Special Severance Benefit Sample Clauses

Special Severance Benefit. In addition to the compensation provided for in Sections 12.1 and 12.2, upon the termination of the Executive's employment by the Company's exercise of the Notice Exception, or by the Executive for Good Reason, or by the Company's giving notice which would cause the Term to expire at the end of the Initial Term or at the end of any succeeding Extension Period, the Executive (or in the event of his subsequent death, his designated beneficiary) shall be entitled to a special severance benefit (the "Severance Benefit") equal to his Base Salary for the Employment Year just completed, which Severance Benefit shall be payable for one (1) year in approximately equal monthly installments commencing on the first day of the month next following the expiration of the Compensation Continuance Period (or the last day of the Termination Month, as the case may be), and continuing for eleven (11) consecutive calendar months thereafter (the "Severance Period"). The Severance Benefit payments shall be paid in accordance with the payroll schedule for salaried personnel of the Company. See ARTICLE 6 for additional benefits the Executive may be entitled to receive following receipt of the compensation provided for in this ARTICLE 12.
Sample 1
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Special Severance Benefit. Contingent on this Agreement becoming effective, the Company agrees to provide Xxxxxx with the following severance benefit, which Xxxxxx would not otherwise be entitled to receive. The benefit shall be in the total gross sum of One Million Dollars ($1,000,000.00) (the "Severance Compensation"), to be paid in cash in a single lump sum, less all applicable payroll tax withholdings, within fifteen (15) days after this Agreement becomes effective (as set forth in Section 10 below).
Sample 1
Special Severance Benefit. In addition to the compensation provided for in Sections 12.1 and 12.2, upon the expiration of the Term on account of the Executive's attainment of age sixty (60), or upon the termination of the Executive's employment by the Company's exercise of the Notice Exception, or by the Executive for Good Reason, or by the Company's giving notice which would cause the Term to expire at the end of the Initial Term or at the end of any succeeding Extension Period, the Executive (or in the event of his subsequent death, his designated beneficiary) shall be entitled to a special severance benefit (the "Severance Benefit") equal to the sum of his Annualized Base Salary and Awarded Bonus (if any) for the Employment Year immediately prior to the Employment Year in which the Term expires, provided that if the Term expires during the Employment Year ending September 30, 1997, the Annualized Base Salary for purposes of determining the Severance Benefit shall include the amount of the Base Salary the Executive would have received during the Employment Year had the Term not expired prior to September 30, 1997. The Severance Benefit shall be payable for one (1) year in approximately equal monthly installments commencing on the first day of the month next following the expiration of the Compensation Continuance Period (or the last day of the Termination Month, as the case may be), and continuing for eleven (11) consecutive calendar months thereafter (the "Severance Period"). The Severance Benefit payments shall be paid in accordance with the payroll schedule for salaried personnel of the Company. -10- -38- See ARTICLE 6 for additional benefits the Executive may be entitled to receive following receipt of the compensation provided for in this ARTICLE 12.
Sample 1
Special Severance Benefit. In lieu of any other benefits under the Wisconsin Energy Corporation Special Executive Severance Policy (the "SESP") or under any other severance plan or program of the Company or its affiliates, the Company shall pay Executive a special lump sum severance benefit equal to the amount calculated under Section 4.3(b) of the SESP treating the Resignation Date as the Date of Termination (the "Special Severance Benefit"), less applicable withholding. The Executive specifically waives and releases any claims under the SESP or any other severance plan or program of the Company or any of its affiliates. The Special Severance Benefit shall not be taken into account under any other pension, savings or welfare benefit plan that bases benefits on compensation. The Special Severance Benefit will be paid to the Executive within ten (10) days after the Resignation Date, provided the Executive has not revoked this Agreement as provided in paragraph 9(d).
Sample 1
Special Severance Benefit. In the event of a Change of Control Event in which the Share Value is less than $2,000,000, and as a result of such Change of Control Event or within six (6) months thereafter (i) the Executive’s Service is terminated by the Corporation for any reason other than “cause” (as defined in the Employment Agreement), (ii) the Executive voluntarily terminates his Service after being required to accept a position with materially less responsibility than the Executive Position, or (iii) the Executive voluntarily terminates his Service after he is required to relocate his principal place of business to a location that is more than sixty (60) miles from his residence as set forth on the signature page hereof, Executive shall be entitled to salary continuation in the aggregate amount of the lesser of (A) the difference between $2,000,000 and the Share Value (the “Special Severance Amount”) or (B) $999,000. The Special Severance Amount shall be payable by the Corporation in equal installments over three (3) years from the date of Termination of Service in accordance with the policies governing the payment of salary applicable to the Executive at the date of Termination of Service; provided, however, that the Executive shall not be entitled to any further payments of the Special Severance Amount upon the commencement of new employment by the Executive. The Special Severance Amount shall be in addition to any severance benefit that the Executive shall be entitled to receive under the Employment Agreement.
Sample 1

