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. (a) If the Company terminates the Employee’s employment during the term of this Agreement for Cause or if the Employee resigns or terminates his employment for any reason, then the Company shall have no further payment obligations to Employee. (b) Except as it relates to the receipt of severance (which shall be solely granted under the terms of this Agreement), this Agreement shall not affect any payments due to Employee under applicable law as a result of the termination of his employment (such as payment of earned wages if required by state law). (d) The severance amounts in Section 7 (a) will immediately cease in the event that Employee becomes employed at any time during the 9 month period following the Date of Termination at a salary equal to or greater than $330,000. In the event the Employee is employed during that 9 month period at an annual salary less than $330,000 the Company will provide a maximum severance benefit reflecting the difference between that salary and $330,000 over the severance period. In either event continued health care benefits will cease if Employee accepts employment during the nine months following termination with Company. Following termination by the Company, Employee will exercise reasonable efforts to seek, obtain, and accept comparable employment.
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Severance Upon Termination. If your employment with the Company terminates for any reason other than your death or disability, resignation by you without Good Reason (a) Upon as defined below), or termination of Employee’s employment under this Agreement by the Company for Cause (as defined below), and if you execute (without Cause revocation) a release and subject to Section 7 (d) below, then, in lieu of any further salary, bonus, or other payments for periods subsequent separation agreement satisfactory to the Date Company, substantially in the form attached as Exhibit I, as may be modified to comply with applicable law, within 30 days following such termination of Terminationemployment (the “Release”), you will be entitled to the following benefits: • You will receive salary continuance for 26 weeks, payable in accordance with the normal payroll cycle of the Company, commencing with the first payroll following termination of employment, provided, however if you fail to return the Release in a timely manner the salary payments shall cease and the salary previously paid following the termination of your employment must be repaid to the Company. • You (and your eligible dependents) will have the right to elect to continue your medical insurance benefits in accordance with federal Consolidated Omnibus Reconciliation Act of 1985 (“COBRA”). If you elect this continuation coverage and submit proof of such election to the Company’s head of Human Resources or leading Administrative Professional, for the portion of the COBRA period during which you are entitled to salary continuation, the Company shall continue to pay to the Employee severance or reimburse a monthly amount 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 portion of the severance period. Under this monthly premium cost of your (and your “qualified beneficiaries” within the meaning of Section 7 (a4980B(g)(1)(A) of the Company will also pay Internal Revenue Code of 1986) participation in the EmployeeCompany’s COBRA premium for group medical and dental plans (“COBRA Premiums”); provided, however, that entitlement to continued medical insurance premium benefits under this section shall cease upon your becoming covered by a plan providing similar or better benefits coverage from a new employer. Your are required to notify the Company immediately if you become eligible for a period of nine months immediately following terminationcoverage under another medical or dental plan. During Notwithstanding the foregoing, if the Company determines that period Employee will be responsible for paying it cannot provide the standard employee contributions for such COBRA benefits on set forth in the same basis as if he was an active employee. Violation first sentence of this Agreement or paragraph without violating applicable law (including, without limitation, Section 2716 of the Business Protection Agreement and/or failure Public Health Service Act), then Company will, in lieu thereof, provide to sign you during the remainder of the COBRA Continuation Period, a taxable monthly payment in an amount equal to the COBRA Premiums. If you fail to return the Release in a timely manner, the premium payments shall cease and Waiver Agreement shall immediately relieve the portion of the premium previously paid by the Company from its payment obligation following the termination of your employment must be repaid to the Company. • You will continue to own (if you have not previously sold) previously vested awards under this paragraph and entitle it to recover any amounts paid under this paragraph.
(a) the equity incentive plan. If the Company terminates your employment without Cause and if you execute (without revocation) the Employee’s employment during Release, you will be entitled to vest, on the term 30th day following such termination of this Agreement for Cause or employment, in a pro rata portion of awards under the equity incentive plan as if the Employee resigns or terminates his next objective to be achieved for vesting had been achieved (such pro rata portion to be that portion of the overall progress toward achievement of such next objective as measured from the objective then most recently achieved). If your employment for any reason, then with the Company shall have no further payment obligations terminates due to Employee.
(b) Except as it relates to the receipt of severance (which your death, your estate shall be solely granted entitled to receive payments equal to 6 months of your annual salary, payable over 26 weeks, in accordance with the normal payroll cycle of the Company, commencing with the first payroll following your death. In addition, your surviving spouse and dependents, if any, shall be entitled to continued participation in medical insurance benefits under the terms Company’s plan in accordance with COBRA. If your surviving spouse and dependents, as applicable, elect to receive COBRA coverage, the Company will pay toward such continued coverage that amount of the medical insurance premium that it paid immediately prior to your termination for the six-month period following your death. Other than the severance and death benefits described above, you will not be entitled to any other compensation or benefit not already paid or payable as of the date your employment terminates. For purposes of this Agreement), this Agreement shall not affect any payments due to Employee under applicable law as a result of the termination of his employment (such as payment of earned wages if required by state law).
(d) The severance amounts in Section 7 (a) will immediately cease in the event that Employee becomes employed at any time during the 9 month period following the Date of Termination at a salary equal to or greater than $330,000. In the event the Employee is employed during that 9 month period at an annual salary less than $330,000 the Company will provide a maximum severance benefit reflecting the difference between that salary and $330,000 over the severance period. In either event continued health care benefits will cease if Employee accepts employment during the nine months following termination with Company. Following termination by the Company, Employee will exercise reasonable efforts to seek, obtain, and accept comparable employment.:
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