Payments on Certain Terminations Sample Clauses
The "Payments On Certain Terminations" clause defines the financial obligations that arise when a contract is ended under specific circumstances, such as termination for cause, without cause, or due to a change in control. Typically, this clause outlines what payments, such as severance, accrued benefits, or bonuses, are owed to a party if their employment or agreement is terminated in these scenarios. By clearly specifying the types and amounts of payments due upon various forms of termination, the clause ensures both parties understand their rights and obligations, thereby reducing disputes and providing financial certainty in the event of an early contract end.
Payments on Certain Terminations. If, during the Employment Term, (a) the Company terminates Executive’s employment with the Company for any reason other than (x) Cause or (y) Executive’s Total Disability or (b) Executive terminates Executive’s employment with the Company for Good Reason, then Executive shall, subject to the applicable provisions of this Section 5, be entitled to the following payments and benefits (the “Severance Benefits”) in lieu of any other payments or benefits available under any and all Company separation plans or policies:
(i) The Company will pay Executive Executive’s Base Salary, in equal installments in arrears and on the same schedule as paid before Executive’s Termination Date, for a period (the “Severance Period”) commencing on the Termination Date and ending on the earlier to occur of (A) the date 12 months after the Termination Date, or (B) the End Date, at the rate in effect on Executive’s Termination Date.
(ii) The Company will pay Executive, at the time and in the amounts set forth immediately below, Executive’s (x) bonus amount earned under the Incentive Plan for that portion of the Termination Performance Period ending on Executive’s Termination Date and (y) the bonus amount under the Incentive Plan for the Severance Period. Such amounts shall be calculated and paid as follows:
(A) For the Termination Performance Period, the Company will pay Executive, at the time when payouts are made for that Performance Period, an amount equal to the Termination Period Incentive Payout.
(B) For the Post I Termination Performance Period, the Company will pay Executive, at the time when payouts are made for that Performance Period, an amount equal to the Capped Incentive Payout for such Performance Period or, alternatively, in the event that the Severance Period ends within such Performance Period, the Capped Incentive Payout for such Performance Period prorated through the month in which the Severance Period ends.
(C) In the event that the Severance Period ends in the Post II Termination Performance Period, the Company will pay Executive, at the time when payouts are made for that Performance Period, the Capped Incentive Payout for such Performance Period prorated through the month in which the Severance Period ends. For purposes of Sections 5.01(ii)(B) and (C), in determining whether to count the month in which the Severance Period ends, if the end of the Severance Period falls on a date on or before the 15th of a month, such month shall not be counted but, if the e...
Payments on Certain Terminations. In the event of a termination of Employee's employment as described in Subsection 13.2, the Company shall provide to Employee the following benefits for the balance of the Extended Benefit Period. For purposes of this Section, the term "
Payments on Certain Terminations. In the event of any termination of Employee’s employment (a) by the Company (i) on account of Executive’s death, (ii) on account of Executive’s disability, (iii) for Cause or (b) by Executive without Good Reason, the Company shall pay or provide Employee the Accrued Amounts.
Payments on Certain Terminations