Termination Without Cause; Severance Compensation Sample Clauses

Termination Without Cause; Severance Compensation. Subject to the Severance Compensation set forth in Section 5.6, the Company may, without cause, terminate this Agreement at any time upon notice to the Executive as provided in Section 5.2. Notwithstanding anything herein to contrary, the Company’s obligations to the Executive in the event the Company terminates the employment under Section 5.2 and this Section 5.5.1, shall be to pay the Executive the Severance compensation set forth under Section 5.6, offer to buy within 30 days a total of 20% of the Executive’s beneficially held equity holdings in the Company, which offer the Executive shall have the right to accept or reject in whole or in part within 30 days of his termination, for a price equal to the prior 30 day average market price per equivalent equity unit if the Company’s securities are publicly traded, or if the Company’s securities are not publicly traded, for the greater of (i) 1.50 times the price per equivalent equity unit received for the last equity units issued by the Company through a private or public placement of its securities or in conjunction with any merger or acquisition of the Company, and (ii) a price per equity unit determined by calculating the Company’s value at 10 times annual revenues divided by the total number of equity units outstanding.
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Termination Without Cause; Severance Compensation. In the event Xx. Xxxxxxx’x employment is terminated by the Company without cause, he shall be entitled to severance equal to 100% of his annual base salary for one year, payable on a monthly basis, less required payroll taxes. If Xx. Xxxxxxx breaches any of his obligations hereunder including, without limitation, Exhibit A hereto, the company shall be relieved of any obligation hereunder to make severance payments to Xx. Xxxxxxx. From date of notification by the Company that it has elected to terminate his employment, Xx. Xxxxxxx will be free to discuss a position with other prospective employers. Xx. Xxxxxxx may continue with current title and responsibilities after the termination notice date, upon mutual consent of Company and Xx. Xxxxxxx. During the period after notification, but prior to leaving Company, Xx. Xxxxxxx will be entitled to all compensation and employee benefits under Section 4 of this Agreement until the actual termination.
Termination Without Cause; Severance Compensation. If the Executive's employment is terminated by the Company Without Cause during the Employment Term in accordance with Section 5.4, the Company shall have no further obligations to Executive under this Agreement (except for its obligations to recognize his rights under Section 4.4(b) and (c) of this Agreement) or otherwise, except that the Executive shall receive: (i) any compensation earned but not yet paid, including without limitation, any declared but unpaid bonus for the prior fiscal year, any unpaid Signing Bonus, any amount of Base Salary or deferred compensation, if any, accrued or earned but unpaid, any accrued vacation pay payable pursuant to the Company's policies, any unreimbursed business expenses, which amounts shall be promptly paid to Executive in a lump sum; (ii) an amount equal to three monthly payments of Executive's then Base Salary paid in a lump sum not later than 30 days from the date of employment termination; (iii) equal monthly payments, in accordance with the Company's normal payroll practices, of an amount equal to the monthly payments of Executive's then Base Salary for a period from the date of employment termination through September 30, 2001; (iv) reimbursement for the cost of Executive's continued participation in the Company's health insurance plan until the expiration of the maximum period permitted by COBRA or until December 31, 2001, whichever shall occur first; and (v) any other amounts or benefits owing to Executive under the then-applicable employee benefit or equity plans of the Company or its affiliates, which shall be paid in accordance with such plans.
Termination Without Cause; Severance Compensation. Subject to the Severance Compensation set forth in Section 5.6, the Company may, without cause, terminate this Agreement at any time upon notice to the Executive as provided in Section 5.2. Notwithstanding anything herein to contrary, the Company’s obligations to the Executive in the event the Company terminates the employment under Section 5.2 and this Section 5.5.1, shall be to pay the Executive the Severance compensation set forth under Section 5.6.
Termination Without Cause; Severance Compensation. In the event Xx. Xxxxxxxx'x employment is terminated by the Company without cause, he shall be entitled to severance equal to 100% of his annual base salary payable as set forth in Section 6.03. If Xx. Xxxxxxxx breaches any of his obligations hereunder including, without limitation, Exhibit A hereto, the company shall be relieved of any obligation hereunder to make severance payments to Xx. Xxxxxxxx. No Severance shall be payable hereunder in the event Xx. Xxxxxxxx resigns his employment other than for "good reason" as provided in Section 6.08 or is terminated for "cause", as herein defined under Section 6.04. From date of notification by the Company that it has elected to terminate his employment, Xx. Xxxxxxxx will be free to discuss a position with other prospective employers. Xx. Xxxxxxxx may continue with current title and responsibilities after the termination notice date, upon mutual consent of Company and Xx. Xxxxxxxx. During the period after notification, but prior to leaving Company, Xx. Xxxxxxxx will be entitled to all compensation and employee benefits under Section 4 of this Agreement until the actual termination. Xx. Xxxxxxxx'x severance benefits hereunder shall not be offset by any income or earnings from any other employment he may obtain and Xx. Xxxxxxxx shall be under no duty to mitigate the Company's damages under this Agreement by obtaining or attempting to obtain successor employment

Related to Termination Without Cause; Severance Compensation

  • Severance Compensation upon Termination of Employment If the Company shall terminate the Executive’s employment other than pursuant to Section 5(a), (b) or (c) or if the Executive shall terminate his employment for Good Reason, then the Company shall pay to the Executive as severance pay in a lump sum, in cash, on the fifth day following the Date of Termination, an amount equal to three (3) times the average of the aggregate annual compensation paid to the Executive during the three (3) fiscal years of the Company immediately preceding the Change of Control by the Company subject to United States income taxes (or, such fewer number of fiscal years if the Executive has not been employed by the Company during each of the preceding three (3) fiscal years).

