Compensation During Disability or Upon Termination Clause Samples
Compensation During Disability or Upon Termination. (i) If, after a Change in Control of the Company, you shall fail to perform your duties hereunder as a result of incapacity due to Disability, you shall continue to receive your full base salary twice a month at the rate then in effect and any awards under the Executive/Senior Management Variable Compensation Plan or any successor plan shall continue to accrue and to be paid during such period until your employment is terminated (and, if the Company maintains a Long Term Disability Plan, you shall be eligible for coverage thereunder in accordance with the terms thereof and subject to the satisfaction of all applicable conditions, including without limitation, the timely filing of a notice of claim); provided, however, in the event the Company makes no interim individual accruals for the Executive/Senior Management Variable Compensation Plan or any successor plan in respect of any period for which no award has been made under such Plan you shall receive payment during such period of Disability in the amount equal to the product of (a) the amount awarded to you under such Plan or any successor plan during the period most recently ended, multiplied by (b) a fraction (hereinafter the "Partial Service Fraction"), the numerator of which is the whole and partial months of service completed in the current period, and the denominator of which is the number of months in the period most recently ended for which an award was made.
(ii) If, after a Change in Control of the Company, your employment shall be terminated for Cause, the Company shall pay you for your full base salary through the Date of Termination at the rate in effect at the time Notice of Termination is given and the Company shall have no further obligations to you under this Agreement.
(iii) If, within two years after a Change in Control of the Company, the Company shall terminate your employment, other than pursuant to Paragraph 3(i) or 3(ii) hereof or by reason of death, or if you shall terminate your employment for Good Reason:
(A) The Company shall pay you as severance pay (and without regard to the provisions of any benefit plan) in a lump sum in cash no more than 30 days following the Date of Termination, the following amounts:
(x) the sum of (A) your accrued but unpaid base salary through the Date of Termination, (B) the product of (x) the greater of your highest annual bonus earned in the two most recent full fiscal years preceding the Date of Termination and your target bonus award (at a payout...
Compensation During Disability or Upon Termination. (i) If, after a Change in Control of the Company, Executive shall fail to perform her duties because of a Disability, Executive shall continue to receive her full base salary monthly at the rate then in effect until her employment is terminated pursuant to paragraph 3(i) hereof.
(ii) If, after a Change in Control of the Company, Executive’s employment shall be terminated for Cause, the Company shall pay Executive her full base salary through the Date of Termination at the rate in effect at the time Notice of Termination is given and the Company shall have no further obligations to Executive under this Agreement.
(iii) If, after a Change in Control of the Company, the Company shall terminate Executive’s employment (other than pursuant to paragraph 3(i) or 3(iii) hereof or by reason of death or Retirement as provided in Paragraph 3(ii)) or Executive shall terminate her employment for Good Reason, Executive shall be entitled to payments pursuant to this paragraph 4: The Company shall pay to Executive as severance pay (and without regard to the provisions of any benefit plan) in a lump sum on the fifth day following the Date of Termination, the following amounts:
Compensation During Disability or Upon Termination. (a) During any period that you fail to perform your duties as a result of incapacity due to physical or mental illness, the Corporation or resulting institution shall pay you, to the extent it is not paid by the Bank, an amount equal to your full base salary at the rate then in effect until the Date of Termination. Thereafter, your benefits shall be determined in accordance with the Bank’s long-term disability plan then in effect.
(b) If, within twelve (12) months after a Change in Control shall have occurred, you shall terminate your employment for Good Reason or your employment shall be involuntarily terminated other than for Cause, your death or disability, then the Corporation, the Bank or resulting institution shall pay you within five days after the Date of Termination an amount equal to the sum of:
(i) An amount equal to your base salary only through the Date of Termination at the rate in effect at the time Notice of Termination was given; plus
(ii) A lump sum amount equal to: (A) $236,000 (if such change in control and termination occur within the initial three year term of your Employment Agreement), or (B) (if such change in control and termination occur during an extension of this Agreement but subsequent to the initial three (3) year term of your Employment Agreement) the average sum of your annual base compensation (salary only) paid to you by the Bank for the five years (or the term of your employment, if less) preceding a Change in Control; plus
(iii) All legal fees and expenses incurred by you as a result of such termination (including all such fees and expenses, if any, incurred in contesting or disputing any such termination or in seeking to obtain or enforce any right or benefit provided for by this Agreement).
(c) If your employment shall be terminated for Cause, or for any reason other than as specified in Sections 3(a) and (b) above, the Corporation shall pay you, to the extent it is not paid by the Bank, an amount equal to your full base salary through the Date of Termination at the rate in effect at the time Notice of Termination was given and the Corporation shall have no further obligations to you under this Agreement.
(d) You shall not be required to mitigate the amount of any payment provided for in this Section 3 by seeking other employment or otherwise, nor shall the amount of any payment provided for in this Section 3 be reduced by any compensation earned by you as the result of employment by another employer after the Date o...
