Severance Pay Arrangement. If a Termination (as defined in Section 2 below) of Executive’s employment occurs at any time during Executive’s employment, Xxxxxx will pay Executive 12 months of Executive’s base salary as of the date of Termination (hereinafter such pay shall be referred to as “Severance Pay”). The Severance Pay will be subject to required withholding and will be made by Xxxxxx to Executive monthly over the course of 12 months on the regular payroll dates beginning on the first regular payroll date after the effective date of the release referenced in Section B below that Executive executes. In addition to the payment of Severance Pay, if a Termination (as defined in Section 2 below) of Executive’s employment occurs at any time during Executive’s employment with Xxxxxx, to the extent that Executive participates in a bonus compensation plan at the date of Termination, Xxxxxx shall pay Executive a pro rata portion of that bonus for the year of the Termination equal to the amount of the bonus that Executive would have received if Executive’s employment had not been terminated during such year, multiplied by the percentage of such year that has expired through the date of Termination. Such bonus shall be paid at such time as bonuses are paid under the bonus compensation plan to Xxxxxx’x other employees whose employment was not terminated in such year. Xxxxxx further agrees that, if Executive, upon a Termination (as defined in Section 2 below) of Executive’s employment occurs at any time during Executive’s employment with Xxxxxx, timely and properly elects COBRA for any medical, dental and vision benefit plans in which Executive was participating immediately prior to the end of Executive’s employment with Xxxxxx, Xxxxxx shall continue to pay its portion of the monthly premium for those COBRA-covered medical, dental and vision benefit plans for a period of 12 months after the last day of Executive’s employment with Xxxxxx. Notwithstanding the above, if Executive obtains other employment (prior to the end of the 12 month COBRA reimbursement period) under which Executive is eligible to be covered by benefits equal to the benefits in his COBRA-elected plans, Xxxxxx’x obligation to reimburse Executive ceases upon Executive’s eligibility for such equal benefits. Notwithstanding anything herein to the contrary, if Executive is determined to be a “specified employee” within the meaning of Section 409A of the Internal Revenue Code of 1986, as amended the (“Code”) and if one or more o...
Severance Pay Arrangement. If a Termination (as defined below) of Executive's employment occurs at any time during Executive's employment, Xxxxxx will pay Executive 12 months of Executive's base salary as of the date of Termination as Severance Pay. Payment (subject to required withholding) will be made by Xxxxxx to Executive monthly on the regular payroll dates of Xxxxxx starting with the date of Termination. If Executive participates in a bonus compensation plan at the date of Termination, Severance Pay will also include a portion of the target bonus for the year of Termination in an amount equal to the target bonus multiplied by the percentage of such year that has expired through the date of Termination. In addition, Executive shall be entitled for 12 months following the date of Termination to continue to participate at the same level of coverage and Executive contribution in any health and dental insurance plans, as may be amended from time to time, in which Executive was participating immediately prior to the date of Termination. Such participation will terminate 30 days after Executive has obtained other employment under which Executive is covered by equal benefits. The Executive agrees to notify Xxxxxx promptly upon obtaining such other employment.
Severance Pay Arrangement. If a Termination (as defined below) of Executive’s employment occurs at any time during Executive’s employment, Asxxxx xill pay Executive 12 months of Executive’s base salary as of the date of Termination as Severance Pay. Payment (subject to required withholding) will be made by Asxxxx xo Executive in a lump sum within 30 days of Termination. If Executive participates in a bonus compensation plan at the date of Termination, Severance Pay will also include a portion of the target bonus for the year of Termination in an amount equal to the target bonus multiplied by the percentage of such year that has expired through the date of Termination. Such amount will be paid in a lump sum within 30 days of the date of Termination. In addition, Executive shall be entitled for 12 months following the date of Termination to continue to participate at the same level of coverage and Executive contribution in any health, dental, disability and life insurance plans, as may be amended from time to time, in which Executive was participating immediately prior to the date of Termination. Such participation will terminate 30 days after Executive has obtained other employment under which Executive is covered by equal benefits. Executive agrees to notify Asxxxx xromptly upon obtaining such other employment. At the option of Executive, COBRA coverage will be available, as provided by company policy, at the termination of the extended benefits provided above. Notwithstanding anything herein to the contrary, if Executive is determined to be a “specified employee” within the meaning of Section 409A of the Code (as defined in Section 7 below) and if one or more of the payments or benefits to be received by Executive pursuant to this agreement would be considered deferred compensation subject to Section 409A of the Code, then no such payment shall be made or benefit provided until six (6) months following Executive’s date of Termination.
