Common use of Company Obligations upon Termination Clause in Contracts

Company Obligations upon Termination. Upon termination of Employee’s employment pursuant to any of the circumstances listed in Section 3, Employee (or Employee’s estate) shall be entitled to receive the sum of: (i) the portion of Employee’s Annual Base Salary earned through the Date of Termination, but not yet paid to Employee, plus any accrued vacation earned through the Date of Termination, but not used by Employee; (ii) any expenses owed to Employee pursuant to Section 2(e); and (iii) any amount accrued and arising from Employee’s participation in, or benefits accrued under any employee benefit plans, programs or arrangements, which amounts shall be payable in accordance with the terms and conditions of such employee benefit plans, programs or arrangements (collectively, the “Company Arrangements”). Except as otherwise expressly required by law (e.g., COBRA) or as specifically provided herein, all of Employee’s rights to salary, severance, benefits, bonuses and other amounts hereunder (if any) shall cease upon the termination of Employee’s employment hereunder. In the event that Employee’s employment is terminated by the Company for any reason, Employee’s sole and exclusive remedy shall be to receive the severance payments and benefits described in this Section 3(c) or Section 4, as applicable.

Appears in 7 contracts

Samples: Employment Agreement (Athlon Energy Inc.), Employment Agreement (Athlon Energy Inc.), Employment Agreement (Athlon Energy Inc.)

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Company Obligations upon Termination. Upon termination of EmployeeExecutive’s employment pursuant to any of the circumstances listed in this Section 3, Employee Executive (or EmployeeExecutive’s estate, if applicable) shall be entitled to receive the sum of: following (the “Accrued Obligations”): (i) the portion of EmployeeExecutive’s Annual Base Salary earned through the Date of Termination, but not yet paid to Employee, plus any accrued vacation earned through Executive (payable on the Date of Termination, but not used Company’s next payroll date or such earlier date as required by Employeeapplicable law); (ii) any expenses expense reimbursements owed to Employee Executive pursuant to Section 2(e2(f), payable pursuant to the applicable policy; and (iii) any amount accrued and arising from EmployeeExecutive’s participation in, or benefits accrued under any employee benefit plans, programs or arrangements, which amounts shall be payable in accordance with the terms and conditions of such employee benefit plans, programs or arrangements (collectively, the “Company Arrangements”). Except as otherwise expressly required by law (e.g., COBRA) or applicable Company Arrangement or as specifically provided herein, all of EmployeeExecutive’s rights to salary, severance, benefits, bonuses bonuses, and other compensatory amounts hereunder (if any) shall cease upon the termination of EmployeeExecutive’s employment hereunder. In the event that EmployeeExecutive’s employment is terminated by the Company for any reason, EmployeeExecutive’s sole and exclusive remedy for severance benefits shall be to receive the severance payments and benefits described in this Section 3(c) or Section 4, as applicable.

Appears in 6 contracts

Samples: Employment Agreement (CG Oncology, Inc.), Employment Agreement (CG Oncology, Inc.), Employment Agreement (CG Oncology, Inc.)

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