Effect of Voluntary Termination Sample Clauses

Effect of Voluntary Termination. If Employee's employment is voluntarily terminated by Employee without Good Reason, Employee's salary and other benefits, including, without limitation, any bonus described in Section 2(b), shall cease at the time of such termination, and Employee shall not be entitled to any compensation that has not been paid prior to such termination or which has not accrued for services provided prior to such termination; provided, however, that the Employee shall be entitled to continue to participate in the Company's benefit plans to the extent required by law. Further, subject to paragraph 2.3.2 of MIPA, in the event that Employee voluntarily terminates his employment without Good Reason prior to the termination of the Initial Term of this Agreement, then such termination shall trigger liability as provided in paragraph 2.3.2 of said MIPA. Further, and in addition to the provisions of paragraph 2.3.2 of the MIPA, Company shall be entitled, with respect to Employee, to any and all other remedies, whether injunctive relief, damages or both, to which it would otherwise be entitled to for breach of the MIPA.
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Effect of Voluntary Termination. Section 7(a) of the Agreement (regarding the effect of voluntary termination) is amended by replacing the first sentence thereof with the following: If Executive’s employment is terminated by Executive, the Company shall pay Executive’s Base Salary through point of termination and pay one half (1/2) a pro rated bonus for the time worked (in cash or stock in accordance with the STIP), such bonus to be paid during the calendar year immediately following the year in which the Executive’s employment terminates (but not later than March 15 of such calendar year or, if earlier, the time incentive compensation would otherwise be payable under the plan for the year of termination), on the basis of the Company’s performance relative to target achieved for that full year.
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Effect of Voluntary Termination. In the event that the Executive voluntarily terminates his employment with the Corporations as provided for by Section 3.04 hereof, the Corporations shall pay to the Executive any monthly installment of his Base Salary which is accrued and unpaid as of the date of the Executive's termination at the monthly rate then in effect and, thereafter, the Corporations shall have no further obligation to pay the Executive any additional Base Salary, compensation or bonuses, no further obligation to provide any medical, life, disability or other insurance benefits to the Executive hereunder, and, except as otherwise provided under the terms of Sections 8.06 and 8.07 hereof, no further obligation to pay any other benefits provided to the Executive hereunder.
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Effect of Voluntary Termination. If upon a Change in Control the Employee is offered continued employment, but chooses to not accept such offer and has a Separation from Service within 30 days after the Change in Control, the Employee will be entitled to a single lump sum payment equal to twelve (12) months of the Employee’s annual base salary (as of the Employee’s Separation from Service date). Such payment shall be made on the 45th day following the Change in Control (or the first business day thereafter, if the 45th day after the Change in Control is not a business day).
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Effect of Voluntary Termination. In the event Executive elects to voluntarily terminate Executive's employment in accordance with Section 4(a), such termination shall not be deemed a voluntary termination of employment by Executive for the purpose of any plan or practice of the Company or for any other reason whatsoever (except as may be otherwise required to facilitate Executive's right to receive the benefits set forth in this Agreement).
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Related to Effect of Voluntary Termination

  • Voluntary Termination by Company COMPANY shall have the right to terminate this Agreement, for any reason, (i) upon at least six (6) months prior written notice to M.I.T., such notice to state the date at least six (6) months in the future upon which termination is to be effective, and (ii) upon payment of all amounts due to M.I.T. through such termination effective date.

  • Cause and Voluntary Termination If, during the Employment Period, the Executive's employment shall be terminated for Cause or voluntarily terminated by the Executive (other than on account of Good Reason following a Change of Control), the Company shall pay the Executive (i) the Earned Salary in cash in a single lump sum as soon as practicable, but in no event more than 10 days, following the Date of Termination, and (ii) the Accrued Obligations in accordance with the terms of the applicable plan, program or arrangement.

