BENEFITS IN THE EVENT Sample Clauses

BENEFITS IN THE EVENT. OF A TERMINATION WITHOUT CAUSE OR A TERMINATION FOR GOOD REASON. In the event of a Termination Without Cause or a Termination for Good Reason the Executive shall be entitled to the following: If a Termination Without Cause or a Termination for Good Reason occurs at any time other than during the CIC Coverage Period, the Company shall be obligated to make an undiscounted lump sum payment to the Executive equal to the Executive's Annual Base Salary as in effect on the effective date of such termination (without giving effect to any reduction in Annual Base Salary described in Section 6(c)(i) hereof), such payment to be made within ten (10) business days of the effective date of such Termination Without Cause or Termination for Good Reason, as the case may be. If a Termination Without Cause or a Termination for Good Reason occurs during the CIC Coverage Period, the Executive shall be entitled to an undiscounted lump sum payment equal to the product of (A) the Executive's Annual Base Salary as in effect on the effective date of such termination (without giving effect to any reduction in Annual Base Salary described in Section 6(c)(i) hereof) and (B) two (2) years.
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BENEFITS IN THE EVENT. OF A TERMINATION WITHOUT CAUSE OR A TERMINATION FOR GOOD REASON. In the event of a Termination Without Cause or a Termination for Good Reason the Executive shall be entitled to the following: (i) If a Termination Without Cause or a Termination for Good Reason occurs at any time other than during the CIC Coverage Period, the Company shall be obligated to make an undiscounted lump sum payment to the Executive equal to the Executive's Annual Base Salary as in effect on the effective date of such termination (without giving effect to any reduction in Annual Base Salary described in Section 6(c)(i) hereof), such payment to be made within ten (10) business days of the effective date of such Termination Without Cause or Termination for Good Reason, as the case may be. (ii) If a Termination Without Cause or a Termination for Good Reason occurs during the CIC Coverage Period, the Executive shall be entitled to an undiscounted lump sum payment equal to the product of (A) the Executive's Annual Base Salary as in effect on the effective date of such termination (without giving effect to any reduction in Annual Base Salary described in Section 6(c)(i) hereof) and (B) three (3).
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BENEFITS IN THE EVENT of a Change in Control. In the event of a voluntary or involuntary termination of employment within three (3) years following a Change in Control of the Holding Company or the Bank, other than due to the Executive's death, the Executive shall be entitled to a benefit under this Section 2.4, in lieu of any other benefit to which he might be entitled hereunder. Commencing within thirty (30) days of the Executive's attainment of his Retirement Age, the Executive shall receive an annual benefit of Twenty-Five Thousand Dollars ($25,000) payable monthly, for a period of One Hundred Twenty (120) Months. In the event the Executive dies before all benefits are paid under this Section 2.4, the Executive's Beneficiary shall be paid all remaining installments due and owing hereunder.
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Related to BENEFITS IN THE EVENT

  • Benefits - In General The Executive shall be permitted during the Term to participate in any group life, hospitalization or disability insurance plans, health programs, equity incentive plans, long-term incentive programs, 401(k) and other retirement plans, fringe benefit programs and similar benefits that may be available (currently or in the future) to other senior executives of the Company generally, in each case to the extent that the Executive is eligible under the terms of such plans or programs.

  • Agreement Subject to Plan This Option Agreement is subject to the Plan. The terms and provisions of the Plan (including any subsequent amendments thereto) are hereby incorporated herein by reference thereto. In the event of a conflict between any term or provision contained herein and a term or provision of the Plan, the applicable terms and provisions of the Plan will govern and prevail. All definitions of words and terms contained in the Plan shall be applicable to this Option Agreement.

  • Agreement Subject to the Plan This Agreement is subject to the provisions of the Plan and shall be interpreted in accordance therewith. The Holder hereby acknowledges receipt of a copy of the Plan.