Compensation During Disability or Upon Termination. This Section 8 shall apply to any termination of Executive’s employment other than any termination subject to Section 9. In the event that Executive’s employment is terminated under the circumstances described in Section 9, this Section 8 shall not be applicable.
Compensation During Disability or Upon Termination. Following a Change of Control, upon termination of the Employee's employment or Disability occurring during the Term, the Company shall cause the Employee to be provided with the following benefits:
Compensation During Disability or Upon Termination. (i) If, after a Change in Control of the Bancorp or the Bank, Executive shall fail to perform his or her duties hereunder as a result of incapacity due to physical or mental illness, Executive shall continue to receive his or her full base salary monthly at the rate then in effect until his or her employment is terminated pursuant to paragraph 3(i) hereof (and for any longer period as may be provided under applicable plans).
(ii) If, after a Change in Control of the Bancorp or the Bank, Executive’s employment shall be terminated for Cause, the Bank shall pay Executive his or her full base salary through the Date of Termination at the rate in effect at the time Notice of Termination is given and the Bank shall have no further obligations to Executive under this Agreement.
(iii) In the event of a Change in Control of the Bancorp or the Bank, (I) the Bank shall terminate Executive’s employment, other than pursuant to paragraph 3(i), 3(ii) or 3(iii) hereof or by reason of death, or (II) Executive shall terminate his or her employment for Good Reason, or (III) Executive shall be entitled to payments pursuant to paragraph 5, then subject to any necessary prior regulatory approvals/non-objections including 12 CFR Part 359 of the FDIC rules and regulations, the Bank shall pay to Executive as severance pay (and without regard to the provisions of any benefit plan) in either (i) a lump sum equivalent to an amount equal to the Executive’s basic annual salary then in effect at the Date of Termination in cash on the fifth day following the Date of Termination, or (ii) in periodic payments over 12 months in accordance with the Bank’s normal payroll practices of an amount equal to Executive’s annual basic salary then in effect at the time of termination, less required withholdings. Such payments will be made (or begin if installment payments are made by the Bank) on the 60th day following termination if the release referred to in Section 4(vi) is executed and not revoked by that day.
(iv) Executive shall not be required to mitigate the amount of any payment provided for in this Agreement by seeking other employment or otherwise, nor shall the amount of any payment provided for in this paragraph 4 be reduced by any compensation earned by Executive as the result of employment by another employer after the Date of Termination, or otherwise.
(v) The provisions of this Agreement, and any payment provided for hereunder, shall not reduce any amounts otherwise payable, or in any...
Compensation During Disability or Upon Termination. Following a Change in Control, you will be entitled to the following during a period of Disability or upon termination of your employment, as the case may be, provided that such period of Disability or termination of employment occurs during the term of this Agreement:
(a) During any period that you fail to perform your full-time duties with the Corporation as a result of incapacity due to physical or mental illness, you will continue to receive your base salary at the rate in effect at the commencement of any such period, together with all compensation payable to you under the Corporation's disability plan or program or other similar plan during such period, until this Agreement is terminated pursuant to Section 4(b) above. Thereafter, or in the event your employment is terminated by reason of your death, your benefits will be determined under the Corporation's retirement, insurance and other compensation programs then in effect in accordance with the terms of such programs.
Compensation During Disability or Upon Termination. (i) If, after a Change in Control of the Company, Executive shall fail to perform his duties because of a Disability, Executive shall continue to receive his full base salary monthly at the rate then in effect until his employment is terminated pursuant to paragraph 3(i) hereof.
(ii) If, after a Change in Control of the Company, Executive’s employment shall be terminated for Cause, the Company shall pay Executive his full base salary through the Date of Termination at the rate in effect at the time Notice of Termination is given and the Company shall have no further obligations to Executive under this Agreement.
(iii) If, after a Change in Control of the Company, the Company shall terminate Executive’s employment (other than pursuant to paragraph 3(i) or 3(iii) hereof or by reason of death or Retirement as provided in Paragraph 3(ii)) or Executive shall terminate
Compensation During Disability or Upon Termination. (a) During any period that the Executive fails to perform his duties hereunder as a result of incapacity due to physical or mental illness, the Executive shall continue to receive his full Base Salary until the Executive's employment is terminated pursuant to Section 5(b)(i) hereof, or until the Executive terminates his employment pursuant to Section 5(a)(iii) hereof, whichever occurs first.
(b) In the event that the Executive's employment hereunder is terminated by the Company by reason of the Executive's disability, then, upon such termination, the Company shall pay to the Executive, in addition to any amounts of Base Salary accrued but unpaid, an amount equal to one-half of his annual Base Salary, which payment shall be made, at the option of the Executive, either in one (1) lump sum or over a six (6) month period in six (6) equal monthly installments.
(c) In the event that the Executive's employment hereunder shall be terminated by reason of his death, then the Company shall pay to the Executive's estate, any amounts of Base Salary accrued but unpaid.
(d) In the event that the Executive's employment shall be terminated as provided in Section 5(a) or Section 5
Compensation During Disability or Upon Termination