  • Notice of Voluntary Termination Promptly upon the filing thereof, copies of any Form 5310, or any successor or equivalent form to Form 5310, filed with the PBGC in connection with the termination of any Plan.

  • Involuntary Termination Without Cause and Voluntary Termination with Good Reason With written notice to the Executive at least thirty (30) days in advance, the Bank may terminate the Executive’s employment without Cause. Termination shall take effect at the end of the notice period. With advance written notice to the Bank as provided in clause (y), the Executive may terminate employment for Good Reason. If the Executive’s employment terminates involuntarily without Cause or voluntarily but with Good Reason, the Executive shall be entitled to the benefits specified in Article 4 of this Agreement. For purposes of this Agreement, a voluntary termination by the Executive shall be considered a voluntary termination with Good Reason if the conditions stated in both clauses (x) and (y) of this Section 3.4 are satisfied:

  • Voluntary Termination Executive may voluntarily terminate Executive’s employment for any reason upon 30 days’ prior written notice. In such event, after the effective date of such termination, except as provided in Section 2.2 with respect to a resignation for Good Reason, no further payments shall be due under this Agreement, except that Executive shall be entitled to any benefits accrued in accordance with the terms of any applicable benefit plans and programs of the Company.

  • Voluntary Termination by Employee Subject to Section 12 hereof, the Employee may voluntarily terminate employment with the Bank during the term of this Agreement, upon at least 90 days' prior written notice to the Board of Directors, in which case the Employee shall receive only his compensation, vested rights and employee benefits up to the date of his termination (unless such termination occurs pursuant to Section 10(d) hereof or within the Protected Period, in Section 12(a) hereof, in which event the benefits and compensation provided for in Sections 10(d) or 12, as applicable, shall apply).

  • Termination for Cause; Voluntary Termination If at any time during the Term the Executive’s employment with the Company is terminated pursuant to Section 4.6 or 4.7, the Executive shall be entitled to only the following:

  • Voluntary Termination or Termination for Cause If Executive is no longer employed by the Company or any of its subsidiaries as a result of Executive's termination for Cause or resignation, then on or after the Termination Date, the Company may elect to purchase all or any portion of the Executive Units at a price per Unit equal to the lower of the Original Value thereof or the Fair Market Value thereof determined as described in clause (b)(1) above; provided, however, that if Executive resigns on or after the fifth anniversary of the date hereof, then on or after such Termination Date, the Company may elect to purchase all or any portion of the Executive Units at a price per unit equal to the Fair Market Value thereof determined as described in clause 3(b)(1) above.

  • Involuntary Termination for Cause If the Employee's employment is terminated for Cause, then the Employee shall not be entitled to receive severance payments. The Employee's benefits will be terminated under the Company's then existing benefit plans and policies in accordance with such plans and policies in effect on the date of termination.

  • Termination for Cause or Voluntary Termination If the Executive’s employment terminates pursuant to Section 6(c) [For Cause] or Section 6(f) [Voluntary Termination], the Executive shall be entitled to receive only the salary, annual bonuses, expense reimbursements, benefits and accrued vacation days earned by the Executive pursuant to Section 4 through the date of the Executive’s termination of employment. Annual bonuses are not earned until the date any such bonus is paid in accordance with the terms of the applicable bonus plan. As such, the Executive shall not be entitled to any bonus not paid prior to the date of the Executive’s termination of employment, and the Executive shall not be entitled to any prorated bonus payment for the year in which the Executive’s employment terminates. Any stock options granted to the Executive by the Company shall continue to vest only through the date on which the Executive’s employment terminates, and unless otherwise provided by their terms, any restricted stock, performance share awards or other equity awards that were granted to the Executive by the Company that remain unvested as of the date on which the Executive’s employment terminates shall automatically be forfeited and the Executive shall have no further rights with respect to such awards. The Company shall have no further obligations to the Executive as a result of termination of employment described in this Section 8(b) except as set forth in Section 12.

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