Termination Without Just Cause. In the case of a termination of Executive’s employment hereunder Without Just Cause in accordance with Section 1.6.6, Executive shall be entitled to the following in lieu of any other compensation or benefits (under Section 1.4 of this Agreement or otherwise) from Employer: (i) Executive shall receive Termination Compensation each month during the Compensation Continuance Period, subject, however, to Executive’s compliance with Executive’s Section 2 covenants (including, without limitation, compliance with the noncompetition and nonsolicitation covenants of Section 2) for a one (1) year period following Executive’s Termination Date. (ii) Employer shall use their best efforts to accelerate vesting of any unvested benefits of Executive under any employee stock-based or other benefit plan or arrangement to the extent permitted by Code Section 409A or other applicable law and the terms of such plan or arrangement. (iii) Employer shall make available to Executive, at Employer’s cost, outplacement services by such entity or person as shall be designated by Employer, with the cost to Employer of such outplacement services not to exceed Twenty Thousand Dollars ($20,000). (iv) During the Compensation Continuance Period, Executive shall either continue to participate (treating Executive as an “active employee” of Employer for this purpose) in the same group hospitalization plan, health care plan, dental care plan, life or other insurance or death benefit plan, and any other present or future similar group employee benefit plan or program for which officers of Employer generally are eligible, on the same terms as were in effect prior to Executive’s Termination Date, or, to the extent such participation is not permitted by any group plan insurer, under comparable individual plans and coverage (to the extent commercially available). The Termination Compensation and other benefits provided for in this Section 1.7.3 shall be paid by Employer in accordance with the standard payroll practices and procedures in effect prior to Executive’s Termination Date. If Executive breaches Executive’s obligations under Section 1.7.3 or Section 2 of this Agreement, Executive shall not be entitled to receive any further Termination Compensation or benefits pursuant to this Section 1.7.3 from and after the date of such breach.
Appears in 15 contracts
Sources: Employment Agreement (Bb&t Corp), Employment Agreement (Bb&t Corp), Employment Agreement (Bb&t Corp)
Termination Without Just Cause. (a) If Company terminates Employee's employment at any time during the term of this Agreement without Just Cause (as Just Cause is defined in Section 13(a) above) or upon expiration of the Basic term or any renewal term, Company shall provide written notice of its intention to terminate hereunder, and, provided Employee adheres to the covenants set forth in Sections 7, 8, 9, and 10, timely executes a general release of claims in a form satisfactory to Company and agrees to reasonably cooperate with the Company, Company will pay Employee, by regular payroll, an amount based on his Base Salary as of the date of termination, less applicable taxes, as severance pay for the greater of (i) the unexpired portion of the Basic Term or any renewal term, or (ii) eighteen (18) months (the "Severance Period"). The first payment shall be made on the first regular payday occurring after Employee's execution and delivery of the general release of claims. In the case of a termination of Executive’s employment hereunder Without Just Cause event that the Company's working capital position (as determined in accordance with Section 1.6.6Generally Accepted Accounting Procedures) is less than Three Million Dollars ($3,000,000) at the time of termination, Executive Employee shall only be entitled to the following in lieu a Severance Period of any other compensation or benefits nine (under Section 1.4 of this Agreement or otherwise9) from Employer:
(i) Executive shall receive Termination Compensation each month during the Compensation Continuance Period, subject, however, to Executive’s compliance with Executive’s Section 2 covenants (including, without limitation, compliance with the noncompetition and nonsolicitation covenants of Section 2) for a one (1) year period following Executive’s Termination Datemonths.
(iib) Employer From the date of termination until the expiration of the Severance Period, and subject to Employee's fulfillment of the obligations set forth in Section 14(a) and subject to restrictions imposed under applicable tax and other laws and applicable plan provisions, Company shall use their best efforts to accelerate vesting of any unvested benefits of Executive under any employee stock-based or other benefit plan or arrangement to the extent permitted by Code Section 409A or other applicable law and the terms of such plan or arrangement.
