Consideration of Benefit Sample Clauses

Consideration of Benefit. As consideration for the benefit paid in Section 7, the Executive agrees to work with the new organization for a period of no less than six months. If the organization, however, terminates the employment of the Executive except under Termination for Cause, the Executive is still entitled to the benefit specified under this section 7.
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Consideration of Benefit. As consideration for the benefit paid in this Section 6, the Employee (provided that the Employee is employed by the Company on the date of a Change in Control), at the discretion of the successor organization (as contemplated in Section 14(a)), expressed in writing, hereby agrees that, notwithstanding the Employee’s election to terminate this Agreement for Good Reason pursuant to Section 14(a) hereof, the Employee will continue in the employ of the successor organization for a period of no less than six (6) months after the date of the Change in Control, at the same Base Salary and level of benefits being provided to the Employee, as of such date, pursuant to Section 4 hereof, exclusive of any compensation that might otherwise be provided to Employee under Section 4(b) hereof. Further, the Employee shall receive payment of the amount of the Employee’s Change in Control Benefit, pursuant to the Employee’s previous election to terminate this Agreement for Good Reason under Section 14(a), within thirty (30) days from date of expiration of said six-month period or, if earlier than the expiration of said six-month period, within thirty (30) days from the date of a subsequent termination of employment by the Employee for Good Reason (as contemplated below in this Section 6(c)) or from the date of a subsequent termination of the employment of the Employee by the Company without Cause. However, if the Employee fails to remain employed for at least six (6) months with the successor organization (for any reason other than a subsequent termination of employment by the Employee for Good Reason, as provided in item (1) below, or a subsequent termination of the employment of the Employee by the Company without Cause), or if the Company terminates the Employee’s employment for Cause (as provided in item (2) below), then no benefits will be payable to the Employee pursuant to this Section 6; provided, that, if the Employee has previously elected to terminate this Agreement for Good Reason, pursuant to Section 14(a):
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Consideration of Benefit. As consideration for the benefit paid in this SECTION 6, at the request of the successors as described in SECTION 15(a), Employee will work with the new organization for a period of at least six (6) months at his Base Salary, which payments shall be in addition to all sums due Employee pursuant to Section 6(b) of this Agreement. If Employee is requested to work with the new organization for a period of six (6) months and fails to do so, then no benefits will be provided to Employee.
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Consideration of Benefit 
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Related to Consideration of Benefit

  • Calculation of Benefits Immediately following delivery of any Notice of Termination, the Company shall notify the Executive of the aggregate present value of all termination benefits to which he would be entitled under this Agreement and any other plan, program or arrangement as of the projected Date of Termination, together with the projected maximum payments, determined as of such projected Date of Termination that could be paid without the Executive being subject to the Excise Tax.

  • Distribution of Benefit The Bank shall distribute the annual benefit to the Executive in twelve (12) equal monthly installments commencing on the first day of the month following Separation from Service. The annual benefit shall be distributed to the Executive for fifteen (15) years.

  • Payment of Benefit The Company shall pay the annual benefit to the Executive in 12 equal monthly installments commencing with the month following the Executive’s Normal Retirement Date, paying the annual benefit to the Executive for a period of 15 years.

  • Distribution of Benefits Payment to Executive shall occur within thirty (30) days of the effective date of Executive's vesting in his Deferred Bonus Account. For purposes of determining the distributable amount, the Deferred Bonus Account shall be valued through the day prior to the day on which the Deferred Bonus Account is distributed, less any claim, debt, reimbursement, recoupment, or offset the Company may have against Executive.

  • Termination of Benefits Except as provided in Section 2 above or as may be required by law, Executive’s participation in all employee benefit (pension and welfare) and compensation plans of the Company shall cease as of the Termination Date. Nothing contained herein shall limit or otherwise impair Executive’s right to receive pension or similar benefit payments that are vested as of the Termination Date under any applicable tax-qualified pension or other plans, pursuant to the terms of the applicable plan.

  • Limitation of Benefits (a) Anything in this Agreement to the contrary notwithstanding, in the event it shall be determined that any benefit, payment or distribution by the Company to or for the benefit of the Executive (whether payable or distributable pursuant to the terms of this Agreement or otherwise) (a "Payment") would, if paid, be subject to the excise tax imposed by Section 4999 of the Code (the "Excise Tax"), then the Payment shall be reduced to the extent necessary to avoid the imposition of the Excise Tax. The Executive may select the Payments to be limited or reduced.

  • Payment of Benefits Any amounts due under this Agreement shall be paid in one (1) lump sum payment as soon as administratively practicable following the later of: (i) Xx. Xxxxxx'x Termination Date, or (ii) upon Xx. Xxxxxx'x tender of an effective Waiver and Release to the Company in the form of Exhibit A attached hereto and the expiration of any applicable revocation period for such waiver. In the event of a dispute with respect to liability or amount of any benefit due hereunder, an effective Waiver and Release shall be tendered at the time of final resolution of any such dispute when payment is tendered by the Company.

  • Coordination of Benefits If the Executive’s employment is terminated for any reason described in Sections 4(d) or (e) and, after such termination, Executive becomes entitled to payments under Section 4(f), the Executive shall receive the payments described in Section 4(f), at the time and in the form described in Section 4(f), less the amount of any payments previously paid that are described in Sections 4(d) or (e).

  • Nonduplication of Benefits Notwithstanding any provision in this Agreement or in any other Employer benefit plan or compensatory arrangement to the contrary, but at all times subject to Section 7.4, (a) any payments due under Section 7.1, Section 7.2 or Section 7.3 shall be made not more than once, if at all, (b) payments may be due under Section 7.1, Section 7.2 or Section 7.3, but under no circumstances shall payments be made under all of or any combination of Section 7.1, Section 7.2 and Section 7.3, (c) no payments made under Sections 7.1, 7.2 and 7.3 this Agreement shall be considered compensation for purposes of any benefit plan or compensatory arrangement of Employer, and (d) Executive shall not be entitled to severance benefits from Employer other than as contemplated under this Agreement, unless such other severance benefits offset and reduce the benefits due under this Agreement on a dollar-for-dollar basis, but not below zero.

  • Continuation of Benefits Following the termination of Executive’s employment hereunder, the Executive shall have the right to continue in the Company’s group health insurance plan or other Company benefit program as may be required by COBRA or any other federal or state law or regulation.

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