DISCHARGE OTHER THAN FOR CAUSE. The Company may terminate Executive’s employment at any time for any reason, and without advance notice. If Executive is discharged by the Company for a reason “other than for Cause”, for “death” or for “Disability”, he will only receive the special benefits provided for such events under Section 4(a) if he (or his estate, as the case may be) signs a separation agreement and general release in a form supplied by the Company within 60 days after his employment ends and he does not thereafter properly revoke the release.
DISCHARGE OTHER THAN FOR CAUSE. If Executive's employment is ------------------------------ terminated as a result of discharge other than for Cause (as defined below), the Company shall not be obligated to pay the Executive any sums of money other than (1) a lump sum payment equal to (a) during the first twelve months of the Term of this Agreement, 100% of the Base Salary in effect as of the date of such termination, (b) during the second twelve months of the Term of this Agreement, 125% of the Base Salary in effect as of the date of such termination and (c) during the third twelve months of the Term of this Agreement, 150% of the Base Salary in effect as of the date of such termination and (2) any previously accrued authorized bonus or other compensation (if any) for the period of Executive's employment prior to such termination, and (3) any previously vested benefits, such as previously vested retirement benefits. Furthermore, the Company shall honor any rights previously vested in Executive under a stock option or similar plan or program.
DISCHARGE OTHER THAN FOR CAUSE. If your employment is terminated by the Company other than for “Cause,” as defined in Section 2.b. below, you shall continue to receive your regular annual base salary in effect on the date of termination, excluding bonus(es) and any other compensation, paid at regular payroll intervals for twelve (12) months following the termination date, less applicable withholdings (“Severance Pay”); provided, however, should you violate any provision of this Agreement, including and especially Section 3, you shall not be entitled to any Severance Pay, and the Company shall be entitled to cease such payments. Further, you will only receive Severance Pay under this Section if you sign a general release form furnished by the Company, such release to be provided to you at the time you are notified of the termination. That form may include any provision customary in formal settlement agreements and general releases, to the fullest extent lawful, including such things as: your release of the Company and all conceivably related persons, entities or affiliates, from all known and unknown claims; your covenant never in the future to pursue any released claim; and your promise never to seek employment with the Company in the future. You acknowledge and agree that Severance Pay under this Section made on normal pay dates shall not be construed as an extension of employment.
DISCHARGE OTHER THAN FOR CAUSE. Same as for “Discharge For Cause” EXCEPT that, in exchange for Executive’s execution of a release in accordance with this Section 4, Executive shall be entitled to the following special benefits: (A) a lump sum in cash, payable within ten (10) business days after the effective date of such event, equal to two times the sum of Executive’s then-current base salary, plus his then average annual bonus for the preceding two years (or, if applicable, using the annual bonus target for such occurrences prior to receipt of the first annual bonus), pursuant to Section 3 of this Agreement, and (B) all of Executive’s outstanding stock options issued or issuable under Section 3(c) of this Agreement, shall immediately vest and become exercisable and Executive shall have the full term of the option to exercise any of his stock options, pursuant to the terms of the Option Award Agreement. RESIGNATION WITHOUT GOOD REASON Same as for “Discharge for Cause.” RESIGNATION WITH GOOD REASON Same as for “Discharge Other Than For Cause.” DISABILITY Same as for “Discharge For Cause” EXCEPT that salary continuation will be reduced by any amounts received by Executive under any Company-sponsored disability benefits plan, and in exchange for Executive’s execution of a release in accordance with this Section 4, all of Executive’s outstanding vested stock options shall be exercisable pursuant to the terms of the Option Award Agreement. DEATH Same as for “Discharge for Cause” EXCEPT that, in exchange for the execution of a release by Executive’s estate in accordance with this Section 4, continuation of Executive’s base salary for six (6) months after the date of termination and Executive’s outstanding vested stock options shall be exercisable pursuant to the terms of the Option Award Agreement.
DISCHARGE OTHER THAN FOR CAUSE. DURING THE PROTECTION PERIOD Same as “Discharge for Cause” EXCEPT that, in exchange for Executive’s execution of a claims release in accordance with this Section 2 and subject to Sections 8, 13, and 18 below, in addition, Executive shall receive: (1) additional cash severance equal to three times the sum of (i) Executive’s annual base salary as of the date immediately before Executive’s termination, and (ii) the amount of Executive’s target annual cash bonus for the year prior to the Change in Control (the amount in clause (ii) of this paragraph is referred to as the “Target Bonus Level”); (2) a pro rata amount of Executive’s annual cash bonus during the year of termination based on the Target Bonus Level; (3) an amount equal to the retirement benefits that Executive would have earned, if Executive had remained employed for two additional years following the Date of Termination (assuming that Executive’s annual base salary as of the date immediately before Executive’s termination and the Target Bonus Level continued during such years), under the People’s United Bank 401(k) Employee Savings Plan and the People’s United Bank Nonqualified Supplemental Retirement Plan (to the extent that the Bank continues to maintain such plans), and any other supplemental retirement agreement covering Executive (such amount to be paid at the same time as benefits under the applicable nonqualified plan are payable); and (4) for two years, Executive, Executive’s spouse and dependents (if any) will continue to be entitled to participate in the Company’s group health plans in which Executive participates immediately prior to the Date of Termination at the Company’s expense, provided that Executive timely elects continuation coverage under COBRA, and provided that if the Company is unable to provide such coverage after the end of the COBRA continuation period under the Company’s group health plan, the Company shall, following the expiration of the COBRA coverage period, provide Executive and Executive’s dependents with substantially identical medical coverage to that provided under the Company’s group health plan during the remainder of such post-COBRA period. For purposes of this Agreement, “Date of Termination” means (i) the effective date on which Executive’s employment with the Company terminates as specified in a prior written notice by the Company or Executive, as the case may be, to the other, delivered pursuant to Section 12, or (ii) if Executive’s employment by the Compa...
