Payments upon Termination of Employment Contract Clauses (106)

Payments upon Termination of Employment. Executive will not be entitled to any further employment-related compensation, payments or benefit coverage from the Company or any Affiliate after termination of the Executive's Employment, except (a) unpaid salary installments through the end of the week in which the Employment terminates, (b) accrued, unpaid paid-time off, (c) any earned, unpaid incentive payments for the completed year immediately prior to the year in which Executive's Employment terminates, (d) reimbursement of unreimbursed... business expenses incurred prior to termination of the Executive's Employment in accordance with the Company's reimbursement policy, (e) any vested benefits accrued before the termination of Employment under the terms of any written Company policy or benefit program, (f) rights to indemnification and rights in connection with applicable D&O policies and (g) if the termination of Employment is pursuant to Section 5, Severance Pay to which Executive is entitled under Section 7. View More

Payments upon Termination of Employment. If during the Termination Period the employment of the Participant is terminated pursuant to a Qualifying Termination, then, subject to the Participant's execution of a Separation Agreement and Release in the form attached to this Plan as Schedule C (the "Separation Agreement and Release"), the Company shall provide to the Participant: (a) his or her full base salary through the Date of Termination at the rate in effect at the time notice of termination is given, plus all other amounts to which ...he or she is entitled under any compensation plan of the Company, as the case may be, in effect immediately before the Change in Control, at the time such payments are due; (b) on the sixtieth (60th) day following the Date of Termination, provided the Participant has not revoked the Separation Agreement and Release as of such date, a lump sum cash payment equal to the result of multiplying (i) the Participant's current target Annual Bonus, expressed as a percentage of base salary in the event the relevant goals are 100% achieved, for the year in which the Date of Termination occurs by (ii) a fraction, (A) the numerator of which is the number of days elapsed from the beginning of the relevant period for which performance is measured in determining such Annual Bonus until the Date of Termination and (B) the denominator of which is the number of days of such relevant period; (c) on the sixtieth (60th) day following the Date of Termination, provided the Participant has not revoked the Separation Agreement and Release as of such date, a lump sum cash payment equal to the result of multiplying (i) the sum of (A) the Participant's Base Salary, plus (B) the Participant's Bonus Amount by (ii) the Participant's Severance Multiple; (d) for the lesser of (i) the number of years from the Date of Termination equal to the Severance Multiple and (ii) through the date the Participant ceases to be eligible for COBRA, continued provision of medical, dental, and vision benefits to the Participant, his or her spouse and his or her eligible dependants on the same basis as such benefits are then currently provided to such Participant (the "Medical Benefits"); provided that such benefits shall be secondary to any other coverage obtained by the Participant and shall be paid or provided in accordance with Section 8 below; provided further that if the Company's welfare plans do not permit such coverage, the Company will provide the Participant the Medical Benefits with the same tax effect; and (e) if the Participant is subject to any excise tax imposed under Section 4999 of the Code (the "Excise Tax") by reason of a Change in Control, then the Company shall pay to the Participant an amount as specified in Schedule B. Except as otherwise expressly provided pursuant to this Plan, this Plan shall be construed and administered in a manner which avoids duplication of compensation and benefits which may be provided under any other plan, program, policy, or other arrangement or individual contract. In the event a Participant is covered by any other plan, program, policy, individually negotiated agreement or other arrangement, in effect as of his or her Date of Termination, that may duplicate the payments and benefits provided for in this Section 4, the Board is specifically empowered to reduce or eliminate the duplicative benefits provided for under the Plan, provided such elimination or reduction does not cause the Participant to incur additional tax or interest under Section 409A of the Code ("Section 409A"). This Plan does not abrogate any of the usual entitlements which a Participant has or will have, first, while a regular employee, and subsequently, after termination, and thus a Participant shall be entitled to receive all benefits payable to him or her under each and every qualified plan, welfare plan and any other plan or program relating to benefits and deriving from his or her employment with the Company, but solely in accordance with the terms and provisions thereof. View More

Payments upon Termination of Employment. Subject to Sections 2 and 4 hereof, if on, or at any time during the eighteen (18) month period following the first Strategic Event to occur, you are discharged by the Company without Cause or you Terminate for Good Reason, you shall be eligible to receive the following payments and benefits: (a) a lump sum payment of (i) an amount equal to your target annual bonus for the fiscal year in which your employment terminates, prorated to reflect the portion of such year through the date your employme...nt terminates, (ii) an amount equal to twelve (12) months' of your then current base salary, and (iii) an amount equal to your target annual bonus for the fiscal year in which your employment terminates; and (b) deemed to be 100% vested in any LTIP grants that were made to you before the Strategic Event for fiscal years 2014 and later (including LTIP awards in the form of time-based and performance-based restricted stock units of Wayne Farms, Inc.) and such awards shall be paid on the 180th day following the closing date of the Strategic Event, with any performance-based LTIP awards for fiscal years 2014 and 2015 paid out at the calculated percentage of target based on the Company's performance through the closing date of the Strategic Event and any performance-based LTIP awards for fiscal years 2016 and later paid out at target. View More