in equal installments at the times Base Salary would have been paid had the Employment Period not been terminated, ; and (bii) on the date bonuses for due pursuant to the Bonus Year in which the Employment Period is terminated are generally paid by Employer to Employer's senior management employeesprovisions of Section 4.2 hereof, the Bonus for such the then current Bonus Year prorated as provided in Section 4.2 and (c) if applicable4.2; provided, however, in the Bonus for event the last full Bonus Year Employment Period is terminated by Executive because of a "change in control" pursuant to Section 4.2. 5.3 (ii), then clause (i) of this sentence shall be modified to read: "the Base Salary for the period which is the greater of (a) eighteen (18) months or (b) the balance of the Employment Period not to exceed twenty-four (24) months (calculated, in each case, at the applicable Base Salary rate which would have been in effect for each year during the balance of the Employment Period, assuming no termination) payable in equal installments at the times Base Salary would have been paid had the Employment Period not been terminated." All other benefits provided for in Section 4.3 Sections 4.5, 4.6, 4.7, 4.8, 4.9 and 4.11 shall be continued at the expense of Employer for the period that payments are required to be made pursuant to the preceding provisions of this Section 6.1. Without limiting the generality of the immediately preceding sentence, Employer agrees that (x) the health benefits to be continued on behalf of the Executive (at Company expense) during the severance period shall not be part of Executive's optional COBRA period; (y) Executive shall have the right and option to continue health coverage at Executive's expense after the severance period to the greatest extent required to be offered by the Company pursuant to applicable law; and (z) Executive shall be entitled to continue contributions into the Company's 401k Plan during the severance period and the Company shall match a share of such contributions in accordance with the Company's general policy applicable to active employees. Notwithstanding termination of the Employment Period, Executive shall continue to be entitled to discounts on purchases of products from the Company in accordance with the discount program in effect from time to time for active employees of the Company.

Appears in 1 contract

Samples: Employment Agreement (Bank Jos a Clothiers Inc /De/)

Termination Without Cause by Employer or for Good Reason by Executive. If the Employment Period is terminated by Employer pursuant to the provisions of Section 5.1 hereof or by Executive pursuant to the provisions of Section 5.3 hereof, Employer will pay to Executive (a) Base Salary for the twelve eighteen (1218) month period following the date of termination, calculated at the applicable Base Salary rate which would have been in effect from time to time during the balance of Employment Period, assuming no termination, payable in equal installments at the times Base Salary would have been paid had the Employment Period not been terminated, (b) on the date bonuses for the Bonus Year in which the Employment Period is terminated are generally paid by Employer to Employer's senior management employees, the Bonus for such Bonus Year prorated as provided in Section 4.2 and (c) if applicable, the Bonus for the last full Bonus Year pursuant to Section 4.2. All other benefits provided for in Section 4.3 shall be continued at the expense of Employer for the period that payments are required to be made pursuant to the preceding provisions of this Section 6.1. Without limiting the generality of the immediately preceding sentence, Employer agrees that (x) the health benefits to be continued on behalf of the Executive (at Company expense) during the severance period shall not be part of Executive's optional COBRA period; (y) Executive shall have the right and option to continue health coverage at Executive's expense after the severance period to the greatest extent required to be offered by the Company pursuant to applicable law; and (z) Executive shall be entitled to continue contributions into the Company's 401k Plan during the severance period and the Company shall match a share of such contributions in accordance with the Company's general policy applicable to active employees. Notwithstanding termination of the Employment Period, Executive shall continue to be entitled to discounts on purchases of products from the Company in accordance with the discount program in effect from time to time for active employees of the Company.

Appears in 1 contract

Samples: Employment Agreement (Bank Jos a Clothiers Inc /De/)

Termination Without Cause by Employer or for Good Reason by Executive. If the Employment Period is terminated by Employer pursuant to the provisions of Section 5.1 hereof or by Executive pursuant to the provisions of Section 5.3 hereof, Employer will pay to Executive (a) Base Salary for the twelve (12) month period following the date of termination, calculated at the applicable Base Salary rate which would have been in effect from time to time during as of the balance of Employment Period, assuming no terminationtermination date, payable in equal installments at the times Base Salary would have been paid had the Employment Period not been terminated, (b) on the date bonuses for the Bonus Year in which the Employment Period is terminated are generally paid by Employer to Employer's senior management employees, the Bonus for such Bonus Year prorated as provided in Section 4.2 and (c) if applicable, the Bonus for the last full Bonus Year pursuant to Section 4.24.2 and (c) for each option (vested or not) to purchase a share of the Company's common stock held by Executive as of the date of termination, an amount, if greater than zero, equal to the last sale price of one share of the Company's common stock as of market close on the termination date, less the exercise price of such option. All options held by Executive as of the date of termination shall expire on such date, notwithstanding anything to the contrary contained in any option agreement. All other benefits provided for in Section 4.3 shall be continued at the expense of Employer for the period that payments are required to be made pursuant to the preceding provisions of this Section 6.1. Without limiting the generality of the immediately preceding sentence, Employer agrees that (x) the health benefits to be continued on behalf of the Executive (at Company expense) during the twelve month severance period shall not be part of Executive's optional COBRA period; (y) Executive shall have the right and option to continue health coverage at Executive's expense after the twelve month severance period to the greatest extent required to be offered by the Company pursuant to applicable law; and (z) Executive shall be entitled to continue contributions into the Company's 401k Plan during the twelve month severance period and the Company shall match a share of such contributions in accordance with the Company's general policy applicable to active employees. Notwithstanding termination of the Employment Period, Executive shall continue to be entitled to discounts on purchases of products from the Company in accordance with the discount program in effect from time to time for active employees of the Company.

