Grouped Into 1 Collection of Similar Clauses From Business Contracts
This page contains Benefits Upon Termination clauses in business contracts and legal agreements. We have organized these clauses into groups of similarly worded clauses.
Benefits Upon Termination. Upon the termination of Executive's employment by the Bank (or any successor) without Cause or by Executive with Good Reason during the Term on or after the effective time of a Change in Control, the Bank (or any successor) will pay or provide Executive, or Executive's estate in the event of Executive's subsequent death, with the following: (i) a gross cash payment (the "Change in Control Severance") equal to two (2) times the sum of Executive's: (A) Base Salary (or Executive's Base Salary in ef...fect immediately prior to the Change in Control, if higher); and (B) the average annual cash bonus earned by Executive for the three (3) most recently completed annual performance periods prior to the Change Control. The Change in Control Severance shall be payable in equal bi-weekly installments in accordance with the payroll practices of the Bank (or any successor) for a period of two years, commencing within 30 days following Executive's Date of Termination; and (ii) 12 consecutive monthly cash payments (commencing with the first month following Executive's Date of Termination and continuing until the twelfth month following Executive's Date of Termination) in an amount that would be necessary to provide for Executive and his dependents, if any, the same level of coverage under the Bank's (or successor's) group health plan under the applicable provisions of the Consolidated Omnibus Budget Reconciliation Act ("COBRA") for such 12 month period (regardless of whether Executive actually elects continued health care coverage under COBRA) as was in effect for Executive, and his dependents, if any, immediately prior to Executive's Date of Termination.View More
Benefits Upon Termination. Upon the termination of Executive's employment by the Bank (or any successor) without Cause or by Executive with Good Reason during the Term on or after the effective time of a Change in Control, the Bank (or any successor) will pay or provide Executive, or Executive's estate in the event of Executive's subsequent death, with the following: (i) a gross cash lump sum payment (the "Change in Control Severance") equal to two (2) times the sum of Executive's: (A) Base Salary (or Executive's Base Sal...ary in effect immediately prior to the Change in Control, if higher); and (B) the average highest annual cash bonus earned by Executive for the three (3) most recently completed annual performance periods prior to the Change Control. The Change in Control Severance shall be Control, payable in equal bi-weekly installments in accordance with the payroll practices of the Bank (or any successor) for a period of two years, commencing within 30 days following Executive's Date of Termination; and (ii) 12 consecutive monthly cash payments (commencing with life insurance coverage and non-taxable medical and dental insurance coverage substantially comparable to the first month coverage maintained by the Bank for Executive immediately prior to the Date of Termination at no cost to Executive. Such continued coverage will cease upon the earlier of: (A) the date which is 24 months following from Executive's Date of Termination Termination; or (B) the date on which Executive becomes a full-time employee of another employer, provided Executive is entitled to benefits that are substantially similar to the health and continuing until welfare benefits provided by the twelfth month following Executive's Date Bank. The period of Termination) in an amount that would be necessary to provide for Executive and his dependents, if any, the same level of continued health coverage under the Bank's (or successor's) group health plan under the applicable provisions required by Section 4980B(f) of the Consolidated Omnibus Budget Reconciliation Act ("COBRA") for such 12 month Code shall not run concurrently with the coverage period (regardless of whether Executive actually elects continued health care coverage under COBRA) as was in effect for Executive, and his dependents, if any, immediately prior to Executive's Date of Termination. provided herein. View More