(iii) Employer shall make available to Executive, at Employer’s cost, outplacement services by such entity or person as shall be designated by Employer, with pay the cost to Employer of such outplacement services not to exceed Twenty Thousand Dollars ($20,000).
(iv) During the Compensation Continuance Periodcontinuing Employee's medical, Executive shall either continue to participate (treating Executive as an “active employee” of Employer for this purpose) in the same group hospitalization plandental, health care plan, dental care plan, life or other insurance or death benefit planvision, and any other present or future similar group employee benefit plan or program for which officers of Employer generally are eligible, on prescription drug benefits under the same terms as were in effect prior to Executive’s Termination Date, or, to the extent such participation is not permitted by any group plan insurer, under comparable individual plans and coverage Consolidated Omnibus Budget Reconciliation Act (to the extent commercially available"COBRA"). The Termination Compensation and other benefits provided for by the preceding sentence shall be secondary and supplemental to any like benefits provided by a new employer. No other employee benefits, such as retirement, pension, 401k, savings, stock options or the like, or any other benefits, shall be continued during the Severance Period. Whether or not Employee is entitled to receive, or actually receives, the payments and benefits described in this Section 1.7.3 14, Employee shall be paid bound by Employer the covenants of Sections 7, 8, 9, and 10 provided the Company is not in accordance with the standard payroll practices and procedures in effect prior to Executive’s Termination Date. If Executive breaches Executive’s obligations default under Section 1.7.3 or Section 2 of this Agreement, Executive shall not be entitled to receive any further Termination Compensation or benefits pursuant to this Section 1.7.3 from and after the date of such breach.
Appears in 4 contracts
Sources: Employment Agreement (NanoDynamics, Inc.), Employment Agreement (NanoDynamics, Inc.), Employment Agreement (NanoDynamics, Inc.)
Termination Without Just Cause. In the case of a termination of Executive’s employment hereunder Without Just Cause in accordance with Section 1.6.6, Executive shall be entitled to the following in lieu of any other compensation or benefits (under Section 1.4 of this Agreement or otherwise) from Employer:
(i) Executive shall receive Termination Compensation each month during the Compensation Continuance PeriodPeriod described in Section 1.7.3(ii) below, subject, however, to Executive’s compliance with Executive’s his Section 2 covenants (including, without limitation, compliance with the noncompetition and nonsolicitation covenants of Section 2) for a one (1) year period following Executive’s Termination Date.
(ii) Termination Compensation shall be paid to Executive each month during the period (i.e., the Compensation Continuance Period) commencing with the Commencement Month and ending on the earlier of (1) or (2), where (1) is the first day of the month next following the month in which Executive attains age sixty-five (65), and (2) is the date that coincides with the expiration of the thirty-six (36) month period which began with the Commencement Month.
(iii) Employer shall use their best efforts to accelerate vesting of any unvested benefits of Executive under any employee stock-based or other benefit plan or arrangement to the extent permitted by Code Section 409A or other applicable law and the terms of such plan or arrangement.
(iiiiv) Employer shall make available to Executive, at Employer’s cost, outplacement services by such entity or person as shall be designated by Employer, with the cost to Employer of such outplacement services not to exceed Twenty Thousand Dollars ($20,000).
(ivv) During the Compensation Continuance Period, Executive shall either continue to participate (treating Executive as an “active employee” of Employer for this purpose) in the same group hospitalization plan, health care plan, dental care plan, life or other insurance or death benefit plan, and any other present or future similar group employee benefit plan or program for which officers of Employer generally are eligible, on the same terms as were in effect prior to Executive’s Termination Date, or, to the extent such participation is not permitted by any group plan insurer, under comparable individual plans and coverage (to the extent commercially available). The Termination Compensation and other benefits provided for in this Section 1.7.3 shall be paid by Employer in accordance with the standard payroll practices and procedures in effect prior to Executive’s Termination Date. If Executive breaches Executive’s obligations under Section 1.7.3 or Section 2 of this Agreement, Executive shall not be entitled to receive any further Termination Compensation or benefits pursuant to this Section 1.7.3 from and after the date of such breach.
