Additional Severance Benefits Sample Clauses

Additional Severance Benefits. In the event that it is determined that any payment or benefit provided by the Company to or for the benefit of Executive, either under this Agreement or otherwise, will be subject to the excise tax imposed by section 4999 of the Internal Revenue Code or any successor provision ("section 4999"), the Company will, prior to the date on which any amount of the excise tax must be paid or withheld, make an additional lump-sum payment (the "gross-up payment") to Executive. The gross-up payment will be sufficient, after giving effect to all federal, state and other taxes and charges with respect to the gross-up payment, to make Executive whole for all taxes (including withholding taxes) imposed under section 4999. Determinations under this Section 2 will be made by the Company's then current firm of independent auditors (the "Firm"). The determinations of the Firm will be binding upon the Company and Executive except as the determinations are established in resolution (including by settlement) of a controversy with the Internal Revenue Service to have been incorrect. All fees and expenses of the Firm will be paid by the Company. If the Internal Revenue Service asserts a claim that, if successful, would require the Company to make a gross-up payment or an additional gross-up payment, the Company and Executive will cooperate fully in resolving the controversy with the Internal Revenue Service. The Company will make or advance such gross-up payments as are necessary to prevent Executive from having to bear the cost of payments made to the Internal Revenue Service in the course of, or as a result of, the controversy. The Firm will determine the amount of such gross-up payments or advances and will determine after resolution of the controversy whether any advances must be returned by Executive to the Company. The Company will bear all expenses of the controversy and will gross Executive up for any additional taxes that may be imposed upon Executive as a result of its payment of such expenses.
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Additional Severance Benefits. If the Employer terminates the Executive’s employment involuntarily but without Cause or if the Executive terminates employment voluntarily but with Good Reason before full vesting of stock options then held by the Executive, the Executive shall be entitled to receive from the Employer an amount in cash equal to the intrinsic value of the unvested stock options as of the effective date of termination. For this purpose intrinsic value means the per share fair market value of Employer common stock minus the option exercise price per share. If the common stock is traded on an exchange or over the counter, fair market value shall mean the closing price on the trading day immediately before the date of termination. If the common stock is not traded on an exchange or over the counter, the per share fair market value of Employer common stock shall be determined by the Employer’s board of directors in good faith. Amounts payable under this section 4.3 shall be paid in a single lump sum 30 days after termination of the Executive’s employment or, if section 4.1(b) applies and a six-month delay is required under Internal Revenue Code section 409A, on the first day of the seventh month after the month in which the Executive’s employment terminates.
Additional Severance Benefits. If Employee is entitled to severance benefits under Sections 6(c) or (d), the Employer shall maintain in full force and effect, for the continued benefit of the Employee any Employee benefit plans and programs in which the Employee was entitled to participate immediately prior to the date of termination for the shorter of:
Additional Severance Benefits. If severance payments are payable to Executive under Section 4.3(a) above, the following additional severance benefits shall be provided to Executive by Company:
Additional Severance Benefits. (a) Cash-out of the value of unvested stock options. If the Employer terminates the Executive’s employment without Cause or if the Executive terminates employment with Good Reason before full vesting of stock options then held by the Executive, the Executive shall be entitled to receive from the Employer an amount in cash equal to the intrinsic value of the Executive’s unvested stock options as of the effective date of termination. For this purpose intrinsic value means the per share fair market value of the Corporation common stock minus the option exercise price per share, multiplied by the number of shares acquirable by the unvested options. If the common stock is traded on an exchange or over the counter, fair market value shall mean the closing price on the trading day immediately before the date of termination. If the common stock is not traded on an exchange or over the counter, the per share fair market value of the Corporation common stock shall be determined by the Corporation’s board of directors in good faith. Amounts payable under this paragraph (a) shall be paid in a single lump sum 30 days after termination of the Executive’s employment or, if section 4.1(b) applies and a six-month delay is required under Internal Revenue Code section 409A, on the first day of the seventh month after the month in which the Executive’s employment terminates.
Additional Severance Benefits. If the Executive is entitled to a Severance Benefit, Executive shall also be entitled to the following additional benefits (“Additional Severance Benefit”), subject to the application of the provisions of section 16, herein:
Additional Severance Benefits. In addition to the severance payment due under paragraph (a) of this section 1, if the Executive is entitled to a lump-sum severance payment under paragraph (a) after employment termination Middlefield shall (x) cause the Executive to become fully vested in any qualified and non-qualified plans, programs, or arrangements in which the Executive participated if the plan, program, or arrangement does not address the effect of a change in control, (y) contribute or cause to be contributed to the Executive’s 401(k) plan account the matching and profit-sharing contributions, if any, that the Executive is entitled to based upon all W-2 income earned by the Executive for the plan year in which termination occurs, and (z) continue or cause to be continued life, health, and disability insurance coverage substantially identical to the coverage maintained for the Executive before termination. The insurance coverage may cease when the Executive becomes employed by another employer or 24 months after the Executive’s termination, whichever occurs first. At the end of the 24-month period, the Executive shall have the option to continue health insurance coverage at the Executive’s expense for a period not less than the number of months by which the Consolidated Omnibus Budget Reconciliation Act (COBRA) continuation period exceeds 24 months. But instead of providing continued life, health, and disability coverage for the Executive, Middlefield may elect to increase the lump-sum amount payable under paragraph (a) of this section 1 by an amount in cash equal to the present value of Middlefield’s projected cost to maintain the Executive’s life, health, and disability coverage for 24 months if under the terms of the life, health, or disability policy coverage maintained by Middlefield it is not possible to continue the Executive’s coverage after termination or if Middlefield determines that continued life, health, or disability coverage would be considered deferred compensation under section 409A of the Internal Revenue Code of 1986.
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Additional Severance Benefits. The Severance Payment described in this Section 4 does not include nor replace any other benefits payable to or received by the Employee upon a Sale of the Company as described in Section 5.
Additional Severance Benefits. In addition to the severance payment due under paragraph (a) of this section 1, if the Executive is entitled to a lump-sum severance payment under paragraph (a) after employment termination Cape Fear Bank Corporation shall (x) cause the Executive to become fully vested in any qualified and non-qualified plans, programs, or arrangements in which the Executive participated if the plan, program, or arrangement does not address the effect of a change in control, and (y) contribute or cause to be contributed to the Executive’s 401(k) plan account the matching and profit-sharing contributions, if any, that the Executive is entitled to based upon all W-2 income earned by the Executive for the plan year.
Additional Severance Benefits. Unless the Employee is terminated for Just Cause pursuant to Section 9(b) herein, pursuant to Section 10(b) herein, or pursuant to a termination of employment by the Employee for other than Good Reason, the Bank shall maintain in full force and effect, for the continued benefit of the Employee for the remaining term of this Agreement, or twelve (12) months (whichever is longer), all employee benefit plans and programs in which the Employee was entitled to participate immediately prior to the date of his separation from service; provided, however, that the Employee's continued participation is possible under the general terms and provisions of such plans and programs. Further, the Bank shall pay for the same or similar benefits if such benefits are available to the Employee on an individual or group basis as a result of contractual or statutory provisions requiring or permitting such availability including, but not limited to, health insurance covered under COBRA.
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