Termination and Severance Compensation Clause Samples

The Termination and Severance Compensation clause outlines the financial and procedural obligations of an employer to an employee in the event of employment termination. Typically, it specifies the conditions under which severance pay is granted, the calculation method for compensation, and any exceptions or exclusions, such as termination for cause. This clause ensures that both parties understand the entitlements and limitations regarding severance, thereby reducing disputes and providing financial security to the employee upon termination.
Termination and Severance Compensation. The Company reserves the right to immediately terminate the Employee's employment under this agreement should any of the following occur: (a) The Employee's commission of a felony that is an act which, in the opinion of the Board of Directors, is either abhorrent to the community or is an intentional act, which the Board of Directors considers materially damaging to the reputation of the Company or its successors or assigns. (b) The Employee's breach of or failure to perform his obligations in accordance with the terms and conditions of this agreement. However the right of the Company to terminate the employment of the Employee under the terms of this paragraph 6(b) shall be conditioned upon the Company promptly providing to the Employee a written notice which describes the Employee's breach of or failure to perform his obligations in accordance with the terms and conditions of this agreement. The Employee shall have thirty (30) days from the date of the Company's issuance of this notice to cure the described breach or failure. Notwithstanding the above described language, should the Company issue more than one (1) notice in any twelve (12) month period under the terms of this paragraph 6(b), the Employee shall have no cure rights for such breach or failure to perform. (c) The death of the Employee. (d) The disability of the Employee, as described in Section 5 above. Should the term of the Employee's employment with the Company be terminated pursuant to the terms of Sections 6(c), 6(d), 7, and 8 herein, the Company shall pay to the Employee the Base Salary described in Section 3(a) for the balance of the then effective term of this Agreement.
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Termination and Severance Compensation. The Company reserves the right to terminate the Employee's employment under this agreement should any of the following occur: (a) The Employee's commission of a felony that is an act which is either abhorrent to the community or is an intentional act which a reasonable person would consider materially damaging to the reputation of the Company or its successors or assigns. (b) The Employee's breach of or failure to perform his obligations in accordance with the terms and conditions of this agreement.
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Termination and Severance Compensation. The employment of Consultant under this Agreement, and the Term hereof, may be terminated by the Company with or without cause at any time without further liability of Company to Consultant. No such termination of the engagement of the Consultant or the Term hereof shall in any way affect the Company's obligation to pay any compensation owed to Consultant, as provided for in Section 3 hereof.
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Termination and Severance Compensation. The Company reserves the right to terminate the Employee's employment under this agreement should any of the following occur: (a) The Employee's commission of a felony that is an act which, in the opinion of the Board of Directors, is either abhorrent to the community or is an intentional act, which the Board of Directors considers materially damaging to the reputation of the Company or its successors or assigns. (b) The Employee's breach of or failure to perform his obligations in accordance with the terms and conditions of this agreement. (c) The death or disability of the Employee. Should the term of the Employee's employment with the Company be terminated pursuant to the terms of Section 6(b), (c) and 7 herein, the Company shall pay to the Employee the Base Salary described in Section 3(a) for the balance of the then effective term of this Agreement.
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Termination and Severance Compensation. The employee shall be paid eighteen (18) months of severance at his existing base salary at time of termination. Employee will be paid bi-weekly starting 6-13-03 and check will be sent to employee's home address.
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Termination and Severance Compensation. (a) For the purposes of this Section 2, the capitalized terms set forth below shall have the following meanings:
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Termination and Severance Compensation. (a) For the purposes of this Agreement, termination shall occur when: (1) a majority of the Mayor and City Council votes to terminate ▇▇▇▇▇▇ at a duly authorized public meeting; or (2) the Mayor and City Council, or the citizens by initiative, acts to amend any provisions of the Salida Municipal Code pertaining to the role, powers, duties, authority, responsibilities of ▇▇▇▇▇▇’▇ position that substantially changes the form of government, in which case the following shall apply: within ten (10) days following the effective date of such change in the form of government, ▇▇▇▇▇▇ must inform the Mayor and City Council in writing of his election of one of the following two (2) options: (1) that he elects to accept such changes in the form of government and agrees to continue as the City Administrator (or equivalent title under such changed form of government), in which case no termination shall be deemed to have occurred and no Severance Compensation shall be paid; or (2) that he elects to consider the same a termination, in which case he shall leave the employ of the City and Severance Compensation shall be paid; or (3) the Mayor and City Council reduces the base salary, compensation or any other financial benefit of ▇▇▇▇▇▇, unless it is applied in no greater percentage than the average reduction of all City employees; or (4) ▇▇▇▇▇▇ resigns. (b) In the event that ▇▇▇▇▇▇ is terminated pursuant to Section IV(a) and provided that ▇▇▇▇▇▇ is willing and able to perform his duties under this Agreement, the City shall pay to ▇▇▇▇▇▇ "▇▇▇▇▇▇▇▇▇ Compensation" as follows: (1) A minimum severance payment equal to six (6) months of pay from the date of termination. This severance shall be paid in a lump sum or in a continuation of salary on the existing biweekly basis, at ▇▇▇▇▇▇’▇ option. (2) Payment for all accrued Personal Time Off (PTO) leave at the time of termination. This shall include compensation for paid holidays over the six (6) month period following termination of this Agreement; provided, however, that ▇▇▇▇▇▇ shall not accrue PTO leave following termination. (3) For a minimum period of six (6) months following termination, the City shall pay the cost to continue the following benefits: a. Health insurance for ▇▇▇▇▇▇ and all dependents, after which time, ▇▇▇▇▇▇ will be provided access to health insurance pursuant to the Consolidated Omnibus Budget Reconciliation Act (“COBRA”). b. Life insurance as provided for in the City’s benefit package. c. Short-term and lon...
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Termination and Severance Compensation 
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Related to Termination and Severance Compensation

