Upon Executive definition

Upon Executive s retirement as provided in Section 8 of the Employment Agreement; or

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Upon Executive s death during the Employment Period, the heirs or legal representatives of Executive shall be entitled to receive as a lump sum payment payable within sixty (60) calendar days of his death, 2.99 times the average of the aggregate base and incentive compensation paid to Executive over the preceding five years, provided, however, that in no event shall the amount due and payable hereunder constitute a "Parachute Payment" within the meaning of Section 280G(b)(2) of the Internal Revenue Code of 1986, as amended.

Upon Executive s retirement from the Company on or after the fourth anniversary of the Effective Date, for purposes of calculation of the "target benefit" under the Plan, Executive shall be credited with his actual years of service with the Company, plus four (4) additional years of service under the Plan if Executive retires on or after the fourth anniversary of the Effective Date. If the Executive's employment with the Company terminates pursuant to Section 6(a)(vi) or Section 6(a)(vii)(x) of this Agreement prior to the fourth anniversary of the Effective Date, for purposes of calculation of the "target benefit" under the Plan, Executive shall be credited with a number of years of service equal to the sum of (a) the actual number of years of employment of the Executive with the Company and (b) four (4) years of service. If the Executive terminates his employment with the Company other than for Good Reason under this Agreement prior to the fourth anniversary of the Effective Date, for purposes of the "target benefit" under the Plan, Executive shall be credited with a number of years of service equal to the actual years of employment of the Executive with the Company.

Examples of Upon Executive in a sentence

• Upon Executive becoming “Permanently Disabled”, which, for purposes of this Agreement, shall mean Executive’s incapacity due to physical or mental illness or cause, which, in the written opinion of Executive’s regular licensed physician, results in the Executive being unable to perform his duties on a full-time basis for six (6) months during a period of twelve (12) months.

• Upon Executive Director’s written request, Consultant shall supply City’s Harbor Department ("Department") with all agreements between it and its Subconsultants.

• Upon Executive Director’s request, Developer agrees to permit the Executive Director to review and inspect copies of any and all (i) Project Loan draw requests (as well as any revised draw requests); and (ii) any inspections and reports related to the Project.

• Upon Executive becoming “Permanently Disabled”, which, for purposes of this Agreement, shall mean Executive’s incapacity due to physical or mental illness or cause, which, in the written opinion of Executive’s regular licensed physician, results in the Executive being unable to perform his duties on a full-time basis for 6 months during a period of 12 months.

• Upon Executive becoming "Permanently Disabled", which, for purposes of this Agreement, shall mean Executive's incapacity due to physical or mental illness or cause, which, in the written opinion of Executive's regular licensed physician, results in the Executive being unable to perform his duties on a full-time basis for 6 months during a period of 12 months.

• Upon Executive Committee approval of the revised minimum flow, it will apply in lieu of 9.3 cfs.

• Upon Executive requests, with supporting invoices, Executive will be reimbursed by the Company for reasonable out-of-pocket expenses incurred by Executive providing such cooperation.

• Upon Executive giving the requisite notice of his intent to terminate his employment, the Company, at its sole discretion, shall have the option of immediately accepting Executive's resignation.

• Upon Executive becoming employed, the Employer shall pay the differential between the salary to Executive for his new employment and the Annual Salary during the remaining Term.

• Upon Executive Director or designee approval of submitted invoices, Forward Pinellas shall make payments as invoiced to the CONSULTANT in accordance with the following terms.

More Definitions of Upon Executive

Upon Executive s retirement pursuant to Section 5(e) above, Executive and his heirs or legal representatives shall be entitled to receive the following: (i) average annual compensation for a period of two (2) years in exchange for a properly executed non-compete agreement between Executive and the Company, (ii) any payments owing to Executive pursuant to Section 4(b) hereof through the date of retirement (to the extent any such payments were unpaid on the date of retirement, as well as for the current year), (iii) a sum equivalent to any accrued but unpaid vacation for the year in which he retires, and (iv) any unpaid expense reimbursement. Furthermore, for a period of five (5) years after retirement, the Company shall maintain in full force and effect for the continued benefit of Executive and his dependents all (i) pension plans, (ii) medical and disability policies, (iii) stock option plans and (iv) life insurance plans in which Executive participated immediately prior to his termination (or if such participation is barred, shall arrange for individual policies of insurance providing benefits substantially similar, on an after-tax basis, to those which Executive otherwise would have been entitled hereunder) for the remainder of the term of this Agreement.

Upon Executive s retirement pursuant to Section 2 hereof and continuing until August 1, 2004 or, if the term of Executive's consulting services to the Corporation pursuant to Section 6 hereof is extended as provided in paragraph 6(b) hereof, until August 1, 2005, Executive, without the express written consent of the Corporation, will not divulge, furnish or make accessible to anyone any Confidential Information (as hereinafter provided) with respect to any aspect of the business of the Corporation or any of its subsidiary or

Upon Executive s retirement from the employ of the Corporation the Corporation shall pay to Executive special retirement benefits at the rate of Six hundred Thousand Dollars ($600,000) per annum for fifteen (15) years following Executive's last day of employment, such payments to be made on January 15th of each of the fifteen (15) years beginning with the calendar year following the year in which Executive retires.

Upon Executive s entitlement to benefits pursuant to Subsection 5(b), the Bank shall pay Executive, or in the event of his subsequent death, his beneficiary or beneficiaries, or his estate, as the case may be, a sum equal to three (3) times Executive's annual compensation as described below for the last taxable year immediately preceding the Change in Control. Such annual compensation shall include Base Salary and any other taxable income, including but not limited to commissions, bonuses, severance payments, retirement payments, and directors or committee fees. At the election of Executive, which election is to be made prior to a Change in Control, such payment shall be made: (a) in a lump sum as of Executive's Date of Termination, (b) on a bi-weekly basis in approximately equal installments over a period of thirty-six (36) months following Executive's termination, or (c) on an annual basis in approximately equal installments over a period of thirty-six (36) months following Executive's termination.

Upon Executive s December 31, 1999 retirement as Chief Executive Officer and an employee of the Company and continuing for so long as Executive is a member of the Board, Executive shall have the title of Vice-Chairman of the Board."

Upon Executive s completion of at least five years of service (May 1, 2004) and his election to retire in accordance with the provisions of the ERP, Executive's pension benefit service time will be increased and Executive will be paid other retiree benefits pursuant to this Agreement.