Severance Pay Arrangement. If your employment is terminated by the Company without "Cause" (as defined below) or by you as a result of "Constructive Discharge" (as defined below), during your Initial CEO Employment Term, you will be entitled to the severance payment described in the next sentence. The severance payment will be 2 times a dollar amount equal to 175% of your annual base salary at the time your employment is terminated. The severance payment may be made to you in installments, at the same time and in the same manner as salary continuation payments, over a period of 24 months beginning as of the date you are terminated. However, at your option, the entire severance payment may be paid to you in a single lump-sum as soon as practical after your termination (if approved by the Compensation Committee). In all other respects, your severance pay arrangement shall be governed by the terms of the X. X. Xxxxx & Co. Xxxxxxxxx Pay Plan for Salaried Employees. Notwithstanding the foregoing, any election to receive such payments, as well as the timing of those payments, must comply with the American Jobs Creation Act of 2004 (and all other applicable law). You will not, in any event, however, be entitled to the severance payment described above if, at the time your employment terminates, your employment terminates as the result of your death, or you are entitled to payments under your Executive Severance Agreement described above, or to disability income payments under the Grace "LTD Plan" and/or "ESP Plan" mentioned below. Also, if you receive a severance payment under this letter agreement, you will not be entitled to any other severance pay from the Company. DEFINITION OF CAUSE
Severance Pay Arrangement. If your employment is terminated by the Company without "Cause" during your Employment Term, you will be entitled to the severance payment described in the next sentence. The severance payment will be 2 times a dollar amount equal to 137% of your annual base salary at the time your employment is terminated. The severance payment may be made to you in installments, at the same time and in the same manner as salary continuation payments, over a period of two years beginning as of the date you are terminated. However, at your option, the entire severance payment may be paid to you in a single lump-sum as soon as practical after your termination (if approved by the Compensation Committee). At the end of the day your Employment Term expires (i.e., May 31, 2002), this severance pay arrangement will no longer be applicable to you, and your continued employment with the Company will be as an employee "at will", provided, however, you will, as of the day immediately after that date, become entitled to a severance payment of one times a dollar amount equal to 137% of your annual base salary, if you are terminated by the Company without "Cause", at any time after May 31, 2002. You will not, in any event, however, be entitled to the severance payment described above if, at the time your employment terminates, your employment terminates as the result of your death, or you are entitled to payments under your Executive Severance Agreement described above, or to disability income payments under the Grace "LTD Plan" and/or "ESP Plan" described below. Xxxxxxx X. Xxxxxxxx 5/4/99 Page 4 -------------------------------------------------------------------------------- Also, if you receive a severance payment under this agreement, you will not be entitled to any other severance pay from the Company. SPECIAL SUPPLEMENTAL RETIREMENT PAYMENT ARRANGEMENT Management will recommend that the Board approve a special retirement arrangement to recognize, in part, your service with prior employers and to provide you with meaningful mid-career accrual of retirement benefits. As described below, the Company will provide you with additional years of credited service, with a maximum of 4 additional years, in determining your total retirement benefits from the Company. The benefit associated with those additional years would be calculated as if that additional benefit would be payable under the X. X. Xxxxx & Co. Retirement Plan for Salaried Employees and the Supplemental Executive Retirement Pl...
Severance Pay Arrangement. If you are involuntarily terminated by the Company under circumstances in which you would qualify for severance pay under the terms of the Grxxx Xxxxxxxxx Xay Plan for Salaried Employees (the “Grxxx Xxxxxxxxx Xlan”), then you will be entitled to a severance payment of 1.5 times a dollar amount equal to your annual base salary at the time your employment is terminated. This severance pay arrangement shall be governed by the terms of the Grxxx Xxxxxxxxx Xlan, except of course for the calculation of the amount of severance pay. Under that Plan, the total severance payment would be made to you in installments, at the same time and in the same manner as salary continuation payments, over a period of 18 months beginning as of the date you are terminated. However, at your option, under the current terms of the Grxxx Xxxxxxxxx Xlan, the entire severance payment may be paid to you in a single lump sum as soon as practical after your termination, subject to the “409A Provisions” described below. You will not, in any event, however, be entitled to the severance payment described above if, at the time your employment terminates, your employment terminates as the result of your death, or you are entitled to payments under your Executive Severance Agreement described above, or to disability income payments under the Grace “LTD Plan” and/or “ESP Plan” mentioned below. Also, if you receive the severance payment described above in this letter, you will not be entitled to any other severance pay from the Company.