Benefits Upon Termination. Upon the termination of (a) If Executive's employment by the Bank (or any successor) without Cause shall be terminated subsequent to a Change in Control and during the term of this Agreement by the Bank for other than Cause, or by Executive with for Good Reason during the Term on or after the effective time of a Change in Control, Reason, then the Bank (or any successor) will pay or provide Executive, or Executive's estate in the event of Executive's subsequent death, with the following: (i) a g...ross cash lump sum payment (the "Change in Control Severance") equal to two (2) one (1) times the sum of Executive's: (A) Base Salary (or Executive's Base Salary in effect immediately prior to the Change in Control, if higher); and (B) the average annual cash highest target bonus earned by Executive opportunity for any of the three (3) most recently completed annual performance periods prior to the Change Control. The Change in Control Severance shall be Control, payable in equal bi-weekly installments in accordance with the payroll practices of the Bank (or any successor) for a period of two years, commencing within 30 days following Executive's Date of Termination; and (ii) provided that Executive has elected continued health care coverage in accordance with the Consolidated Omnibus Budget Reconciliation Act ("COBRA"), reimbursement of such COBRA health care costs by the Bank, plus a gross-up payment sufficient to ensure receipt by Executive of the full amount of such COBRA premiums that Executive would have received if the benefit had not been taxable, for up to 12 consecutive monthly cash payments months, or if less, for the period for which Executive has elected COBRA coverage (commencing with the first month following Executive's Date of Termination and continuing until the twelfth month following Executive's Date of Termination) in an amount that would be necessary to provide for Executive and his dependents, if any, with the same level of coverage under the Bank's (or successor's) group health plan under the applicable provisions of the Consolidated Omnibus Budget Reconciliation Act ("COBRA") for such 12 month period (regardless of whether Executive actually elects continued health care coverage under COBRA) plan, as was in effect for Executive, and his dependents, if any, immediately prior to Executive's Date of Termination. View More
Benefits Upon Termination. Upon the termination of (a) If Executive's employment by the Bank (or any successor) without Cause shall be terminated subsequent to a Change in Control and during the term of this Agreement by the Bank for other than Cause, or by Executive with for Good Reason during the Term on or after the effective time of a Change in Control, Reason, then the Bank (or any successor) will pay or provide Executive, or Executive's estate in the event of Executive's subsequent death, with the following: (i) a g...ross cash payment compensation equal to two (2) year's salary at the highest rate in effect during the twelve (12) month period immediately preceding his last day of employment plus any average cash award paid to Executive over the last three (3) years from the Executive Incentive Plan (the "Change in Control Severance") equal Payment"). Change in Control Payments shall be made to two (2) times Executive in installments on the sum of Executive's: (A) Base Salary (or Executive's Base Salary in effect same schedule as Executive was paid immediately prior to the Change in Control, if higher); Control termination; and (B) the average annual cash bonus earned by (ii) provided that Executive for the three (3) most recently completed annual performance periods prior to the Change Control. The Change in Control Severance shall be payable in equal bi-weekly installments has elected continued health care coverage in accordance with the payroll practices Consolidated Omnibus Budget Reconciliation Act ("COBRA"), reimbursement of such COBRA health care costs by the Bank, plus a gross-up payment sufficient to ensure receipt by Executive of the Bank (or any successor) full amount of such COBRA premiums that Executive would have received if the benefit had not been taxable, for a up to 18 consecutive months, or if less, for the period of two years, commencing within 30 days following Executive's Date of Termination; and (ii) 12 consecutive monthly cash payments for which Executive has elected COBRA coverage (commencing with the first month following Executive's Date of Termination and continuing until the twelfth eighteenth month following Executive's Date of Termination) in an amount that would be necessary to provide for Executive and his dependents, if any, with the same level of coverage under the Bank's (or successor's) group health plan under the applicable provisions of the Consolidated Omnibus Budget Reconciliation Act ("COBRA") for such 12 month period (regardless of whether Executive actually elects continued health care coverage under COBRA) plan, as was in effect for Executive, and his dependents, if any, immediately prior to Executive's Date of Termination. (iii) In the event Executive accepts employment during the Change in Control Payment period, the Bank agrees that payment of the salary shall continue, (and the health and medical benefits until Executive becomes eligible with employer), for the Change in Control Payment period with no right of setoff. View More
