Effect of Expiration of Employment Period Sample Clauses

Effect of Expiration of Employment Period. Section 5 below shall not be applicable to the termination of the Executive’s employment upon or after the expiration of the Employment Period in accordance with Section 2 above as a result of the Executive’s attainment of age 65.
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Effect of Expiration of Employment Period. Upon the expiration of the Employment Period on the Termination Date, Xxxxxx’x employment with the Company and the Employment Period will be deemed to have been terminated “other than for Cause” pursuant to Section 3.1 of the Employment Agreement, and Xxxxxx will be entitled to the following final compensation for the Employment Period, in each case, less applicable income tax and other legally-required withholdings and authorized deductions: (i) any accrued but unpaid Base Salary through the Termination Date, payable in a lump sum through the Company’s payroll on the first payroll date following the Termination Date, (ii) a cash payment equal to 25.5 days of Base Salary ($28,993.25), payable in a lump sum through the Company’s payroll on the first payroll date following the Termination Date, (iii) Xxxxxx’x annual bonus under Section 2.3(a) of the Employment Agreement with respect to fiscal year 2014, which has been determined by the Company to have been earned at 100% of Base Salary (i.e., $415,000 in the aggregate), payable in a lump sum through the Company’s payroll on the first payroll date following the Termination Date, (iv) the Not for Cause Separation Payment pursuant to Section 3.1 of the Employment Agreement (i.e., Xxxxxx’x annual base salary, or $415,000 in the aggregate), payable in a lump sum through the Company’s payroll on the fifth business day following the Release Deadline (as defined in the Employment Agreement), and (v) accelerated vesting of 20,000 Inducement LTIP Units pursuant to Section 4 of the Series 2014B LTIP Unit Award Agreement among Xxxxxx, the Partnership, and the Company dated as of August 25, 2014 (the “LTIP Unit Agreement”), effective the day following the Release Deadline; in the case of (iv) and (v), subject to the terms of the Employment Agreement and the LTIP Unit Agreement, as applicable; provided, that, the Company hereby acknowledges and agrees that, following the Termination Date, Xxxxxx shall not be subject to the non-competition covenant in respect of the Company, the Partnership or any of their subsidiaries or affiliates set forth in Section 8(b) of the LTIP Unit Agreement, which shall be null and void and of no further force or effect as of the Termination Date.
Sample 1

Related to Effect of Expiration of Employment Period

  • Effect of Termination of Employment The provisions of this Section 6 shall apply in the event of termination of Executive’s employment, pursuant to Section 5, or otherwise.

  • Expiration of Employment Period If Executive’s employment shall be terminated due to the normal expiration of the Employment Period, this Agreement shall terminate without further obligations to Executive, other than for payment of Accrued Obligations and the timely payment or provision of Other Benefits.

  • Effect of Termination of Employment or Death If Employee goes on leave of absence for a period of greater than twelve months (except a leave of absence approved by the Board of Directors or the Committee) or ceases to be an employee of the Company for any reason except death, the portion of the SARs which is unexercisable on the date on which Employee ceased to be an Employee or has been on a leave of absence for over twelve months (except a leave of absence approved by the Board or Committee) shall expire on such date and any unexercised portion of the SARs which was otherwise exercisable on such date shall expire at the earlier of (i) the expiration of the SARs in accordance with the term for which the SARs were granted, or (ii) three months from such date, except in the case of an Employee who is an “Approved Retiree” as defined below. If Employee is an Approved Retiree, then the SARs shall expire at the sooner to occur of (i) the expiration of such SARs in accordance with their original term, (ii) the expiration of five years from the date of retirement, or (iii) with respect to SARs granted less than one year before the date the Approved Retiree retires, such retirement date, except not with respect to that portion of the SARs equal to the number of such shares multiplied by the ratio of (a) the number of days between the Award Date and the retirement date inclusive, over (b) the number of days in the twelve (12) month period following the Award Date. In the event of the death of Employee without Approved Retiree status during the three (3) month period following termination of employment or a leave of absence over twelve (12) months (except a leave of absence approved by the Board or Committee), the SARs shall be exercisable by Employee’s personal representative, heirs or legatees to the same extent and during the same period that Employee could have exercised the SARs if Employee had not died. In the event of the death of Employee while an employee of the Company or while an Approved Retiree, the SARs (if the waiting period has elapsed) shall be exercisable in their entirety by Employee’s personal representatives, heirs or legatees at any time prior to the expiration of one year from the date of the death of Employee, but in no event after the term for which the SARs were granted. For purposes of this Agreement, an “Approved Retiree” is any SAR holder who (i) terminates employment by reason of a Disability, or (ii) (A) retires from employment with the Company with the specific approval of the Committee on or after such date on which the SAR holder has attained age 55 and completed 10 Years of Service, and (B) has entered into and has not breached an agreement to refrain from Engaging in Competition in form and substance satisfactory to the Committee; and if the Committee subsequently determines, in its sole discretion, that an Approved Retiree has violated the provisions of the Agreement to refrain from Engaging in Competition, or has engaged in willful acts or omissions or acts or omissions of gross negligence that are or potentially are injurious to the Company’s operations, financial condition or business reputation, such Approved Retiree shall have ninety (90) days from the date of such finding within which to exercise any SARs or portions thereof which are exercisable on such date, and any SARs or portions thereof which are not exercised within such ninety (90) day period shall expire and any SARs or portion thereof which are not exercisable on such date shall be cancelled on such date.

  • Expiration of Employment Term Unless the parties otherwise agree in writing, continuation of Executive’s employment with the Company following the expiration of the Employment Term shall be deemed an employment at-will and shall not be deemed to extend any of the provisions of this Agreement and Executive’s employment may thereafter be terminated at will by either Executive or the Company; provided that the provisions of Sections 6, 7 and 8 of this Agreement shall survive any termination of this Agreement or Executive’s termination of employment hereunder.

  • Termination of Employment Period The employment of the Employee by the Company pursuant to this Agreement shall terminate upon the occurrence of any of the following:

  • Effect of Termination of Employment or Service Except as provided in Section 3, the Participant’s Share Units shall terminate and be forfeited to the extent such units have not become vested prior to the first date the Participant is no longer employed by or in service to the Company or one of its Subsidiaries, regardless of the reason for the termination of the Participant’s employment or service with the Company or a Subsidiary, whether voluntarily or involuntarily. If any unvested Share Units are terminated hereunder, such Share Units shall automatically terminate and be forfeited as of the applicable termination date without payment of any consideration by the Company and without any other action by the Participant, or the Participant’s beneficiary or personal representative, as the case may be.

  • Term and Termination of Employment (a) This Agreement shall be effective as of the Effective Date.

  • Termination of Executives Employment Termination of Executive's Employment means that (i) the Company has terminated Executive's employment with the Company (including any subsidiary of the Company) other than for Cause (as defined in Section 6.2), death or Disability (as defined in Section 6.4), or (ii) Executive, by written notice to the Company, has terminated his employment with the Company (including any subsidiary of the Company) for Good Reason (as defined below). For purposes of this Agreement, "Good Reason" means:

  • Effect of Termination of Service Except as otherwise provided in accordance with Section 4(b) above, if you cease to be a Service Provider, you will forfeit all unvested Units.

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