Common use of Payments Upon Involuntary Termination by the Company Without Cause or Voluntary Termination of the Executive with Good Reason Clause in Contracts

Payments Upon Involuntary Termination by the Company Without Cause or Voluntary Termination of the Executive with Good Reason. Following a termination by the Company without Cause or by the Executive for Good Reason, the Company shall pay or provide to the Executive in addition to the payments and benefits in Section 4.2.1 above: (i) Base Salary at the rate in effect on the Termination Date and continuing in installments for twelve (12) months thereafter, payable at the same intervals at which active employees at the Executive’s level are paid; and (ii) an amount equal to one hundred percent (100%) of the Executive’s annual cash incentive payment at target, payable once in a lump sum at the same time that the Company pays annual cash incentives to its active employees pursuant to its then current annual incentive program; and (iii) twelve (12) months of continued health or medical benefit plan coverage for the Executive and his authorized family following the Termination Date at active employee levels and costs, if and to the extent the Executive and/or his authorized family were participating in any such plans on the Termination Date; and (iv) executive level career transition assistance services by a firm selected by the Executive and approved by the Company in an amount not to exceed €6,000 in the aggregate (which amount includes any applicable gross-up for any taxes due for such payment). Notwithstanding any other provision of this Agreement, as consideration for the pay and benefits that the Company shall provide the Executive pursuant to this Section 4.2.2, the Executive shall provide the Company an enforceable waiver and release agreement in a form that the Company normally requires.