TERMINATION INDEMNITY Clause Samples
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TERMINATION INDEMNITY. Because of the exposure of ▇▇. ▇▇ ▇▇▇▇▇, of his personal investment in his new functions and of the harmful consequences that a rupture of this contract, brought in certain cases as defined hereafter, would be likely to generate in terms of his public image and to his reputation with regard to his professional relationships or possible future employers, the Parties consider that the potential moral and career-related prejudice caused to ▇▇. ▇▇ ▇▇▇▇▇ will be repaired by a contractual termination indemnity equivalent to:
1. 262,500(euro)if the notification of his dismissal comes during 2002 or 2003; 330,000(euro)if the notification of his dismissal comes after December 31, 2003; and:
2. Nine-twelfths of the annual maximum variable bonus in effect at the time of the notification of dismissal of ▇▇. ▇▇ ▇▇▇▇▇.
TERMINATION INDEMNITY. 9.1 By way of more favourable treatment, in the event the employment relationship is terminated - even if in the period comprised between 6 months before and 2 years later a “change of control” event pursuant to Article 2359 of the Italian Civil Code - (i) by the Company without “cause” pursuant to Article 2119 of the Italian Civil Code or (ii) by the Executive with resignation for “cause” pursuant to Article 2119 of the Italian Civil Code the Company undertakes to pay the Executive a pre-determined indemnity that entirely replaces the additional indemnity provided by applicable law and the NCLA for unlawful termination. Such indemnity will be equal to 36 months of the overall salary, as provided by Article 2121 of the Italian Civil Code.
9.2 Such termination indemnity will be paid by the Company to the Executive by way of “incentive to leave”, pursuant to Article 17 of the Presidential Decree No. 917/86 (so-called “TUIS”), upon the execution of a settlement and release agreement pursuant to article 2113, 4th paragraph of the Italian Civil Code, which shall contain a provision whereby the Executive waives any against the Company any possible claim or legal action related to the Agreement and to the employment relationship, within the terms provided by the same settlement agreement (and, in any event, no later than 30 days from its execution).
9.3 The TFR accrued, pro-rata 13th and 14th instalments accrued, indemnity in lieu of unused holidays and leaves will be paid in any event on top of the termination indemnity.
TERMINATION INDEMNITY. 2.1 In the event the Managing Director voluntarily terminates his/her service contract within three months of the occurrence of an event constituting Good Reason and on account of an event constituting Good Reason, which event occurs either (i) at the time of or within 24 months following the occurrence of a Change of Control, (ii) within three months prior to a Change of Control, whether or not such termination is at the request of an Acquiror, or (iii) at any time more than three months prior to a Change of Control if such triggering event or the Managing Director’s termination is at the request of an Acquiror (“Termination Event”), the Company shall pay the Managing Director a global gross lump sum amount equal to an amount equal to the indemnity he would be entitled to in case of dismissal, calculated according to the law provisions in force on the date of the Termination Event, less any applicable withholding of taxes and applicable social security contributions (hereafter the “Termination Indemnity”).
2.2 Managing Director acknowledges and agrees that the Termination Indemnity is intended to compensate the various prejudices that the Managing Director could suffer as a result of the termination of his managing director service contract and his employment contract, includes any, and is in lieu of any additional, indemnity which could be due to the Managing Director in respect of the termination of his employment contract.
2.3 The payment of the Termination Indemnity is subject to the Managing Director’s entering into a settlement and release agreement following the termination of his managing director service contract and his employment contract; the Managing Director remaining however entirely free to prefer a court action to the payment of this indemnity. Moreover, it is expressly understood and agreed that the Termination Indemnity will be subject to the social security contributions applicable on the date of payment of this Termination Indemnity.
TERMINATION INDEMNITY. 1. The Company pays a terminationindemnity in the amount ofEUR 570,000.00 (five hundred andseventy thousand) gross, which issubject to payroll tax deductions.
2. The termination indemnity men-tioned under Clause 1. is due onSeptember 30, 2013.
TERMINATION INDEMNITY. 2.1 In connection with the termination of the UK Directorship, the Company will pay to Luc Van Eenaeme a termination payment of 76,000 EUR.
2.2 The amounts mentioned under article 2.1 will be transferred into the bank account of Luc Van Eenaeme after deduction of any applicable withholding tax and social security contributions/national insurance contributions before 30 September 2013. Luc Van Eenaeme hereby agrees to notify the Company, by email to Marc Beulque of the relevant details of his bank account for the purposes of this article 2 within two days of the date of this agreement.
TERMINATION INDEMNITY. 2.1 A total termination indemnity of 760.000 EUR will be paid to Luc Van Eenaeme taking into account the termination of all his working relations within the Group. For what the termination of the Employment Contract is concerned, the Company will pay to Luc Van Eenaeme, who accepts explicitly, a termination indemnity equal to 114.000 EUR gross, covering a notice period of 24 months.
2.2 On top of the termination indemnity mentioned in Article 2.1, the Company will pay to Luc Van Eenaeme, who accepts explicitly, the following amounts:
(a) the departure holiday pay as calculated by the payroll agency;
(b) the pro-rated end of year premium equal to 1.262,16 EUR gross;
(c) intrests for late payment equal to 6.175 EUR.
2.3 The amounts mentioned under Article 2.1 and Article 2.2 will be transferred into the bank account of Luc Van Eenaeme after deduction of the applicable professional withholding taxes and social security contributions before 30 September 2013.
TERMINATION INDEMNITY. Upon termination or expiration of this Agreement, Agent is entitled to a goodwill indemnity provided that: (1) Agent has brought Principal new customers or has significantly increased the volume of business with existing customers and Principal continues to derive substantial bene ts from the business with such customers; and (2) payment of the indemnity is equitable having regard to all the circumstances, in particular, the commission lost by Agent on the business transacted with such customers. The amount of the indemnity shall not exceed a figure equivalent to an indemnity for one year calculated from Agent’s average annual remuneration over the preceding five years or the length of the contract if less. Agent loses its right to indemnity if he does not claim for it in writing within one year from the termination or expiration of the Agreement. Agent shall have no right to indemnity, if (1) Principal has terminated the Agreement due to Agent’s material breach of this Agreement or other Agent’s act or omission that has seriously violated Principal’s interest; (2) Agent has terminated the Agreement, unless the termination was made due to a reason attributable to Principal or on grounds of Agent’s age or illness; or (3) Agent has transferred its contractual rights and obligations with Principal’s permission to a third party.