Related to Special Severance Benefit

  • Severance Benefit If the Employee’s employment is terminated by the Company for any reason other than Cause (as defined below) or if the Employee terminates his/her employment for Good Reason (as defined below), the Company shall provide Employee with the following:

  • Lump Sum Severance Payment Payment of a lump sum amount equal to twelve (12) months of Executive’s then-current Base Salary plus the Pro Rated Bonus, less all customary and required taxes and employment-related deductions, paid on the first payroll date following the date on which the Release required by Paragraph 4(g) becomes effective and non-revocable, but not after seventy (70) days following the effective date of termination from employment.

  • Change in Control Severance Benefits If there is a Change in Control, and within one (1) year of such Change in Control, the Executive’s employment is terminated under the circumstances described in Sections 4(a) through 4(f) above, the Executive shall be entitled to the following: (I) if such termination is a termination by the Company without Cause pursuant to Section 4(a) or the Executive resigns for Good Reason pursuant to Section 4(b), the Company shall pay the Executive the Accrued Obligations and the Pro Rata Bonus and, in addition, subject to the provisions of Section 19, (A) an amount equal to twenty-four (24) months of the Executive’s Base Salary at the rate in effect on the date of termination or resignation, payable in a lump sum within sixty (60) calendar days of the date of termination or resignation; and (B) provided the Executive timely elects continuation coverage under COBRA, the Company shall also pay, on the Executive’s behalf, the portion of monthly premiums for the Executive’s group health insurance, including coverage for the Executive’s dependents, that the Company paid immediately prior to the date of termination or resignation, during the eighteen (18) month period following the date of termination or resignation, subject to the Executive’s continued eligibility for COBRA coverage. The Company will pay for such COBRA coverage for eligible dependents only for those dependents who were enrolled immediately prior to the date of termination or resignation. The Executive will continue to be required to pay that portion of the premium for the Executive’s health coverage, including coverage for the Executive’s eligible dependents, that the Executive was required to pay as an active employee immediately prior to the date of termination or resignation. Notwithstanding the foregoing, in the event that under applicable guidance the reimbursement of COBRA premiums causes the Company’s group health plan to violate any applicable nondiscrimination rule, the parties agree to negotiate in good faith a mutually agreeable alternative arrangement; and (II) if such termination is a termination or resignation under the circumstances described in Sections 4(c), 4(d), 4(e) or 4(f), the Executive shall be entitled to the compensation and benefits for which the Executive is eligible under such sections.

  • Severance Payment Executive will be paid continuing payments of severance pay at a rate equal to Executive’s base salary rate, as then in effect, for twelve (12) months from the date of such termination of employment, to be paid periodically in accordance with the Company’s normal payroll policies.

  • Other Severance Benefits Executive hereby agrees that in consideration for the payments to be received under Section 7(b) of this Agreement, Executive waives any and all rights to any payments or benefits under any severance plans or arrangements of the Company or their respective affiliates that specifically provide for severance payments, other than the Change in Control Severance Agreement between the Company and Executive (the “Change in Control Severance Agreement”); provided that any payments payable to Executive under Section 7(b) hereof shall be offset by any payments payable under the Change in Control Severance Agreement.