Severance Pay Arrangement. If a Termination (as defined below) of Executive's employment occurs at any time during Executive's employment, Xxxxxx will pay Executive 12 months of Executive's base salary as of the date of Termination as Severance Pay. Payment (subject to required withholding) will be made by Xxxxxx to Executive monthly on the regular payroll dates of Xxxxxx starting with the date of Termination. If Executive participates in a bonus compensation plan at the date of Termination. Severance Pay will also include a portion of the target bonus for the year of Termination in an amount equal to the target bonus multiplied by the percentage of such year that has expired through the date of Termination. In addition, Executive shall be entitled for 12 months following the date of Termination to continue to participate at the same level of coverage and Executive contribution in any health, dental, disability and life insurance plans, as may be amended froth time to time, in which Executive was participating immediately prior to the date of Termination. Such participation will terminate 30 days after Executive has obtained other employment under which Executive is covered by equal benefits. The Executive agrees to notify Xxxxxx promptly upon obtaining such other employment.
Severance Pay Arrangement. In the event that Executive's employment is terminated by the Company without Cause or by Executive on the basis of Constructive Discharge during the Employment Term, Executive shall be entitled to receive a severance payment of two times the dollar amount that equals 175% of Executive's annual base salary at the rate in effect at the time his employment is terminated. The parties hereby acknowledge that the severance payment provided for in this Section 6 shall be earned by Executive upon termination of his employment with the Company and that such severance payment is intended by the parties to compensate Executive for the hardships he may suffer as a result of his termination of employment with the Company. The severance payment shall be paid to Executive in a single lump sum immediately after Executive's date of employment termination, but in no event later than five business days after such date. Notwithstanding any language to the contrary contained in the Executive Severance Agreement, the LTD Plan, and/or the Grace Executive Salary Protection Plan (the "ESP Plan"), any payments Executive is entitled to receive under such agreement or plans shall be reduced, dollar-for-dollar, but not below zero, by any payments actually paid to Executive pursuant to this Section 6. Similarly, any payments previously paid to Executive pursuant to the Executive Severance Agreement, the LTD Plan and/or the ESP Plan Executive shall reduce, dollar-for-dollar, but not below zero, the amount of Executive's claim for payments owing to him under this Section 6 (which reduction shall be applied first to any portion of such claim that is not allowable in any bankruptcy case to which the Company is subject).
Severance Pay Arrangement. If a "Termination" (as defined in Section 2 below) of Executive's employment occurs at any time during Executive's employment, Xxxxxx will pay Executive 12 months of Executive's base salary as of the date of Termination as "Severance Pay." Payment (subject to required withholding) of the Severance Pay will be made by Xxxxxx to Executive on the regular payroll dates of Xxxxxx starting with the date of Termination. If Executive participates in a bonus compensation plan at the date of Termination, Severance Pay will also include a portion of the target bonus for the year of Termination in an amount equal to the target bonus multiplied by the percentage of such year that has expired through the date of Termination. In addition, Executive shall be entitled to continue to participate at the same level of coverage and Executive contribution in any health, dental, disability and life insurance plans, as may be amended from time to time, in which Executive was participating immediately prior to the date of Termination. Such participation will terminate upon the earlier of: (A) 30 days after Executive has obtained other employment under which Executive is covered by equal benefits; and (B) 12 months following the date of Termination. Executive agrees to notify Xxxxxx promptly upon obtaining such other employment. Upon expiration of the 12 month period referenced in this Section 1, Executive, at his or her option, may elect to obtain COBRA coverage in accordance with the terms and conditions of applicable law and Xxxxxx'x standard policy.
Severance Pay Arrangement. If a Termination (as defined below) of Executive's employment occurs at any time on or after the Effective Date, Xxxxxx will pay Executive 12 months of Executive's base salary, but no less than $250,000 as of the date of Termination as Severance Pay. Payment (subject to required withholding) will be made by Xxxxxx to Executive monthly on the regular payroll dates of Xxxxxx starting with the date of Termination. If Executive participates in a bonus compensation plan at the date of Termination, Severance Pay will also include a portion of the target bonus for the year of Termination in an amount equal to the target bonus multiplied by the percentage of such year that has expired through the date of Termination. In addition, Executive shall be entitled for up to 12 months following the date of Termination to continue to participate at the same level of coverage and Executive contribution in any health, dental, disability and life insurance plans, as may be amended from time to time, in which Executive was participating immediately prior to the date of Termination. Such participation will terminate 30 days after Executive has obtained other employment under which Executive is covered by equal benefits. The Executive agrees to notify Xxxxxx promptly upon obtaining such other employment. At the option of the executive, COBRA coverage will be available, as provided by company policy, at the termination of extended benefits as provided in this section.
