Termination Without Cause/Severance. (a) Each of the Company and the Employee may terminate the Employee's employment under this Agreement at any time for any reason whatsoever, without any further liability or obligation of the Company to the Employee or of the Employee to the Company from and after the date of such termination (other than liabilities or obligations accrued but unsatisfied on, or surviving, the date of such termination), by sending ninety (90) days' prior notice to the other party.
Termination Without Cause/Severance. The Company may terminate Executive's employment without cause by giving written notice to Executive at least thirty (30) days prior to the effective date of such termination of employment without cause, in which event Executive's employment hereunder shall terminate and Executive shall be entitled to the following payments:
Termination Without Cause/Severance. (a) In the event Executive's employment with the Company is terminated by the Company without cause (as defined below), or if Executive's employment is terminated by reason of his death or disability, Executive shall be entitled to severance pay in the amounts described in section 7.1 (b) below ("Severance") plus any bonus payable under paragraph 4.2. with respect to such calendar year.
Termination Without Cause/Severance. (a) Except as provided in Section 4.5(b), and subject to compliance with the terms and conditions of Section 4.5(c), if Executive’s employment with Company is terminated at any time during the term of this Agreement without a reason or ground specified in Section 4.1, Executive shall be entitled to severance (“Basic Severance”) equal to fifty percent (50%) of Executive's annual base salary rate in effect as of the date of Executive’s termination.
Termination Without Cause/Severance. Xxxxx may terminate this ----------------------------------- Agreement in accordance with Paragraph 2(a)(1)(A), above. Columbia Bancorp and Columbia Bank may terminate this Agreement in accordance with Paragraph 2(a)(l)(B), above. Otherwise, if Xxxxx is not in breach or default of this Agreement and Columbia Bancorp or Columbia Bank terminates Kelly's services for any reason and under any procedures other than those specified in paragraph (c), below, then Columbia Bancorp or Columbia Bank shall thereupon immediately pay to Xxxxx the sum of $120,000 as severance compensation to Xxxxx; being equal to twice his Base Compensation for a 12 month period. In addition, should such termination occur prior to the time when Xxxxx shall have become fully vested in any stock option plan established for his benefit, Xxxxx shall thereupon also become immediately vested in all options theretofore issued to him or accrued to his benefit.
Termination Without Cause/Severance. THE EXECUTIVE'S EMPLOYMENT HEREUNDER MAY BE TERMINATED WITHOUT CAUSE, FOR ANY REASON OR NO REASON PRIOR TO THE END OF THE TERM BY A MAJORITY VOTE OF THE BOARD OF DIRECTORS OF THE COMPANY, EXCLUDING EXECUTIVE. A termination of Executive's employment upon the merger, consolidation of the Company or the sale of substantially all or majority of the equity interests or the assets of the Company (hereinafter referred to as a "Change in Control") shall be deemed a termination without cause. A Change of Control shall also mean the occurrence, within a single transaction or set of related transactions within the same year, of a change in the identity of: (a) persons who individually or collectively hold rights to elect, or approve the election, of a majority of the members of the Board of Directors; (b) persons who individually or collectively hold the rights to elect, in the officers of the Company. Additionally, a material demotion of the Executive may be treated, at the option of the Executive, as a termination "without cause.- A "material demotion" will occur if there is a significant reduction of the Executive's duties or a change in title without the agreement of the Executive. In the event of a termination without cause, the Company shall continue to pay the Executive his Base Salary (as defined in Exhibit A) in effect on the date of Executive's termination for a period equal to one (1) month following the date of such termination. Said payments shall be made in one lump sum payment of the total amount within 14 days termination or as other-wise agreed to in writing. Additionally, in the event of a Change in Control (as defined above), the Company's repurchase right for one year's worth of Options as set forth in Exhibit A and underlying shares of common stock shall lapse, and such Options shall become immediately vested. In addition, the Senior Management/Founders monthly commission pool will continue to be paid as set forth in exhibit A.
Termination Without Cause/Severance. If the Company terminates Executive’s employment without Cause, Executive will receive the Standard Entitlements and “Severance Benefits” as described in subsection 3.6 below provided that Executive complies with all severance conditions set forth in subsection 3.6(d) below.
Termination Without Cause/Severance. If the Employee's ------------------------------------ employment with the Parent terminates at any time during the three years following the Effective Time of the Merger, other than (i) by voluntary resignation, (ii) for Cause (as defined below) or (iii) as a result of the Employee's death or Disability (as defined below), then the Employee shall be entitled to receive (A) severance pay in an amount determined in accordance with this Section 5(a), and (B) all of his or her accrued wages and paid time off, payable in a lump sum at the time of or prior to the Termination Date (as defined below). Any severance payment to which the Employee is entitled pursuant to this Section 5 shall be payable on the Termination Date. If termination pursuant to this Section 5(a) occurs, the Employee will be paid an amount equal to 12 months of the Base Compensation being paid to the Employee at the time of termination plus a pro-rated amount of the annual bonus the Employee would have received during the year in which the Employee's employment terminates under any bonus plan for which he is eligible and which is in effect at the time of termination. Nothing herein shall be construed as affecting Employee's right to receive any payments, benefits and compensation rightfully owed to Employee under (i) the Merger Agreement and related documents, including without limitation the Founder's Escrow Agreement, (ii) those provided in any stock grant or option agreement to which the Employee is a party or beneficiary, or (iii) those made available to the Employee in accordance with the Parent's established employee plans and policies at the time of termination.
Termination Without Cause/Severance. Critical may terminate Employee's employment without cause at any time without prior notice to Employee. If termination without cause occurs before the end of three years from the date hereof, then Employee shall be entitled as severance to have his salary continued until the date which is three years from the date hereof; provided, however, that if termination occurs during the third year, Employee's salary shall be continued for one year thereafter. From and after the date which is three (3) years from the date hereof, Employee shall be entitled only to such severance as may be mandated by CXR policy as in effect from time to time.
Termination Without Cause/Severance. In the event Employee shall be terminated by Employer without “Cause” during the Initial Term or during any subsequent Term (if applicable), Employer shall provide Employee with the compensation required by clause (a) of Paragraph 2 of this Agreement (“Severance”) as of the termination date for the remaining term of the Initial Term or the remaining term of any Term in which the termination occurs (the “Severance Period”) following the date of such termination, plus all accrued but unpaid salary and vacation time to the date of termination plus any applicable annual bonus which has been awarded but not yet paid. In no event will the Severance Period be longer than eighteen (18) months. In addition to the foregoing Severance, the vesting of Employee’s stock options shall accelerate as to the number of shares that would otherwise have vested and would have been exercisable as of the date that is eighteen (18) months from the date of such termination. The foregoing Severance shall be reduced by the amount of any other compensation earned by the Employee during the Severance Period as a result of his employment. Employee’s eligibility for severance is conditioned on Employee having first signed a release agreement in the form attached as Exhibit B and a termination certificate as provided in paragraph 5.
