Severance Fee Clause Samples

Severance Fee. Either party may terminate this Agreement by giving the other party thirty (30) days’ advance written notice of its intent to terminate, except that Company may terminate this Agreement at any time without notice for Cause. If Company terminates this Agreement for reasons other than Cause or due to the death or Disability of Employee, or if Employee terminates this Agreement for Good Reason, Company shall pay Employee, within thirty (30) days of the effective date of such termination, a “Severance Fee,” as additional compensation, as set forth below: (a) If the termination occurs on or before (i) the first (1st) anniversary hereof, the Severance Fee shall be equal to one (1) year's Base Salary; (ii) the date that is thirteen (13) months from the date hereof, the Severance Fee shall be equal to eleven-twelfths (11/12) of one (1) year’s Base Salary; (iii) the date that is fourteen (14) months from the date hereof, the Severance Fee shall be equal to ten-twelfths (10/12) of one (1) year’s Base Salary; (iv) the date that is fifteen (15) months from the date hereof, the Severance Fee shall be equal to nine-twelfths (9/12) of one (1) year’s Base Salary; (v) the date that is sixteen (16) months from the date hereof, the Severance Fee shall be equal to eight-twelfths (8/12) of one (1) year’s Base Salary; or (vi) the date that is seventeen (17) months from the date hereof, the Severance Fee shall be equal to seven-twelfths (7/12) of one (1) year’s Base Salary. (b) If the termination occurs after the date that is seventeen (17) months from the date hereof, the Severance Fee shall be equal to one-half (1/2) of one (1) year’s Base Salary. If Company terminates this Agreement for Cause or if Employee terminates this Agreement other than for Good Reason or as set forth in Section 6.2 below, Employee shall have no right to the Severance Fee or salary continuation of any kind.

Severance Fee. On March 1, 2000 and June 1, 2000 the Company shall pay to Granville two cash severance payments in equal installments of $50,000 each for a total of $100,000.00. Granville shall be responsible for the payment of all federal, state and local payroll or other employment taxes with respect to such severance payments. In addition there are currently outstanding expenses and a charge due to both to Granville and the company in which it is agreed that upon confirmation of these charges both parties will remedy and due balances on or before Mach 31 2000.

Severance Fee. Upon termination of the Employment Agreement by the Employer without Cause (as defined below), the Employee will be entitled to receive a termi- nation fee equal to twelve (12) gross monthly salaries as stated in clause

Severance Fee. LICENSEE may elect to end sales of a Product Line at its sole discretion with a severance fee (“Severance Fee”) set forth in Exhibit C. If LICENSEE elects to end sales of any Product Line, then any other licensing provision benefits with respect to that Product Line also end at that time.

Severance Fee. If this Agreement is terminated by MCM without cause pursuant to Section 19(a) prior to December 31, 1996, MCM shall pay KIS, on the effective date of such termination, a severance fee equal to two times the base (without regard to work orders) monthly charges being paid to KIS pursuant to Section 3 immediately prior to said effective date.

Severance Fee. LICENSEE may elect to end sales of the Powder Products at its sole discretion with the payment of a severance fee (“Severance Fee”) as set forth in Exhibit C. If LICENSEE elects to end sales of the Powder Products, then any other licensing provision benefits for the LICENSEE with respect to the Powder Products also end at that time. Notwithstanding the foregoing, for a period of 6 months after such election is made, LICENSEE shall be permitted to sell Powder Products using the Technology in an attempt to sell all finished goods inventories pertaining to the Technology.

Severance Fee. The Company shall pay to ▇▇▇▇▇▇ a cash severance payment equal to $40,000.00, payable in three (3) monthly installments of $13,333.33, commencing April 30, 2000 and continuing on the last day of each of May and June, 2000. ▇▇▇▇▇▇ shall be responsible for the payment of all federal, state and local payroll or other employment taxes with respect to such severance payments.

Severance Fee. Upon termination of the Employment Agreement by the Employer without Cause (as defined below), the Employee will be entitled to: i. receive a termination fee equal to twelve (12) gross monthly salaries based on the gross annual salary stated in clause 3.1, or such greater termination fee as is required by Dutch law. ii. any STI earned or otherwise payable (but for the termination of Employee’s employment) with respect to a calendar year ended prior to the termination of this Employment Agreement and a prorated STI for the calendar year of the termination of this Employment Agreement (the “Date of Termination”), calculated as the STI the Employee would have received in such year based on actual performance (as determined by the Employer in good faith) multiplied by a fraction, the numerator of which is the number of days during the calendar year up to the Date of Termination and the denominator of which is the total number of days during the calendar year of the Date of Termination, each paid at the time such, or similar, STIs are paid to other employees of the Company, or if earlier, by March 15 of the year following the year of the Date of Termination.

Severance Fee. In the event this Agreement is terminated for any reason other than the Company’s termination of this Agreement for the reasons set forth in Section 4(c), the Company shall pay to Green Diamond a severance fee (“Severance Fee”) equal to the amount of the remaining aggregate Monthly Fees that Green Diamond would have received had this Agreement not terminated, provided that such amount shall not exceed, when taking into account all amounts considered for purposes of Section 280G of the Internal Revenue Code of 1986, as amended (the “Code”), an amount equal to one dollar less than 300% of Green Diamond’s “base amount” (as defined in Section 280G(b)(3) of the Code).