Good Reason Severance Payment Sample Clauses

Good Reason Severance Payment. In lieu of any further Compensation payments to Executive after the date of termination, a lump sum severance payment equal to three (3) times Executive’s Compensation then in effect.
Sample 1
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Good Reason Severance Payment. In the event Winterbottom appropriately terminates his employment and this Agreement for Good Reason (after having giving notice to the Board of the “Good Reason” and allowing the Board at least a 30 day period to cure the Good Reason), Winterbottom shall have no further obligations of any kind under or arising out of the Agreement (except for the obligations of Winterbottom under Sections 7 and 8 of this Agreement), and the Company shall be obligated to pay Winterbottom an amount equal to his Base Salary plus $100,000 per year for the remainder of the then-existing Term of this Agreement, but no less than a total of one year of Base Salary plus $100,000 (“Good Reason Severance Payment”)—provided, however, that in the event that as a result of such termination of employment by Winterbottom for Good Reason, Winterbottom would otherwise be entitled to a Change of Control Benefit under Section 4.7 of this Agreement, Winterbottom shall be entitled to elect either: (i) the Good Reason Severance Payment described in this Section 4.6(b) or (ii) the Change of Control Benefit described in Section 4.7 of this Agreement, but in no event shall he be entitled to both payments. Any Good Reason Severance Benefit paid pursuant to this Section 4.6 shall be paid as soon as reasonably possible (i.e. within sixty days) after the expiration of any revocation period following Winterbottom’s execution of the release referred to in Section 4.6(c) below. In addition, the Company shall pay the insurance premiums to provide Winterbottom family health coverage under COBRA for one year after Winterbottom ceases employment by the Company.
Sample 1
Good Reason Severance Payment. In the event Xxxxxxxxx appropriately terminates his employment and this Agreement for Good Reason (after having giving notice to the Board of the “Good Reason” and allowing the Board at least a 30 day period to cure the Good Reason), Xxxxxxxxx shall have no further obligations of any kind under or arising out of the Agreement (except for the obligations of Xxxxxxxxx under Sections 7 and 8 of this Agreement), and the Company shall be obligated only to pay Xxxxxxxxx his then-current Base Salary and Seventy-Five percent (75%) of the Incentive Target described in Section 3 of this Agreement through the then-current end of the Term (the “Remaining Term”) as provided for under Section 2 of this Agreement, but no less than a total of one year of Base Salary and Seventy-Five percent (75%) of the Incentive Target (“Good Reason Severance Payment”)—provided, however, that in the event that as a result of such termination of employment by Xxxxxxxxx for Good Reason, Xxxxxxxxx would otherwise be entitled to a Change of Control Benefit under Section 4.7 of this Agreement, Xxxxxxxxx shall be entitled to elect either: (i) the Good Reason Severance Payment described in this Section 4.6(b) or (ii) the Change of Control Benefit described in Section 4.7 of this Agreement, but in no event shall he be entitled to both payments. Any Good Reason Severance Benefit paid pursuant to this Section 4.6 shall be paid as soon as reasonably possible (i.e. within sixty days) after the expiration of any revocation period following Xxxxxxxxx’x execution of the release referred to in Section 4.6(c) below. In addition, the Company shall pay the insurance premiums to provide Xxxxxxxxx family health coverage under COBRA for one year after Xxxxxxxxx ceases employment by the Company.
Sample 1
Good Reason Severance Payment. A lump sum "Good Reason Severance Payment" in lieu of any further Compensation payments to Hill after the date of termination.
Sample 1

Related to Good Reason Severance Payment

  • Good Reason Termination Good Reason Termination means a Termination of Employment initiated by Participant that is related to one or more conditions described in subsection (a), and that is subject to the timing, notice and remedy provisions of subsection (b):

  • Termination of Employment and Severance Benefits The Executive’s employment hereunder shall terminate under the following circumstances:

