Termination Benefits means (i) a lump sum cash payment equal to 100% of the sum of (A) Executive’s annual base salary at the rate in effect under paragraph 3.1 on the date of termination of Executive’s employment and (B) the highest annual incentive compensation payment paid to Executive by Company (pursuant to paragraph 3.2 or otherwise) during the three years prior to the date of termination of Executive’s employment, and (ii) all of the outstanding stock options, restricted stock or unit awards and other equity based awards granted by Company to Executive shall become fully vested and immediately exercisable in full on the date of termination of Executive’s employment; provided, however, that if a Change in Control occurs prior to the earlier of the consummation of an Initial Public Offering and June 30, 2007 and the Executive’s employment is terminated prior to the consummation of such Change in Control, then the percentage used in clause (i) of this definition shall be zero.
Termination Benefits payable in accordance with paragraphs 4 and 5 are the following payments and benefits:
Examples of Termination Benefits in a sentence
For the avoidance of doubt, Non-Employee Directors are not eligible for Termination Benefits under the Plan.
For the avoidance of doubt, Non-Employee Directors are not eligible for Termination Benefits under the Plan, because Retirement for NonEmployee Directors means Separation from Service for any reason.
More Definitions of Termination Benefits
Termination Benefits means (1) all unvested Stock Rights (as defined above) shall become fully vested as of the effective date of such termination of employment described in Section 3(a) or Section 3(b), as the case may be, and (2) the Executive shall continue to receive for a period of twelve (12) months following the effective date of such termination of employment described in Section 3(a) or Section 3(b), as the case may be, continued payment of the greater of the Executive's base salary in effect immediately prior to (i) such termination or (ii) the closing date of the transaction giving rise to a Change of Control. In addition, the Executive shall have the right to convert his health insurance benefits to individual coverage pursuant to COBRA. Should the Executive so elect, the Company shall reimburse the Executive for twelve (12) months of health care coverage.
Termination Benefits means (i) a lump sum cash payment equal to the sum of: (A) one year of Executive’s annual base salary at the rate in effect under paragraph 3.1 on the date of termination of Executive’s employment, (B) the higher of (1) Executive’s highest annual bonus paid during the three most recent fiscal years or (2) Executive’s Target Bonus (as provided in Company’s annual cash incentive plan) for the fiscal year in which Executive’s date of termination occurs, and (C) any bonus that Executive has earned and accrued as of the date of termination of Executive’s employment which relates to periods that have ended on or before such date and which have not yet been paid to Executive by Company; and (ii) Health Coverage.
Termination Benefits means:
Termination Benefits. (a) continuation of your then current base salary for the twelve (12) month period that immediately follows the Date of Termination (the “Severance Payments”); and (b) if elected, continuation of group health plan benefits to the extent authorized by and consistent with 29 U.S.C. § 1161 et seq. (commonly known as “COBRA”), with the cost of the regular premium for such benefits shared in the same relative proportion by the Company and you as in effect on the Date of Termination until the earlier of (i) the date that is twelve (12) months after the Date of Termination; and (ii) the date you become eligible for health benefits through another employer or otherwise become ineligible for COBRA.