Termination Benefit. (a) If the Employment Period shall terminate by reason of Employer's exercise of its right under Section 3(e) to terminate without Cause or in the event Employee elects to terminate the Employment Period for Good Reason or the Employment Period is terminated on account of Employee's death or Disability, then Employer shall thereafter be obligated to pay Employee (or his estate) and Employee (or his estate) shall be entitled to receive as severance pay hereunder, for a period of two years beginning on the first day following such termination (or if longer, for a period commencing on such date and ending on the third anniversary of the Effective Time) (the "Severance Period"), an amount for each year, equal to his Basic Salary as of the date of such termination plus the highest amount of bonus or incentive compensation (exclusive of the Nortek, Inc. 1999 Equity Performance Plan) paid or payable in cash to Employee in any one of the three calendar years immediately prior to the Effective Time (or, if higher, the three calendar years immediately prior to such termination). Payments will be made in the same manner as Employee's Basic Salary was paid immediately prior to termination and will be subject to appropriate tax withholding. In the event of such a termination, Employee shall continue, during the Severance Period, to be covered at the expense of the Employer by the same or equivalent accident, disability and life insurance coverage as he was covered immediately prior to the Effective Time (or, if greater, immediately prior to such termination), including the payment of premiums that may become due under any split-dollar life insurance contract provided by Employer covering the life of the Employee and/or his spouse.
Termination Benefit. In the event the Agreement is terminated, the Director shall be entitled to his Accrued Benefit as of the termination date. Payment of the Director’s Accrued Benefit shall not be dependent upon his continuation of service with the Association following the Agreement termination date, and such Accrued Benefit shall be paid in a lump sum within thirty (30) days of the date of termination of the Agreement.
Termination Benefit. Upon termination of employment (i) by the Company other than for "cause" pursuant to Section 6.03 hereof, (ii) upon the disability of the Executive pursuant to Section 6.01 hereof, (iii) by the Executive's death pursuant to Section 6.02 hereof, or (iv) by the Executive for "cause" pursuant to Section 6.04 hereof, the Executive (or his estate or representative) shall receive a severance payment equal to the greater of (i) the amount of the then current annual Base Salary or (ii) the continuation of the then Base Salary for the balance of the Term.
Termination Benefit. When termination occurs after six continuous months of employment, an employee so terminating shall be paid for any unused vacation credit payable to him/her. Credit shall be toward their next full vacation for any month in which they worked eighty (80) hours or more. Vacation assignments shall be made at the Employer's discretion, but no vacation period shall be fixed during the months of November, December, January, and February unless the employee entitled to such vacation period prefers their vacation in those months. If a holiday falls within an employee's vacation period, such holiday shall not be considered as part of the vacation period, and the employee shall receive another day's vacation in lieu thereof. Vacation checks shall be given to employees in advance, if requested at least two (2) weeks in advance of the vacation. Employees may cash-out any amount of their accrued vacation hours, provided the employee has a minimum balance of eighty (80) hours remaining immediately following the cash out. Cash-outs shall be processed at the employee's current hourly rate of pay as recorded in the payroll system. A "Paid Time Off Cash-Out Request and Waiver" form must be submitted to Payroll by the payroll deadline. Vacation accumulations shall be limited to 480 hours. Accruals will cease when the limit is reached and will resume only when the balance is below 480 hours. Accruals over the limit are not cashed out.
Termination Benefit. If, during the Term, PSB terminates Employee's employment with PSB without Cause (as defined below) or Employee terminates for Good Reason (as defined below), Employee will be entitled to receive a termination payment equal to two (2) times Employee's annual base salary at the time of termination (the "Termination Benefit"). The Termination Benefit will be paid over a two-year period in accordance with the payroll schedule that applies to other salaried employees of PSB.
Termination Benefit. If the Participant terminates employment with the Bank prior to attaining his or her Early Retirement Date, other than by reason of death or Disability, the Participant shall be entitled to 100% of his or her Accrued Benefit, payable commencing upon the Participant’s attaining his or her Normal Retirement Date.
Termination Benefit. Upon the Executive’s Termination without Cause by the Employer, the Executive shall be eligible to receive the benefit described in this Section 2.5 in lieu of any other benefit under Article 2 of this Agreement.
Termination Benefit. In the event of a Participant's Termination of Employment, either voluntarily or involuntarily the Company shall pay to the Participant a Termination Benefit to be calculated and paid in accordance with the Adoption Agreement and the terms and conditions of this Plan.
Termination Benefit. The Bank agrees that it shall continue to pay Executive his Base Salary for twelve (12) months from the date of his termination as described in Section 7(e) or 7(f) of Executive’s Employment Agreement. These continued payments are conditioned upon Executive’s continued compliance with his obligations under this Release Agreement.
Termination Benefit. In the case of a termination of the Agreement, the Executive shall be entitled to her Accrued Benefit as of the termination date. Payment of the Executive's Accrued Benefit shall not be dependent upon her continuation of service with the Bank following the Agreement termination date. Payment of the Accrued Benefit shall be made in a lump sum within thirty (30) days of the termination. The Executive shall be deemed to be one hundred (100%) vested in her Accrued Benefit in the event of such termination of the Agreement.
