Premature Termination Clause Samples

Premature Termination. Anything in this Agreement contained to the contrary notwithstanding:

Premature Termination. (i) In the event of the termination of this Agreement by the Employer prior to the last day of the then current term for any reason other than a termination in accordance with the provisions of Section 5(e) (Termination for Cause), then notwithstanding any mitigation of damages by the Executive, the Employer shall pay the Executive a sum equal to one (1) times the amount of the Executive’s then-current annual Base Salary. In addition, the Employer shall reimburse the Executive for continued coverage (COBRA continuation coverage) for the Executive and the Executive’s dependents (if applicable) under the health insurance programs maintained by the Employer for the twelve (12) month period immediately following the Executive’s termination of employment; provided, however, that the continued payment of these amounts by the Employer shall not offset or diminish any compensation or benefits accrued as of the date of termination. (ii) Payment to the Executive will be made on a monthly basis over the twelve (12) month period immediately following the Executive’s termination of employment. At the election of the Employer, payments may be made in a lump sum. Payment of the amounts due under Section 5(c)(i) shall not be reduced in the event the Executive obtains other employment following the termination of employment by the Employer. (iii) If the Employer is not in compliance with its minimum capital requirements or if the payments required under subsection (i) above would cause the Employer’s capital to be reduced below its minimum capital requirements, such payments shall be deferred until such time as the Employer is in capital compliance.

Premature Termination. (i) In the event of the termination of the employment of the Executive under this Agreement by the Employer for any reason other than expiration of the term hereof or a "for-cause" termination in accordance with the provisions of paragraph (d) of this Section 3, then notwithstanding any actual or allegedly available alternative employment or other mitigation of damages by or available to the Executive, the Executive shall be entitled to a "Lump Sum Payment" equal to one-half the annualized Base Salary plus one-half most recent annual Performance Bonus that the Executive received. For purposes of calculating the Lump Sum Payment amount due, the Executive's employment with the Employer shall be agreed to have commenced on October 14, 1997. In the event of a termination governed by this subparagraph (b)(i) of Section 3, the Employer shall also: (y) notwithstanding the vesting schedule otherwise applicable, fully vest all of Executive's options outstanding under any option or stock incentive plan established by Employer or its Parent or General Partner ("Option Plan") and allow a period of eighteen (18) months following the termination of employment for the Executive to exercise any such options; and (z) continue for the Executive (provided that such items are not available to him by virtue of other employment secured after termination) the perquisites, plans and benefits provided under the Employer's Perquisite Policy and Benefit Plans as of and after the date of termination, [all items in (z) being collectively referred to as "Post-Termination Perquisites and Benefits"], for six (6) months following such termination. The payments and benefits provided under (w), (x), (y) and (z) above by the Employer shall not be offset against or diminish any other compensation or benefits accrued as of the date of termination. (ii) Payment to the Executive under this Section 3(b) will be made monthly over six (6) months.

Premature Termination. In the event of changes in work requirements that affect the identified scope of work for a term employee, the Company may identify an alternative scope of work for which the term employee is suitably qualified and assign the term employee to this work for the remaining duration of the term. Otherwise the Company shall terminate the term arrangement in accordance with the following: (i) Term employees with between six and twelve months’ service will be entitled to two weeks’ compensation. (ii) Term employees with greater than twelve months’ service will be entitled to four weeks’ compensation. These amounts are inclusive of notice and termination compensation.

Premature Termination. A tenant may under certain circumstances terminate this rental agreement early. Those reasons are fully detailed in § 7021 of the Manufactured Home Owners and Community Owners Act, 25 Del. C. § 7001 et seq. as attached hereto as Exhibit “G.” That section of the Act has very specific provisions concerning the notice the tenant must give to the landlord before being able to avail themselves of early termination rights.

Premature Termination. Upon premature termination of this lease for any reason (including, without departing from the generality of the aforegoing, termination by a trustee or liquidator of the TENANT following insolvency or liquidation) then until the TENANT or its legal representative prove to the contrary, the TENANT shall be deemed to be indebted to the LANDLORD, inter alia for damages for loss of rental in a sum equal to the aggregate of the basic and additional rental which would be payable under the lease but for its termination.

Premature Termination. (i) In the event of the termination of the employment of the Executive under this Agreement by the Employer for any reason other than expiration of the term hereof or a "for-cause" termination in accordance with the provisions of paragraph (d) of this Section 3, then notwithstanding any actual or allegedly available alternative employment or other mitigation of damages by or available to the Executive, the Executive shall be entitled to a "Lump Sum Payment" equal to the sum of: (w) his monthly Base Salary then payable, multiplied by the remaining number of months or partial months until expiration of the Basic Term or renewal term, if any, (but not less than 18 months), and an annualized and proportional amount equal to the average of the two (2) most recent annual Performance Bonuses that the Executive received; For purposes of calculating the Lump Sum Payment amounts due, the Executive's employment with the Employer shall be agreed to have commenced on October 1, 1998. In the event of a termination governed by this subparagraph (b)(i) of Section 3, the Employer shall also: (y) notwithstanding the vesting schedule otherwise applicable, fully vest all of Executive's options outstanding under any option or stock incentive plan herein after established by Employer ("Option Plan") and allow a period of eighteen (18) months following the termination of employment for the Executive to exercise any such options; and (z) continue for the Executive (provided that such items are not available to him by virtue of other employment secured after termination) the perquisites, plans and benefits provided under the Employer's Perquisite Policy and Benefit Plans as of and after the date of termination, [all items in (z) being collectively referred to as "Post-Termination Perquisites and Benefits"], for the lesser of the number of full months the Executive has theretofore been employed by the Employer (but not less than twelve (12) months)or eighteen (18) months following such termination. The payments and benefits provided under (w), (x), (y) and (z) above by the Employer shall not be offset against or diminish any other compensation or benefits accrued as of the date of termination. (ii) Payment to the Executive under this Section 3(b) will be made monthly over twelve (12) months, unless mutually agreed by the parties to minimize the Executives' tax burden in any year.

Premature Termination. Each party has the right to immediately terminate the Agreement if the other party is in material breach of its obligations under this Agreement and not within 30 days after a written request received from the other Party has taken corrective action, or if the other party is declared bankrupt, commences composition negotiations, is subject to reorganization or is otherwise insolvent.

Premature Termination. MIDOCS will use reasonable efforts to assist Resident in fulfilling his or her obligations for Loan Assistance pursuant to this Addendum. In the event of Resident’s voluntary termination of this Addendum prior to full satisfaction of Resident’s obligations for Loan Assistance hereunder, unless mutually agreed to by all parties, Resident shall: A. Pay to MIDOCS any Loan Assistance amounts paid to Resident representing the Practice Requirement term not completed, B. $11,250 multiplied by the number of months of obligated service not completed;