Severance Upon Termination. If, during the Term, the Executive's employment is terminated by the Company without Cause, or the Executive shall terminate employment for Good Reason prior to a Change in Control of the Company (the date of termination is referred to as the "Termination Date"), then the Company shall pay the Executive in lieu of other damages, an amount (the "Severance Payments") equal to his then current Base Salary payable in installments at the same time the Company pays salary to its other senior executive employees payable over the longer of (i) the balance of the Term or (ii) one year (the period over which the Severance Payments are made is referred to as the "Severance Period"). The Company shall have no liability to make any Severance Payments as provided for in this paragraph unless (i) the Executive executes a General Release in a form substantially as set forth in Exhibit A attached hereto and (ii) the Executive complies with all provisions in Section 8 (Restrictive Covenants). Such amount shall reduce the amount of any other severance payment that otherwise would have been payable to the Executive under any other Company plan, program or arrangement. In addition, the Company shall maintain during the lesser of the balance of the Term immediately prior to such termination or the Severance Period all employee benefit plans and programs which the Executive participated in immediately prior to such termination other than bonus, incentive compensation and similar plans based on performance, provided the Executive's participation is permissible under the general terms and provisions of such plans and applicable law. In the event of a Voluntary Termination, the Executive shall receive only his earned but unpaid Base Salary as of the date of his termination.
Severance Upon Termination. (a) Upon termination of Employee’s employment under this Agreement by the Company without Cause or by Employee for Good Reason (as defined hereunder), then, in lieu of any further salary, bonus, or other payments for periods subsequent to the Date of Termination, the Company shall pay to the Employee severance equal to 6 months base salary at the rate then in effect at the time of Notice of Termination. Such severance payment shall be made according to the Company’s normal payroll process spread out equally over the severance period. Company will also continue, at its cost, the current medical and dental coverage elected by the Employee as of the date of termination for the duration of the severance period. Employee will be required to sign up and elect COBRA benefits in order to be eligible for continued coverage under this Agreement. Violation of this Agreement or the Business Protection Agreement and/or failure to sign the Release and Waiver Agreement shall immediately relieve the Company from its payment obligation under this paragraph and entitle it to recover any amounts paid under this paragraph. This Section 2 shall be read in conjunction with Section 1(d), and entitles the Employee to a maximum of 6 months salary, benefits, or notice under this Agreement. Hence, if an employee is relieved of duties and receives payments or continued benefits during the Notice Period, then such pay shall count as severance for the purposes of determining the amount to be paid under 2(a) and shall count against the total period of continued benefits.
Severance Upon Termination. If, after the effective date of this agreement, Employee is involuntarily terminated without cause by the County at such time as Employee is willing and able to perform assigned duties, or if the county reduces the salary or financial benefits of this contract the County agrees to pay Employee a lump sum severance pay equal to 3 months base salary, plus one month additional for each additional year the employee has been employed under this agreement, beyond the first, to a maximum of 6 months severance pay. The maximum severance pay that may be paid under this agreement is six months. If the Employee is terminated for cause, the County shall have no obligation to provide for or pay severance payment. If the Employee chooses to terminate this agreement or voluntarily resigns, or the Board of County Commissioners eliminates the position through reorganization as defined above, the County shall have no obligation to provide for or pay severance payment.
Severance Upon Termination. (a) Upon termination of Employee's employment under this Agreement by the Company without Cause, then, in lieu of any further salary, bonus, or other payments for periods subsequent to the Date of Termination, the Company shall pay to the Employee severance equal to six months average monthly annual base salary. The average annual monthly base salary shall be calculated using the average of the cash compensation received by Employee in the twelve months prior to the Date of Termination. Such severance payment shall be made according to the Company's normal payroll process spread out equally over the severance period. Company will also continue, at its cost, the Company portion of the current medical and dental coverage elected by Employee as of the date of termination for the duration of the severance period. Employee will be required to timely sign up and elect COBRA benefits in order to be eligible for continued coverage under this Agreement and to pay any employee portion of the coverage. Violation of this Agreement or the Business Protection Agreement and/or failure to sign the Release and Waiver Agreement shall immediately relieve the Company from its payment obligation under this paragraph and entitle it to recover any amounts paid under this paragraph. This Section 8 shall be read in conjunction with Section 7, and entitles the Employee to a maximum of six month salary and benefits under this Agreement.
Severance Upon Termination. If the Company elects to terminate this Agreement without Cause pursuant to Section 7(b) above, the Company shall pay the Executive a severance payment equal to three (3) months of the Executive’s then current annual base salary, less applicable taxes and withholdings; provided, however, that any severance payment shall be conditioned upon the Executive signing a severance agreement and release in a form satisfactory to the Company. Any post-termination payments or benefits due and payable to the Executive by operation of law (but not pursuant to any other agreement with the Company) shall be deducted from any amount of severance otherwise payable under this Section 8.