  • Termination and Severance Pay A. In the event the Employee is terminated pursuant to Paragraph B hereof and the Employee is willing and able to perform the duties of the position under this agreement, upon execution of a Separation Agreement and General Release, the Employer agrees to pay the Employee a lump sum cash payment equal to three (3) months aggregate annual salary, exclusive of other forms of compensation, less standard withholdings, in addition to the continuation of medical, dental and vision insurance benefits during the three (3) month period immediately following the date of termination. However, in the event the Employee is terminated because the Employee has been convicted of a misdemeanor or a felony, or if the County determines that the Employee has engaged in unprofessional and improper practice, other than negligence, and breach of public trust, including but not limited to illegal acts involving personal gain, or moral turpitude, the County shall be entitled to terminate the Employee immediately without any severance pay, or medical, dental and vision insurance continuation aside from COBRA. B. In the event the Employer at any point during the term of this agreement reduces the salary or other financial benefits of the Employee in a greater percentage than reductions to all other employees of Employer, or if Employer refuses, following a written request to comply with any provision benefiting Employee herein; or the Employee resigns following a suggestion, whether formal or informal, by the Sheriff that he or she resign, then, in that event, Employee may, at his or her option, be deemed to be terminated at the date of such reduction or refusal to comply within the meaning and context of the herein severance pay provision. C. In the event the Employee voluntarily resigns his or her position with the County as Major then the Employee shall give the County thirty (30) days written notice in advance, unless the parties otherwise agree. The provision for severance pay and continuation of employment benefits detailed in SECTION 3, Paragraph A shall not apply to a voluntary resignation.

  • Termination and Severance Executive shall be entitled to receive benefits upon termination of employment only as set forth in this Section 4:

  • Termination of Employment and Severance Benefits The Executive’s employment hereunder shall terminate under the following circumstances:

  • Severance Compensation In the event (i) Employee terminates this Agreement for Good Reason in accordance with Paragraph 11.3 hereof; (ii) Employee is terminated for any reason (except death or disability) upon, or within six months following, a "Change in Management or Control (as such term is defined in Paragraph 11.5 hereof);" or (iii) Employee is terminated without Cause, the Company shall be obligated to pay severance compensation to Employee in an amount equal to his salary compensation (at the rate payable at the time of such termination) for a period of six (6) months from the date of termination. Notwithstanding the foregoing, if Employee is employed by a new employer, or as a consultant after the termination of this Agreement, the severance compensation payable to Employee hereunder shall be reduced by the amount of compensation that Employee actually receives from the new employer, or as a consultant. However, Employee shall have a duty to inform the Company that he has obtained such new employment, and the failure to do so is a material breach of this Agreement. In such event, the Company shall be entitled to (i) cease all payments to Employee under this Paragraph 11.4; and (ii) recover any unauthorized payments to Employee in an action for breach of contract. Notwithstanding anything else in this Agreement to the contrary, solely in the event of a termination upon or following a Change in Management or Control, the amount of severance compensation paid to Employee hereunder shall not include any amount that the Company is prohibited from deducting for federal income tax purposes by virtue of Section 280G of the Internal Revenue Code of 1986, as amended, or any successor provision. In addition to the foregoing severance compensation, the Company shall pay Employee (i) all compensation for services rendered hereunder and not previously paid; (ii) accrued vacation pay; and (iii) any appropriate business expenses incurred by Employee in connection with his duties hereunder and approved pursuant to Section 4 hereof, all through the date of termination. Employee shall not be entitled to any bonus compensation, whether vested or unvested; or any other compensation, benefits or reimbursement of any kind.

  • Severance Compensation upon Termination of Employment If the Company shall terminate the Executive’s employment other than pursuant to Section 5(a), (b) or (c) or if the Executive shall terminate his employment for Good Reason, then the Company shall pay to the Executive as severance pay in a lump sum, in cash, on the fifth day following the Date of Termination, an amount equal to three (3) times the average of the aggregate annual compensation paid to the Executive during the three (3) fiscal years of the Company immediately preceding the Change of Control by the Company subject to United States income taxes (or, such fewer number of fiscal years if the Executive has not been employed by the Company during each of the preceding three (3) fiscal years).