Lump Sum Severance Benefit Sample Clauses

Lump Sum Severance Benefit. Subject to Section 1.6, Invacare shall pay to the Executive, on the sixtieth (60th) day after the Termination Date, a lump sum severance benefit in an amount equal to two times: (i) the Executive’s Annual Base Salary plus (ii) the Executive’s Prior Bonus Amount. In addition, Invacare shall pay to the Executive, on the sixtieth (60th) day after the Termination Date, an amount equal to the Executive’s Prorated Bonus Amount.
Lump Sum Severance Benefit. Invacare shall pay to the Executive, within ten business days after the Termination Date, a lump sum severance benefit equal to two times the sum of (i) the Executive’s Annual Base Salary plus (ii) the Executive’s Target Bonus.
Lump Sum Severance Benefit if Employment is Terminated by Executive During a Window Period following Good Faith Determination by Executive. Except as provided in the last sentence of this Subsection 1.2, if Executive's employment with STERIS is terminated by Executive during a Window Period and after Executive has determined in good faith: (a) that Executive's position, responsibilities, duties, or status as an executive of STERIS have been at any time after the Change of Control materially changed from those in effect before the Change of Control, (b) that Executive's reporting relationships with superior executive officers have been materially changed from those in effect before the Change of Control, or (c) that Executive's career prospects have been in any way diminished as a result of the Change of Control, STERIS shall pay to Executive, within 30 days after the Termination Date, a lump sum severance benefit equal to two times the sum of (x) one year's Base Salary (at the highest rate in effect at any time during the one year period ending on the date of the Change of Control), plus
Lump Sum Severance Benefit if Employment is Terminated in Certain Circumstances Within Two Years of a Change of Control. If, within two years following the occurrence of a Change of Control, Executive's employment with STERIS is terminated (a) by STERIS for any reason other than Cause, Disability, or death, (b) by Executive after a Reduction of Compensation or a Mandatory Relocation has occurred, or (c) by Executive following a determination in good faith by Executive that as a result of a Change of Control he is unable to carry out the authorities, power, functions, responsibilities, or duties that he had in the positions and offices of STERIS held by Executive before the Change of Control in the same manner, with the same discretion, and to the same extent as he was able to carry out the authorities, powers, functions, responsibilities, or duties attached to those positions as in effect before the Change of Control. STERIS shall pay to Executive, within 30 days after the Termination Date, a lump sum severance benefit equal to three times the sum of (x) one year's Base Salary (at the highest rate in effect at any time during the one year period ending on the date of the Change of Control), plus
Lump Sum Severance Benefit if Employment is Terminated in Certain Circumstances Within Two Years of a Change of Control. If, within two years following the occurrence of a Change of Control, Executive's employment with STERIS is terminated (a) by STERIS for any reason other than Cause, Disability, or death, (b) by Executive after a Reduction of Compensation or a Mandatory Relocation has occurred, or (c) by Executive following a determination in good faith by Executive that as a result of a Change of control he is unable to carry out the authorities, powers, functions, responsibilities, or duties that he had in his position as Chairman, President, and Chief Executive Officer of STERIS before the Change of Control in the same manner, with the same discretion, and to the same extent as he was able to carry out the authorities, powers, functions, responsibilities, or duties attached to those positions as in effect before the Change of Control, STERIS shall pay to Executive, within 30 days after the Termination Date, a lump sum severance benefit equal to three times the sum of (x) one year's Base Salary (at the highest rate in effect at any time during the one year period ending on the date of the Change of Control), plus
Lump Sum Severance Benefit if Employment is Terminated in Certain Circumstances Within Two Years of a Change of Control. If, within two years following the occurrence of a Change of Control, Executive's employment with STERIS is terminated by STERIS for any reason other than Cause, Disability, or death or by Executive after a Reduction of Compensation or a Mandatory Relocation has occurred, STERIS shall pay to Executive, within 30 days after the Termination Date, a lump sum severance benefit equal to three times the sum of (a) one year's Base Salary (at the highest rate in effect at any time during the one year period ending on the date of the Change of Control), plus
Lump Sum Severance Benefit. Section 3.2.3(a)(ii) of Article III of the Employment Agreement is amended in its entirety to read as follows:
Lump Sum Severance Benefit if Employment is Terminated in Certain Circumstances Within Six Months Preceding (in Contemplation of a Change of Control) or Two Years Following a Change of Control. If, within six months preceding (in contemplation of a Change of Control) or two years following the occurrence of a Change of Control, Executive's employment with Dura or any of its Subsidiaries is terminated (a) by Dura or any of its Subsidiaries for any reason other than Cause, Disability, or death, (b) by Executive after a Reduction of Compensation or a Mandatory Relocation has occurred, or (c) by Executive following a determination in good faith by Executive that as a result of a Change of Control his ability to carry out the authorities, power, functions, responsibilities, or duties that he had in the positions and offices of Dura or any of its Subsidiaries held by Executive before the Change of Control has been substantially impaired as compared to the authorities, powers, functions, responsibilities, or duties attached to those positions as in effect before the Change of Control. Dura shall pay to Executive, within 30 days after the Termination Date, a lump sum severance benefit equal to three times the sum of: (x) one year's Base Salary (at the highest rate in effect at any time during the one year period ending on the date of the Change of Control), plus