Appears in 3 contracts
Sources: Employment Agreement (Bb&t Corp), Employment Agreement (Bb&t Corp), Employment Agreement (Bb&t Corp)
Termination Without Just Cause. In the case of a termination of Executive’s employment hereunder Without Just Cause in accordance with Section 1.6.6, Executive shall be entitled to the following in lieu of any other compensation or benefits (under Section 1.4 of this Agreement or otherwise) from Employer:
(i) Executive shall receive Termination Compensation each month during the Compensation Continuance Period, subject, however, to Executive’s compliance with Executive’s Section 2 covenants (including, without limitation, compliance with the noncompetition and nonsolicitation covenants of Section 2) for a one (1) year period following Executive’s Termination Date.
(ii) Employer shall use their best efforts to accelerate vesting of any unvested benefits of Executive under any employee stock-based or other benefit plan or arrangement to the extent permitted by Code Section 409A or other applicable law and the terms of such plan or arrangement.
(iii) Employer shall make available to Executive, at Employer’s cost, outplacement services by such entity or person as shall be designated by Employer, with the cost to Employer of such outplacement services not to exceed Twenty Thousand Dollars ($20,000).
(iv) During the Compensation Continuance Period, Executive shall either continue to participate (treating Executive as an “active employee” of Employer for this purpose) in the same group hospitalization plan, health care plan, dental care plan, life or other insurance or death benefit plan, and any other present or future similar group employee benefit plan or program for which officers of Employer generally are eligible, on the same terms as were in effect prior to Executive’s Termination Date, or, to the extent such participation is not permitted by any group plan insurer, under comparable individual plans and coverage (to the extent commercially available). The Termination Compensation and other benefits provided for in this Section 1.7.3 shall be paid by Employer in accordance with the standard payroll practices and procedures in effect prior to Executive’s Termination Date. If Executive breaches Executive’s obligations under Section 1.7.3 or Section 2 of this Agreement, Executive shall not be entitled to receive any further Termination Compensation or benefits pursuant to this Section 1.7.3 from and after the date of such breach.. ▇▇▇▇▇▇ 7.15.1 7
Appears in 2 contracts
Sources: Employment Agreement (Bb&t Corp), Employment Agreement (Bb&t Corp)
Termination Without Just Cause. 10.1 The Employer may terminate this Agreement and the Employee’s employment under this Agreement without Just Cause at any time during the Term. In the case event of a termination without Just Cause, the Employee will receive four (4) weeks’ written notice for each full year of Executive’s employment hereunder Without Just Cause continuous service, calculated in accordance with Section 1.6.6section 7 of the Regulation, Executive shall be entitled to a maximum of fifty-two (52) weeks (the “Notice Period”).
10.2 In lieu of notice, the Employer may, in its sole discretion, pay the Employee an amount equal to the following Base Salary for the Notice Period or provide a combination of notice and pay in lieu of any other compensation or benefits (under Section 1.4 of this Agreement or otherwise) from Employer:
(i) Executive shall receive Termination Compensation each month during the Compensation Continuance Period, subject, however, to Executive’s compliance with Executive’s Section 2 covenants (including, without limitation, compliance with the noncompetition and nonsolicitation covenants of Section 2) for a one (1) year period following Executive’s Termination Datenotice.
(ii) 10.3 Where the Employer shall use their best efforts to accelerate vesting is providing pay in lieu of any unvested benefits of Executive under any employee stock-based or other benefit plan or arrangement notice to the extent permitted by Code Section 409A or other applicable law and Employee, the terms of such plan or arrangement.
(iii) Employer shall make available will pay an additional amount equal to Executive, at Employer’s cost, outplacement services by such entity or person as shall be designated by Employer, with the cost to Employer of such outplacement services not to exceed Twenty Thousand Dollars ($20,000).
