Payment Upon Termination by Company Without Sample Clauses
The 'Payment Upon Termination by Company Without' clause defines the employer's obligation to compensate an employee if their employment is terminated by the company without cause. Typically, this clause outlines the types and amounts of payments the employee is entitled to, such as severance pay, accrued but unpaid salary, or benefits continuation, in the event of such a termination. Its core practical function is to provide financial protection to the employee and clarify the company's responsibilities, thereby reducing disputes and uncertainty if the employment relationship ends unexpectedly.
Payment Upon Termination by Company Without. “Cause” or by Executive for “Good Reason”. In the event that Executive’s employment is terminated pursuant to Sections 4.4 or 4.5, the Company shall have no further obligations to Executive hereunder except for: (i) the Accrued Amounts; (ii) upon execution of a general release and waiver in the form annexed to this Agreement as Exhibit “A” (the “Release”) and subject to Executive’s compliance with Section 5, Base Salary, payable in equal, periodic installments in accordance with the Company’s normal payroll procedures in accordance with Section 3.1 hereof for the shorter of (A) twenty four (24) months or (B) the remainder of the Term, provided that Executive shall in all cases receive at least six months’ Base Salary; (iii) reimbursement of Executive for the first eighteen (18) months of the premiums associated with Executive’s continuation of health insurance for him and his family pursuant to COBRA, provided Executive timely elects and is eligible for COBRA benefits; and (iv) as set forth in Section 3.4 of this Agreement, immediate vesting of any outstanding unvested equity granted to Executive during his employment and immediate lifting of all lockups and restrictions on sales of such equity, or exercise of stock options. Executive shall have 60 days from the date of termination to execute and return the Release.
Payment Upon Termination by Company Without. “Cause” or by Executive for “Good Reason”. In the event that Executive’s employment is terminated pursuant to Sections 4.4 or 4.5, the Company shall have no further obligations to Executive hereunder except for: (i) the Accrued Amounts; (ii) upon execution of a general release and waiver in the form annexed to this Agreement as Exhibit “A” (the “Release”) and subject to Executive’s compliance with Section 5, Base Salary, payable in equal, periodic installments in accordance with the Company’s normal payroll procedures in accordance with Section 3.1 hereof for eighteen (18) months; (iii) reimbursement of Executive for the first eighteen (18) months of the premiums associated with Executive’s continuation of health insurance for him and his family pursuant to the Consolidated Omnibus Budget Reconciliation Act of 1985 (“COBRA”), provided Executive timely elects and is eligible for COBRA benefits; and (iv) as set forth in Section 3.3 of this Agreement, immediate vesting of any outstanding unvested equity granted to Executive during his employment and immediate lifting of all lockups and restrictions on sales of such equity, or exercise of stock options. Executive shall have 60 days from the date of termination to execute and return the Release.
Payment Upon Termination by Company Without. “Cause” or by Executive for “Good Reason”. In the event that Executive’s employment is terminated pursuant to Section 4.4 hereof or Section 4.5 hereof, the Company shall have no further obligations to Executive hereunder except for: (i) the Accrued Amounts; (ii) upon execution of a general release and waiver in the form annexed to this Agreement as Exhibit A (the “Release”) and subject to Executive’s compliance with Section 5 hereof, the Base Salary, payable in equal, periodic installments in accordance with the Company’s normal payroll procedures in accordance with Section 3.1 hereof for the shorter of (A) four (4) months if terminated before the one-year anniversary of the Effective Date, (B) three (3) months if terminated before the two-year anniversary of the Effective Date, or (C) the remainder of the Term, provided that Executive shall in all cases receive at least three months’ Base Salary; (iii) reimbursement of Executive for the first eighteen (18) months of the premiums associated with Executive’s continuation of health insurance for him and his family pursuant to COBRA, provided Executive timely elects and is eligible for COBRA benefits; and (iv) immediate vesting of any outstanding unvested Equity Bonus or unvested equity Discretionary Bonus and immediate lifting of all lockups and restrictions on sales of such Equity Bonus or equity Discretionary Bonus or exercise of Stock Options or stock options granted as Discretionary Bonus. Executive shall have 60 days from the date of termination to execute and return the Release.
Payment Upon Termination by Company Without. “Cause” or by Executive for “Good Reason”. In the event that Executive’s employment is terminated pursuant to Sections 4.4 or 4.5, the Company shall have no further obligations to Executive hereunder except for: (i) the Base Salary due Executive pursuant to Section 3.1 hereof through the date of termination; (ii) upon execution of a general release and waiver in a form satisfactory to the Company, and subject to Executive’s compliance with Section 5, Base Salary, payable in equal, periodic installments in accordance with the Company’s normal payroll procedures in accordance with Section 3.1 hereof for the shorter of (A) twelve (12) months or (B) the remainder of the Term; (iii) all expense reimbursements payable in accordance with Section 3.7; (iv) all accrued but unused vacation pay; (v) any Bonus actually granted by the Board, but unpaid to the Executive, for any fiscal year prior to the fiscal year of termination; and (vi) reimbursement of Executive for the first eighteen (18) months of the premiums associated with Executive’s continuation of health insurance for him and his family pursuant to COBRA, provided Executive timely elects and is eligible for COBRA benefits.