Termination and Severance Payment Sample Clauses

Termination and Severance Payment. (a) The Trust and Officer shall have the right to terminate this Agreement at any time, for any reason, without any prior notice to the other. This Agreement shall automatically terminate upon the disability or the death of the Officer. In the event of the termination of this Agreement either (i) by action of the Trust or as a result of the Officer's death or disability either before or after the conclusion of the Liquidation Process or (ii) by action of the Officer after a material change in the Officer's duties (as described in (b) below), the Trust shall pay to the Officer (or his estate in the event of his death) a severance payment equal to $184,000 within fifteen (15) days after the event giving rise to the payment obligation. For purposes of this Agreement, "
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Termination and Severance Payment. (a) The Trust and Officer shall have the right to terminate this Agreement at any time, for any reason, without any prior notice to the other although it is currently intended by the parties that the Officer shall continue to be employed by the Trust under this Agreement throughout the Liquidation Process. This Agreement shall automatically terminate upon the disability (as described in section 2(e)(v) of Exhibit B) or the death of the Officer. In the event of the termination of this Agreement either (i) by action of the Trust or as a result of the Officer's death or disability either before or after the conclusion of the Liquidation Process or (ii) by action of the Officer after a material change in the Officer's duties (as described in (b) below), the Trust shall pay to the Officer (or his estate in the event of his death) a severance payment equal to $546,000 within fifteen (15) days after the event giving rise to the payment obligation.
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Termination and Severance Payment. 6.1 Termination Upon the occurrence of an event of termination (as hereinafter defined) during the period of Ao's employment under this Contract, the provisions of this Paragraph 6 shall apply for consequence relating to the financials obligations of the parties hereto. As used in this Contract an "event of termination" shall mean and include any one or more of the following:
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Termination and Severance Payment. Subject to Section 4(B) immediately below, if the Employer terminates this Agreement and Employee's employment for any reason, then the Employer shall pay Employee the unpaid Base Salary and benefits earned and accrued through the date of termination, plus all unreimbursed expenses through such date, plus the Employer shall pay, as severance, an amount equal to the product obtained by multiplying Employee's Base Salary in effect on the date of termination, by one-half (1/2). Fifty percent (50%) of such severance amount, less applicable withholdings, shall be made within thirty (30) days following the termination of this Employee's employment and the balance shall be paid, less applicable withholdings, in six (6) equal monthly installments, with the first installment due and payable within ninety (90) days following the termination of Employee's employment. No interest shall be paid on the severance amounts set forth in this paragraph.
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Termination and Severance Payment. Subject to Sections 4B and 5 below, if the Employer terminates Employee's employment, Employer shall pay Employee the unpaid Annual Base Salary and benefits earned and accrued through the date of termination, plus all unreimbursed expenses through such date, plus the Employer shall pay, as severance, an amount equal to Employee's Annual Base Salary at the rate in effect on the date of termination. Such severance amount, less applicable withholdings, shall be paid in a single lump sum within thirty (30) days following the termination of Employee's employment. No interest shall be paid on the severance amounts set forth in this paragraph. This Section 4A shall not apply in the event that Section 4 B applies or Section 5 applies.
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Termination and Severance Payment. (a) The Trust and Officer shall have the right to terminate this Agreement at any time, for any reason, without any prior notice to the other. This Agreement shall automatically terminate upon the disability or the death of the Officer. In the event of the termination of this Agreement either (i) by action of the Trust or as a result of the Officer's death or disability either before or after the conclusion of the Liquidation Process or (ii) by action of the Officer after a material change in the Officer's duties (as described in (b) below), the Trust shall pay to the Officer (or his estate in the event of his death) a severance payment equal to $121,250 provided however that such amount shall be increased for employment with the Trust after July 1, 1996 pursuant but in applying such formula to such service, fractional years shall be counted (rounded to the closest month of service.) Such severance payment shall be made within fifteen (15) days after the event giving rise to the payment obligation. For purposes of this Agreement, "
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Termination and Severance Payment. MANAGER acknowledges and agrees that he will serve at the pleasure of the ASSEMBLY and that he may be removed at any time by the ASSEMBLY with or without cause. In the event he is terminated by the ASSEMBLY, or the ASSEMBLY requests his resignation, the Borough agrees to pay him a lump sum cash payment equal to the value of 100% of his accrued leave, less required deductions, including taxes, plus three (3) months’ salary. This right to severance payment shall not apply in the event of his death or physical or menta l inability to perform his duties as Borough Manager, if he is convicted of an unlaw ful act in the discharge of his duties or a crime involving dishonesty, or if he voluntar i ly resigns not at the request of the ASSEMBLY.
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Termination and Severance Payment. The employment may be terminated with a notice period of …. months by the Company and with a notice period of …. months by the MD. If the employment is terminated by the Com- pany, the Company shall have the right to immediately relieve the MD of his/her position. The MD is not obliged to perform any other work during the notice period other than such work that follows from his/her employment as managing director. During the notice period, the MD is entitled to all employment benefits according to this agreement. If the MD is relieved from work during the notice period, the MD shall be entitled to take another employment. Any compensation that the MD receives from such new employ- ment shall not be deducted from the MD’s salary and benefits from the Company. In case of termination by the Company, the MD is entitled to severance payment correspon- ding to …. month’s salary. Monthly salary means the fixed monthly gross salary applicable at the date of termination of the employment. The severance payment shall be paid as a lump sum no later than one month after the termination of the employment.
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Termination and Severance Payment 
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Related to Termination and Severance Payment

  • 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:

  • Lump Sum Severance Payment Payment of a lump sum amount equal to twelve (12) months of Executive’s then-current Base Salary plus the Pro Rated Bonus, less all customary and required taxes and employment-related deductions, paid on the first payroll date following the date on which the Release required by Paragraph 4(g) becomes effective and non-revocable, but not after seventy (70) days following the effective date of termination from employment.

