Payments by Virtue of Termination of Employment Clause Samples
The "Payments by Virtue of Termination of Employment" clause defines the employer's obligations to provide certain payments to an employee when their employment ends. Typically, this clause outlines the types of payments that may be due, such as severance, accrued but unused vacation, or other contractual entitlements, and specifies the conditions under which these payments are made. Its core practical function is to ensure that both parties understand what financial compensation is owed upon termination, thereby reducing disputes and providing clarity regarding post-employment rights and obligations.
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Payments by Virtue of Termination of Employment. Upon the occurrence of an Employee Termination: (a) if an Employee Termination shall result from Employee’s employment being terminated by the Company without Cause or from Employee’s resignation for Good Reason, in each case other than during a Change of Control Period, Employee shall be entitled to: (i) Employee’s unpaid and accrued Base Salary accrued to the effective date of such termination, payable in accordance with the Company’s regular payroll practices as in effect from time to time; plus (ii) payment for accrued and unused vacation days accrued to the effective date of such termination (in accordance with applicable Company policy or to the extent required by law); plus (iii) any unpaid expense reimbursement Employee is entitled to pursuant to Section 7 of this Agreement; plus (iv) any vested payment or benefit arising from Employee’s participation in, or benefits under, any qualified employee benefit plans, programs, or arrangements under Section 6 (other than severance plans, programs, or arrangements), which amounts shall be payable in accordance with the terms and conditions of such employee benefit plans, programs, or arrangements (the amounts provided for under Subsections 10(a)(i), (ii), (iii) and (iv), together the “Accrued Amounts”); plus, subject to Section 11(a): (v) as severance pay (“Severance Pay”), Employee will continue to receive his then Base Salary for a period of twelve (12) months, payable in equal installments in accordance with the Company’s regular payroll practices as in effect from time to time; provided, that the first installment of the Severance Pay shall be made on the next regularly scheduled payroll date of the Company following the 6
Payments by Virtue of Termination of Employment. (a) Within thirty (30) days following Executive’s termination of employment, Executive shall receive: (a) payment of Executive’s accrued and unpaid Base Salary as of the date of termination, (b) any accrued amounts or accrued benefits due to Executive in accordance with the Benefit Plans, programs or policies (other than severance), and (c) reimbursement of expenses under Section 7 incurred as of the date of termination. Executive hereby acknowledges and agrees that, other than the payments described in this Section 9 and set forth in any applicable award agreement under the Plan, upon the effective date of the termination of Executive’s employment, Executive shall not be entitled to any other payments or benefits of any kind under any Company benefit plan or policy generally available to the Company’s employees or otherwise and all other rights of Executive to compensation under this Agreement shall end as of such date.
(b) In the event the Executive’s employment is terminated by the Company without Cause, by the Executive for Good Reason, by either Party after a Change in Control, or as a result of a Company Non-Renewal, the Executive shall be entitled to (i) the payments set forth in Section 9(a) and (ii) subject to Section 9(c) of this Agreement, (1) Base Salary continuation for twelve (12) months, payable in substantially equal installments in accordance with the Company’s regular payroll practices, (2) Bonus, if any, for the year in which the termination occurs in an amount equal to the target bonus amount approved by the Board with respect to Executive and payable within thirty (30) days following Executive’s termination of employment, and (3) if Executive timely elects coverage under the Consolidated Omnibus Budget Reconciliation Act of 1985 (“COBRA”), a cash payment equal to the full premium for actively employed executives of the Company with the same level of coverage, payable monthly in accordance with the Company’s standard payroll practices for twelve (12) months following the date of termination; provided, that the first payment pursuant to this Section 9(b)(ii) shall be made on the next regularly scheduled payroll date following the sixtieth (60th) day after Executive’s termination and shall include payment of any amounts that would otherwise be due prior thereto. Executive hereby acknowledges and agrees that, other than the payments described in this Section 9 and set forth in any applicable award agreement under the Plan, upon the effecti...
Payments by Virtue of Termination of Employment. Section 11 of the Agreement is hereby deleted and replaced with the following:
Payments by Virtue of Termination of Employment