Executive’s Rights Upon Termination Clause Samples
The "Executive’s Rights Upon Termination" clause defines what compensation, benefits, and entitlements an executive is eligible to receive if their employment ends. Typically, this clause outlines the conditions under which severance pay, continued health coverage, stock options, or bonuses may be provided, and may distinguish between different types of termination, such as for cause, without cause, or due to resignation. Its core function is to ensure both parties understand the executive’s post-termination rights, reducing disputes and providing financial security to the executive in the event of job loss.
Executive’s Rights Upon Termination. Upon termination of this Agreement, Executive shall be entitled to the following:
(a) If this Agreement is terminated pursuant to Section 1.2, Section 1.3, Section 1.4, or Section 1.7 then Employer shall pay Executive or Executive’s representative, as the case may be, Executive’s then-current base salary (excluding any bonuses and non-cash benefits) through the effective date of termination (which, in the case of Section 1.7, shall follow any portion of the applicable notice period during which Executive has not been relieved of Executive’s duties hereunder), and Employer shall have no further obligations hereunder.
(b) If Employer terminates this Agreement without cause pursuant to Section 1.6 or otherwise, or Executive terminates this Agreement pursuant to Section 1.5, then, in addition to receiving Executive’s then current base salary through the effective date of termination, Executive (i) shall receive within 15 days of the effective date of termination a lump-sum payment equal to (A) 100% of Executive’s then-current annualized base salary, and (B) cash bonuses, if any, paid by Employer to Executive during the preceding twelve months, and (ii) shall be released from the provisions of Section 4.2, notwithstanding that the provisions of such Section would otherwise survive termination of this Agreement pursuant to Section 1.9. Executive and Employer agree that the effective date of any termination pursuant to Section 1.5 shall be the earlier of the end of the applicable notice period, if any, or the date on which Employer relieves Executive of Executive’s duties hereunder. Executive and Employer agree that the effective date of any termination pursuant to Section 1.6 hereof shall be only upon the expiration of the 30 day notice period described in Section 1.6, regardless of whether Employer earlier relieves Executive of Executive’s duties hereunder. As a condition to receiving the severance payments provided in this Section 1.8(b), Executive must execute a full release and waiver of all claims against Employer in a form reasonably acceptable to Employer (excluding claims for amounts required under this Agreement to be paid upon severance and existing indemnification obligations to Executive).
Executive’s Rights Upon Termination. In the event that Executive's employment with Company is terminated for any reason other than (a) death, (b) Disability, (c) Cause, (d) voluntary resignation by Executive not constituting Constructive Termination or (e) Retirement, Company will pay to Executive Base Compensation for a period of two years. In addition, Company will fully and immediately vest all unvested stock options and restricted stock awards previously granted by Company to Executive and fully vest and immediately pay to Executive any accrued award earned by Executive under the 5-Year Plan applicable to his Group or corporate position, as the case may be, or any other Company-sponsored long-term cash incentive plan in which Executive is a participant. Base Compensation payments shall be made when payments would otherwise have been made to Executive if he were still employed by Company, except in such cases where a different payment schedule is provided for in other Company-sponsored plans or programs. In the event Executive's employment with Company is terminated for death, Disability, Cause, voluntary resignation not constituting Constructive Termination or Retirement, Executive shall not be entitled to any benefits under this Agreement. This statement, however, shall not preclude Executive from any payments or benefits available to Executive from participation in Company-sponsored plans or programs that are generally applicable to salaried personnel.
Executive’s Rights Upon Termination. In the event that Executive's employment at DCXI is terminated for any reason other than (a) death, (b) Disability, (c) Cause, (d) voluntary resignation by Executive not constituting Constructive Termination, or (e) the expiration of the term of this Agreement, DCXI will pay to Executive Base Compensation for a period continuing two years after the date of termination. In addition, DCXI will fully vest all stock options and restricted stock awards previously granted by DCXI to Executive and fully vest and immediately pay to Executive any accrued award earned by Executive under the Performance Bonus Plan(s), above, or any other DCXI executive incentive plans which may exist at the time of termination and in which the Executive is a participant. Base Compensation payments shall be made when payments would otherwise have been made to Executive if he were still employed by DCXI, except in such cases where a different payment schedule is provided for in other Company-sponsored plans or programs. In the event Executive's employment at DCXI is terminated for death, Disability, Cause, voluntary resignation not constituting Constructive Termination, or upon expiration of the term of this Agreement, Executive shall be entitled to all benefits under this Agreement, including base salary, performance and incentive bonuses for 12 months after such event. Stock options vested to date of termination may be exercised at any time during the 12 months period following termination.
