Common use of Xxxxxxxxx Payment Clause in Contracts

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. 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) $292,500.00 213,750.00 [150% of salary], plus (ii) $73,125.00 42,750.00 [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. 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) $292,500.00 212,700.00 [150% of salary], plus (ii) $73,125.00 42,540.00 [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. 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) $292,500.00 252,000.00 [150% of salary], plus (ii) $73,125.00 63,000.00 [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. 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) $292,500.00 267,000.00 [150% of salary], plus (ii) $73,125.00 66,750.00 [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.