Related to Lump Sum Severance Benefit

  • Lump Sum Severance Payment Payment of a lump sum amount equal to twelve (12) months of Executive’s then-current Base Salary plus the Pro Rated Bonus, less all customary and required taxes and employment-related deductions, paid on the first payroll date following the date on which the Release required by Paragraph 4(g) becomes effective and non-revocable, but not after seventy (70) days following the effective date of termination from employment.

  • Severance Benefit (a) If the employment of the Employee with the Company is terminated by the Company for any reason other than Cause (as defined below) or if the Employee terminates his or her employment with the Company for Good Reason (as defined below), the Company shall pay the Employee, from the date of termination, in addition to any payments to which the Employee is entitled under the Company’s severance pay plan, twelve (12) months of base salary at the Employee’s annual base salary level in effect at the time of such termination or immediately prior to the salary reduction that serves as the basis for termination for Good Reason. Employee will also be entitled to payment of an amount of cash equal to $20,000. The aggregate base salary and other cash amount payable shall be paid by the Company to the Employee in one lump sum on the first day following the six (6) month anniversary of the date of the Employee’s termination. For purposes of this Agreement, the term “termination” when used in the context of a condition to, or timing of, payment hereunder shall be interpreted to mean a “separation from service” as that term is used in Section 409A of the Code. (b) Employee will also be entitled to twelve (12) months of health benefits continuation if terminated under circumstances described in subpart (a) above. To the extent any such benefits cannot be provided to the Employee on a non-taxable basis and the provision thereof would cause any part of the benefits to be subject to additional taxes and interest under Section 409A of the Code, then the provision of such benefits shall be deferred to the earliest date upon which such benefits can be provided without being subject to such additional taxes and interest. (c) Solely for purposes of this Agreement, “Cause” shall include: i. the conviction of a felony, a crime of moral turpitude or fraud or having committed fraud, misappropriation or embezzlement in connection with the performance of his duties hereunder, ii. willful and repeated failures to substantially perform his assigned duties; or iii. a violation of any provision of this Agreement or express significant policies of the Company. (d) Solely for purposes of this Agreement, termination for “Good Reason” shall mean termination of employment by the Employee within ninety (90) days after:

  • Change in Control Benefit If a Change in Control occurs followed within twenty-four (24) months by Separation from Service prior to Normal Retirement Age, the Bank shall distribute to the Executive the benefit described in this Section 2.4 in lieu of any other benefit under this Article.

  • Severance Pay 19.01 Under the following circumstances and subject to clause 19.02, an employee shall receive severance benefits calculated on the basis of his weekly rate of pay:

  • Change in Control Severance Benefits If there is a Change in Control, and within one (1) year of such Change in Control, the Executive’s employment is terminated under the circumstances described in Sections 4(a) through 4(f) above, the Executive shall be entitled to the following: (I) if such termination is a termination by the Company without Cause pursuant to Section 4(a) or the Executive resigns for Good Reason pursuant to Section 4(b), the Company shall pay the Executive the Accrued Obligations and, in addition, subject to the provisions of Section 19, (A) an amount equal to twenty-four (24) months of the Executive’s Base Salary at the rate in effect on the date of termination or resignation, payable in a lump sum within sixty (60) calendar days of the date of termination or resignation; and (B) provided the Executive timely elects continuation coverage under COBRA, the Company shall also pay, on the Executive’s behalf, the portion of monthly premiums for the Executive’s group health insurance, including coverage for the Executive’s dependents, that the Company paid immediately prior to the date of termination or resignation, during the eighteen (18) month period following the date of termination or resignation, subject to the Executive’s continued eligibility for COBRA coverage. The Company will pay for such COBRA coverage for eligible dependents only for those dependents who were enrolled immediately prior to the date of termination or resignation. The Executive will continue to be required to pay that portion of the premium for the Executive’s health coverage, including coverage for the Executive’s eligible dependents, that the Executive was required to pay as an active employee immediately prior to the date of termination or resignation. Notwithstanding the foregoing, in the event that under applicable guidance the reimbursement of COBRA premiums causes the Company’s group health plan to violate any applicable nondiscrimination rule, the parties agree to negotiate in good faith a mutually agreeable alternative arrangement; and (II) if such termination is a termination or resignation under the circumstances described in Sections 4(c), 4(d), 4(e) or 4(f), the Executive shall be entitled to the compensation and benefits for which the Executive is eligible under such sections.