Applicable Severance definition

Applicable Severance means ▇▇▇▇▇▇’▇ ▇▇▇▇▇▇▇▇▇ from employment by reason of involuntary termination by the Bank or in connection with any bankruptcy, liquidation or receivership of the Bank or any other entity that is treated as the same employer under EESA, in each case as determined under the regulations implementing Section 111(b) of EESA;

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Applicable Severance means Paul’s severance from employment by reason of involuntary termination by the Company or in connection with any bankruptcy, liquidation or receivership of the Company or any other entity that is treated as the same employer under EESA, in each case as determined under the regulations implementing Section 111(b) of EESA;

Applicable Severance means Langmead’s severance from employment by reason of involuntary termination by the Bank or in connection with any bankruptcy, liquidation or receivership of the Bank or any other entity that is treated as the same employer under EESA, in each case as determined under the regulations implementing Section 111(b) of EESA;

Examples of Applicable Severance in a sentence

• Notwithstanding any provision of this Agreement, the Plan, or any Applicable Severance Agreement to the contrary, in no event will Intrepid or any of its Affiliates be liable to Grantee or any other person on account of an Award’s failure to (a) qualify for favorable U.S. tax treatment or (b) avoid adverse tax treatment under U.S. law, including, without limitation, Section 409A.

• Health insurance benefits with the same -------------- coverage provided to Officer prior to the termination (e.g. medical, dental, optical, mental health) and in all other respects significantly comparable to those in place immediately prior to the termination will be provided at the Company's cost over the Applicable Severance Period.

• For the avoidance of doubt, the Executive shall participate in and be eligible to benefit from any Applicable Severance Plan if a Qualifying Expiration occurs, regardless of whether any period of the Executive’s performance of services as an at-will employment follows such Qualifying Expiration, subject to the terms of such Applicable Severance Plan.

• The Company shall provide the Executive with a level of outplacement services commensurate with the Executive’s position during the Applicable Severance Period as determined by the Company in its reasonable discretion.

• Also for the avoidance of doubt, unless otherwise provided in an Applicable Severance Plan, a modification of the Executive’s compensation terms upon or after a Qualifying Expiration shall not be considered to constitute a termination of the Executive’s employment by the Company or the Employer unless such modification constitutes a constructive discharge.

• The parties intend that during the Applicable Severance Period continued medical and dental coverage shall not constitute a “deferral of compensation” under Treas.

• The Company shall (i) prepay all premiums due during the Applicable Severance Period under any insurance policy maintained by the Company insuring the life of the Executive that is in effect and (ii) transfer to the Executive any and all rights and incidents of ownership in such arrangements.

• This Agreement constitutes the entire understanding of the parties with respect to the subject matter hereof and supersedes all prior agreements, understandings, and negotiations between the parties except to the extent that a matter is specifically addressed by any employment, severance, or change-in-control agreement between Intrepid and Grantee (an “Applicable Severance Agreement”), in which instance the relevant terms of the Applicable Severance Agreement will govern.

• Except to the extent provided in an Applicable Severance Agreement, the shares of Restricted Stock are subject to the provisions of the Plan pertaining to a Change of Control of Intrepid.

• Except as provided otherwise in this Agreement, the Plan, or an Applicable Severance Agreement (as defined in Section 14), upon the termination of your Service prior to a Vesting Date for any reason other than your death or Disability, all shares of Restricted Stock that are not vested will immediately be forfeited.

More Definitions of Applicable Severance

Applicable Severance means Flynn’s severance from employment by reason of involuntary termination by Bancorp or in connection with any bankruptcy, liquidation or receivership of the Bank or any other entity that is treated as the same employer under EESA, in each case as determined under the regulations implementing Section 111(b) of EESA;