Termination Without Good Cause Clause Samples
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Termination Without Good Cause. (i) Notwithstanding any other provision of this Agreement, the Company shall have the right to terminate the Executive's employment Without Good Cause pursuant to the provisions of this Section 8(c). If the Company shall terminate the employment of the Executive Without Good Cause effective on a date earlier than the termination date provided for in Section 2 (with the effective date of termination as so identified by the Company being referred to herein as the "Accelerated Termination Date"), the Executive, until the end of the term of this Agreement then in effect as provided for in Section 2, but in no case shall such period exceed 60 months, or until the date which is 24 months after the Accelerated Termination Date, whichever is greater, shall continue to receive (1) the Base Salary, paid in the same monthly or other periodic installments as in effect prior to the Accelerated Termination Date (2) an equal monthly pro rata portion of an amount of cash equal to the MICP Target Amount (as that term is defined in Section 7(b)(i)) in respect of the year during which the Executive's employment terminates, multiplied times the number of years (or fractions thereof) remaining in the then unexpired term of this Agreement or multiplied rata portion of an amount of cash equal to the cash value of any bonus paid or to be paid to the Executive in the form of performance shares or restricted stock under the LTIP as described on Exhibit A or any similar bonus or incentive plans or programs then in effect (valued, if applicable under the terms of such plans or programs, at the greater of the closing price on the OTCBB Stock Exchange, or other such market on which the Company's stock trades if it is not listed on the New York Stock Exchange/ or other exchanges, on the first trading day of the plan or program cycle or the Accelerated Termination Date, or if the Accelerated Termination Date is not a trading day, on the first trading day thereafter) in respect of the then-current three year cycle of such plans or programs or such other cycle as is then in effect, calculated as if the then-current cycle were completed and the target levels attained (the "LTIP Target Amount"), which cash payment shall be in lieu and in full satisfaction any rights under the LTIP in respect of such stock or shares as described in Exhibit A or any similar bonus or incentive plans or programs in effect at the time of such payment (all of which stock or shares shall be cancelled upon such paym...
Termination Without Good Cause. If Executive's employment is terminated by the Company without Good Cause, the following provisions shall apply:
(1) Executive shall be entitled to any unpaid compensation accrued through the last day of Executive's employment;
(2) Executive shall be entitled to receive severance payments equal to his base compensation, payable on normal Company payroll dates, for a six (6) month period, subject to setoff for other employment or consulting income received by Executive.
Termination Without Good Cause. During the Employment Term, the Company may terminate the Executive's employment at any time without Good Cause upon the Company's payment to the Executive for the 30 days' written notice period to the Executive or 30 days' pay in lieu of such notice. Termination is effective 30 days after the date the written notice of termination is provided to the Executive. The Company may, in its sole discretion, place the Executive on paid administrative leave as of any date prior to the end of the 30-day notice period and require that the Executive no longer be present on Company premises. During any period of paid administrative leave, the Executive is not authorized to act or speak as a representative of the Company.
Termination Without Good Cause. Severance Pay. The Company may, by action of the Board, terminate this Agreement without Good Cause upon the payment of the amounts described in this paragraph. If, and only if, the Company terminates this Agreement either (i) in accordance with the notice provision of Section 2, or (ii) at any time during the term of this Agreement without Good Cause, then the Employee shall be entitled to severance pay as determined herein. Employee shall receive the greater of (i) eight (8) months of severance pay, or (ii) one (1) month of severance pay for each month remaining under the initial or any renewal term of the Agreement. One (1) month of severance pay shall equal one month of the Employee’s base salary as in effect on the date of termination. The Company shall pay such severance pay consistent with the Company’s severance policy and practice, as it exists from time to time. All bonuses to which Employee would otherwise be eligible during the year in which an Employee’s employment is terminated shall be pro-rated through the date of termination, regardless of whether such benefit is deemed to accrue or be payable after the date of termination. Moreover, during the stated severance pay period, Employee shall continue to receive the stated benefits as described in Section 4(C), but not any other benefits described in Sections 4(E) or 4(G).
Termination Without Good Cause. (i) If the Employer shall terminate the employment of the Employee Without Good Cause effective on a date earlier than the termination date provided for in Section 2, the Employee shall continue to receive the Base Salary; provided that, notwithstanding such termination of employment, the Employee’s covenants set forth in Section 10 and Section 11 are intended to and shall remain in full force and effect.
