Termination of Employment and Severance Payments Sample Clauses

Termination of Employment and Severance Payments. (a) Xxxxxx acknowledges that he is employed at the will of the Company and that his employment may be terminated by the Company at any time with or without cause, for any reason or for no reason. This Agreement is not intended and will not be construed so as to create any right of Xxxxxx to continued employment. The Company may terminate Xxxxxx’ employment at any time without Cause (as defined below) by providing thirty (30) days’ prior written notice to Xxxxxx (“Termination Without Cause”). The Company may terminate Xxxxxx’ employment for Cause effective as of the date of notice by providing written notice to Xxxxxx (“Termination With Cause”). The Company may terminate Xxxxxx’ employment if the Board reasonably determines that Xxxxxx is unable to perform his duties by reason of Total Disability (as defined below) by providing ten (10) days’ prior written notice to Xxxxxx. Xxxxxx may resign as an employee at any time for Employee Cause (as defined below) by providing thirty (30) days’ prior written notice to the Company (“Termination for Employee Cause”). Xxxxxx may also resign as an employee at any time, for any other reason or for no reason, by providing thirty (30) days’ prior written notice to the Company (“Resignation”).
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Termination of Employment and Severance Payments. As of January 25, 2002 (the "Separation Date"), Xx. Xxxxxxxx'x employment as Chief Executive Officer, President and any and all other employment positions that Xx. Xxxxxxxx may have held at PlanetCAD or its subsidiaries shall cease. In furtherance of the preceding sentence, Xx. Xxxxxxxx hereby resigns, effective as of the Separation Date, as a director on the Board of Directors of PlanetCAD. No later than January 29, 2002, PlanetCAD shall pay Xx. Xxxxxxxx the gross amount of $12,980.40, less legally required withholdings, which the parties agree represents the value of Bracking's accrued, unused vacation pay as of the Separation Date. From the Separation Date until May 9, 2002 (the "Severance Period"), PlanetCAD shall pay Xx. Xxxxxxxx a total gross amount of $65,625, $32,812.50 of which shall be paid, less legally required withholdings, in a lump sum on January 29, 2002, and the remaining $32,812.50 of which shall be paid, less legally required withholdings, in seven semimonthly installments in accordance with PlanetCAD's standard payment practices during the Severance Period. PlanetCAD will reimburse Xx. Xxxxxxxx for the expenses that he incurs in continuing, through July 31, 2002, his benefits, as permitted by COBRA. Thereafter, Xx. Xxxxxxxx may continue such coverage pursuant to COBRA, at his own expense. PlanetCAD will extend, for one year from the Separation Date, the expiration date of Xx. Xxxxxxxx'x vested stock options from April 25, 2002 (the 90th day following the Separation Date as provided in Xx. Xxxxxxxx'x incentive stock option agreement dated December 14, 2000) to January 25, 2003. Xx. Xxxxxxxx acknowledges that (i) any vested stock option retained by Xx. Xxxxxxxx after the 90th day following the Separation Date will be deemed to be a nonstatutory stock option, and (ii) he has had the opportunity to consult with tax counsel of his choice regarding the effect thereof. Xx. Xxxxxxxx shall be entitled to retain the laptop computer (excluding all peripheral hardware such as independent monitors and keyboards) and cellular telephone that he used during the term of his employment with PlanetCAD, but all cellular telephone service fees, internet access fees and other related service fees and charges incurred in connection with the use of either the laptop computer or the cellular telephone after the Separation Date will be Xx. Xxxxxxxx'x sole responsibility. PlanetCAD shall withhold federal income taxes from the payments made under this paragraph at...
Termination of Employment and Severance Payments. Notwithstanding anything to the contrary contained in this Agreement, the Executive's employment hereunder shall terminate during the term of this Agreement under the following circumstances:
Termination of Employment and Severance Payments 

Related to Termination of Employment and Severance Payments

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

  • Termination and Severance Pay Employees who terminate their employment with the City for any reason shall have their termination pay computed in the following manner.

  • 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).

  • Compensation Following Termination of Employment In the event that Executive's employment hereunder is terminated, Executive shall be entitled to the following compensation and benefits upon such termination:

  • OBLIGATIONS SURVIVE TERMINATION OF EMPLOYMENT Executive agrees that any and all of Executive’s obligations under this Agreement, including but not limited to Exhibits B and C, shall survive the termination of employment and the termination of this Agreement.

  • Compensation Upon Termination of Employment If the Executive’s employment hereunder is terminated, in accordance with the provisions of Article III hereof, and except for any other rights or benefits specifically provided for herein to be effective following the Executive’s period of employment, the Company will provide compensation and benefits to the Executive only as follows:

  • Qualifying Termination of Employment A “Qualifying Termination of Employment” shall mean a termination of Executive’s employment during the Protected Period either (a) by the Company other than for Cause or (b) by Executive for a Good Reason. The Executive’s death or Disability during the Protected Period shall not constitute a Qualifying Termination of Employment.

  • Severance Payments 6.1 If the Executive's employment is terminated following a Change in Control and during the Term, other than (A) by the Company for Cause, (B) by reason of death or Disability, or (C) by the Executive without Good Reason, then the Company shall pay the Executive the amounts, and provide the Executive the benefits, described in this Section 6.1 ("Severance Payments") and Section 6.2, in addition to any payments and benefits to which the Executive is entitled under Section 5 hereof; provided, however, that the Executive shall not be entitled to the Severance Payments unless and until the Executive (or, in the event of the Executive's death, the executor, personal representative or administrator of the Executive's estate) has signed a written waiver and release substantially in the form set forth on Exhibit A hereto. For purposes of this Agreement, the Executive's employment shall be deemed to have been terminated following a Change in Control by the Company without Cause or by the Executive with Good Reason, if (i) during the Term the Executive's employment is terminated by the Company without Cause following a Potential Change in Control but prior to a Change in Control (whether or not a Change in Control ever occurs) and such termination was at the request or direction of a Person who has entered into an agreement with the Company the consummation of which would constitute a Change in Control, (ii) during the Term the Executive terminates his employment for Good Reason following a Potential Change in Control but prior to a Change in Control (whether or not a Change in Control ever occurs) and the circumstance or event which constitutes Good Reason occurs at the request or direction of such Person or (iii) during the Term the Executive's employment is terminated by the Company without Cause or by the Executive for Good Reason and such termination or the circumstance or event which constitutes Good Reason is otherwise in connection with or in anticipation of a Change in Control (whether or not a Change in Control ever occurs). An Executive will not be considered to have been terminated by reason of the divestiture of a facility, sale or other disposition of a business or business unit, or the outsourcing of a business activity with which the Executive is affiliated, notwithstanding the fact that such divestiture, sale or outsourcing takes place within two years following a Change in Control, if the Executive is offered comparable employment by the successor company and such successor company agrees to assume the Company's obligations to the Executive under this Agreement.

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