Involuntary Termination Benefits Sample Clauses

Involuntary Termination Benefits. Executive shall be eligible for severance benefits upon an involuntary termination of employment under the terms and conditions specified in this section 2.
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Involuntary Termination Benefits. If Executive’s employment is terminated (i) by Executive for Good Reason within 24 months after the Effective Date or within 24 months after a Change in Control or (ii) by the Company without Cause at any time, and Executive remains in compliance with the Confidentiality Agreement (as defined below), Executive shall be entitled to the following benefits in exchange for Executive’s general release of claims in a form acceptable to the Company:
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Involuntary Termination Benefits. The severance benefits payable -------------------------------- to Executive under this Part Four in the event his employment with the Corporation should terminate by reason of an Involuntary Termination within twelve (12) months after a Change in Control shall consist of the following:
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Involuntary Termination Benefits. Consistent with the terms of your Officers Employment Agreement, the Company asks that you sign this Separation Agreement to obtain the compensation described in this Section 3 and to effectuate the release of claims set forth in Section 4. In exchange for your execution of this release, and upon your signing this Separation Agreement (without revoking it, as provided herein) and it becoming effective, the Company will provide you:
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Involuntary Termination Benefits. (a) If Executive’s employment is terminated by the Company other than for Cause, then Executive will be given at least a 90-day notice period that, at the discretion of the Company, may require the Executive to either work or not work during such 90-day notice period. Upon Executive’s involuntary termination of employment without Cause, subject to Section 4, Executive shall receive from the Company:
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Involuntary Termination Benefits. You will be entitled to receive the severance benefits specified below should there occur an Involuntary Termination of your employment during the term of this letter agreement effected in connection with a Change in Control, other than a Termination for Cause. However, in the absence of a Hostile Take-Over, these benefits will be paid you only if (a) you agree to provide any consulting services required of you under Part Two, Paragraph 4, (b) abide by the restrictive covenants set forth in Part Two, Paragraph 5 and (c) execute a general release of claims against the Company.
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Involuntary Termination Benefits o Prorated Annual Base Salary and prorated Annual Non-Compete Fee through the date of such termination. o If less than Ten Million Dollars ($10,000,000.00) of equity financing has been received as of the date of such Involuntary Termination by the Company, Employee shall receive three (3) months severance of base pay only. o If the Company has received greater than Ten Million Dollars ($10,000,000.00) of equity financing and less than Twenty Million Dollars ($20,000,000.00) of equity financing and the Company has not executed an engagement letter with an investment bank to conduct an initial public offering, Employee shall receive six (6) months severance of base pay plus (1/2) of the total bonus payment available at the time. o If the Company has executed an engagement letter with an investment bank to conduct an initial public offering of the Company's securities (regardless of total prior financing), severance pay shall be equal to one year of Annual Base Salary plus total remaining Milestone Bonus. ACCEPTED AND AGREED: POWERBRIEF, INC. By: /s/ Robexx X. Xxxxxxxxx ----------------------- Title: President ----------------------- Date: 2/29/00 ----------------------- Employee: /s/ Ernexx X. Xxxx ---------------------- Date: 2/29/00 ----------------------
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Related to Involuntary Termination Benefits

  • Involuntary Termination “Involuntary Termination” shall mean (i) without the Employee’s express written consent, the significant reduction of the Employee’s duties or responsibilities relative to the Employee’s duties or responsibilities in effect immediately prior to such reduction; provided, however, that a reduction in duties or responsibilities solely by virtue of the Company being acquired and made part of a larger entity (as, for example, when the Chief Financial Officer of Company remains as such following a Change of Control and is not made the Chief Financial Officer of the acquiring corporation) shall not constitute an “Involuntary Termination”; (ii) without the Employee’s express written consent, a substantial reduction, without good business reasons, of the facilities and perquisites (including office space and location) available to the Employee immediately prior to such reduction; (iii) without the Employee’s express written consent, a material reduction by the Company in the Base Compensation or Target Incentive of the Employee as in effect immediately prior to such reduction, or the ineligibility of the Employee to continue to participate in any long-term incentive plan of the Company; (iv) a material reduction by the Company in the kind or level of employee benefits to which the Employee is entitled immediately prior to such reduction with the result that the Employee’s overall benefits package is significantly reduced; (v) the relocation of the Employee to a facility or a location more than 50 miles from the Employee’s then present location, without the Employee’s express written consent; (vi) any purported termination of the Employee by the Company which is not effected for death or Disability or for Cause; or (vii) the failure of the Company to obtain the assumption of this agreement by any successors contemplated in Section 10 below.

