Payment to Executive. Except as provided in Section 18(a) hereof, in the event any dispute or controversy arising under or in connection with any provision of this Agreement other than Section 8 hereof is resolved on the merits in favor of Executive pursuant to an arbitration award or final judgment, order or decree of a court of competent jurisdiction (the time for appeal therefrom having expired and no appeal having been perfected), the Bank shall be obligated to pay Executive, within thirty (30) days after the date on which such judgment becomes final and not subject to further appeal, all reasonable costs and legal fees paid or incurred by Executive in connection with such dispute or controversy.
Payment to Executive. (a) Upon the execution of this Release, and after expiration of the revocation period specified in Section 9 of this Release, Corporation will commence payment of the applicable Monthly Severance Payments described in Section 6 or 7 of Executive’s Amended and Restated Employment Agreement dated effective March 30, 2010 (the “Employment Agreement”), less normal deductions and withholdings.
(b) Executive specifically acknowledges and agrees that Corporation has paid Executive all wages and other compensation and benefits to which Executive is entitled except those described in Paragraph 1(a) of this Release and that the execution of this Release (and compliance with the noncompetition provisions of Section 4 of the Employment Agreement) are conditions precedent to Corporation’s obligation to make the Monthly Severance Payments.
Payment to Executive. The payment to Executive upon the exercise of the SARs shall be made solely in shares of Common Stock. Upon the exercise of the SARs, the Executive shall receive an amount from the Company which is equal to (i) the excess of the Fair Market Value of a share of Common Stock on the date of exercise over the Initial Value times (ii) the number of SARs exercised. Such amount shall be divided by the Fair Market Value of a share of Common Stock on the date of exercise to determine the number of shares to be issued.
Payment to Executive. Following the eighth day after the execution of this Release by Executive, the Company agrees to pay to Executive the Severance Payments and reimburse Executive for COBRA premiums as provided under Section 5 of that certain Employment Continuity Agreement between Executive and the Company effective as of , less all required payroll tax withholdings. Executive agrees and acknowledges that these payments constitute consideration in addition to anything of value to which he or she would otherwise have been entitled absent the execution of this Agreement. Other than the payment of said amounts and any benefits due to Executive under existing retirement and fringe benefits plans in which Executive is a participant, in accordance with the terms of such plans, Executive shall not be entitled to any other payments or benefits from the Company.
Payment to Executive. In consideration of the negative covenants provided for the benefit of the Corporation hereunder, the Corporation will pay the Executive a single lump sum cash amount equal to $5,150,000 as soon as practicable after the date hereof, but in no event later than December 31, 1997. Any amount payable hereunder shall be subject to any and all applicable Federal income and employment tax withholding required at law to be withheld therefrom.
Payment to Executive. Subject to the terms of this Agreement, the Company agrees to pay to Executive an aggregate amount of $2,370,587 ("the Principal Amount"), together with accrued interest. This amount shall be paid in three annual installments, with one-third of the Principal Amount, plus accrued interest, paid on the first business day following each of January 1, 2002, January 1, 2003 and January 1,
Payment to Executive. If the Executive's employment by the Company is terminated solely as a result of the Company giving written notice of its intention not to extend the Executive's term of employment, as provided for in Section 2.3 above, the Company shall pay to the Executive within sixty (60) days after the date of termination an amount equal to the Executive's annual Base Salary (at the rate in effect on the date of such termination). The Executive shall have no further right to receive any other compensation or benefits after such termination of employment except as determined in accordance with the terms of the employee benefit plans of the Company.
Payment to Executive. In exchange for Executive’s agreement and adherence to Executive’s obligation under this Agreement and the Letter Agreement, Huntington agrees to pay or provide the severance and other benefits (in each case, minus all applicable and required taxes, deductions, and withholdings) as set forth on the Schedule of Entitlements attached as Annex A hereto, at the times set forth therein. Executive acknowledges and agrees that except as set forth in this Agreement, Executive will not be entitled to receive, and Huntington will not be obligated to make, any other payment to Executive related to employment with, compensation by, and separation from Huntington, except for accrued but unpaid annual base salary due for the period Executive worked to the extent not theretofore paid, any business expenses incurred by Executive in accordance with the applicable Huntington policy that have not been reimbursed by Huntington as of Executive’s termination date and any other vested benefits or other rights to which Executive may be entitled under any other Huntington employee benefit plan by reason of Executive’s employment with Huntington that cannot legally be waived. Executive expressly acknowledges that, but for this Agreement, Executive would not otherwise be entitled to the amounts set forth under the heading “Severance Benefits” on the Schedule of Entitlements attached as Annex A hereto in this Agreement (hereinafter “Severance Benefits”) and that the Severance Benefits are sufficient consideration for Executive’s release and waiver of claims and the other obligations that Executive has agreed to undertake in this Agreement.
Payment to Executive. (a) In consideration for the Executive's compliance with all of his obligations hereunder, including without limitation, his provision of consulting services pursuant to Section 5, his waiver of his claim to various benefits and payments pursuant to Section 3, and his execution of the release and waiver of claims pursuant to Section 9, the Company shall pay or cause to be paid to Executive on the Effective Date (or, if not a business day, the first business day thereafter), in a lump sum, a severance benefit of one million one hundred sixty thousand dollars ($1,160,000) less applicable withholding taxes in the manner prescribed in the following sentence. The parties shall cooperate in taking appropriate actions to (i) increase the face amount of the Irrevocable Standby Letter Of Credit # 114, dated July 18, 2003, issued by the Business Bank to Executive (the "Letter of Credit") by one hundred sixty thousand dollars ($160,000) and (ii) authorize The Business Bank of St. Louis (the "Business Bank") to honor Executive's draft for an amount equal to one million one hundred sixty thousand dollars ($1,160,000) less applicable withholding taxes delivered to the Business Bank under the Letter of Credit, as increased pursuant to paragraph (a)(i), and Executive and the Company shall cooperate to authorize and cause the Business Bank either to (a) remit the appropriate withholding taxes directly to the appropriate Federal, state and local tax authorities for the benefit of Executive, or (b) pay such amounts over to the Company which agrees to remit such amounts to the appropriate Federal, state and local tax authorities for the benefit of Executive. Such severance payment shall be in complete satisfaction and discharge of any and all obligations of the Company to the Executive with respect to, and Executive hereby waives any and all claims it may have against the Company and/or Pharmacia Corporation, Monsanto Corporation, and Pfizer Inc. for, salary, bonus, long or short term incentives, accrued vacation pay, employee benefits, perquisites, deferred compensation, severance or separation pay, and any and all other payments or benefits of any type pursuant to any employment agreement, retention agreement, change in control agreement or program or plan now, previously or hereafter maintained by the Company, including, without limitation, the Employment Agreement dated February 28, 1998, the Retention Agreement dated June 30, 2003, the Solutia Inc. ERISA Parity Pension P...