Severance Upon Termination. (a) Upon termination of Employee’s employment under this Agreement by the Company without Cause or by Employee for Good Reason (as defined hereunder), then, in lieu of any further salary, bonus, or other payments for periods subsequent to the Date of Termination, the Company shall pay to the Employee severance equal to twelve months average monthly annual base salary1. Such severance payment shall be made according to the Company’s normal payroll process spread out equally over the severance period. Violation of this Agreement or the Business Protection Agreement and/or failure to sign the Release and Waiver Agreement shall immediately relieve the Company from its payment obligation under this paragraph and entitle it to recover any amounts paid under this paragraph. This Section 7 shall be read in conjunction with Section 6 c, and entitles the employee to a maximum of 12 months salary and benefits under this Agreement.
Severance Upon Termination. (a) Upon the termination of Employee's employment for any reason, Employee shall be entitled to (i) his salary accrued through the date of termination, (ii) the ability to utilize any accrued but unused vacation prior to the effective date of termination, (iii) reimbursement of expenses properly incurred prior to the date of termination, (iv) except in the case of termination for Cause or resignation without Good Reason, unpaid and earned, if any, quarterly bonus payments for quarters ended prior to the date of termination, and (v) any (benefits payable upon termination of employment under any employee benefit plan or policy maintained by the Company (except for any severance plan or policy) (the “Accrued Benefits”). (b) Upon termination of Employee's employment under this Agreement by the Company without Cause, or by Employee for Good Reason, then, in addition to the Accrued Benefits but in lieu of any further salary, bonus, or other payments for periods subsequent to the Date of Termination, the Company shall (i) pay to the Employee severance equal to twelve months of his annual base salary at the rate in effect at the rate in effect at the time of termination (but disregarding any decrease that constituted Good Reason), which shall be made according to the Company's normal payroll process spread out equally over the severance period, (ii) pay to Employee an amount equal to his target annual bonus (disregarding any decrease that constituted Good Reason) for the year of termination pro rated through the date of termination, and reduced by any quarterly payments previously received for the same year, payable at the time specified by the terms of any bonus plan then in effect, and (iii) continue, at its cost, the Company portion of the current medical and dental coverage elected by Employee and his eligible dependents, as of the date of termination for the duration of the severance period. Employee will be required to sign up and elect COBRA benefits in order to be eligible for continued coverage under this Agreement and to pay any employee portion of the coverage. Material violation of this Agreement or the Business Protection Agreement and/or failure to sign the Release and Waiver Agreement shall immediately relieve the Company from its payment obligation under this paragraph and entitle it to recover any amounts paid under this paragraph. This Section 9 shall be read in conjunction with Section 8, and entitles the Employee to a maximum of twelve months s...
Severance Upon Termination. If Executive’s employment with the Corporation is terminated due to either (i) a Covered Termination which occurs within twelve (12) months following a Change in Control, or (ii) a Determined Termination, and Executive executes and does not revoke a Release as described in Section 3(d) below, then Executive shall be entitled to the following severance benefits:
Severance Upon Termination. (a) Upon termination of Employee’s employment under this Agreement by the Company without Cause and subject to Section 7 (d) below, then, in lieu of any further salary, bonus, or other payments for periods subsequent to the Date of Termination, the Company shall pay to the Employee severance equal to nine months average monthly annual base salary. Such severance payment shall be made according to the Company’s normal payroll process spread out equally over the severance period. Under this Section 7 (a) the Company will also pay the Employee’s COBRA premium for medical and dental benefits for a period of nine months immediately following termination. During that period Employee will be responsible for paying the standard employee contributions for such benefits on the same basis as if he was an active employee. Violation of this Agreement or the Business Protection Agreement and/or failure to sign the Release and Waiver Agreement shall immediately relieve the Company from its payment obligation under this paragraph and entitle it to recover any amounts paid under this paragraph.
Severance Upon Termination. The Company agrees that if Associate’s employment is involuntarily terminated without Cause or the Associate resigns for Good Reason (both as defined in Exhibit A), Associate will continue to receive an amount equal to his base salary (in accordance with the Company’s regular payroll practices) for a period of one (1) year (“Severance Payment”) from the date on which his employment is terminated (the “Termination Date”). In addition, subject to the Associate executing and not revoking a general waiver and release of all claims that the Associate may have against the Company and its affiliates, which release shall be in a form provided by the Company (the “Release”) by the 10th day following the Termination Date and the expiration of any revocation period applicable to the Release (the day following the last day of this period, the “Release Effective Date”) within 60 days after the Termination Date, the Company will pay an amount equal to Associate’s base salary (in accordance with our regular payroll practices) for a period of one (1) year following the date on which the Severance Payment has ended. The payments provided for in this paragraph will be in lieu of, and not in addition to, the payments described in Section 5 of your Confidentiality, Non-Competition and Intellectual Property Agreement. The Severance Payment and additional year of severance described herein will not be reduced if you obtain other employment so long as such employment does not violate your obligations under the attached Confidentiality, Non-Competition and Intellectual Property Agreement.