  • Involuntary Termination of Employment If the Executive exercises his withdrawal rights pursuant to Subsection 2.2, and the Executive's employment with the Bank is involuntarily terminated for any reason including termination due to disability of the Executive, but excluding termination for Cause, or termination following a Change in Control, within thirty (30) days of such involuntary termination of employment, the Bank shall be required to record a final Phantom Contribution in an amount equal to: (i) the full Phantom Contribution required for the Plan Year in which such involuntary termination occurs, if not yet made, plus (ii) the present value (computed using a discount rate equal to the Interest Factor) of all remaining Phantom Contributions.

  • Termination Benefits (a) If Executive’s employment is voluntarily (in accordance with Section 2(a) of this Agreement) or involuntarily terminated within two (2) years of a Change in Control, Executive shall receive:

  • Severance Compensation upon Termination of Employment If the Company shall terminate the Executive’s employment other than pursuant to Section 5(a), (b) or (c) or if the Executive shall terminate his employment for Good Reason, then the Company shall pay to the Executive as severance pay in a lump sum, in cash, on the fifth day following the Date of Termination, an amount equal to three (3) times the average of the aggregate annual compensation paid to the Executive during the three (3) fiscal years of the Company immediately preceding the Change of Control by the Company subject to United States income taxes (or, such fewer number of fiscal years if the Executive has not been employed by the Company during each of the preceding three (3) fiscal years).

  • Voluntary Termination of Employment If during the Employment Term, Executive terminates his employment under circumstances other than those specified elsewhere in this Section 8, Executive shall be entitled to the payments and benefits specified in Section 8(a).

  • Termination of Employment Severance Your immediate supervisor or the Company's Board of Directors may terminate your employment, with or without cause, at any time by giving you written notice of your termination, such termination of employment to be effective on the date specified in the notice. You also may terminate your employment with the Company at any time. The effective date of termination (the "Effective Date") shall be the last day of your employment with the Company, as specified in a notice by you, or if you are terminated by the Company, the date that is specified by the Company in its notice to you. The following subsections set forth your rights to severance in the event of the termination of your employment in certain circumstances by either the Company or you. Section 5 also sets forth certain restrictions on your activities if your employment with the Company is terminated, whether by the Company or you. That section shall survive any termination of this Agreement or your employment with the Company.

  • Termination of Employment with Severance Benefits (a) The Executive shall be entitled to the severance benefits described in section 9(b) in the event that:

  • Involuntary Termination for Cause If the Employee's employment is terminated for Cause, then the Employee shall not be entitled to receive severance payments. The Employee's benefits will be terminated under the Company's then existing benefit plans and policies in accordance with such plans and policies in effect on the date of termination.

  • Voluntary Termination Executive may voluntarily terminate Executive’s employment for any reason upon 30 days’ prior written notice. In such event, after the effective date of such termination, except as provided in Section 2.2 with respect to a resignation for Good Reason, no further payments shall be due under this Agreement, except that Executive shall be entitled to any benefits accrued in accordance with the terms of any applicable benefit plans and programs of the Company.

  • Qualifying Termination of Employment A “Qualifying Termination of Employment” shall mean a termination of Executive’s employment during the Protected Period either (a) by the Company other than for Cause or (b) by Executive for a Good Reason. The Executive’s death or Disability during the Protected Period shall not constitute a Qualifying Termination of Employment.

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