Executive Severance Sample Clauses

Executive Severance. If during the 2-year period following the Closing Date (i) your employment is terminated by the Company for reasons other than the conviction of, or a plea of no contest to, a felony punishable by a prison sentence of more than one year, (ii) you terminate your employment by resigning following a reduction in base salary and/or a change to the existing Company's target maximum bonus percentage or formula, (iii) you terminate your employment by resigning following a requirement by the Company to relocate to a location more than 50 miles away from your current employment location, or (iv) you terminate your employment by resigning following a reduction in your title, duties, reporting relationships or responsibilities, the Company shall: * Pay you a lump sum cash amount within 5 days of your date of termination equal to your then current annual base salary and prorated targeted maximum bonus for the year. * If your termination of employment is prior to May 1, 1999, pay you a lump sum cash payment within 5 days of your date of termination in the amount of $75,000. * Make a lump sum cash payment to you within 5 days of your date of termination of any unpaid amounts required by Paragraph (a) above. * Provide, without cost to you, health care coverage required by Sections 601-608 of the Employee Retirement Income Security Act of 1974, as amended ("COBRA"), for a period of 12 months following your termination of employment. In lieu of COBRA coverage, you may elect to receive the applicable cost of such coverage in a lump sum cash payment, to be paid within 5 days of your termination of employment. * If after May 1997 you relocated to the Denver, Colorado area at the Company's request, the Company will reimburse you for relocation expenses incurred following your termination of employment in an amount equal to the lesser of: (i) your actual expenses incurred in relocating from Denver, Colorado after your termination, or (ii) 125% of your expenses previously incurred in relocating to Denver, Colorado at the Company's request, provided any such expenses are not reimbursed by any subsequent employer. The foregoing relocation program will have the same benefits (including tax gross up on certain items) and coverage as the relocation program under which you were moved to Denver, Colorado by the Company.
Sample 1Sample 2See All (6)
AutoNDA by SimpleDocs
Executive Severance. You will receive 18 months of base salary continuation and incentive compensation (at target) in the event of your involuntary termination of employment (other than for cause). In the event of your involuntary termination of employment (other than for cause) within 2 years of (i) a change in control of the Company within 2 years of the spin, or (ii) a sale of TS by Honeywell, 36 months shall be substituted for 18 months. In all other cases, you shall be subject to the terms of the applicable Honeywell or Company severance plan.
Sample 1
Executive Severance. Activant has a severance plan in place for senior executives, and you will be eligible to participate in that plan. We will provide you a copy of that Executive Severance Plan.
Sample 1

Related to Executive Severance

  • Exclusive Severance Benefits The Severance Benefits payable under Section 6.4(a) or the Change of Control Benefits payable under Section 6.4(b), if they become applicable under the terms of this Agreement, will be in lieu of any other severance or similar benefits that would otherwise be payable under any other agreement, plan, program or policy of the Company.

  • Bonus Severance A single, lump sum payment equal to 100% of the Executive’s target annual bonus as in effect for the fiscal year in which the Qualifying CIC Termination occurs, less applicable withholdings.

  • COBRA Severance As an additional Severance Benefit, the Company will continue to pay the cost of your health care coverage in effect at the time of your Separation from Service for a maximum of twelve (12) months, either under the Company’s regular health plan (if permitted), or by paying your COBRA premiums (the “COBRA Severance”). The Company’s obligation to pay the COBRA Severance on your behalf will cease if you obtain health care coverage from another source (e.g., a new employer or spouse’s benefit plan), unless otherwise prohibited by applicable law. You must notify the Company within two (2) weeks if you obtain coverage from a new source. This payment of COBRA Severance by the Company would not expand or extend the maximum period of COBRA coverage to which you would otherwise be entitled under applicable law. Notwithstanding the above, if the Company determines in its sole discretion that it cannot provide the foregoing COBRA Severance without potentially violating applicable law (including, without limitation, Section 2716 of the Public Health Service Act), the Company shall in lieu thereof provide to you a taxable monthly payment in an amount equal to the monthly COBRA premium that you would be required to pay to continue your group health coverage in effect on the date of your termination (which amount shall be based on the premium for the first month of COBRA coverage), which payments shall be made on the last day of each month regardless of whether you elect COBRA continuation coverage and shall end on the earlier of (x) the date upon which you obtain other coverage or (y) the last day of the twelfth (12th) calendar month following your Separation from Service date.

  • Severance Pay In the event that your employment is terminated by the Company, except for “Cause” as defined below, you will be eligible to receive the following:

  • Termination of Employment and Severance Benefits The Executive’s employment hereunder shall terminate under the following circumstances:

  • Executive Benefits The Executive shall be entitled to participate in all benefit programs of the Company currently existing or hereafter made available to executives and/or other salaried employees, including, but not limited to, pension and other retirement plans, group life insurance, hospitalization, surgical and major medical coverage, sick leave, disability and salary continuation, vacation and holidays, cellular telephone and all related costs and expenses, long-term disability, and other fringe benefits.

  • Termination of Employment with Severance Benefits (a) The Executive shall be entitled to the severance benefits described in section 9(b) in the event that:

  • Severance Pay and Benefits Upon Termination by the Company without Cause or by the Executive for

  • Termination of Employment Severance Your immediate supervisor or the Company's Board of Directors may terminate your employment, with or without cause, at any time by giving you written notice of your termination, such termination of employment to be effective on the date specified in the notice. You also may terminate your employment with the Company at any time. The effective date of termination (the "Effective Date") shall be the last day of your employment with the Company, as specified in a notice by you, or if you are terminated by the Company, the date that is specified by the Company in its notice to you. The following subsections set forth your rights to severance in the event of the termination of your employment in certain circumstances by either the Company or you. Section 5 also sets forth certain restrictions on your activities if your employment with the Company is terminated, whether by the Company or you. That section shall survive any termination of this Agreement or your employment with the Company.

  • Severance Payments; Salary and Benefits The Company agrees to provide Executive with the severance payments and benefits described in Section 4(b) [and Section 4(c)] of the Employment Agreement, payable at the times set forth in, and subject to the terms and conditions of, the Employment Agreement. In addition, to the extent not already paid, and subject to the terms and conditions of the Employment Agreement, the Company shall pay or provide to Executive all other payments or benefits described in Section 3(c) of the Employment Agreement, subject to and in accordance with the terms thereof.

Time is Money Join Law Insider Premium to draft better contracts faster.