(iv) During the Compensation Continuance Period, Executive shall either continue to participate (treating Executive as an “active employee” of Employer for this purposethe benefits the Employee was receiving before termination to a maximum of sixteen (16) percent of the amount paid in the same group hospitalization plan, health care plan, dental care plan, life or other insurance or death benefit plan, and any other present or future similar group employee benefit plan or program for which officers lieu of Employer generally are eligible, on the same terms as were in effect prior to Executive’s Termination Date, or, to the extent such participation is not permitted by any group plan insurer, under comparable individual plans and coverage (to the extent commercially available). The Termination Compensation and other benefits provided for in this Section 1.7.3 shall be paid by Employer notice in accordance with section 7(2)(b) of the standard payroll practices Regulation.
10.4 In exchange for pay in lieu of notice, or any combination of notice and procedures pay in effect prior lieu of notice, the Employee agrees to Executive’s Termination Date. If Executive breaches Executive’s obligations under Section 1.7.3 or Section 2 of this Agreementsign a release acceptable to the Employer, Executive shall not be entitled to receive any upon which the Employee will have no further Termination Compensation or benefits claim against the Employer for termination whether pursuant to this Section 1.7.3 from contract, common law, statute, regulation or otherwise.
10.5 The Employee acknowledges and after agrees that if, during the date Notice Period, the Employee is employed or retained, directly or indirectly, on a fee for service basis by the Crown, a public agency as defined in RABCCA, or an entity where such employment or contractual arrangement is in violation of such breachthe Conflicts of Interest Act, then the Employee will repay the Employer forthwith at the completion of the Notice Period a portion of the amount paid pursuant to Clauses 10.2 and 10.3 equal to the gross compensation paid by the Crown, public agency, or other entity during the Notice Period, in addition to any fine imposed or restitution ordered under the Conflicts of Interest Act.
Appears in 2 contracts
Sources: Employment Agreement, Employment Agreement
Termination Without Just Cause. In (a) Provided Employee has not obtained other employment, after the case date of Employee's termination, Company shall commence payment to Employee at the rate of Employee's current Base Salary until such time that Employee obtains other employment, but in no event for longer than a termination period of Executive’s employment hereunder Without Just Cause twelve (12) months. The period described in this sub-paragraph (b) is hereafter referred to as the "Continuation Period". During the Continuation Period, Company will pay up to Employee's current Base Salary in accordance with Section 1.6.6the Company's usual payroll procedures (less withholding taxes and customary employee deductions). If during the Continuation Period, Executive Employee should obtain employment or other work not prohibited hereby and his aggregate compensation pursuant thereto is less than the compensation payable during the Continuation Period, then Company shall pay to Employee an amount equal to the difference between such other compensation and the compensation payable during the Continuation Period; provided that, upon request by Company, Employee shall provide any and all documentation requested to allow Company to assess his aggregate compensation from such other employment or other work.
(b) From the date of termination until the expiration of the Continuation Period, and subject to restrictions imposed under applicable tax and other laws and applicable plan provisions, Company shall also continue medical, dental, vision, and prescription drug benefits as may be generally available from time to time to all employees of Company. The benefits provided by the preceding sentence shall be entitled secondary and supplemental to any like benefits provided by another employer. In the event applicable laws prevent, or Company plan documents do not provide for, participation or continuation of Employee as set forth above, then Company will reimburse the Employee for reasonable out-of-pocket costs in obtaining substantially equivalent individual or family coverage, as the case may be. Any continuation coverage that Employee receives or for which he is provided reimbursement during the Continuation Period, as provided for under this sub-paragraph 15(c), shall be credited against his entitlement, if any, to continued coverage at Employee's expense under the Consolidated Omnibus Budget Reconciliation Act ("COBRA"). No other employee benefits, such as retirement, pension, 401k, savings, stock options or the like, or any other benefits, shall be continued.