  • Change in Control Severance Benefits If there is a Change in Control, and within one (1) year of such Change in Control, the Executive’s employment is terminated under the circumstances described in Sections 4(a) through 4(f) above, the Executive shall be entitled to the following: (I) if such termination is a termination by the Company without Cause pursuant to Section 4(a) or the Executive resigns for Good Reason pursuant to Section 4(b), the Company shall pay the Executive the Accrued Obligations and, in addition, subject to the provisions of Section 19, (A) an amount equal to twenty-four (24) months of the Executive’s Base Salary at the rate in effect on the date of termination or resignation, payable in a lump sum within sixty (60) calendar days of the date of termination or resignation; and (B) provided the Executive timely elects continuation coverage under COBRA, the Company shall also pay, on the Executive’s behalf, the portion of monthly premiums for the Executive’s group health insurance, including coverage for the Executive’s dependents, that the Company paid immediately prior to the date of termination or resignation, during the eighteen (18) month period following the date of termination or resignation, subject to the Executive’s continued eligibility for COBRA coverage. The Company will pay for such COBRA coverage for eligible dependents only for those dependents who were enrolled immediately prior to the date of termination or resignation. The Executive will continue to be required to pay that portion of the premium for the Executive’s health coverage, including coverage for the Executive’s eligible dependents, that the Executive was required to pay as an active employee immediately prior to the date of termination or resignation. Notwithstanding the foregoing, in the event that under applicable guidance the reimbursement of COBRA premiums causes the Company’s group health plan to violate any applicable nondiscrimination rule, the parties agree to negotiate in good faith a mutually agreeable alternative arrangement; and (II) if such termination is a termination or resignation under the circumstances described in Sections 4(c), 4(d), 4(e) or 4(f), the Executive shall be entitled to the compensation and benefits for which the Executive is eligible under such sections.

  • Change in Control Severance If, following the occurrence of a Change in Control, the Company or an Affiliate terminates the Executive's employment during the Post-Change Period other than as described in clause (i), (ii) or (iii) of Section 8(a), or if the Executive terminates his employment pursuant to Section 8(b), the Executive shall not be entitled to the severance compensation described in Section 7, and the Company will (i) pay or cause to be paid to the Executive the amounts described in Sections 8(c)(1), 8(c)(2), 8(c)(3), 8(c)(6) and 8(c)(7) within five business days after the Termination Date; (ii) pay or cause to be paid to the Executive the amount described in Section 8(c)(4), such amount to be payable no earlier than the date on which such Incentive Pay, if any, would have been paid under the applicable plan or policy of the Company absent such termination of employment; and (iii) provide the Executive the benefits described in Section 8(c)(5) for the period described therein.

  • Termination Severance Either party may terminate the employment relationship as evidenced by this Agreement at any time and for any reason upon ninety days written notice to the other.

  • Change of Control Severance Benefits A Covered Termination of Executive’s employment on or within twelve (12) months following the effective date of a Change of Control entitles Executive to receive the benefits set forth in this Section 3.2.

  • Severance Payment Executive will be paid continuing payments of severance pay at a rate equal to Executive’s base salary rate, as then in effect, for twelve (12) months from the date of such termination of employment, to be paid periodically in accordance with the Company’s normal payroll policies.

  • Lump Sum Severance Payment Payment of a lump sum amount equal to twelve (12) months of Executive’s then-current Base Salary plus the Pro Rated Bonus, less all customary and required taxes and employment-related deductions, paid on the first payroll date following the date on which the Release required by Paragraph 4(g) becomes effective and non-revocable, but not after seventy (70) days following the effective date of termination from employment.

  • Cash Severance Payment Provided that Executive complies with Section 5 below, Executive shall receive a lump sum cash payment in an amount equal to fifteen (15) months of Executive’s the effective base salary (less applicable withholding), paid within ten (10) business days of the effective date of the Termination Upon a Change of Control.

  • Bonus Severance A single, lump sum payment equal to 100% of the Executive’s target annual bonus as in effect for the fiscal year in which the Qualifying CIC Termination occurs, less applicable withholdings.

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