Executive’s Rights Upon Termination a. In the event that Executive's employment at ONLN is terminated for any reason other than (i) Death, (ii) Disability, (iii) Cause, (iv) voluntary resignation by Executive not constituting Constructive Termination, or (v) the expiration of the term of his Agreement, ONLN will pay to Executive Base Compensation for a period continuing five years after the date of termination. In addition, ONLN will fully vest all stock options and restricted stock awards previously granted by ONLN to Executive and fully vest and immediately pay to Executive any accrued award earned by Executive under the Performance Bonus Plan(s), above, or any other ONLN Executive incentive plans which may exist at the time of termination and in which the Executive is a participant.
b. In the event the Executive's employment at ONLN is terminated for Death, Disability, Cause, voluntary resignation not constituting Constructive Termination, or upon expiration of the term of this Agreement, Executive shall be entitled to all benefits under this Agreement, including base salary, performance and incentive bonuses for eighteen (18) months after such event. Stock options vested to date of termination may be exercised at any time during the eighteen (18) months period following termination and may be exercised by the estate of the Executive in the event of his death during the same time period.
c. Should the Executive exercise his option to terminate his Executive Employment voluntarily for Constructive Termination, the Company shall continue to employ the Executive as an advisor and consultant ("Consulting Employment") for a period of five years. During the period of Consulting Employment, the Executive shall at reasonable times but not full time, be available to consult with and advise the Company's officers, directors, representatives and clients. Executive shall be entitled to all benefits under this Agreement, including base salary, performance and incentive bonuses during the term of Consulting Employment. Stock options vested to date of Constructive Termination may be exercised at any time during the period of Consulting Employment. During the period of Consulting Employment, the Executive shall be permitted to engage in any business so long as such business practice is not in competition with the Company.
d. Base Compensation payments shall be made when payments would otherwise have been made to Executive if he were still employed by ONLN, except in such cases where a different payment s...
Executive’s Rights Upon Termination. Upon termination of this Agreement, Executive shall be entitled to the following:
(a) If this Agreement is terminated pursuant to Section 1.2, Section 1.3, Section
Executive’s Rights Upon Termination. (a) Subject to the next sentence of this 3.2(a) and also to the provisions of 3.2(b), upon termination of the Executive's employment pursuant to 3.1
(a) [death] or 3.1
(b) [disability], the Company shall have no further obligation to the Executive under this Agreement except to distribute to the Executive or to the Executive's estate or designated beneficiary the Executive 's appropriately pro-rated salary and Bonus, if any, due pursuant to Section 1.3 hereof. If the Executive's employment is terminated pursuant to 3.1(b) hereof (disability), the Company shall pay the Executive, in respect of the first six (6) months following termination, the shortfall (if any) between (i) the amount in respect of such six (6) months the Executive is entitled to receive under any long-term disability insurance policy in favor of the Executive which may be maintained by and at the cost and expense of the Company and (ii) the total of what the Executive would have been paid as salary and Bonus by the Company in respect of such six (6) month period if the Executive's employment had not been so terminated.
(b) If the Executive shall be terminated for any reason whatsoever (including death, disability, breach, cause or any other reason covered under Section 3.1 hereof) during the Term of Employment under this Agreement, he shall be entitled to compensation of One Hundred Twenty-Five Thousand Dollars ($125,000) per year for the period subsequent to termination and up to March 31, 1997. However, in the case of termination on account of the Executive's disability, such "remaining period" will not start until six (6) months after such termination.
Executive’s Rights Upon Termination. In the event that Executive's employment at ONLN is terminated for any reason other than (i) Death, (ii) Disability, (iii) Cause, (iv) voluntary resignation by Executive not constituting Constructive Termination, or (v) the expiration of the term of his Agreement, ONLN will pay to Executive Base Compensation for a period continuing five years after the date of termination. In addition, ONLN will fully vest all stock options and restricted stock awards previously granted by ONLN to Executive and fully vest and immediately pay to Executive any accrued award earned by Executive under the Performance Bonus Plan(s), above, or any other ONLN Executive incentive plans which may exist at the time of termination and in which the Executive is a participant.
Executive’s Rights Upon Termination. Other than For Cause or ----------------------------------------------------------- Breach. During the term of this Agreement, if the Company terminates Executive ------ other than for Cause, death or Executive terminates her employment hereunder because the Company shall fail in any material respect to observe or perform any covenant or agreement in this Agreement to be observed or performed by the Company, then
(a) Not later than three (3) days after such termination of employment, the Company shall:
(i) Pay Executive her full base salary through the date of termination;
(ii) Subject to Executive's continuing compliance with Section 6 hereof, provide Executive, for the rest of Executive's life (whether directly or through conversion of applicable insurance policies to individual policies for which the Company shall pay the premiums), with disability, accident, health and life insurance benefits for Executive and her family, which Executive is receiving immediately prior to the date of termination.
(iii) Acquire and transfer title to the automobile then being provided to Executive, without any payment by Executive therefor; and
(iv) Forgive any remaining outstanding principal and interest on the Note and release any collateral securing the Note to Executive.
(b) Not later than sixty (60) days after such termination of employment, the Company shall remit to Executive a lump sum (the "Severance Payment") in an amount exactly equal to three times her annual base salary and bonus paid for the immediately preceding fiscal year of the Company.
Executive’s Rights Upon Termination