Appears in 1 contract

Samples: Employment Agreement (Bank Jos a Clothiers Inc /De/)

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Termination Without Cause by Employer or for Good Reason by Executive. If the Employment Period is terminated by Employer pursuant to the provisions of Section 5.1 hereof or by Executive pursuant to the provisions of Section 5.3 hereof, Employer will pay to Executive (i) the greater of (a) the Base Salary for the balance of the Employment Period, or (b) Base Salary for the twelve one (121) month period following the date of terminationyear, calculated in each case, at the applicable Base Salary rate which would have been in effect from time to time for each year during the balance of Employment Period, assuming no termination, payable in equal installments at the times Base Salary would have been paid had the Employment Period not been terminated, ; and (bii) on the date bonuses for due pursuant to the Bonus Year in which the Employment Period is terminated are generally paid by Employer to Employer's senior management employeesprovisions of Section 4.2 hereof, the Bonus for such the then current Bonus Year prorated as provided in Section 4.2 and (c) if applicable4.2; provided, however, in the Bonus for event the last full Bonus Year Employment Period is terminated by Executive because of a "change in control" pursuant to Section 4.2. 5.3 (ii), then clause (i) of this sentence shall be modified to read: "the Base Salary for the period which is the greater of (a) eighteen (18) months or (b) the balance of the Employment Period not to exceed twenty-four (24) months (calculated, in each case, at the applicable Base Salary rate which would have been in effect for each year during the balance of the Employment Period, assuming no termination) payable in equal installments at the times Base Salary would have been paid had the Employment Period not been terminated." All other benefits provided for in Section 4.3 Sections 4.3, 4.4, 4.5 and 4.8 shall be continued at the expense of Employer for the period that payments are required to be made pursuant to the preceding provisions of this Section 6.1. Without limiting the generality of the immediately preceding sentence, Employer agrees that (x) the health benefits to be continued on behalf of the Executive (at Company expense) during the severance period shall not be part of Executive's optional COBRA period; (y) Executive shall have the right and option to continue health coverage at Executive's expense after the severance period to the greatest extent required to be offered by the Company pursuant to applicable law; and (z) Executive shall be entitled to continue contributions into the Company's 401k Plan during the severance period and the Company shall match a share of such contributions in accordance with the Company's general policy applicable to active employees. Notwithstanding termination of the Employment Period, Executive shall continue to be entitled to discounts on purchases of products from the Company in accordance with the discount program in effect from time to time for active employees of the Company.

Appears in 1 contract

Samples: Employment Agreement (Bank Jos a Clothiers Inc /De/)

Termination Without Cause by Employer or for Good Reason by Executive. If the Employment Period is terminated by Employer pursuant to the provisions of Section 5.1 hereof or by Executive pursuant to the provisions of Section 5.3 hereof, Employer will pay to Executive (a) Base Salary for the twelve a period of thirty (1230) month period months following the date of termination, termination (calculated at the applicable Base Salary rate which would have been in effect from time to time for each year during the balance of Employment Period, assuming no termination, ) payable in equal installments at the times Base Salary would have been paid had the Employment Period not been terminated, ; (b) on the date bonuses for due pursuant to the Bonus Year in which the Employment Period is terminated are generally paid by Employer to Employer's senior management employeesprovisions of Section 4.2 hereof, the Bonus for such the then current Bonus Year prorated as provided in Section 4.2 and (c) if applicable, the Bonus for the last full Bonus Year pursuant to Section 4.2. All other benefits provided for in Section 4.3 Sections 4.5, 4.6, 4.7, 4.9 and 4.11 shall be continued at the expense of Employer for the period that payments are required to be made pursuant to the preceding provisions of this Section 6.1. Without limiting the generality of the immediately preceding sentence, Employer agrees that (x) the health benefits to be continued on behalf of the Executive (at Company expense) during the severance period shall not be part of Executive's optional COBRA period; (y) Executive shall have the right and option to continue health coverage at Executive's expense after the severance period to the greatest extent required to be offered by the Company pursuant to applicable law; and (z) Executive shall be entitled to continue contributions into the Company's 401k Plan during the severance period and the Company shall match a share of such contributions in accordance with the Company's general policy applicable to active employees. Notwithstanding termination of the Employment Period, Executive shall continue to be entitled to discounts on purchases of products from the Company in accordance with the discount program in effect from time to time for active employees of the Company.

