CHANGE IN CONTROL RETENTION BONUS Sample Clauses

CHANGE IN CONTROL RETENTION BONUS. If Executive remains employed with PremierWest or its successor for six (6) months following a Change in Control, as additional compensation for assisting PremierWest with the Change in Control transition and as a reward for continued service, upon Termination of Employment (other than Termination of Employment For Cause), PremierWest will pay Executive an amount of cash equal to the amount of interest that would have accrued had PremierWest, upon the six month anniversary of the Change in Control, paid to Executive’s Deferral Account under the Deferred Compensation Agreement, an amount equal to one times the sum of (i) Executive’s annual Base Salary and (ii) the amount of any bonuses or incentive compensation earned for the calendar year ended immediately before the year in which the Change in Control occurred, or the subsequent year, if ended, whichever is greater. Payment of the retention bonus described in this Section 12 shall be made on the first day of the seventh month after the Executive’s Termination of Employment.
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CHANGE IN CONTROL RETENTION BONUS. If Officer remains employed for 12 months following a Change in Control, Officer will receive six (6) months Base Salary and 50% of the bonus Officer received in the previous year (the aforementioned Base Salary and bonus are collectively referred to as the “Retention Bonus”). The Retention Bonus shall be paid in equal installments over six (6) months, starting on the next regular payday following the first anniversary of the Change in Control. Receipt of the Retention Bonus is conditioned on Officer not being in violation of any material term of this Agreement. If officer receives a benefit under this Section 11, such benefit shall cease when Officer begins to receive any benefit under Section 10.
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CHANGE IN CONTROL RETENTION BONUS. Provided that the Executive (a) is employed by the Company on the date of a Change in Control, (b) terminated his employment for Good Reason within 180 days prior to the date on which a Change in Control occurs, or (c) was terminated by the Company for other than Cause within 180 days prior to the date on which a Change in Control occurs, then as soon as administratively feasible after the date of the Change in Control, the Executive shall receive a lump sum payment equal to one (1) times the annual base salary the Executive received from the Company as of the Effective Date. Additionally, provided that the Executive (a) is employed by the Company on the date of a Change in Control, (b) terminated his employment for Good Reason within 180 days prior to the date on which a Change in Control occurs, or (c) was terminated by the Company for other than Cause within 180 days prior to the date on which a Change in Control occurs, then upon any termination of the Executive’s employment (the “Termination Date”), the Executive and the Executive’s spouse will receive continuation of medical benefits in effect as of the Termination Date (or such benefits as the Company or its successor may subsequently provide from time to time to the senior executives of the Company) at the Company’s (or its successor’s) sole expense until the earliest of (i) December 31, 2012, (ii) the date on which the Executive becomes eligible for medical benefits under a group health plan of any employer or (iii) the date on which the Executive dies. Additionally, solely with respect to continuation of medical benefits for the Executive’s spouse, such coverage shall immediately cease on the date on which the Executive’s spouse attains age 65, if earlier than any date so provided in the foregoing sentence. Any claims for reimbursement of a proper medical expense shall be paid as soon as administratively feasible following the proper submission of such expense; provided however, that all such claims must be submitted and paid by the end of the year following the year in which such expense is incurred.
Sample 1
CHANGE IN CONTROL RETENTION BONUS. Provided that the Executive is then still employed by the Company on the date on which a Change of Control occurs and further provided that (a) the Executive is employed by the Company or its successor on the six-month anniversary of the date of the Change of Control, (b) the Executive terminated his employment for “Good Reason” (as defined below) prior to the six-month anniversary of the date of the Change of Control or (c) the Company or its successor terminated the Executive’s employment for reasons other than for “Cause” (as defined below) prior to the six-month anniversary of the date of the Change of Control, then on the six-month anniversary of the date of the Change of Control the Executive shall receive a lump sum payment equal to 0.5 times the annual base salary the Executive received from the Company as of the Effective Date.
Sample 1
CHANGE IN CONTROL RETENTION BONUS. If EXECUTIVE remains employed with PREMIERWEST or its successor for six (6) months following a Change in Control, as additional compensation for assisting PREMIERWEST with the Change in Control transition and as a reward for continued service, upon termination of employment (other than Termination For Cause), PREMIERWEST will pay EXECUTIVE an amount of cash equal to the amount of interest that would have accrued had PREMIERWEST, upon the six month anniversary of the Change in Control, paid to EXECUTIVE'S Deferral Account under the Deferred Compensation Agreement, an amount equal to one times the sum of (i) EXECUTIVE'S annual Base Salary and (ii) the amount of any bonuses or incentive compensation earned for the calendar year ended immediately before the year in which the Change in Control occurred, or the subsequent year, if ended, whichever is greater.
Sample 1
CHANGE IN CONTROL RETENTION BONUS. Provided that the Executive is then still employed by the Company on the date on which a Change in Control occurs the Executive shall receive a lump sum payment equal to 0.5 times the annual base salary the Executive received from the Company as of the Effective Date.
Sample 1
CHANGE IN CONTROL RETENTION BONUS. If Executive remains employed with PremierWest or its successor for six (6) months following a Change in Control, as additional compensation for assisting PremierWest with the Change in Control transition and as a reward for continued service, upon termination of employment (other than Termination For Cause), PremierWest will pay Executive an amount of cash equal to the amount of interest that would have accrued had PremierWest, upon the six month anniversary of the Change in Control, paid to Executive's Deferral Account under the Deferred Compensation Agreement, an amount equal to one times the sum of (i) Executive's annual Base Salary and (ii) the amount of any bonuses or incentive compensation earned for the calendar year ended immediately before the year in which the Change in Control occurred, or the subsequent year, if ended, whichever is greater).
Sample 1
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Related to CHANGE IN CONTROL RETENTION BONUS

