Termination Package Sample Clauses

A Termination Package clause defines the compensation and benefits an employee or contractor will receive if their employment or engagement is ended, typically by the employer. This may include severance pay, continuation of benefits, payment for unused vacation days, or outplacement assistance, and can be triggered by layoffs, restructuring, or other forms of involuntary termination. The core function of this clause is to provide financial security and support to the departing individual while also clarifying the employer’s obligations, thereby reducing uncertainty and potential disputes at the end of the working relationship.
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Termination Package. Seller will provide a termination package for each terminated employee in accordance with its company policies and procedures that will include the following: (i) Final paycheck. A check reflecting hours worked for Seller through the Closing Date plus any vacation earned but not used since April 1, 1996, less appropriate taxes and other withholdings. The final check will be reduced for any amounts owed by the employee. Since Seller and Buyer have agreed to maintain the continuity of the payroll cycle, depending on where the Closing Date falls in the payroll cycle, the payroll amount due to each employee will be split into two separate checks to reflect the hours worked by the employee for the Buyer and Seller (Seller's checks to be adjusted as discussed above). No later than two business days prior to the date that the payroll checks will be issued by the Buyer to the employees after the Closing Date, Seller will transfer funds to its payroll bank account sufficient to cover Seller's paychecks. A detail payroll register and other supporting documentation as reasonably requested by Seller will be sent to Seller, for approval, prior to the funding of Seller's portion of the payroll.
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Termination Package. In the event of a Change of Control (as defined below), the Employee, upon voluntarily executing a Release furnished by the Company, will receive two (2) years salary and bonus (calculated based on the average of the last two year's bonus award) if not offered an equivalent job (as defined below) with the purchaser or subsequent operator of Nuevo's assets. Vested stock options will be exercisable for up to 365 days from termination. In addition the company will pay COBRA insurance premiums for eighteen months on behalf of the employee's current plan election.
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Termination Package. Subject to the terms of this Agreement, Company shall provide to Executive the following package (the “Termination Package”) if Executive becomes eligible pursuant to section 3.a. above:
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Termination Package. 1. In the event that MS shall terminate ▇▇▇▇▇▇ for any reason, other than on account of an act of moral turpitude by him or on account of a serious, intentional breach of this agreement subject to ▇▇▇▇▇▇’▇ execution of a Release of all claims against MS surrounding his employment and termination, MS shall pay ▇▇▇▇▇▇ his then current annual Base Salary through the effective date of such termination, plus a payment in an amount equivalent to his, then current, annual Base Salary but in no event less than his initial annual Base Salary. This amount will be payable in twelve (12) equal monthly installments (“Termination Package”). 2. In the event MS is acquired by or merged into another corporation or entity and ▇▇▇▇▇▇ is terminated within one (1) year of such acquisition or merger, ▇▇▇▇▇▇ is entitled to receive a sum equal to twice his then annual Base Salary in a lump sum. If ▇▇▇▇▇▇’▇ employment is terminated after one (1) year of, but before the expiration of the second year from such acquisition or merger, ▇▇▇▇▇▇ is entitled to receive a sum equal to his then annual Base Salary in a lump sum. There shall be no entitlement under this sub-clause if ▇▇▇▇▇▇’▇ employment is terminated after the expiration of two (2) years from the acquisition or merger date.
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Related to Termination Package

  • Early Termination Notice (a) If the Corporate Taxpayer chooses to exercise its right of early termination under Section 4.1 above other than in connection with a Change of Control or Subsequent IPO, the Corporate Taxpayer shall deliver to the ITR Entity notice of such intention to exercise such right (“Early Termination Notice”) and a schedule (the “Early Termination Schedule”) specifying the Corporate Taxpayer’s intention to exercise such right and showing in reasonable detail the calculation of the Early Termination Payment for the ITR Entity. The Early Termination Schedule shall become final and binding on all parties 30 calendar days from the first date on which the ITR Entity has received such Schedule or amendment thereto unless the ITR Entity (i) within 30 calendar days after receiving the Early Termination Schedule, provides the Corporate Taxpayer with notice of a material objection to such Schedule made in good faith (“Material Objection Notice”) or (ii) provides a written waiver of such right of a Material Objection Notice within the period described in clause (i) above, in which case such Schedule becomes binding on the date the waiver is received by the Corporate Taxpayer (the “Early Termination Effective Date”). If the parties, for any reason, are unable to successfully resolve the issues raised in such notice within 30 calendar days after receipt by the Corporate Taxpayer of the Material Objection Notice, the Corporate Taxpayer and the ITR Entity shall employ the Reconciliation Procedures. (b) If the Corporate Taxpayer chooses to exercise its right of early termination under Section 4.1 above in connection with a Change of Control or Subsequent IPO, any reference to 30 calendar days in Section 4.2(a) above shall instead be deemed to be 10 calendar days.

  • Early Contract Termination The State may terminate this contract in whole or in part by giving fifteen (15) days written notice to the Purchaser when it is in the best interests of the State. If this contract is so terminated, the State shall be liable only for the return of that portion of the initial deposit that is not required for payment, and the return of unapplied payments. The State shall not be liable for damages, whether direct or consequential.

  • Termination Notice If either Party, having become entitled to do so, decides to terminate this Agreement pursuant to the preceding Clause 8.2 (a) (i) or 8.2 (a) (ii), it shall issue Termination Notice setting out: (i) in sufficient detail the underlying Force Majeure Event; (ii) the Termination Date which shall be a date occurring not earlier than 60 (sixty) days from the date of Termination Notice; (iii) the estimated Termination Payment including the details of computation thereof and; (iv) any other relevant information.

  • Termination Date Determination Seller will not designate the Termination Date (as defined in the Receivables Sale Agreement), or send any written notice to Originator in respect thereof, without the prior written consent of the Agent, except with respect to the occurrence of such Termination Date arising pursuant to Section 5.1(d) of the Receivables Sale Agreement.

  • Termination; Repayment The Revolving Line terminates on the Revolving Line Maturity Date, when the principal amount of all Advances, the unpaid interest thereon, and all other Obligations relating to the Revolving Line shall be immediately due and payable.