Xxxxxxxxx Payment. The Company shall pay to you the following amounts:
i. the Accrued Obligations, which shall be paid to you in a single lump sum cash payment within fifteen (15) calendar days of the Date of Termination;
ii. the Pro Rata Bonus, which shall be paid to you in a single lump sum cash payment no later than the later of (A) fifteen (15) calendar days following the Date of Termination or (B) the effective date of the Waiver and Release;
iii. an amount equal to the product of (A) 2.0 times (B) the sum of (1) your Adjusted Base Salary plus (2) the greater of (x) your Target Bonus or (y) the average of the annual bonuses paid or to be paid to you with respect to the immediately preceding three (3) fiscal years, which amount shall be paid to you in a single lump sum cash payment no later than the later of (i) fifteen (15) calendar days following the Date of Termination or (ii) the effective date of the Waiver and Release;
iv. if you had previously consented to the Company’s request to relocate your principal place of employment more than forty (40) miles from its location immediately prior to the Change of Control, all unreimbursed relocation expenses incurred by you in accordance with the Company’s relocation policies, which expenses shall be paid to you in a single lump sum cash payment no later than the later of (A) fifteen (15) calendar days following the Date of Termination or (B) the effective date of the Waiver and Release; and
v. the Other Benefits, which shall be paid in accordance with the then-existing terms and conditions of such plans, programs or policies.
Xxxxxxxxx Payment. Executive shall receive cash in an amount equal to the sum of (i) two (2) times Executive’s then-current base salary and (ii) Executive’s target annual cash incentive compensation under the MICP (or any other similar annual non-equity compensation plan of the Company) for the fiscal year in which Executive’s employment is terminated.
Xxxxxxxxx Payment. The Company shall provide a lump sum cash severance payment determined as the sum of (i) two times the Executive’s then current base salary, plus (ii) one times the Executive’s target bonus for the year of the Qualifying Termination or, if greater, the calendar year of the consummation of the Change in Control (in no event less than the target bonus amount in effect as of the Effective Date), plus (iii) a pro rata portion of one times the Executive’s target annual bonus in effect on the date of the Qualifying Termination under any then current incentive bonus plan, in an amount determined by taking into account the number of months of the Executive’s service completed with the Company as of the date of the Qualifying Termination (collectively the “Severance Payment”).
Xxxxxxxxx Payment. In the even the Company terminates the Executive’s employment without cause, it will be obligated to pay the Executive severance pay equal to two years compensation for years one and two, three years for year three, four years for year four, and five years for year five of employment served by the Executive.
Xxxxxxxxx Payment. If, during the first twelve (12) months of Executive’s employment with Mercantile, Executive (i) is terminated, (ii) has his salary reduced, (iii) is assigned a position or duties that are substantially diminished from his initial position or duties with Mercantile as described in the job description attached as Exhibit C or as may otherwise be agreed upon by Mercantile and Executive, or (iv) is relocated more than twenty-five (25) miles from his initial primary work location with Mercantile, Executive may terminate his employment and Mercantile will pay Executive a lump sum cash Severance Payment equal to the sum of:
(i) $292,500.00 [150% of salary], plus
(ii) $73,125.00 [150% of target incentive compensation], minus
(iii) the amount of any Retention Bonuses previously paid to Executive. In order to receive the Severance Payment, Executive must be and remain in compliance with the Non-Compete and Non-Solicitation Agreement referenced in Section 7 of this Agreement and must execute and not revoke a general release of all claims against Mercantile, Firstbank, their affiliates and subsidiaries and their owners, officers, directors, employees and agents, in the form attached to this Agreement as Exhibit B.
Xxxxxxxxx Payment. Executive shall receive cash in an amount equal to the sum of (i) one-and-one-half (1.5) times Executive’s then-current base salary and (ii) the average of Executive’s annual cash incentive compensation paid to him under the Company’s Management Incentive Compensation Plan (“MICP”) (or any other similar annual non-equity compensation plan of the Company) for each of the last three full fiscal years (or such lesser number of years for which Executive was employed by the Company) prior to the year in which Executive’s employment is terminated. In the event that Executive was not employed by the Company for the whole of any such fiscal year, but received pro-rated cash incentive compensation for such fiscal year, such amount shall be annualized for computation purposes.
Xxxxxxxxx Payment. Under the terms of the 2012 PG&E Corporation Officer Severance Policy, Xx. Xxxxxx'x xxxxxxxxx payment amount is $586,830 (Five Hundred Eighty- Six Thousand Eight Hundred Thirty Dollars.) After the Effective Date of this Agreement as set forth in paragraph 18.a below and the execution of Exhibit A on Xxxxx 0, 0000 XX&X will make the severance payment, less applicable withholdings and deductions, to Xx. Xxxxxx within seven business days.
Xxxxxxxxx Payment. In the event that Executive’s employment is terminated within three (3) years following a Change Of Control (as hereinafter defined) and such termination is either (i) Without Cause; or (ii) is a Constructive Termination, Executive shall receive, in addition to all compensation due and payable to or accrued for the benefit of Executive as of the date of termination, a lump sum payment, within five (5) days equal to two (2) times Executive’s Annual Compensation (as hereinafter defined) (the “Severance Payment”); and all outstanding options to purchase shares of stock in the Company shall immediately vest and become immediately exercisable and, Executive or Executive’s legal representative shall have until the date which is three (3) years after the date on which Executive ceases to be employed by the Company to exercise Executive’s right to purchase shares of stock of the Company under any such option agreements (whether entered into before or after the date of this Agreement). Employer shall also use its best efforts to convert any then existing life insurance and accidental death and disability insurance policies to individual policies in the name of the Executive. The provisions of this section 9a shall apply following any Change Of Control (as defined below) notwithstanding any provision otherwise in any stock option agreement between the Company and the Executive which provides for the grant to Executive of the right to purchase shares of stock of the Company.
Xxxxxxxxx Payment. The amount of the Severance Payment is specified in Exhibit "A" hereto.
Xxxxxxxxx Payment. The Company shall pay Employee the severance payments and other severance benefits (collectively, the “Benefits”) set forth in his Employment Agreement dated as of January _ 2015 (the “Employment Agreement”). The Employee shall not receive the first cash payment until the first regular payroll date that falls at least 10 business days after the Effective Date (as defined below).