  • Termination Severance Either party may terminate the employment relationship as evidenced by this Agreement at any time and for any reason upon ninety days written notice to the other.

  • Severance Payment Executive will be paid continuing payments of severance pay at a rate equal to Executive’s base salary rate, as then in effect, for twelve (12) months from the date of such termination of employment, to be paid periodically in accordance with the Company’s normal payroll policies.

  • Severance Payments 6.1 If the Executive's employment is terminated following a Change in Control and during the Term, other than (A) by the Company for Cause, (B) by reason of death or Disability, or (C) by the Executive without Good Reason, then the Company shall pay the Executive the amounts, and provide the Executive the benefits, described in this Section 6.1 ("Severance Payments") and Section 6.2, in addition to any payments and benefits to which the Executive is entitled under Section 5 hereof; provided, however, that the Executive shall not be entitled to the Severance Payments unless and until the Executive (or, in the event of the Executive's death, the executor, personal representative or administrator of the Executive's estate) has signed a written waiver and release substantially in the form set forth on Exhibit A hereto. For purposes of this Agreement, the Executive's employment shall be deemed to have been terminated following a Change in Control by the Company without Cause or by the Executive with Good Reason, if (i) during the Term the Executive's employment is terminated by the Company without Cause following a Potential Change in Control but prior to a Change in Control (whether or not a Change in Control ever occurs) and such termination was at the request or direction of a Person who has entered into an agreement with the Company the consummation of which would constitute a Change in Control, (ii) during the Term the Executive terminates his employment for Good Reason following a Potential Change in Control but prior to a Change in Control (whether or not a Change in Control ever occurs) and the circumstance or event which constitutes Good Reason occurs at the request or direction of such Person or (iii) during the Term the Executive's employment is terminated by the Company without Cause or by the Executive for Good Reason and such termination or the circumstance or event which constitutes Good Reason is otherwise in connection with or in anticipation of a Change in Control (whether or not a Change in Control ever occurs). An Executive will not be considered to have been terminated by reason of the divestiture of a facility, sale or other disposition of a business or business unit, or the outsourcing of a business activity with which the Executive is affiliated, notwithstanding the fact that such divestiture, sale or outsourcing takes place within two years following a Change in Control, if the Executive is offered comparable employment by the successor company and such successor company agrees to assume the Company's obligations to the Executive under this Agreement.

  • Cash Severance Payment Executive shall receive a lump sum payment in an amount equal to twelve (12) months of Executive's base salary (less applicable withholding), paid within five (5) business days after the conclusion of the transition period (or after the termination date if there is no transition period requested by the Company).

  • Exclusive Severance Benefits The Severance Benefits payable under Section 6.4(a) or the Change of Control Benefits payable under Section 6.4(b), if they become applicable under the terms of this Agreement, will be in lieu of any other severance or similar benefits that would otherwise be payable under any other agreement, plan, program or policy of the Company.

  • Change of Control Severance Benefits A Covered Termination of Executive’s employment on or within twelve (12) months following the effective date of a Change of Control entitles Executive to receive the benefits set forth in this Section 3.2.

  • Change in Control Severance Benefits If there is a Change in Control, and within one (1) year of such Change in Control, the Executive’s employment is terminated under the circumstances described in Sections 4(a) through 4(f) above, the Executive shall be entitled to the following: (I) if such termination is a termination by the Company without Cause pursuant to Section 4(a) or the Executive resigns for Good Reason pursuant to Section 4(b), the Company shall pay the Executive the Accrued Obligations and the Pro Rata Bonus and, in addition, subject to the provisions of Section 19, (A) an amount equal to twenty-four (24) months of the Executive’s Base Salary at the rate in effect on the date of termination or resignation, payable in a lump sum within sixty (60) calendar days of the date of termination or resignation; and (B) provided the Executive timely elects continuation coverage under COBRA, the Company shall also pay, on the Executive’s behalf, the portion of monthly premiums for the Executive’s group health insurance, including coverage for the Executive’s dependents, that the Company paid immediately prior to the date of termination or resignation, during the eighteen (18) month period following the date of termination or resignation, subject to the Executive’s continued eligibility for COBRA coverage. The Company will pay for such COBRA coverage for eligible dependents only for those dependents who were enrolled immediately prior to the date of termination or resignation. The Executive will continue to be required to pay that portion of the premium for the Executive’s health coverage, including coverage for the Executive’s eligible dependents, that the Executive was required to pay as an active employee immediately prior to the date of termination or resignation. Notwithstanding the foregoing, in the event that under applicable guidance the reimbursement of COBRA premiums causes the Company’s group health plan to violate any applicable nondiscrimination rule, the parties agree to negotiate in good faith a mutually agreeable alternative arrangement; and (II) if such termination is a termination or resignation under the circumstances described in Sections 4(c), 4(d), 4(e) or 4(f), the Executive shall be entitled to the compensation and benefits for which the Executive is eligible under such sections.

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