  • 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.

  • Retention Bonus You will be eligible for a lump sum cash payment on the first anniversary of the Acquisition Date provided that you are employed by the Company as of such date in an amount equal to the sum of (i) 100% of your annual base salary in effect as of the Acquisition Date, plus (ii) 100% of the annual bonus paid to you for the Company’s fiscal year ending December 31, 2008 (such sum, the “First Year Retention Bonus”). You will be eligible for a lump sum cash payment on the second anniversary of the Acquisition Date provided that you are employed by the Company as of such date in an amount equal to the sum of (i) 100% of your annual base salary in effect as of the Acquisition Date, plus (ii) 100% of the annual bonus paid to you for the Company’s fiscal year ending December 31, 2008 (such sum, the “Second Year Retention Bonus”). Except as set forth below, you will not be eligible for the retention bonuses as set forth above if your employment terminates prior to such applicable anniversary. In the event of your Voluntary Termination for Good Reason (as defined below), the termination of your employment by the Company other than for Justifiable Cause, or in the event of your death or “permanent disability” as defined in the Company’s long-term disability policy (i) during the first twelve month period following the Acquisition Date, you will be eligible for a pro rata portion of the First Year Retention Bonus, counting full months of employment with the Company from the Acquisition Date through such termination, and (ii) during the second twelve month period following the Acquisition Date, you will be eligible for a pro rata portion of the Second Year Retention Bonus, counting full months of employment with the Company from the first anniversary of the Acquisition Date through such termination. Any prorated payment pursuant to the preceding sentence shall be made within 10 business days of such termination. If the annual bonus payment for the Company’s fiscal year ending December 31, 2008 has not been paid to you or otherwise determined by the Company as of the date the prorated payment is due, the prorated payment shall be calculated using your target bonus amount for 2008. Payments under this Section 8 shall be net of any applicable withholding taxes. For purposes of this Section 8, “Voluntary Termination for Good Reason” shall have the same meaning as given to such term under the Key Employee Change in Control Severance Plan as in effect immediately prior to the Acquisition Date, but with respect to the First Year Retention Bonus only, determined without regard to clause (ii) thereof.”

  • 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).

  • 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 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.

  • Change in Control Termination For purposes of this Agreement, a “Change in Control Termination” means that while this Agreement is in effect:

  • Severance Amount If the Company is required to pay Executive severance by the express terms of Section 7(a) or 7(b), the Company shall pay Executive the following as severance:

  • 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.

  • 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:

  • Retention Bonuses Provided Executive becomes and remains an active employee of Mercantile, Mercantile will pay Executive retention bonuses in accordance with the following schedule:

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