(c) Notwithstanding anything to the following contrary contained in lieu Section 14(a) or (b), for purposes of compliance with the requirements of Section 409A(a) (2)(B)(i) of the Internal Revenue Code and the regulations promulgated thereunder (the "6-Month Delay Requirement"), any other compensation or benefits (payments to be made by Company to Employee under Section 1.4 14(a) or (b) ("Separation Pay") which, if paid as provided in said Section would violate the 6-Month Delay Requirement (specifically for this purpose taking into account the exception provided for under Treasury Regulation Section 1.409A-1(b) (9)(iii)(A) where the Separation Pay does not exceed 200% of this Agreement or otherwise) from Employer:
the lesser of (i) Executive shall receive Termination Compensation each month during the Compensation Continuance PeriodEmployee's annualized compensation based upon his annual rate of pay from Company for his taxable year immediately preceding his taxable year in which his termination occurs, subject, however, to Executive’s compliance with Executive’s Section 2 covenants (including, without limitation, compliance with the noncompetition and nonsolicitation covenants of Section 2) for a one (1) year period following Executive’s Termination Date.
or (ii) Employer shall use their best efforts the maximum amount of compensation that may be taken into account under a tax-qualified retirement plan pursuant to accelerate vesting of any unvested benefits of Executive under any employee stock-based or other benefit plan or arrangement to the extent permitted by Internal Revenue Code Section 409A or other applicable law and 401(a)(17) for the terms year in which Employee's termination occurs), the payment of such plan or arrangement.
(iii) Employer shall make available to Executive, at Employer’s cost, outplacement services by such entity or person as Separation Pay shall be designated by Employer, suspended as necessary to comply with the cost to Employer of such outplacement services not to exceed Twenty Thousand Dollars ($20,000).
(iv) During the Compensation Continuance Period, Executive shall either continue to participate (treating Executive as an “active employee” of Employer for this purpose) in the same group hospitalization plan, health care plan, dental care plan, life or other insurance or death benefit plan6-Month Delay Requirement, and any other present or future similar group employee benefit plan or program such payments so suspended for which officers of Employer generally are eligible, such purpose shall be aggregated and paid by Company to Employee in a lump sum on the same terms as were date of the next payment of Separation Pay payable following the end of the applicable suspension period under the 6-Month Delay Requirement. Further, any Separation Pay described in effect prior Treasury Regulation Section 1.409A-1(b)(9)(iii)(A) to Executive’s Termination Date, or, be paid to the extent such participation is not permitted by any group plan insurer, under comparable individual plans and coverage (to the extent commercially available). The Termination Compensation and other benefits provided for in this Section 1.7.3 Employee hereunder shall be paid by Employer no later than the last day of Employee's second taxable year following his taxable year in accordance with the standard payroll practices and procedures in effect prior to Executive’s Termination Date. If Executive breaches Executive’s obligations under Section 1.7.3 or Section 2 of this Agreement, Executive which his termination occurs."
(d) Employee shall not be entitled to receive any further Termination Incentive Compensation or benefits pursuant to this Section 1.7.3 from and in respect of any periods after the Employee's date of such breachtermination.
(e) Employee shall be bound by the covenants of Sections 7, 8, 9, and 10 provided the Company is not in default under this Agreement.
Appears in 1 contract
Termination Without Just Cause. In the case of a termination of Executive’s employment hereunder Without Just Cause in accordance with Section 1.6.61.6.5, Executive shall be entitled to the following in lieu of any other compensation or benefits (under Section 1.4 of this Agreement or otherwise) from Employer:
(i) Executive shall receive be paid the Termination Compensation each month during the Compensation Continuance Period, subject, however, to Executive’s compliance with Executive’s Section 2 covenants in a single lump sum within sixty (including, without limitation, compliance with the noncompetition and nonsolicitation covenants 60) days after such termination of Section 2) for a one (1) year period following Executive’s Termination Dateemployment.
(ii) Employer shall use their best efforts to accelerate vesting of any Any unvested benefits of Executive under any employee stock-based or other benefit plan or arrangement shall become fully and immediately vested, and the payment or delivery of such awards or benefits shall be accelerated to the extent permitted by Code Section 409A or other applicable law and the terms of such plan or arrangement.
