EX-10.3
from 8-K
6 pages
“(3) Severance Payment. Subject to the Executive’s Having Executed And, if Applicable, Not Revoked, a Release of Claims Reasonably Satisfactory to the Company (The “Release of Claims”), in the Event the Executive’s Employment Is Terminated (I) by the Executive for Good Reason Within One (1) Year Following a Change in Control or (II) by the Company Other Than for Cause (Whether Before or After a Change in Control), Then the Executive Shall Be Entitled to the Following (Collectively, the “Severance Benefits”): (A) a Cash Payment, in Lieu of Any Other Severance Payment Pursuant to Any Other Plan or Agreement of the Company or Any Subsidiary Thereof to Which the Executive Is Otherwise Entitled, of an Amount Equal to Two (2) Times His Then Annual Base Salary as in Effect Immediately Prior to the Date of Termination (The “Severance Payment”), and (B) Continued Medical, Hospitalization, Life and Other Insurance Benefits Being Provided to the Executive and the Executive’s Family at the Date of Termination, for a Period of Twenty-Four (24) Months After the Date of Termination; Provided, However, That the Company Shall Have No Obligation to Continue to Provide the Executive With Such Insurance Benefits for Any Periods After the Date the Executive Obtains Comparable Benefits (With No Significant Pre Existing Condition Exclusions) as a Result of the Executive’s Employment in a New Position. Subject to Section 5, the Severance Payment Shall Be Payable in a Lump Sum Within 10 Business Days Following the Effective Date of the Release of Claims
12/34/56
EX-10.2
from 8-K
4 pages
“(3) Severance Payment. Provided That the Executive Is Not Entitled to Any Benefits Set Forth in Section 4 Below and Subject to the Executive’s Having Executed And, if Applicable, Not Revoked, a Release of Claims Reasonably Satisfactory to the Company (The “Release of Claims”), in the Event the Executive’s Employment Is Terminated by the Company Other Than for Cause, the Executive Shall Be Entitled to the Following (Collectively, the “Severance Benefits”): (I) a Cash Payment, in Lieu of Any Other Severance Payment Pursuant to Any Other Plan or Agreement of the Company or Any Subsidiary Thereof to Which the Executive Is Otherwise Entitled, of an Amount Equal to Two (2) Times His Then Annual Base Salary as in Effect Immediately Prior to the Date of Termination (The “Severance Payment”), and (II) Continued Medical, Hospitalization, Life and Other Insurance Benefits Being Provided to the Executive and the Executive’s Family at the Date of Termination, for a Period of Twenty-Four (24) Months After the Date of Termination; Provided, However, That the Company Shall Have No Obligation to Continue to Provide the Executive With Such Insurance Benefits for Any Periods After the Date the Executive Obtains Comparable Benefits (With No Significant Pre Existing Condition Exclusions) as a Result of the Executive’s Employment in a New Position. Subject to Section 7, the Severance Payment Shall Be Payable in a Lump Sum Within 10 Business Days Following the Effective Date of the Release of Claims.”
12/34/56
EX-10.1
from 8-K
4 pages
“(3) Severance Payment. Provided That the Executive Is Not Entitled to Any Benefits Set Forth in Section 4 Below and Subject to the Executive’s Having Executed And, if Applicable, Not Revoked, a Release of Claims Reasonably Satisfactory to the Company (The “Release of Claims”), in the Event the Executive’s Employment Is Terminated by the Company Other Than for Cause, the Executive Shall Be Entitled to the Following (Collectively, the “Severance Benefits”): (I) a Cash Payment, in Lieu of Any Other Severance Payment Pursuant to Any Other Plan or Agreement of the Company or Any Subsidiary Thereof to Which the Executive Is Otherwise Entitled, of an Amount Equal to Two (2) Times His Then Annual Base Salary as in Effect Immediately Prior to the Date of Termination (The “Severance Payment”), and (II) Continued Medical, Hospitalization, Life and Other Insurance Benefits Being Provided to the Executive and the Executive’s Family at the Date of Termination, for a Period of Twenty-Four (24) Months After the Date of Termination; Provided, However, That the Company Shall Have No Obligation to Continue to Provide the Executive With Such Insurance Benefits for Any Periods After the Date the Executive Obtains Comparable Benefits (With No Significant Pre Existing Condition Exclusions) as a Result of the Executive’s Employment in a New Position. Subject to Section 7, the Severance Payment Shall Be Payable in a Lump Sum Within 10 Business Days Following the Effective Date of the Release of Claims.”
12/34/56
