Termination of Employment Payment Sample Clauses

Termination of Employment Payment. If the Employee’s employment with the Company terminates, other than for “cause” as defined in this Section 7(b), during the Term as a result of a Change in Control, then an additional benefit payment (the “Termination Payment”) shall be made to the Employee within five business days following the termination of employment. The Termination Payment shall be equal to the unreduced CIC Payment as calculated in Section 7(a) less the CIC Payment made or to be made to the Employee as provided in Section 7(a). For the purpose of Section 7, “cause” shall mean a termination of employment by the Company due to (i) the willful and continued failure by the Employee to substantially perform the Employee’s duties with the Company, which failure causes material and demonstrable injury to the Company (other than any such failure resulting from the Employee’s incapacity due to physical or mental illness), after a demand for substantial performance is delivered to the Employee which specifically identifies the manner in which the Employee has not substantially performed the Employee’s duties, and after the Employee has been given a period of at least thirty (30) days to correct the Employee’s performance, or (ii) the willful engaging by the Employee in other gross misconduct materially and demonstrably injurious to the Company. For purposes of the foregoing definition of “cause”, no act, or failure to act, on the Employee’s part shall be considered “willful” unless conclusively demonstrated to have been done, or omitted to be done, by the Employee not in good faith and without reasonable belief that the Employee’s action or omission was in the best interests of the Company.
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Termination of Employment Payment. Executive acknowledges that under Section V of the July 24, 2007 offer letter, Executive may be eligible to receive a payment upon termination of employment. In the event that anytime after the third anniversary of the Executive’s Employment Date (as such term is defined in the offer letter) the Executive’s employment is terminated by Fxxxxxx Mac and the circumstances of the termination qualify the Executive for Severance under any applicable Severance Policy, then the Executive shall receive Severance for twelve (12) months following termination. If at the time this Agreement is entered into, Executive occupies a position that is an “executive officer” of Fxxxxxx Mac, as determined by the Office of Federal Housing Enterprise Oversight (“OFHEO”) under section 1303(7) of the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 and under OFHEO’s executive compensation regulation (66 Federal Register 47550 (2001)), then Executive acknowledges that receipt of the twelve (12) months severance under this paragraph is contingent upon any legally required approval from the Director of OFHEO. If such approval is not received, then Executive will not be eligible for Severance.
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Termination of Employment Payment. In the event that prior to the fourth anniversary of your Employment Date Fxxxxxx Mac terminates your employment for any reason other than “Cause” (as defined in Exhibit A hereto), then you will receive a lump-sum cash payment equal to two-times your annualized base salary in effect at the time of termination. Such payment will be made to you no later than ten (10) business days after your employment termination date. In the event that you terminate your employment for any reason or Fxxxxxx Mac terminates your employment for “Cause” (as defined in Exhibit A), then you will not receive the termination of employment payment outlined in this section. The termination of employment payment provided pursuant to the terms of this Paragraph shall be in lieu of, and not in addition to, any right you may have to payment pursuant to the terms of any otherwise applicable severance plan, policy or practice. Consequently, by entering into this Agreement you agree that in the event of the termination of your employment prior to the fourth anniversary of your Employment Date you will not be eligible to receive and you will not receive severance pay pursuant to any Fxxxxxx Xxx xxxxxxxxx plan, policy or practice. In the event of the termination of your employment after the fourth anniversary of your Employment Date, you will be eligible to receive severance pay pursuant to the terms of any applicable Fxxxxxx Xxx xxxxxxxxx plan or policy. Employment Agreement — Axxxxxx X. Xxxxxx October 14, 2006 Page 4 of 7
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Related to Termination of Employment Payment

  • Termination of Employment Executive's employment hereunder may be terminated under the following circumstances:

  • Termination of Employment Severance Your immediate supervisor or the Company's Board of Directors may terminate your employment, with or without cause, at any time by giving you written notice of your termination, such termination of employment to be effective on the date specified in the notice. You also may terminate your employment with the Company at any time. The effective date of termination (the "Effective Date") shall be the last day of your employment with the Company, as specified in a notice by you, or if you are terminated by the Company, the date that is specified by the Company in its notice to you. The following subsections set forth your rights to severance in the event of the termination of your employment in certain circumstances by either the Company or you. Section 5 also sets forth certain restrictions on your activities if your employment with the Company is terminated, whether by the Company or you. That section shall survive any termination of this Agreement or your employment with the Company.

  • Termination of Employment Period The employment of the Employee by the Company pursuant to this Agreement shall terminate upon the occurrence of any of the following:

  • Termination of Employment; Change in Control (i) For purposes of the grant hereunder, any transfer of employment by the Optionee among the Corporation and the Subsidiaries shall not be considered a termination of employment. If the Optionee's employment with the Corporation is terminated for Cause (as defined in the last Section hereof), the Option, whether or not then vested, shall be automatically terminated as of the date of such termination of employment. If the Optionee's employment with the Corporation shall terminate other than by reason of Retirement (as defined in the last Section hereof), Disability (as defined in the last Section hereof), death or Cause, the Option (to the extent then vested) may be exercised at any time within ninety (90) days after such termination (but not beyond the Term of the Option). The Option, to the extent not then vested, shall immediately expire upon such termination. If the Optionee dies or becomes Disabled (A) while employed by the Corporation or (B) within 90 days after the termination of his or her employment other than for Cause or Retirement, the Option (to the extent then vested) may be exercised at any time within one year after the Optionee's death or Disability (but not beyond the Term of the Option). The Option, to the extent not then vested, shall immediately expire upon such death or disability. If the Optionee's employment terminates by reason of Retirement, the Option shall (A) become fully and immediately vested and exercisable and (B) remain exercisable for three years from the date of such Retirement (but not beyond the Term of the Option).

  • Termination of Employment with Severance Benefits (a) The Executive shall be entitled to the severance benefits described in section 9(b) in the event that:

  • Termination of Employment Agreement (a) Effective as of the Effective Date and immediately prior to the Effective Time, the Employment Agreement is hereby terminated and shall be of no further force or effect whatsoever; provided, however, that, and notwithstanding anything in this Agreement to the contrary, such termination shall be contingent on the closing of the Merger.

  • Other Termination of Employment In the event of your voluntary termination (other than a Retirement subject to Section 2(c) or a Qualifying Termination subject to Section 2(f)), or termination by the Company or a subsidiary of the Company for misconduct or other conduct deemed by the Company to be detrimental to the interests of the Company or a subsidiary of the Company, you shall forfeit all unvested RSUs on the date of termination.

  • Voluntary Termination of Employment If during the Employment Term, Executive terminates his employment under circumstances other than those specified elsewhere in this Section 8, Executive shall be entitled to the payments and benefits specified in Section 8(a).

  • Early Termination of Employment In addition to any Termination of Employment of Executive as a Retired Early Employee under Paragraph 6 of this Agreement, a Termination of Employment of Executive may occur prior to the normal expiration of the Term under the circumstances and with the consequences set forth below.

  • Involuntary Termination of Employment If the Executive exercises his withdrawal rights pursuant to Subsection 2.2, and the Executive's employment with the Bank is involuntarily terminated for any reason including termination due to disability of the Executive, but excluding termination for Cause, or termination following a Change in Control, within thirty (30) days of such involuntary termination of employment, the Bank shall be required to record a final Phantom Contribution in an amount equal to: (i) the full Phantom Contribution required for the Plan Year in which such involuntary termination occurs, if not yet made, plus (ii) the present value (computed using a discount rate equal to the Interest Factor) of all remaining Phantom Contributions.

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