Common use of No Benefits Clause in Contracts

No Benefits. In the event that (i) Executive voluntarily resigns or otherwise voluntarily terminates Executive’s employment at any time, in either case, without Good Reason, (ii) Executive’s employment is terminated by the Company for Cause, or (iii) Executive’s employment is terminated due to death or Disability, then the Company shall have no obligation to provide any severance payments and benefits under Section 6(a). In any such event, Executive and Executive’s covered dependents, if any, shall be entitled to only elect continuation coverage under the Company’s group health plan and group dental plan pursuant to COBRA and the Company’s procedures for COBRA administration after the Termination Date.

Appears in 4 contracts

Samples: Employment Agreement (Parker Drilling Co /De/), Employment Agreement (Parker Drilling Co /De/), Employment Agreement (Parker Drilling Co /De/)

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No Benefits. In the event that (i) Executive voluntarily resigns or otherwise voluntarily terminates Executive’s his own employment at any time, in either case, case without Good Reason, (ii) Executive’s his employment is terminated by the Company for Cause, Cause or (iii) Executive’s his employment is terminated due to his death or Disability, then the Company shall have no obligation to provide any severance payments and benefits under Section 6(a)7. In any such event, Executive and Executive’s his covered dependents, if any, shall be entitled to only elect continuation coverage under the Company’s group health plan and group dental plan pursuant to COBRA and the Company’s procedures for COBRA administration after the his Termination Date.

Appears in 2 contracts

Samples: Employment Agreement (Parker Drilling Co /De/), Employment Agreement (Parker Drilling Co /De/)

No Benefits. In the event that (i) Executive voluntarily resigns or otherwise voluntarily terminates Executive’s his own employment at any time, in either case, case without Good Reason, (ii) Executive’s his employment is terminated by the Company for Cause, or (iii) Executive’s his employment is terminated due to his death or Disability, then the Company shall have no obligation to provide any severance payments and benefits under Section 6(a). In any such event, Executive and Executive’s his covered dependents, if any, shall be entitled to only elect continuation coverage under the Company’s group health plan and group dental plan pursuant to COBRA and the Company’s procedures for COBRA administration after the his Termination Date.

Appears in 2 contracts

Samples: Employment Agreement (Parker Drilling Co /De/), Employment Agreement (Parker Drilling Co /De/)

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No Benefits. In the event that (i) Executive voluntarily resigns or otherwise voluntarily terminates Executive’s her own employment at any time, in either case, case without Good Reason, (ii) Executive’s her employment is terminated by the Company for Cause, or (iii) Executive’s her employment is terminated due to her death or Disability, then the Company shall have no obligation to provide any severance payments and benefits under Section 6(a). In any such event, Executive and Executive’s her covered dependents, if any, shall be entitled to only elect continuation coverage under the Company’s group health plan and group dental plan pursuant to COBRA and the Company’s procedures for COBRA administration after the her Termination Date.

Appears in 1 contract

Samples: Employment Agreement (Parker Drilling Co /De/)

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