(iii) Employer shall make available to Executive, at Employer’s cost, outplacement services by such entity or person as shall be designated by Employer, with the cost to Employer of such outplacement services not to exceed Twenty Thousand Dollars ($20,000).
(iv) During the Compensation Continuance Period, Executive shall either continue to participate (treating Executive as an “active employee” of Employer for this purpose) in the same group hospitalization plan, health care plan, dental care plan, life or other insurance or death benefit plan, and any other present or future similar group employee welfare benefit plan or program for which officers of Employer generally are eligible, on the same terms as were in effect prior to Executive’s as of the Termination Date, ; or, to the extent such participation is not permitted by any group plan insurer, under comparable individual plans and coverage (to the extent commercially available)) at the full cost of Employer. The Termination Compensation and other benefits provided for in this Section 1.7.3 shall be paid by Employer in accordance with the standard payroll practices and procedures in effect prior to Executive’s Termination Date. If Executive incurs a termination of employment pursuant to this Section 1.7.3, Executive shall be subject to all of the provisions of Section 2, including, without limitation, compliance with the noncompetition and nonsolicitation provisions thereof. If Executive breaches Executive’s obligations under Section 1.7.3 or Section 2 of this Agreement2, Executive shall not be entitled to receive any further Termination Compensation or payments or benefits pursuant to this Section 1.7.3 from and after the date of such breach.
Appears in 1 contract
Termination Without Just Cause. In the case of a termination of Executive’s employment hereunder Without Just Cause in accordance with Section 1.6.6, Executive shall be entitled to the following in lieu of any other compensation or benefits (under Section 1.4 of this Agreement or otherwise) from Employer:
(i) Executive shall receive Termination Compensation each month during the Compensation Continuance Period, subject, however, to Executive’s compliance with Executive’s Section 2 covenants (including, without limitation, compliance with the noncompetition and nonsolicitation covenants covenant of Section 2) for a one (1) year period following Executive’s Termination Date.
(ii) Employer shall use their best efforts to accelerate vesting of any unvested benefits of Executive under any employee stock-based or other benefit plan or arrangement to the extent permitted by Code Section 409A or other applicable law and the terms of such plan or arrangement.
(iii) Employer shall make available to Executive, at Employer’s cost, outplacement services by such entity or person as shall be designated by Employer, with the cost to Employer of such outplacement services not to exceed Twenty Thousand Dollars ($20,000).
(iv) During the Compensation Continuance Period, Executive shall either continue to participate (treating Executive as an “active employee” of Employer for this purpose) in the same group hospitalization plan, health care plan, dental care plan, life or other insurance or death benefit plan, and any other present or future similar group employee benefit plan or program for which officers of Employer generally are eligible, on the same terms as were in effect prior to Executive’s Termination Date, or, to the extent such participation is not permitted by any group plan insurer, under comparable individual plans and coverage (to the extent commercially available). The Termination Compensation and other benefits provided for in this Section 1.7.3 shall be paid by Employer in accordance with the standard payroll practices and procedures in effect prior to Executive’s Termination Date. If Executive breaches Executive’s obligations under this Section 1.7.3 or Section 2 of this Agreement, Executive shall not be entitled to receive any further Termination Compensation or benefits pursuant to this Section 1.7.3 from and after the date of such breach.
Appears in 1 contract
Sources: Employment Agreement (Bb&t Corp)
Termination Without Just Cause. In the case of a termination of Executive’s employment hereunder Without Just Cause in accordance with Section 1.6.6, Executive shall be entitled to the following in lieu of any other compensation or benefits (under Section 1.4 of this Agreement or otherwise) from Employer:
(i) Executive shall receive Termination Compensation each month during the Compensation Continuance Period, subject, however, to Executive’s compliance with Executive’s Section 2 covenants (including, without limitation, compliance with the noncompetition and nonsolicitation covenants of Section 2) for a one (1) year period following Executive’s Termination Date.
