Termination and Severance Provisions Sample Clauses
Termination and Severance Provisions. If, during the Term, either Employer or Executive terminates Executive's employment with Employer for any reason, and provided that such termination does not otherwise entitle Executive to receive a Severance Payment (as defined below) under Section 10 of this Agreement, Executive will be entitled to receive a termination payment equal to two (2) times Executive's annual base salary the ("Termination Payment"). The Termination Payment shall be paid in one lump sum payment, payable upon the date that Executive's employment is terminated. Notwithstanding the preceding, in the event that a definitive agreement providing for a Change in Control (each as defined below) is entered into within twelve (12) months after Executive's involuntary termination other than for Cause, Disability, Retirement or death, Executive shall be entitled to receive the difference between the Severance Payment and the Termination Payment upon the effective date of the Change in Control.
Termination and Severance Provisions. If, during the Term, Executive’s employment with Employer is involuntarily terminated without Cause or if Employee voluntarily terminates employment with Employer either with Good Reason or without Good Reason, and provided that such termination does not otherwise entitle Executive to receive a Severance Payment (as defined below) under Section 10 of this Agreement, Executive will be entitled to receive a termination payment equal to two (2) times the average of the total base compensation received by Executive for each of the two most recent calendar years (“Termination Payment”). The Termination Payment shall be paid in one lump sum payment, payable on the first day of the seventh month after the month in which the Executive’s termination of employment occurs. Notwithstanding the preceding, in the event that a definitive agreement providing for a Change in Control (each as defined below) is entered into within twelve (12) months after Executive’s involuntary termination without Cause or voluntary termination with or without Good Reason, Executive shall be entitled to receive the difference between the Severance Payment and the Termination Payment. Such difference shall be paid to the Executive on the later of the date of termination, the effective date of the Change in Control, or the first day of the seventh month after the month in which the Executive’s termination of employment occurred.
Termination and Severance Provisions. The Executive acknowledges and agrees to the termination terms as set forth in the Agreement and understands the treatment of additional payments and equity in the event of termination. Further by signing below, the Executive acknowledges and agrees pursuant to clause 3.3 of the Agreement Ancora shall not be held liable for the Executive’s performance, decisions, or conduct in their role as COO, about which the Executive and Hemab assumes full responsibility.
Termination and Severance Provisions