Special Severance Payment a.If, subsequent to a Change in Control, as hereinafter defined, Cardin's Circumstances of Employment, as hereinafter defined, shall have changed, Cardin shall have the right to terminate his employment pursuant to this Agreement by written notice to the Company specifying the event relied on for such termination.
Special Severance Payment. You will be eligible during the first ninety (90) calendar days of your employment with the Company (with employment commencing on the Closing) (the “Special Severance Period”) for a Special Severance Payment, payable only in the event that the Company terminates your employment during the Special Severance Period without “Cause” (as defined below) and not on account of your death, “Disability” (as defined below) or for Cause. If, during the Special Severance Period, the Company terminates your employment for any reason other than Cause, death or Disability, and provided you execute a waiver and release agreement releasing any and all potential claims you may have against the Company at the time of termination, you will be entitled to receive, as your sole and exclusive remedy (i) an amount equal to twelve (12) months of your Base Salary then in effect at the time notice of termination is provided to you or $135,000 whichever is greater, paid in accordance with the Company’s normal payroll practices and subject to normal tax withholdings, and (ii) reimbursement of twelve (12) months of COBRA premiums for your and your family, paid in accordance with the Company’s normal reimbursement procedures (the “Special Severance Payment”). The Special Severance Payment shall be in addition to any earned but unpaid Base Salary, bonuses and incentive compensation through the date of termination, as well as any accrued but unused vacation and vested benefits to which you may be entitled in accordance with the terms of any applicable Employee Benefit plan. If, during the Special Severance Period, your employment is terminated by the Company for Cause, on account of your death or Disability or in the case that you voluntarily resign your employment with the Company for any reason, you (or your estate, conservator or designated beneficiary, as the case may be) shall only be entitled to receive payment of any earned but unpaid Base Salary, bonuses and incentive compensation through the date of termination, as well as any accrued but unused vacation and vested benefits to which you are entitled in accordance with the terms of any applicable Employee Benefit plan.
Special Severance Payment. Executive will receive a single lump-sum special severance payment in the amount of $240,000.00;
Special Severance Payment. Company shall provide Executive with a special severance payment in the amount of $400,000 less standard deductions and withholdings. This special severance payment will be paid in a lump sum within thirty (30) days after the Effective Date.
Special Severance Payment. The Company will provide you with a special lump sum severance payment in the amount of «Gross_Severance_Written» ($«Gross_Severance__dollar_amount»), which represents «weeks_of_Severance_Written» («weeks_of_Severance_Number») weeks of your base salary subject to your agreement and continued compliance with the terms of this letter agreement. As an additional component of this agreement, a total of «Stock_Written» («Stock_») shares of restricted stock grants, as outlined in Attachment (A) shall be deemed to be 100% vested upon the Termination Date. Such shares of restricted stock shall be valued for your tax purposes at the closing price of Chesapeake Energy Corporation (“CHK”) common stock on the New York Stock Exchange on the Termination Date. The lump sum severance payment will be made seven (7) days after you execute this agreement and the accompanying release. The payment will be subject to all applicable federal and state withholdings. The payment will not otherwise be “benefit bearing” and will not be considered as compensation for purposes of the Company’s qualified 401(k) and profit sharing plans or for accrual of paid time off or other leaves.
Special Severance Payment. The Employee shall be entitled to receive a severance payment from the Company (the "Special Severance Payment") if, during the term of this Agreement and within the first 12-month period after the occurrence of a Change in Control becomes effective, either:
Special Severance Payment. Notwithstanding anything to the contrary in your Compensation Agreement Letter, you will only be entitled to receive the benefits described in paragraph 4 thereof if you execute and deliver (and do not revoke) a release agreement in the form set forth in paragraph 2(p) of your Severance Agreement (as such term is defined in your Compensation Agreement Letter) promptly but not later than fifty (50) days following your termination. Except to the extent the specified employee provisions in Section 5 apply, any special severance payment shall be made on the sixtieth (60th) day following your separation from service.
Special Severance Payment. As soon as practicable following the Severance Date, the Company will make a one-time lump sum cash severance payment (the "Severance Payment") to you of $1,496,000, representing (i) two and nine-twelfths multiplied by (ii) the sum of your annual salary and target bonus which are currently in effect. If within six monthe of the Severance Date, you breach any of the provisions of Section 8 below, you shall either (i) forfeit 30% of the Severance Payment as described this Section 4(e) (the "Forfeited Amount") if you have not received such Severance Payment at the time of the breach or (ii) if you have received the Severance Payment at the time of such breach, you shall immediately incur the binding and enforceable obligation to the Company to repay the Forfeited Amount within thirty days from the date the Company provides you written notice of such breach.
Special Severance Payment. Under the terms of the Employment Agreement, you have the right to terminate your employment upon 60 days prior notice and are entitled to a severance payment equal to six months of your base compensation. We desire to have a smooth transition of your duties to a new chief financial officer. Therefore, conditioned upon your performance of this Agreement, MedCV will pay an additional severance amount equal to $100,000. The severance amounts hereunder shall be payable $100,000 (under your Employment Agreement) on the Termination Date, and the special payment ($100,000) on January 2, 2007. MedCV will also pay you the severance benefits provided in Section 7.01(a) and (b) of the Employment Agreement. All amounts payable to you will be reduced by applicable withholdings.
Special Severance Payment see Section 3.
