Common use of Discharge Other Than for Cause or Disability Clause in Contracts

Discharge Other Than for Cause or Disability. Same as for “Discharge for Cause” EXCEPT that, in exchange for my execution of a release in accordance with this section, my base salary, but not my employment, shall continue for up to twelve months and Company will pay COBRA health insurance premiums for me and my family for a like period while I seek other employment. This salary and insurance will be paid 1/12th monthly and will cease upon my commencement of other employment. RESIGNATION Same as for “Discharge for cause “ DEATH Same as for “Discharge for Cause” EXCEPT that payments shall be made to the person or entity prescribed by Company policies. EXPIRATION OF AGREEMENT Same as for “Discharge other than for cause or disability.” CHANGE OF CONTROL Payment of two year’s salary and expected bonus as specified in 4.a. and b. in the event of a change of control after which my employment was ended by either party, plus forward vesting of any equity option held by me and Company will pay COBRA health insurance premiums for me and my family for eighteen (18) months after my employment ends.

Appears in 2 contracts

Samples: Employment Agreement (American Electric Technologies Inc), Employment Agreement (American Electric Technologies Inc)

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Discharge Other Than for Cause or Disability. Same as for “Discharge for Cause” EXCEPT that, in exchange for my execution of a release in accordance with this section, my base salary, but not my employment, shall continue for up to twelve 12 months and Company will pay COBRA health insurance premiums for me and my family for a like period while I seek other employment. This salary and insurance will be paid 1/12th monthly and will cease upon my commencement of other employment. RESIGNATION Same as for “Discharge for cause “ Cause.” DEATH Same as for “Discharge for Cause” EXCEPT that payments shall be made to the person or entity prescribed by Company policies. EXPIRATION OF AGREEMENT Same as for “Discharge other than for cause or disabilityCause.” CHANGE OF CONTROL Payment of two year’s salary and expected bonus as specified in 4.a. and b. in the event of a change of control after which my employment was ended by either party, plus forward vesting of any equity option held by me and Company will pay COBRA health insurance premiums for me and my family for eighteen (18) months after my employment ends. See addition to 5.d. regarding extension of Medical Coverages.

Appears in 1 contract

Samples: Employment Agreement (American Electric Technologies Inc)

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Discharge Other Than for Cause or Disability. Same as for “Discharge for Cause” EXCEPT that, in exchange for my execution of a release in accordance with this section, my base salary, but not my employment, shall continue for up to twelve 12 months and Company will pay COBRA health insurance premiums for me and my family for a like period while I seek other employment. This salary and insurance will be paid 1/12th monthly and will cease upon my commencement of other employment. RESIGNATION Same as for “Discharge other than for cause or disability.” DEATH Same as for “Discharge for Cause” EXCEPT that payments shall be made to the person or entity prescribed by Company policies. EXPIRATION OF AGREEMENT Same as for “Discharge other than for cause or disability.” CHANGE OF CONTROL Payment of two year’s salary and expected bonus as specified in 4.a. and b. in the event of a change of control after which my employment was ended by either party, plus forward vesting of any equity option held by me and Company will pay COBRA health insurance premiums for me and my family for eighteen (18) months after my employment ends.

Appears in 1 contract

Samples: Employment Agreement (American Electric Technologies Inc)

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