  • Agreement Subject to Appropriation The City is obligated only to pay its obligations set forth in this Agreement as may lawfully be made from funds appropriated and budgeted for that purpose during the City’s then current fiscal year. The City’s obligations under this Agreement are current expenses subject to the “budget law” and the unfettered legislative discretion of the City concerning budgeted purposes and appropriation of funds. Should the City elect not to appropriate and budget funds to pay its Agreement obligations, this Agreement shall be deemed terminated at the end of the then-current fiscal year term for which such funds were appropriated and budgeted for such purpose and the City shall be relieved of any subsequent obligation under this Agreement. The parties agree that the City has no obligation or duty of good faith to budget or appropriate the payment of the City’s obligations set forth in this Agreement in any budget in any fiscal year other than the fiscal year in which this Agreement is executed and delivered. The City shall be the sole judge and authority in determining the availability of funds for its obligations under this Agreement. The City shall keep Consultant informed as to the availability of funds for this Agreement. The obligation of the City to make any payment pursuant to this Agreement is not a general obligation or indebtedness of the City. Consultant hereby waives any and all rights to bring any claim against the City from or relating in any way to the City’s termination of this Agreement pursuant to this section.

  • Agreement with Respect to Continuation of Group Health Plan Coverage for Former Employees of the Failed Bank (a) The Assuming Institution agrees to assist the Receiver, as provided in this Section 4.12, in offering individuals who were employees or former employees of the Failed Bank, or any of its Subsidiaries, and who, immediately prior to Bank Closing, were receiving, or were eligible to receive, health insurance coverage or health insurance continuation coverage from the Failed Bank ("Eligible Individuals"), the opportunity to obtain health insurance coverage in the Corporation's FIA Continuation Coverage Plan which provides for health insurance continuation coverage to such Eligible Individuals who are qualified beneficiaries of the Failed Bank as defined in Section 607 of the Employee Retirement Income Security Act of 1974, as amended (respectively, "qualified beneficiaries" and "ERISA"). The Assuming Institution shall consult with the Receiver and not later than five (5) Business Days after Bank Closing shall provide written notice to the Receiver of the number (if available), identity (if available) and addresses (if available) of the Eligible Individuals who are qualified beneficiaries of the Failed Bank and for whom a "qualifying event" (as defined in Section 603 of ERISA) has occurred and with respect to whom the Failed Bank's obligations under Part 6 of Subtitle B of Title I of ERISA have not been satisfied in full, and such other information as the Receiver may reasonably require. The Receiver shall cooperate with the Assuming Institution in order to permit it to prepare such notice and shall provide to the Assuming Institution such data in its possession as may be reasonably required for purposes of preparing such notice. (b) The Assuming Institution shall take such further action to assist the Receiver in offering the Eligible Individuals who are qualified beneficiaries of the Failed Bank the opportunity to obtain health insurance coverage in the Corporation's FIA Continuation Coverage Plan as the Receiver may direct. All expenses incurred and paid by the Assuming Institution (i) in connection with the obligations of the Assuming Institution under this Section 4.12, and (ii) in providing health insurance continuation coverage to any Eligible Individuals who are hired by the Assuming Institution and such employees' qualified beneficiaries shall be borne by the Assuming Institution. (c) No later than five (5) Business Days after Bank Closing, the Assuming Institution shall provide the Receiver with a list of all Failed Bank employees the Assuming Institution will not hire. Unless otherwise agreed, the Assuming Institution pays all salaries and payroll costs for all Failed Bank Employees until the list is provided to the Receiver. The Assuming Institution shall be responsible for all costs and expenses (i.e. salary, benefits, etc.) associated with all other employees not on that list from and after the date of delivery of the list to the Receiver. The Assuming Institution shall offer to the Failed Bank employees it retains employment benefits comparable to those the Assuming Institution offers its current employees. (d) This Section 4.12 is for the sole and exclusive benefit of the parties to this Agreement, and for the benefit of no other Person (including any former employee of the Failed Bank or any Subsidiary thereof or qualified beneficiary of such former employee). Nothing in this Section 4.12 is intended by the parties, or shall be construed, to give any Person (including any former employee of the Failed Bank or any Subsidiary thereof or qualified beneficiary of such former employee) other than the Corporation, the Receiver and the Assuming Institution any legal or equitable right, remedy or claim under or with respect to the provisions of this Section.