Termination and Severance Payments. (a) In the event that the employment of the Employee is terminated for cause or in the event that the Employee resigns his/her employment with the Company, the Employee shall be paid any salary and any other benefits which have then accrued and to which the Employee is entitled to at such time. However, in such event, the Employee shall not be entitled to any severance compensation as set forth in subparagraph (b) below.
Termination and Severance Payments. Sections 7(a), (b) and (c) of the Employment Agreement are hereby superseded in their entirety by this Section 3.
Termination and Severance Payments. (a) Employee’s employment under this Agreement may be terminated prior to the end of the Term only as follows:
Termination and Severance Payments. If your employment with ADP is terminated, you will receive the following compensation:
Termination and Severance Payments. In the event that the Bank is deemed by FDIC to be in troubled condition as defined in 12 C.F.R. Section 303.101(c), any severance payment to be paid pursuant to this Section 4 will be made only as permitted by applicable federal regulations.
Termination and Severance Payments. (b) After the word "salary" in two places, add the words ",bonus and commission". After the language, "the Company further agrees to pay the Employee as severance pay" add the phrase "and as further consideration for Covenant Not to Compete provisions and Covenant Not to Disclose Confidential Information provisions in Sections 7 and 8". Change "one (1) month" to "twelve (12) months" in the last sentence of this subsection. (c) add new subsection (c) to read, "In the event of change of control, severance payments as described in subsection (b) above would also be in effect if the new controlling party made a reduction in targeted compensation of greater than 5%, demotes Employee in a fashion that would materially reduce Employee's professional stature, assigns Employee duties materially inconsistent with the status of Employee's position within the Company, requires Employee to relocate more than 50 miles from Employee's present residence, or makes any requirement for employee to travel on a regular basis a greater number of days per month or greater number of consecutive days than is consistent with past practice. Further, in the event of a change of control, the last sentence of Section 4 is deleted. Change of control is defined as the acquisition by any individual, entity or group of more than forty percent (40%) or more of either (A) the then outstanding shares of common stock of the Company, or (B) the combined voting power of the then-outstanding voting securities of the Company entitled to vote generally in the election of directors.
Termination and Severance Payments. (a) In the event of termination by Xx. Xxxxxx of his employment under this Agreement for Good Reason, or by the Bank other than for Cause or as a result of the death or disability of Xx. Xxxxxx, the Bank shall pay to Xx. Xxxxxx, within thirty business days the following as liquidated damages for his termination or, as the case may be, a severance payment:
Termination and Severance Payments. At or prior to the ---------------------------------- Closing, Seller shall pay, discharge and satisfy in full any and all severance benefits and obligations, under applicable law or otherwise, relating to the termination of employment, or reemployment by Buyer or its affiliates, of each employee of Seller, and shall deliver to Buyer evidence in form and substance reasonably satisfactory to Buyer of the discharge of such severance benefits and obligations. The Seller hereby agrees to indemnify Buyer in full for any and all severance benefits and obligations of Seller with respect to any such employees.
Termination and Severance Payments. In the event of a change of control and termination without cause, the current base salary of Employee will continue for a period of (1) one year from termination date, and all existing medical and health benefits typically provided for by Company will continue for a period of (1) one year after termination. This provision is cancelled or terminated if Employee finds employment of comparable or similar job status.