DISCHARGE OTHER THAN FOR CAUSE. The Company may terminate Executive’s employment at any time for any reason, and without advance notice. If the Company discharges Executive other than for Cause, the Company shall pay to Executive any accrued unpaid Base Salary Performance Bonuses, expense reimbursements and vacation days, and Executive’s BRFH Options and Performance Options shall terminate; provided however, in exchange for Executive’s execution of a release in accordance with Section 4(h), Executive shall be entitled to the following special benefits: (A) continuation of executive’s Base Salary for a period of 12 months after termination; (B) all of Executive’s outstanding BRFH Options shall immediately vest and become exercisable for a period of 90 days from the date of termination; (C) all of Executive’s outstanding Performance Options shall immediately vest and become exercisable and Executive shall have a period of 90 days from the date of termination to exercise any of his Performance Options, pursuant to the terms of the Plan; and (D) all of the BRFH Shares shall vest and be issued to Executive.
DISCHARGE OTHER THAN FOR CAUSE. DURING THE PROTECTION PERIOD Same as “Discharge for Cause” EXCEPT that, in exchange for Executive’s execution of a claims release in accordance with this Section 2 and subject to Sections 8, 13, and 18 below, in addition, Executive shall receive: (1) additional cash severance equal to three times the sum of (i) Executive’s annual base salary as of the date immediately before Executive’s termination, and (ii) the amount of Executive’s target annual cash bonus for the year prior to the Change in Control (the amount in clause (ii) of this paragraph is referred to as the “Target Bonus Level”); (2) a pro rata amount of Executive’s annual cash bonus during the year of termination based on the Target Bonus Level; (3) an amount equal to the retirement benefits that Executive would have earned, if Executive had remained employed for two additional years following the Date of Termination (assuming that Executive’s annual base salary as of the date immediately before Executive’s termination and the Target Bonus Level continued during such years), under the People’s Bank Employee’s Retirement Plan, the People’s Bank Cap Excess Plan, the People’s Bank Enhanced Senior Pension Plan (to the extent that the Bank continues to maintain such plans), and any other supplemental retirement agreement covering Executive (such amount to be paid at the same time as benefits under the applicable nonqualified plan are payable); and
DISCHARGE OTHER THAN FOR CAUSE. The Company may terminate Executive’s employment at any time for any reason, and without advance notice. If the Company discharges Executive other than for Cause, the Company shall pay to Executive any accrued unpaid Base Salary, Performance Bonuses, expense reimbursements and vacation days accrued prior to termination of employment, and Executive’s BRFH Options and Performance Options shall terminate; provided however, in exchange for Executive’s execution of a release in accordance with Section 4(g), Executive shall be entitled to the following special benefits: (A) continuation of executive’s Base Salary for a period of 6 months after termination; (B) all of Executive’s BRFH Shares shall immediately vest; (C) all of Executive’s outstanding BRFH Options shall immediately vest and become exercisable for a period of 90 date from the date of termination; and (D) all of Executive’s outstanding Performance Options shall immediately vest and become exercisable for a period of 90 date from the date of termination.
DISCHARGE OTHER THAN FOR CAUSE. DURING THE PROTECTION PERIOD Same as “Discharge for Cause” EXCEPT that, in exchange for Executive’s execution of a claims release in accordance with this Section 2 and subject to Sections 8, 13, and 18 below, in addition, Executive shall receive: (1) additional cash severance equal to three times the sum of (i) Executive’s annual base salary as of the date immediately before Executive’s termination, and (ii) the amount of Executive’s target annual cash bonus for the year prior to the Change in Control (the amount in clause (ii) of this paragraph is referred to as the “Target Bonus Level”); (2) a pro rata amount of Executive’s annual cash bonus during the year of termination based on the Target Bonus Level; (3) an amount equal to the retirement benefits that Executive would have earned, if Executive had remained employed for two additional years following the Date of Termination (assuming that Executive’s annual base salary as of the date immediately before Executive’s termination and the Target Bonus Level continued during such years), under (A) any qualified or non-qualified retirement plan (other than the Employee Stock Ownership Plan) then maintained by the Bank in which Executive is a participant as of the date immediately before Executive’s termination (exclusive of any salary deferral features or matching employer contributions), (B) any transitional benefits or supplemental credits to which Executive would have been entitled had Executive remained employed for such two-year period if such benefits or credits are being provided as a result of any amendment to or termination of any qualified or non-qualified retirement plan in which Executive previously participated, and (C) any other supplemental
DISCHARGE OTHER THAN FOR CAUSE. DEATH, OR DISABILITY Same as for “Discharge for Cause” EXCEPT that, in exchange for my execution of a release in accordance with this section and provided that I have not violated any of my obligations under Section 6, below, (1) my base salary, but not my employment, shall continue for 12 months after my termination date or until such date as I commence employment with another entity (or self-employment), whichever comes first, but in no event shall I receive more than $750,000 in salary continuance; (2) I will receive the bonus, if any, that the Company awarded me for the previously completed fiscal year, if unpaid; (3) the Company will reimburse me for the cost of any COBRA health continuation coverage I purchase (in excess of the amount I would have paid for group health coverage had I remained on the Company’s group health plan as an employee) until the earlier of (A) the date on which I become eligible for health insurance benefits under another employer’s plan or (B) 12 months after the date of discharge; and (4) any stock options awarded to me by the Company shall, to the extent vested, remain exercisable for 90 days after my termination date (but in no event beyond their stated expiration date).
