Payments/Benefits. In no event will the Company involuntarily terminate the Executive’s employment for any reason other than death, disability or Cause for a period of one (1) year after the occurrence of a Change in Control event. In the event of: (i) an involuntary termination of Executive's employment by the Company for any reason other than Cause, death, or Disability, or (ii) Executive's resignation for Good Reason, Executive shall be entitled to the following benefits:
Payments/Benefits. In the event of any such Voluntary Termination of Employment by Executive under this Section 5, Executive shall be entitled to receive from the Company and/or the Bank, as of or after the Termination Date of his employment, any accrued but unpaid Base Salary payable to Executive as of the Termination Date, as well as any other benefits or rights due to Executive as of or after the Termination Date under any other compensation or benefit plan, policy or arrangement of the Company and/or the Bank as in effect on the Termination Date, including any vested benefits or amounts payable thereunder to Executive as a former employee, in accordance with the terms and conditions of such plans, policies and arrangements, including retirement plans and health and welfare plan. Except as provided in the preceding sentence or in the ensuing paragraph 5(c), Executive shall not be entitled to receive any further compensation or benefits from the Company and/or the Bank after or as a result of any Voluntary Termination of Employment by Executive, except such as may be required to be paid or provided to him under applicable law.
Payments/Benefits. Except as may otherwise be provided in a Participant’s Participation Notice, in the event of a Qualifying Termination, the Company, directly or through an Affiliate, will pay the Participant the Accrued Amounts, if any, on the date of such Qualifying Termination. In addition, subject to Sections 5 and 6 and a Participant’s continued compliance with the provisions of any agreement with the Company or any Affiliate, including, without limitation, the Participant’s Proprietary Information Agreement, in the event of a Qualifying Termination, the Participant shall be entitled to the payments and benefits described in this Section 4, subject to the terms and conditions of the Plan.
Payments/Benefits. As good consideration for Employee’s execution, delivery and non-revocation of this Separation Agreement, and subject to Employee’s compliance with the provisions of Section 6 of this Separation Agreement, Employer shall provide Employee (or Employee’s estate in the event of Employee’s death) with the following:
Payments/Benefits. The parties further confirm and agree that, in accordance with the foregoing paragraphs 1 and 2, if the Transactions are consummated, the Company shall, or Buyer shall cause Buyer Sub to, (i) pay to you at the Effective Time, in a lump sum cash payment, the amounts described in Sections 6.1(A) and (B) of the Agreement, together with any unpaid compensation (including salary and accrued but unused vacation) with respect to the period ending on the Effective Time, (ii) pay to you, at the Effective Time, the benefits to which you are entitled under the Officers' Supplemental Retirement Plan of the Company (the "SERP"), calculated in accordance with the terms of the SERP, Section 6.1(C) of the Agreement and the letter agreements between you and the Company dated as of September 2, 1994, September 29, 1994, July 21, 1997, and February 25, 1998, and if the Effective Time occurs prior to July 1, 1999, as if you had continued to be employed by the Company and to accrue service under the SERP until such date, (iii) provide to you, for the thirty-six month period commencing on the date of the termination of your employment hereunder, the benefits and privileges described in Section 6.1(D) of the Agreement (relating to life, disability, accident and health insurance benefits), (iv) provide to you the benefits described in Section 6.1(E) of the Agreement (relating to post-retirement health care and life insurance) if you otherwise qualify for such benefits (after taking into account the terms of Section 6.1(E)) and (v) honor and perform all other obligations to you and agreements for your benefit contained in the Agreement (including, but not limited to, Sections 6.2, 6.3 and 6.4 thereof).
Payments/Benefits. You shall be entitled to any accrued and unpaid compensation in the amount of $6,153.84 earned through the Retirement Date. A year-end bonus for the period ending December 31, 2001 in the amount of Three Hundred Thousand Dollars ($300,000.00) (less proper federal tax deductions) shall be paid to you at the time the Partnership pays year-end bonuses to its employees. On the Retirement Date, you shall return your current automobile to the Partnership. Except as otherwise provided herein, as of the Retirement Date, your participation in and contributions to all welfare, non-qualified and qualified plans of the Partnership and its affiliates shall cease and your rights to a distribution, rollover, form of payment or deferral regarding your account balances shall be determined in accordance with the terms and conditions of the respective plans. Until the Retirement Date, the Partnership will continue in effect your current medical coverage under its group medical plan(s). As of the Retirement Date, you will be given the option to continue in effect coverage under the Partnership’s medical plans under the terms and conditions of the applicable plans at your expense.
Payments/Benefits. In the event of any such voluntary termination of employment by Executive under this Section 5, Executive shall be entitled to receive from the Company and/or the Bank, as of or after the Termination Date of his employment, any accrued but unpaid Base Salary payable to Executive as of the Termination Date, a pro rata apportionment of any Bonus Payment that the parties agree will be paid for the year in which the resignation occurs, as well as any other benefits or rights due to Executive as of or after the Termination Date under any other compensation or benefit plan, policy or arrangement of the Company and/or the Bank as in effect on the Termination Date, including any vested benefits or amounts payable thereunder to Executive as a former employee, in accordance with the terms and conditions of such plans, policies and arrangements, including retirement plans and health and welfare plan.
Payments/Benefits. (a) In connection with your retirement and in recognition of your 40 years of service to the Partnership and its predecessor, Xxxxxxx X. Xxxxxxxxx & Co., the Partnership shall pay to you, less applicable tax withholding and other payroll deductions, a lump sum payment of $12,750,000, calculated as provided in clause (ii) of Section 6(a) of your October 26, 2006 employment agreement, as amended (the “Employment Agreement”), on the first business day following six months after the Retirement Date, as well as the other payments described in clauses (i) and (iii) of Section 6(a) of the Employment Agreement in accordance with the terms thereof.
Payments/Benefits. (a) Until the Retirement Date and continuing for a period of 26 weeks thereafter, your base salary shall continue to be paid, through the regular payroll on regular payroll dates, at the rate of $300,000 per annum, less applicable tax withholdings and other payroll deductions. For 2024, you will receive a one-time lump sum cash payment (“Stub Bonus”) in the amount of $150,000, less applicable tax withholdings and other payroll deductions, and payable on February 29, 2024, in recognition of work duties performed through February 2024. In addition, you will be eligible for discretionary compensation for special initiatives and projects that are beyond the scope of your standard workload.
Payments/Benefits. Provided this Agreement is not revoked by Employee during the Revocation Period (as hereinafter defined), Duck agrees to pay to Employee a monthly salary of $11,200 per month beginning February 1, 2002 through and including the Termination Date. Provided, however, that Employee acknowledges that since February 1, 2002 Employee has been paid $4,650 more than what would have been paid at the rate of $11,200/month. As a result, Employee agrees that the Duck may deduct from each paycheck starting with the second paycheck in March a pro rated amount of the overpayment such that on the final payment date the $4,650 overpayment shall be eliminated. Such payments shall be made periodically at the same time as and with the Duck's normal payroll, with any final, prorated payment being made on or about September 30, 2002. Employee' current welfare benefits (including, without limitation, medical, prescription and dental) shall continue through and including the Termination Date ("Termination Payment"). Duck shall withhold from the Termination Payment all employment related taxes as required by law and other normal and customary deductions. The benefits continuation for welfare benefits shall be provided in accordance with Duck's normal benefits schedule, including any normal and customary deductions for employee contributions for such benefits.