  • Severance Benefits To the extent that Employee shall be entitled to receive Severance Benefits pursuant to Section 4(d) or 4(e) hereof, Company and Employee agree that the following shall apply: (i) "Severance Benefits" shall mean: (A) a continuation of Employee's then effective salary as payable pursuant to Section 3(a) hereof during the Severance Period (as defined below); (B) payment of any bonus payable to Employee pursuant to Section 3(c) hereof, calculated based on the full Company bonus payable thereunder (subject to attainment by Company of any objective financial or performance standards applicable to Company) and prorated for any period during the Severance Period that is less than the full twelve (12) month period in which such bonus would be earned; (C) immediate vesting and payment of any Option Payments; and (D) continuation during the Severance Period of any medical/dental care coverage (or the reasonable equivalent thereof) which Employee is receiving as of the date of termination of the Period of Employment, provided that such insurance coverage shall terminate prior to the expiration of the Severance Period as of the first date that Employee is covered under another employer's health benefit program which provides substantially the same level of benefits without exclusion for pre-existing medical conditions. Such coverage shall be in lieu of any other continued health care coverage to which Employee or his dependents would otherwise be entitled in accordance with the requirements of the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended ("COBRA"), by reason of Employee's termination of employment. (ii) "Severance Period" shall mean a period of twenty-four (24) months following the termination of the Period of Employment pursuant to Section 4(d) or 4(e) hereof. (iii) Company shall be entitled to a credit for any amounts paid pursuant to Part One, Paragraph 1 of the Change of Control Agreement for any amounts payable pursuant to Paragraph (i)(A) and (i)(B) above as part of any Severance Benefits payable hereunder. (iv) Except as provided in Section 6 below, the Severance Benefits shall be received by Employee in lieu of any other right Employee may have under applicable law, Company or Parent policies or plans or otherwise with respect to any payments or compensation in connection with the termination of Employee's employment with Company. (v) Employee agrees that payment of the Severance Benefits may, in the discretion of the Company, be subject to the prior execution by the Employee of a release of claims in a form provided by the Company prior to any such payment and that payment of the Severance Benefits shall be consideration for such release. (g)

  • Change of Control Severance Benefits A Covered Termination of Executive’s employment on or within twelve (12) months following the effective date of a Change of Control entitles Executive to receive the benefits set forth in this Section 3.2.

  • Severance Pay 4.4.2(a) Severance pay - other than employees of a small employer An employee, other than an employee of a small employer, whose employment is terminated by reason of redundancy is entitled to the following amount of severance pay in respect of a period of continuous service: Period of continuous service Severance pay Less than 1 year Nil 1 year and less than 2 years 4 weeks’ pay* 2 years and less than 3 years 6 weeks’ pay 3 years and less than 4 years 7 weeks’ pay 4 years and less than 5 yeas 8 weeks’ pay 5 years and less than 6 years 10 weeks’ pay 6 years and less than 7 years 11 weeks’ pay 7 years and less than 8 years 13 weeks’ pay 8 years and less than 9 years 14 weeks’ pay 9 years and less than 10 years 16 weeks’ pay 10 years and over 12 weeks’ pay * Week’s pay is defined in 4.4.1.

  • Change in Control Benefit If a Change in Control occurs followed within twenty-four (24) months by Separation from Service prior to Normal Retirement Age, the Bank shall distribute to the Executive the benefit described in this Section 2.4 in lieu of any other benefit under this Article.

  • Change in Control Benefits Agreement shall mean any separate agreement between Participant and the Corporation which provides Participant with special vesting acceleration and/or other special benefits with respect to one or more awards of restricted stock units made to Participant for shares of Common Stock, including (to the extent applicable) the restricted stock units evidenced by this Agreement, in the event of a change in control or ownership of the Corporation (whether or not constituting a Change in Control hereunder).

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