(ii) The parties agree that, because there can be no exact measure of the damage that would occur to the Employee as a result of a termination by the Employer of the Employee’s employment Without Good Cause, the payments and benefits paid and provided pursuant to this Section 8(c) shall be deemed to constitute liquidated damages and not a penalty for the Employer’s termination of the Employee’s employment Without Good Cause, and the Employer agrees that the Employee shall not be required to mitigate Employee’s damages; provided, however, if he does mitigate, Employer shall be entitled to an offset against the liquidated damages for all sums received by Employee by virtue of the mitigation.
Termination Without Good Cause. The Company may, for any or no reason, terminate the employment of the Executive (and the Employment Period) under this Agreement at any time upon not less than thirty (30) days’ prior written notice.
Termination Without Good Cause. The Executive's employment hereunder and this Agreement may be terminated by either party upon presentation of written notice (in accordance with Section 17) to the other party no less than thirty (30) days' prior to such termination.
Termination Without Good Cause. This Agreement may be terminated by HealthCare at any time without Good Cause. In the event this Agreement is terminated without Good Cause by HealthCare, HealthCare shall pay to Employee on the effective date of such termination a lump sum equal to the salary due Employee for the balance of the term hereof. In addition, pursuant to Section 3.2 hereof, Employee is entitled to receive specified bonus payments during the term of this Agreement ("Bonuses"). In the event Employee's employment by Hearing Care is terminated without cause:
(i) Prior to the end of the first 12-month period of the term hereof, Employee shall be entitled to receive a bonus for such period computed as set forth in Section 3.2 and shall be entitled to receive Bonuses during each of the second and third 12-month periods equal to the greater of (x) the Bonus paid with respect to the first 12-month period or (y) or the Bonuses for such periods computed as provided in Section 3.2 hereof;
(ii) After the first anniversary of the date hereof but prior to the second anniversary, Employee shall be entitled to receive Bonuses during each of the second and third 12-month periods of the term hereof equal to the greater of (x) the Bonus paid with respect to the first 12-month period or (y) the Bonuses for such periods computed as provided in Section 3.2 hereof; or
(iii) After the second anniversary of the date hereof but prior to the third anniversary, Employee shall be entitled to a Bonus for the third 12-month period of the term hereof equal to the greater of (x) the average of the Bonuses received by Employee with respect to first and second 12-month periods of the term hereof or (y) the Bonus for such period computed as provided in Section 3.2. Termination without Good Cause shall occur upon written notice to Employee, which notice shall specify the effective date of termination to be no less than 60 days from the date of Employee's receipt of the notice. Employee agrees to continue to render his normal and usual services consistent with this Agreement and his normal practice during the entire 60-day notice period, unless the period of rendition of such services is reduced or excused entirely by HealthCare. Employee shall not be required to seek other employment in order to mitigate damages suffered by Employee as a result of his termination without Good Cause. Employee shall suffer no reduction or set-off in payment made under this Section 6.5 due to other employment or compensation.
Termination Without Good Cause. Parent or the Company may terminate Employee’s employment prior to the Expiration Date at any time, whether or not for Good Cause (as “Good Cause” is defined in Section 11(C) above). In the event Parent or the Company terminates Employee without cause, Parent or the Company will pay Employee a lump sum amount equal to sixty percent (60%) times the Employee’s then current annual salary [to include 60% of the then current base compensation and 60% of the higher of the bonuses paid to Employee during that prior fiscal year or earned in the then current fiscal year to date] at the time of termination. Such severance payment shall be paid within 90 days following the date of Employee’s termination.
Termination Without Good Cause. The Company may terminate Employee's employment prior to the Expiration Date at any time whether or not for Good Cause (as "Good Cause" is defined in Section 11(C) above). In the event the Company terminates Employee without cause, the Company will pay Employee a lump sum amount equal to the greater of (i) two times the Employee's annual salary at the time of termination, or (ii) the total base salary remaining unpaid under this Agreement through its full term. Such severance payment shall be paid within 90 days following the date of Employee's termination. In addition, the company shall provide at no cost to the Employee continuing health and welfare benefit coverage at least equal to his existing coverage for a period of two years.