Xxxxxxxxx Benefit. In the event Executive's employment with the Company is Terminated Without Cause, other than due to death, or Disability, or in the event there is a Constructive Termination Without Cause, in each case within two years following a Change in Control, Executive shall be entitled to receive:
i. Base Salary through the date of termination of Executive's employment, which shall be paid in a cash lump sum not later than 15 days following Executive's termination of employment;
ii. An amount equal to 1.5 times Executive's Base Salary in effect on the date of termination of Executive's employment (or in the event a reduction in Base Salary is a basis for a Constructive Termination Without Cause, then the Base Salary in effect immediately prior to such reduction), payable in a cash lump sum following Executive's termination of employment;
iii. An amount equal to the most recently established target annual cash incentive bonus amount, prorated based on the portion of the performance year that Executive has worked as of the date of Executive’s termination. Such payment of a pro rata annual cash incentive bonus will be payable in a cash lump sum following Executive's termination of employment;
iv. An amount equal to 1.5 times the most recently established target annual incentive cash bonus amount, payable in a cash lump sum following the Executive's termination of employment;
v. Elimination of all restrictions on any restricted stock or restricted stock unit awards outstanding at the time of termination of employment (other than awards under the Company's Partnership Equity Program, which shall be governed by the terms of such awards);
vi. Immediate vesting of all outstanding stock options and the right to exercise such stock options for the remainder of the full term of such option (other than awards under the Company's Partnership Equity Program, which shall be governed by the terms of such awards);
vii. The balance of any incentive awards earned as of December 31 of the prior year but not yet paid, which shall be paid in a single lump sum not later than 15 days following Executive's termination of employment;
viii. Settlement of all deferred compensation arrangements in accordance with any then applicable deferred compensation plan or election form;
ix. Continued participation in all medical, health and life insurance plans at the same benefit level at which Executive was participating on the date of termination of Executive’s employment until the earlier of:
1. the...
Xxxxxxxxx Benefit. If Employee is terminated by reason of an Involuntary Termination of Employee's employment (other than a Termination for Cause), the Company will make a severance payment to Employee in an aggregate amount equal to the sum of one (1) times Employee's then-current annual rate of base salary in monthly installments over a one year period following the date of Employee's Involuntary Termination.
Xxxxxxxxx Benefit. As payment in full of its obligations under the Employment Agreement to pay severance benefits upon an Involuntary Termination, the Company will pay to Xx. Xxxxx $315,000, in cash, paid in accordance with the Company’s payroll schedule over the twelve (12) month period following the Termination Date.
Xxxxxxxxx Benefit. If the Employment Term expires as a result of the Corporation delivering a Non-Extension Notice to Executive, then upon the expiration of the Employment Term, the Corporation shall be obligated to pay Executive the applicable amounts specified in Section 12(a) unless such Notice is delivered by the Corporation within twelve (12) months following a change in Control (as hereinafter defined), in which event the Corporation shall be obligated to pay Executive the applicable amounts specified in Section 12(b).
Xxxxxxxxx Benefit. In the event Executive’s employment with the Company is Terminated Without Cause, other than due to death, or Disability, or in the event there is a Constructive Termination Without Cause within two years following a Change in Control, Executive shall be entitled to receive:
i. Base Salary through the date of termination of Executive’s employment, which shall be paid in a cash lump sum not later than 15 days following Executive’s termination of employment;
ii. An amount equal to 1.5 times Executive’s Base Salary in effect on the date of termination of Executive’s employment (or in the event a reduction in Base Salary is a basis for a Constructive Termination Without Cause, then the Base Salary in effect immediately prior to such reduction), payable in a cash lump sum promptly (but in no event later than 15 days) following Executive’s termination of employment;
iii. An amount equal to the sum of (A) the most recently established target annual cash incentive bonus amount, pro rated based on the portion of the performance year that Executive has worked as of the date of Executive’s termination, plus (B) 25% of Base Salary (which represents an amount equal to the cash value of the target annual Performance-Based Restricted Stock unit award for the year in which termination occurs), pro rated based on the portion of the performance year that Executive has worked as of the date of Executive’s termination. The Base Salary will be determined in accordance with Section 3.a.ii. Such payment of a pro rata annual cash incentive bonus and cash in lieu of Performance-Based Restricted Stock will be payable in a cash lump sum promptly (but in no event later than 15 days) following Executive’s termination of employment;
iv. An amount equal to 1.5 times the sum of (A) the most recently established target annual incentive cash bonus amount, plus (B) 25% of Base Salary (determined in accordance with Section 3.a.ii above), payable in a cash lump sum promptly (but in no event later than 15 days) following the Executive’s termination of employment;
Xxxxxxxxx Benefit. In the event the Executive's employment ----------------- hereunder is terminated pursuant to Sections 5.d. or 5.f. hereof, on the date of such termination, the Executive shall be entitled to receive a lump sum payment equal to twelve (12) months of Base Salary, plus any accrued but unpaid Annual Bonus which the Executive has earned pursuant to Section 3.a. of this Agreement.
Xxxxxxxxx Benefit. If the Employment Term ends as a result of either (i) the Executive terminating his employment pursuant to Section 9(f) hereof, or (ii) the Corporation terminating Executive's employment pursuant to Section 9(d) hereof, then upon the expiration of the Employment Term, the Corporation shall be obligated to pay Executive the applicable amounts specified in Section 10.
Xxxxxxxxx Benefit. After ten (10) years of continuous employment by the District, teachers who terminate their employment with the District, regardless of the reason, shall receive a lump sum payment equal to $10 per day times the number of unused, accumulated sick leave days, up to a total of 75 days. The severance payment shall be issued at the same time as the teacher's contracted salary payment. The total liability of the school district for all severance pay benefits in any one school year shall not exceed eight hundred fifty dollars ($850). If more than one teacher is entitled to receive severance pay benefits, the eight hundred fifty dollars ($850) shall be prorated between them, based on their respective number of unused sick leave days.
Xxxxxxxxx Benefit. The Company will make a severance payment to Employee, in one lump sum within thirty (30) days of the date of his Involuntary Termination, in an aggregate amount equal to two (2) times Employee's then- current rate of base salary. Employee may elect, in his sole discretion, to have the severance benefit payable pursuant to this Section 9.A. in monthly installments over a one year period following the date of his Involuntary Termination.
Xxxxxxxxx Benefit. If EMPLOYEE timely elects to continue EMPLOYEE’s insurance benefits under the provisions of COBRA subsequent to his Separation Date, CUBIC will pay EMPLOYEE’s COBRA premiums for twelve (12) months following EMPLOYEE’s Separation Date, subject to any group coverage changes. After twelve (12) months’ time, EMPLOYEE will be responsible for any COBRA premiums necessary to provide medical and dental coverage. If any of CUBIC's health benefits are self-funded as of the date of EMPLOYEE'S separation, or if CUBIC cannot provide the foregoing benefits in a manner that is exempt from Section 409A of the Code or that is otherwise compliant with applicable law (including, without limitation, Section 2716 of the Public Health Service Act), instead of providing the benefits as set forth above, CUBIC shall instead pay to EMPLOYEE the foregoing monthly amount as a taxable monthly payment for the Separation Pay Period (or any remaining portion thereof). The “COBRA qualifying event” will be EMPLOYEE’s separation from CUBIC. COBRA election materials and forms will be provided to EMPLOYEE separately. EMPLOYEE must sign and return these forms in a timely manner to be eligible for the foregoing COBRA benefits.