  • Termination Compensation Termination Compensation equal to two (2) times the Executive's Base Period Income shall be paid to the Executive in a single sum payment in cash on the thirtieth (30th) business day after the later of (a) the Control Change Date and (b) the date of the Executive's employment termination; provided that if at the time of the Executive's termination of employment the Executive is a Specified Employee, then payment of the Termination Compensation to the Executive shall be made on the first day of the seventh (7th) month following the Executive's employment termination.

  • 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 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 Without Cause; Termination for Good Reason If the Company shall terminate the Executive’s employment, other than for Cause, or the Executive shall terminate his employment for Good Reason, then;

  • Termination of Employment Without Cause At any time during the Term of Employment under this Agreement, either Arrow or the Bank may effect, pursuant to this Paragraph 7(b), and in accordance with the requirements set forth in Paragraph 11(gg) below, a Termination of Employment of Executive without Cause, provided, however, that any attempt to do so under circumstances that would also qualify such Termination of Employment as a Termination of Employment of Executive without Cause under Paragraph 6(a) of this Agreement, that is, as a Termination of Employment of Executive without Cause following a Change in Control that meets the conditions set forth in Paragraph 6(a), will be deemed a Termination of Employment of Executive without Cause under Paragraph 6(a), and not a Termination of Employment of Executive without Cause under this Paragraph 7(b). In the event of a Termination of Employment of Executive without Cause under this Paragraph 7(b), on the effective date of such Termination of Employment, and subject to the satisfaction of the conditions specified below in Section 8, Arrow or the Bank shall pay to the Executive, and the Executive shall be entitled to receive, one (1) lump sum payment in a dollar amount equal to the greater of (i) the total amount of Base Salary payments which would have been payable to the Executive during the period extending from such effective date until the normal expiration date of Employment under this Agreement as in effect at such time, had there been no early Termination of Employment of Executive without Cause (and assuming the Executive otherwise would have remained employed throughout such period and that his Base Salary would have remained unchanged throughout such period), or (ii) an amount equal to one hundred percent (100%) of the current Base Salary of the Executive on the effective date of such Termination of Employment.

  • Termination Without Cause or Resignation for Good Reason If (1) Company terminates Employee’s employment during the Initial Term other than (a) due to Employee’s death or Disability or (b) for Cause (as defined below); or (2) if Employee resigns from Employee’s employment for Good Reason (as defined below) during the Initial Term, Employee shall receive the Accrued Amounts on the Date of Termination and, in addition, subject to the Severance Conditions below, (i) Company shall provide a severance payment equal to three (3) months of Employee’s salary as of the Date of Termination (the “Severance Payment”), divided and paid in equal installments over a period of three (3) months in accordance with Company’s regular payroll practices starting on the first regular payday occurring after the effective date of the Release (as defined below), and (ii) the Company will reimburse Employee for COBRA premiums (at the coverage levels and at the Company-paid rate in effect immediately prior to such termination) for Employee and Employee’s covered dependents until the earliest of (A) the date that is three (3) months following the Date of Termination, (B) the date that Employee (or Employee’s spouse or dependents, as applicable) are no longer eligible for COBRA coverage or (C) the date when Employee receives substantially equivalent health insurance coverage in connection with new employment (the “COBRA Benefit”). Company’s obligation to pay Employee the Severance Payment and COBRA Benefit shall be conditioned on Employee’s satisfaction of the following (the “Severance Conditions”): (1) Employee must first sign, and allow to become effective, a Company-approved separation agreement, which shall include a full general release in a form acceptable to Company, releasing all claims, known or unknown, that Employee may have against Company arising out of or any way related to Employee’s employment or termination of employment with Company (the “Release”); and (2) on or before the effective date of the Release, Employee must have (i) reconfirmed Employee’s agreement to abide by all of the surviving provisions of this Agreement and any other agreement between Employee and Company, (ii) agreed to cooperate in the transition of Employee’s employment; and (iii) agreed not to make any voluntary statements, written or oral, or cause or encourage others to make any such statements that defame, disparage, or in any way criticize the personal and/or business reputations, practices, or conduct of the Company or any of its affiliates. All other Company obligations to Employee will be automatically terminated and completely extinguished.

  • Termination of Employment and Severance Benefits The Executive’s employment hereunder shall terminate under the following circumstances:

  • Termination Without Cause or Termination for Good Reason (a) The Company may terminate the Executive's employment hereunder without Cause, and the Executive shall be permitted to terminate his employment hereunder for Good Reason (as hereinafter defined). If the Company terminates the Executive's employment hereunder without Cause, other than due to death or Disability, or if the Employee effects a termination for Good Reason, the Executive shall be entitled to receive all the benefits provided for under Section 3.6 of this Agreement.

  • Involuntary Termination Without Cause In the event of the Participant’s involuntary Termination by the Company without Cause, the vested portion of the Option shall remain exercisable until the earlier of (i) ninety (90) days from the date of such Termination, and (ii) the expiration of the stated term of the Option pursuant to Section 3(d) hereof.

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