Triggering Termination Clause Samples

Triggering Termination. In consideration of Employee's agreement to accept employment pursuant to the terms of the Offer Letter, Employer agrees that in the event of a Triggering Termination (as defined below) of Employee during the Term of this Agreement, then in addition to all other compensation due and payable to Employee as of the date of such termination, Employer agrees to pay the Severance Payment to Employee, subject to the conditions contained in Paragraph 6 herein. For purposes of this Agreement a Triggering Termination shall be a termination that is not For Cause or is Involuntary (as defined below). The parties understand and agree that no Severance Payment shall be due or payable hereunder unless Employee's termination is a Triggering Termination and Employee complies with Paragraph 6 herein.

Triggering Termination. On or after the Closing Date, in the event of the Executive's termination without Cause, if the Executive terminates his employment for Good Reason or if the Company gives notice of its intention not to renew this Agreement (collectively, "Triggering Termination"), the Executive shall be entitled to the following severance benefits: (i) a severance payment equal to one-half of the sum of the Executive's current annual Base Salary and the Executive's average annual bonus compensation under the MIP, the AIP and/or the 2003 EBIDTA Bonus Pool, whichever shall be applicable, earned over the three most recent completed fiscal years of the Company; provided, however, that for the purposes of computing such three-year average bonus compensation, the amount deemed to have been earned under the 2003 EBITDA Bonus Pool for fiscal year 2003, if applicable, shall be the lesser of (1) the bonus amount earned by the Executive for fiscal year 2002 under the MIP or (2) the actual bonus amount earned under the 2003 EBITDA Bonus Pool. Such severance payment shall be paid in full as a lump sum within 30 days after the Triggering Termination; (ii) payment of the Executive's Base Salary through the date of termination; (iii) a pro rata payment under the MIP, the 2003 EBITDA Bonus Pool and/or the AIP, as applicable, based on the period of time served during the year in which the Triggering Termination occurs, to be paid to the Executive at such time as payments under such plan are customarily made to participants; provided, however, that, if the Triggering Termination shall occur in 2003, such pro rata payment shall be deemed to be the greater of (a) the payment to which the Executive would have been entitled if the Triggering Termination had occurred on July 1, 2003; or (b) the payment calculated using the actual date of the Triggering Termination; and (iv) any additional benefits or perquisites to which the Executive and his dependents, as applicable, shall be entitled (or would have been entitled, if the Executive or his dependents would have been eligible for such benefits or perquisites but for the Executive's termination of employment) under the Company's benefit plans and perquisite arrangements generally applicable to senior management as may be in effect from time to time, including any unpaid payment under the MIP, the 2003 EBITDA Bonus Pool or the AIP for a prior year, group health, hospitalization, dental and vision coverage for him and his family on the same basis as...