Benefits Under This Section Clause Samples
The "Benefits Under This Section" clause defines the specific rights, entitlements, or advantages that a party is eligible to receive as outlined within a particular section of an agreement. In practice, this clause clarifies which benefits apply, who is eligible to receive them, and under what conditions they are granted—such as insurance payouts, reimbursements, or service credits. Its core function is to ensure transparency and prevent disputes by clearly delineating the scope and limitations of benefits provided under the relevant section.
Benefits Under This Section. If any of the Payout Events described above occurs, Executive shall be entitled to receive, in addition to any other post-employment benefits to which Executive may be entitled under Bank policy, the following compensation and benefits, provided the Executive has executed the separation agreement and general release described in Section 4.2 above: (a) a lump sum severance payment in the amount of base salary and target bonus for the greater of (i) the remainder of the applicable Term under this Employment Agreement or (ii) twenty-four (24) months; and (b) payment by the Bank of Executive’s COBRA coverage for the remainder of the Term of the Agreement or 18 months, whichever is less, provided Executive is covered under the Bank’s health plan and timely elects continued coverage under COBRA. The compensation to be paid under this section shall offset any compensation owed the Executive for the same period under this Agreement and is not intended to provide double compensation to the Executive for any period of time. To the extent permitted under the terms of the Bank’s stock option plan and/or stock option agreements with Executive, Executive also shall fully vest in any options or restricted stock in the event of a change in control.
Benefits Under This Section. If any of the Payout Events described above occurs, Executive shall be entitled to receive, in addition to any other post-employment benefits to which Executive may be entitled under Employer policy, the following compensation and benefits, provided the Executive has executed the separation agreement and general release described in Section 4.2 above: (a) a lump sum severance payment in the amount of base salary and target bonus for the greater of (i) the remainder of the applicable Term under this Employment Agreement or (ii) twenty-four (24) months; and (b) payment by the Employer of Executive’s COBRA coverage for the remainder of the Term of the Agreement or 18 months, whichever is less, provided Executive is covered under the Employer’s health plan and timely elects continued coverage under COBRA. The compensation to be paid under this section shall offset any compensation owed the Executive for the same period under this Agreement and is not intended to provide double compensation to the Executive for any period of time. To the extent permitted under the terms of the Employer’s stock option plan and/or stock option agreements with Executive, Executive also shall fully vest in any options or restricted stock in the event of a change in control.
Benefits Under This Section. If any of the Payout Events described above occurs, Executive shall be entitled to receive, in addition to any other post-employment benefits to which Executive may be entitled under Bank policy, the following compensation and benefits, provided Executive has executed the separation agreement and general release described in Section 4.2 above: (a) a lump sum severance payment in the amount of base salary and target bonus for the greater of (i) the remainder of the applicable Term under this Agreement or (ii) twelve (12) months; and (b) payment by the Bank of Executive’s COBRA coverage for twelve (12) months, provided Executive is covered under the Bank’s health plan and timely elects continued coverage under COBRA. The compensation to be paid under this section shall offset any compensation owed the Executive for the same period under this Agreement and is not intended to provide double compensation to the Executive for any period of time. To the extent permitted under the terms of the Bank's stock option plan and/or stock option agreements with Executive, Executive also shall fully vest in any options or restricted stock in the event of a change in control.
Benefits Under This Section. If a Payout Event, as described in Section 7.3 occurs, this Consulting Agreement shall terminate on the Closing Date and Consultant shall be entitled to receive, in addition to any other post-termination benefits to which Consultant may be entitled under MBVA policy, the following compensation and benefits, provided Consultant has executed the separation agreement and general release described in Section 4.3: a lump-sum payment in the amount of salary and target bonus for forty-eight (48) months. The compensation to be paid under this Section 7.4 shall offset any compensation owed Consultant for the same forty-eight (48) month period under this Agreement and is not intended to provide double compensation to Consultant for any period of time.
Benefits Under This Section. If any of the Payout Events described above occurs, within 90 days of the later of Executive’s termination or the Closing Date, in recognition of Executive’s contributions to the Bank, Executive shall be entitled to receive, in addition to any other post-employment benefits to which Executive may be entitled under Employer policy, provided the Executive has executed the separation agreement and general release described in Sections 4.3 and 4.4 above, a lump sum severance payment in the amount of three (3) times Executive’s base salary in effect prior to the Closing Date. The compensation to be paid under this section shall offset any compensation owed the Executive for the same period under this Agreement and is not intended to provide double severance compensation to the Executive for any period of time. To the extent permitted under the terms of the Employer’s stock option plan and/or stock option agreements with Executive, Executive also shall fully vest in any options or restricted stock as of the date of the Change in Control.
Benefits Under This Section. If a Payout Event, as described in Section 7.3 occurs, ▇▇▇▇▇▇▇’▇ employment shall terminate on the Closing Date and ▇▇▇▇▇▇▇ shall be entitled to receive, in addition to any other post-termination benefits to which ▇▇▇▇▇▇▇ may be entitled under MBVA policy, the following compensation and benefits, provided ▇▇▇▇▇▇▇ has executed the separation agreement and general release described in Section 4.3: a lump-sum payment in the amount of salary and target bonus for forty-eight (48) months. The compensation to be paid under this Section 7.4 shall offset any compensation owed ▇▇▇▇▇▇▇ for the same forty-eight (48) month period under this Agreement and is not intended to provide double compensation to ▇▇▇▇▇▇▇ for any period of time. To the extent permitted under the terms of MBVA’s stock option plan and/or stock option agreements or grant with ▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇ also shall fully vest in and shall immediately have rights to exercise any options or restricted stock in the event of a Change in Control.