Amount of Severance Payment in Certain Events Sample Clauses

Amount of Severance Payment in Certain Events. Upon termination of the Executive's employment pursuant to Sections 9(B), the Company shall pay the Executive any accrued and unpaid bonuses (computed with respect to the actual period Executive was employed) and unreimbursed expenses together with a severance payment ("Severance Payment") equal to the product of (a) the Base Salary then in effect, and (b) the number of years (or portion of a year, as the case may be) then remaining under this Agreement.
Sample 1
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Amount of Severance Payment in Certain Events. Upon termination of the Executive's employment: pursuant to Sections 9(b) or 9(e), the Company shall continue to pay the Executive for the remainder of the Term, on a bi-monthly basis, the Base Salary then in effect, and shall immediately pay any accrued and unpaid vacation and unreimbursed expenses, provided, however, that in the event the aggregate amount of the salary, stock options or other compensation would constitute an "excess parachute payment" under the Internal Revenue Code and applicable regulation as then in effect, then such amounts shall be reduced accordingly so as to not constitute an "excess parachute payment" (collectively, the "Severance Payment"), and further provided that (i) in the event that the aggregate amount of the salary, stock options or other compensation would be deemed “non-qualified deferred compensation” subject to any taxes, penalties and/or interest, under the American Jobs Creation Act of 2004, Company shall reimburse Executive in each year taxable to Executive for any and all additional taxes, penalties and interest for which Executive could be found liable if the same is deemed to be “nonqualified deferred compensation”; and (ii) that, to the extent any term of this Section (a) would be deemed to violate the provisions of the American Jobs Creation Act, then, the parties may, in good faith, mutually agree to modify the terms hereof, accordingly, provided same does not materially alter the intent of such provision.
Sample 1
Amount of Severance Payment in Certain Events. Upon termination of the Executive's employment: pursuant to Sections 9(b) or 9(e), the Company shall pay the Executive a lump sum cash payment equal to 2.9 times the Base Salary then in effect, plus any accrued and unpaid bonuses and unreimbursed expenses, provided, however, that in the event the aggregate amount of the salary, stock options or other compensation would constitute an "express parachute payment" under the Internal Revenue Code and applicable regulation as then in effect, then such amounts shall be regulations as then in effect, then such amounts shall be reduced accordingly so as to not constitute an "excess parachute payment" (collectively, the "Severance Payment")/
Sample 1

Related to Amount of Severance Payment in Certain Events

  • PAYMENTS TO EXECUTIVE UPON AN EVENT OF TERMINATION (a) Upon the occurrence of an Event of Termination (as herein defined) during the Executive's term of employment under this Agreement, the provisions of this Section shall apply. As used in this Agreement, an "

  • PAYMENTS UPON A CHANGE IN CONTROL (a) The term “

  • SEVERANCE COMPENSATION IN THE EVENT OF A TERMINATION OTHER THAN FOR CAUSE In the event of a Termination Other Than for Cause, the Employee shall be paid as severance compensation his Base Salary (at the rate payable at the time of such termination) for a period of twelve (12) months from the date of such termination, on the dates specified in Section 3.1, and Employee shall also be paid an amount equal to the average annual bonus earned by the Employee as an employee of Avocent Corporation and its affiliates and predecessors in the two (2) years immediately preceding the date of termination. Notwithstanding anything in this Section 4.2 to the contrary, the Employee may in the Employee’s sole discretion, by delivery of a notice to the Employer within thirty (30) days following a Termination Other Than for Cause, elect to receive from the Employer a lump sum severance payment by bank cashier’s check equal to the present value of the flow of cash payments that would otherwise be paid to the Employee pursuant to this Section 4.2. Such present value shall be determined as of the date of delivery of the notice of election by the Employee and shall be based on a discount rate equal to the interest rate on 90-day U.S. Treasury bills, as reported in The Wall Street Journal (or similar publication), on the date of delivery of the election notice. If the Employee elects to receive a lump sum severance payment, Avocent Corporation shall cause the Employer to make such payment to the Employee within ten (10) days following the date on which the Employee notifies the Employer of the Employee’s election. The Employee shall also be entitled to have the vesting of any awards granted to the Employee under any AHC or Avocent stock option plans fully accelerated. The Employee shall be provided with medical plan benefits under any health plans of Avocent or Employer in which the Employee is a participant to the full extent of the Employee’s rights under such plans for a period of twelve (12) months from the date of such Termination Other Than for Cause (even if Employee elects to receive a lump sum severance payment).

  • Termination Upon a Change in Control If Executive’s employment is subject to a Termination within a Covered Period, then, in addition to Minimum Benefits, the Company shall provide Executive the following benefits:

  • Purchase of Notes upon a Change of Control Triggering Event (a) If a Change of Control Triggering Event occurs, unless the Company has exercised its option to redeem the 2045 Notes as set forth in Section 4 of the form of security attached hereto as Exhibit A, the Company shall be required to make an offer (the “Change of Control Offer”) to each Holder to repurchase all or any part (equal to $2,000 or any integral multiple of $1,000 in excess thereof) of that Holder’s 2045 Notes on the terms set forth herein. In the Change of Control Offer, the Company will be required to offer payment in cash equal to 101% of the aggregate principal amount of 2045 Notes repurchased, plus accrued and unpaid interest, if any, on the 2045 Notes repurchased up to, but not including, the date of repurchase (the “Change of Control Payment”). Within 30 days following any Change of Control Triggering Event or, at the option of the Company, prior to any Change of Control, but after public announcement of the transaction that constitutes or may constitute the Change of Control, a notice shall be mailed to Holders of the 2045 Notes with a copy to the Trustee describing the transaction that constitutes or may constitute the Change of Control Triggering Event and offering to repurchase the 2045 Notes on the date specified in the notice, which date will be no earlier than 30 days and no later than 60 days from the date such notice is mailed (or with respect to Global Notes, to the extent permitted or required by the Applicable Procedures, sent electronically) or, if the notice is mailed or sent prior to the Change of Control, no earlier than 30 days and no later than 60 days from the date on which the Change of Control Triggering Event occurs (the “Change of Control Payment Date”). The notice shall, if mailed or sent prior to the date of consummation of the Change of Control, state that the offer to purchase is conditioned on the Change of Control Triggering Event occurring on or prior to the Change of Control Payment Date.

  • Termination Upon a Change of Control If Executive’s employment by the Employer, or any Affiliate or successor of the Employer, shall be subject to a Termination within a Covered Period, then, in addition to Minimum Payments, the Employer shall provide Executive the following benefits:

  • Acceleration Upon a Change of Control Subject to any additional acceleration of exercisability described in Sections 4(b), (c) and (d) below, in connection with a Change of Control (as defined in Section 1 above), the vesting and exercisability of fifty percent (50%) of Executive’s outstanding Stock Awards shall be automatically accelerated. The foregoing provision is hereby deemed to be a part of each such Stock Award and to supersede any less favorable provision in any agreement or plan regarding such Stock Award.

  • Repurchase of Notes Upon a Change of Control Not later than 30 days following a Change of Control, the Company will make an Offer to Purchase all outstanding Notes at a purchase price equal to 101% of the principal amount plus accrued interest to the date of purchase.

  • Termination Upon Certain Events 17 16.2 Procedures....................................................17

  • Optional Repurchase Series Termination 36 Section 7.01. ...............................

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