(ii) Employer shall use their best efforts to accelerate vesting of any unvested benefits of Executive under any employee stock-based or other benefit plan or arrangement to the extent permitted by Code Section 409A or other applicable law and the terms of such plan or arrangement.
(iii) Employer shall make available to Executive, at Employer’s cost, outplacement services by such entity or person as shall be designated by Employer, with the cost to Employer of such outplacement services not to exceed Twenty Thousand Dollars ($20,000).
(iv) During the Compensation Continuance Period, Executive shall either continue to participate (treating Executive as an “active employee” of Employer for this purpose) in the same group hospitalization plan, health care plan, dental care plan, life or other insurance or death benefit plan, and any other present or future similar group employee benefit plan or program for which officers of Employer generally are eligible, on the same terms as were in effect prior to Executive’s Termination Date, or, to the extent such participation is not permitted by any group plan insurer, under comparable individual plans and coverage (to the extent commercially available). The Termination Compensation and other benefits provided for in this Section 1.7.3 shall be paid by Employer in accordance with the standard payroll practices and procedures in effect prior to Executive’s Termination Date. If Executive breaches Executive’s obligations under Section 1.7.3 or Section 2 of this Agreement, Executive shall not be entitled to receive any further Termination Compensation or benefits pursuant to this Section 1.7.3 from and after the date of such breach.. ▇▇▇▇▇▇▇▇▇▇ 7.15.1 7
Appears in 1 contract
Sources: Employment Agreement (Bb&t Corp)
Termination Without Just Cause. In the case of a termination of Executive’s employment hereunder Without Just Cause in accordance with Section 1.6.61.6.5, Executive shall be entitled to the following in lieu of any other compensation or benefits (under Section 1.4 of this Agreement or otherwise) from Employer:
(i) Executive shall receive Termination Compensation each month during the Compensation Continuance Period, subject, however, to Executive’s compliance with Executive’s Section 2 covenants (including, without limitation, compliance with the noncompetition and nonsolicitation covenants of Section 2) for a one (1) year period following Executive’s Termination Date.
(ii) Employer shall use their best efforts to accelerate vesting of any Any unvested benefits of Executive under any employee stock-based or other benefit plan or arrangement shall become fully and immediately vested, and the payment or delivery of such awards or benefits shall be accelerated to the extent permitted by Code Section 409A or other applicable law and the terms of such plan or arrangement.
(iii) Employer shall make available to Executive, at Employer’s cost, outplacement services by such entity or person as shall be designated by Employer, with the cost to Employer of such outplacement services not to exceed Twenty Thousand Dollars ($20,000).
(iv) During the Compensation Continuance Period, Executive shall either continue to participate (treating Executive as an “active employee” of Employer for this purpose) in the same group hospitalization plan, health care plan, dental care plan, life or other insurance or death benefit plan, and any other present or future similar group employee welfare benefit plan or program for which officers of Employer generally are eligible, on the same terms as were in effect prior to Executive’s (A) as of the Termination Date, or (B) if such plans and programs in effect prior to the Effective Date were, considered together as a whole, materially more generous to the officers of Employer, than as of the Effective Date; or, to the extent such participation is not permitted by any group plan insurer, under comparable individual plans and coverage (to the extent commercially available)) at the full cost of Employer.
(iv) Executive shall receive the Consulting Fee in accordance with Section 3.6. The Termination Compensation and other benefits provided for in this Section 1.7.3 (other than Section 1.7.3(iv)) shall be paid by Employer in accordance with the standard payroll practices and procedures in effect prior to Executive’s Termination Date. If Executive incurs a termination of employment pursuant to this Section 1.7.3, Executive shall be subject to all of the provisions of Section 2, including, without limitation, compliance with the noncompetition and nonsolicitation provisions thereof. If Executive breaches Executive’s obligations under Section 1.7.3 or Section 2 of this Agreement2, Executive shall not be entitled to receive any further Termination Compensation or payments or benefits pursuant to this Section 1.7.3 from and after the date of such breach.
Appears in 1 contract
Sources: Employment Agreement (Bb&t Corp)