Common use of Termination Without Cause or Constructive Termination Clause in Contracts

Termination Without Cause or Constructive Termination. (i) In the event that during the Term of this Agreement (A) either PWG or PWI terminates the Executive's employment without Cause, other than due to Disability, or (B) there is a Constructive Termination, the Executive shall thereupon be entitled to (x) a lump sum payment equal to the present value of: (aa) base salary until the end of the Term of this Agreement at the rate in effect immediately prior to the termination of employment; (bb) a bonus for the year of termination and bonuses for each year until the end of the Term of this Agreement, at an annualized rate equal to the average of the bonuses awarded to him with respect to the three years preceding the year in which termination occurs; and (cc) any bonus awarded but not yet paid (including deferred bonus); and (y) such rights to compensation, benefits and reimbursements as may be provided in applicable plans, programs and policies of PWG or PWI, including without limitation restricted stock as provided in Section 5, stock options and other stock based awards as provided in Section 6 and interests in PW Partners L.P. and PW Partners Dedicated L.P. as provided in Section 7, as well as applicable employee benefit plans and programs as provided in Section 8. To the extent that, because of his termination under this Section 10(c), the Executive is ineligible for continued employee benefit coverage under the employee benefit programs as provided in Section 8, PWI shall provide him with the economic equivalent thereof

Termination Without Cause or Constructive Termination. (i) In the event that during the Term of this Agreement (A) either PWG or PWI terminates the Executive's employment without Cause, other than due to Disability, or (B) there is a Constructive Termination, the Executive shall thereupon be entitled to (x) a lump sum payment equal to the present value of: (aa) base salary until the end of the Term of this Agreement at the rate in effect immediately prior to the termination of employment; (bb) a bonus for the year of termination and bonuses for each year until the end of the Term of this Agreement, at an annualized rate equal to the average of the bonuses awarded to him with respect to the three years preceding the year in which termination occurs; : and (cc) any bonus awarded but not yet paid (including deferred bonus); and (y) such rights to compensation, benefits and reimbursements as may be provided in applicable plans, programs and policies of PWG or PWI, including without limitation restricted stock as provided in Section 5, stock options and other stock based awards as provided in Section 6 and interests in PW Partners L.P. and PW Partners Dedicated L.P. as provided in Section 7, as well as applicable employee benefit plans and programs as provided in Section 8. To the extent that, because of his termination under this Section 10(c), the Executive is ineligible for continued employee benefit coverage under the employee benefit programs as provided in Section 8, PWI shall provide him with the economic equivalent thereof.