Appears in 1 contract

Samples: Employment Agreement (Bank Jos a Clothiers Inc /De/)

Termination Without Cause by Employer or for Good Reason by Executive. If the Employment Period is terminated by Employer pursuant to the provisions of Section 5.1 hereof or by Executive pursuant to the provisions of Section 5.3 hereof, Employer will pay to Executive (a) Base Salary for the twelve a period of thirty (1230) month period months following the date of termination, termination (calculated at the applicable Base Salary rate which would have been in effect from time to time for each year during the balance of Employment Period, assuming no termination, ) payable in equal installments at the times Base Salary would have been paid had the Employment Period not been terminated, ; (b) on the date bonuses for due pursuant to the Bonus Year in which the Employment Period is terminated are generally paid by Employer to Employer's senior management employeesprovisions of Section 4.2 hereof, the Bonus for such the then current Bonus Year prorated as provided in Section 4.2 and (c) if applicable, the Bonus for the last full Bonus Year pursuant to Section 4.2. All other benefits provided for in Section 4.3 Sections 4.3, 4.4, 4.5 and 4.8 shall be continued at the expense of Employer for the period that payments are required to be made pursuant to the preceding provisions of this Section 6.1. Without limiting the generality of the immediately preceding sentence, Employer agrees that (x) the health benefits to be continued on behalf of the Executive (at Company expense) during the severance period shall not be part of Executive's optional COBRA period; (y) Executive shall have the right and option to continue health coverage at Executive's expense after the severance period to the greatest extent required to be offered by the Company pursuant to applicable law; and (z) Executive shall be entitled to continue contributions into the Company's 401k Plan during the severance period and the Company shall match a share of such contributions in accordance with the Company's general policy applicable to active employees. Notwithstanding termination of the Employment Period, Executive shall continue to be entitled to discounts on purchases of products from the Company in accordance with the discount program in effect from time to time for active employees of the Company.

Appears in 1 contract

Samples: Employment Agreement (Bank Jos a Clothiers Inc /De/)

Termination Without Cause by Employer or for Good Reason by Executive. If the Employment Period is terminated by Employer pursuant to the provisions of Section 5.1 hereof or by Executive pursuant to the provisions of Section 5.3 hereof, Employer will pay to Executive (i) the greater of (a) the Base Salary for the balance of the Employment Period, or (b) Base Salary for the twelve one (121) month period following the date of terminationyear, calculated in each case, at the applicable Base Salary rate which would have been in effect from time to time for each year during the balance of Employment Period, assuming no termination, payable in equal installments at the times Base Salary would have been paid had the Employment Period not been terminated, ; and (bii) on the date bonuses for due pursuant to the Bonus Year in which the Employment Period is terminated are generally paid by Employer to Employer's senior management employeesprovisions of Section 4.2 hereof, the Bonus for such the then current Bonus Year prorated as provided in Section 4.2 and (c) if applicable4.2; provided, however, in the Bonus for event the last full Bonus Year Employment Period is terminated by Executive because of a "change in control" pursuant to Section 4.2. 5.3 (ii), then clause (i) of this sentence shall be modified to read: "the Base Salary for the period which is the greater of (a) eighteen (18) months or (b) the balance of the Employment Period not to exceed twenty-four (24) months (calculated, in each case, at the applicable Base Salary rate which would have been in effect for each year during the balance of the Employment Period, assuming no termination) payable in equal installments at the times Base Salary would have been paid had the Employment Period not been terminate." All other benefits provided for in Section 4.3 Sections 4.3, 4.4, 4.5 and 4.8 shall be continued at the expense of Employer for the period that payments are required to be made pursuant to the preceding provisions of this Section 6.1. Without limiting the generality of the immediately preceding sentence, Employer agrees that (x) the health benefits to be continued on behalf of the Executive (at Company expense) during the severance period shall not be part of Executive's optional COBRA period; (y) Executive shall have the right and option to continue health coverage at Executive's expense after the severance period to the greatest extent required to be offered by the Company pursuant to applicable law; and (z) Executive shall be entitled to continue contributions into the Company's 401k Plan during the severance period and the Company shall match a share of such contributions in accordance with the Company's general policy applicable to active employees. Notwithstanding termination of the Employment Period, Executive shall continue to be entitled to discounts on purchases of products from the Company in accordance with the discount program in effect from time to time for active employees of the Company.

Appears in 1 contract

Samples: Employment Agreement (Bank Jos a Clothiers Inc /De/)

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