Common use of By the Company Other than for Cause Clause in Contracts

By the Company Other than for Cause. The Company may terminate the Executive’s employment hereunder other than for Cause at any time upon notice to the Executive. In the event of such termination, in addition to Final Compensation, then until the conclusion of the period of eighteen (18) months following the date of termination (the “Severance Pay Period”), the Company shall pay the Executive the Base Salary at the rate in effect on the date of termination and, subject to any employee contribution applicable to the Executive on the date of termination, shall continue to contribute to the premium cost of the Executive’s participation in the Company’s group medical and dental plans, provided that the Executive is entitled to continue such participation under applicable law and plan terms. In addition, the Company shall pay the Executive a bonus (the “Termination Bonus”) equal to one and one-half (1.5) times the lesser of (i) 60% of the Executive’s Base Salary in effect on the date of termination, or (ii) the Annual Bonus paid to the Executive in the immediately preceding fiscal year (or if no such Annual Bonus was paid to the Executive in the preceding fiscal year, $0). The Termination Bonus shall be payable in up to two equal installments at the time each year during the Severance Pay Period that annual bonuses are paid to Company executives generally under its executive incentive plan, provided, however, that no Termination Bonus payment shall be made until the later of the effective date of the Employee Release or the date the Employee Release, signed by the Executive, is received by the Chair of the Board. The Base Salary payment to which the Executive is entitled hereunder shall be payable in accordance with the normal payroll practices of the Company and will begin at the Company’s next regular payroll period which is at least five business days following the later of the effective date of the Employee Release or the date the Employee Release, signed by the Executive, is received by the Chair of the Board, but shall be retroactive to next business day following the date of termination. In the event of termination hereunder, payment by the Company of any amounts that may be due the Executive under this Section 5(d) shall constitute the entire obligation of the Company to the Executive and any obligation of the Company to the Executive hereunder is conditioned upon the Executive signing a timely and effective Employee Release following termination of the Executive’s employment hereunder.

Appears in 2 contracts

Samples: Agreement (LifeCare Holdings, Inc.), Agreement (LifeCare Holdings, Inc.)

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By the Company Other than for Cause. The Company may terminate the Executive’s employment hereunder other than for Cause at any time upon notice to the Executive. In the event of such termination, in addition to Final CompensationCompensation and in lieu of any benefits which might otherwise be payable to the Executive under a separate severance agreement as a result of such termination, then then, until the conclusion of the a period of equal to eighteen (18) months following the date of termination (the “Severance Pay Period”)termination, the Company shall continue to pay the Executive the Base Salary at the rate in effect on the date of termination and, subject to any employee contribution applicable to the Executive on the date of termination, shall continue to contribute to the premium cost of the Executive’s participation in the Company’s group medical and dental plans, provided that the Executive is entitled to continue such participation under applicable law and plan termslaw. In addition, the Company shall pay the Executive a bonus (an amount, in equal monthly installments commencing as soon as the “Termination Bonus”) equal to one and one-half (1.5) times the lesser of (i) 60% determination of the Executive’s Base Salary amount can be made in effect on accordance with Section 4(b) hereof and concluding at the end of the twelve month period following the date of termination, or equal to the pro rata share of any accrued bonus due under Section 4(b) for the fiscal year in which the termination of employment occurs (ii) determined by pro-rating the Annual Bonus paid accrued bonus for the fiscal year in which the termination of employment occurs through the date of termination). Any obligation of the Company to the Executive hereunder is conditioned, however, upon the Executive signing and returning to the Company a timely and effective release of claims substantially in the immediately preceding fiscal year form attached hereto as Exhibit A (or if no such Annual Bonus was paid to the Executive in the preceding fiscal year, $0“Release of Claims”). The Termination Bonus shall be payable Release of Claims required for separation benefits in up to two equal installments at accordance with Section 5(d) and/or Section 5(e) hereof creates legally binding obligations on the time each year during the Severance Pay Period that annual bonuses are paid to Company executives generally under its executive incentive plan, provided, however, that no Termination Bonus payment shall be made until the later part of the effective date Executive and the Company and its Affiliates therefore advise the Executive to seek the advice of the Employee Release or the date the Employee Release, signed by the Executive, is received by the Chair of the Boardan attorney before signing it. The Base Salary payment to which the Executive is entitled hereunder shall be payable in accordance with the normal payroll practices of the Company Company, and will begin at the Company’s next regular payroll period which is at least five business days following the later of the effective date of the Employee Release of Claims or the date the Employee ReleaseRelease of Claims, signed by the Executive, is received by the Chair of the BoardCompany, but the first payment shall be retroactive to next business day following the date of termination. In the event of termination hereunder, payment by the Company of any amounts that may be due the Executive under this Section 5(d) shall constitute the entire obligation of the Company to the Executive and any obligation of the Company to the Executive hereunder is conditioned upon the Executive signing a timely and effective Employee Release following termination of the Executive’s employment hereunder.

Appears in 2 contracts

Samples: Agreement (SAVVIS, Inc.), Agreement (SAVVIS, Inc.)

By the Company Other than for Cause. i. The Company may terminate the Executive’s employment hereunder under this Agreement at any time without cause upon thirty (30) days prior written notice to the Executive or upon payment of one month’s Base Salary in lieu of such notice if the Company elects to accelerate the Executive’s departure date. Such a termination of the Executive by the Company is sometimes hereafter referred to as a termination for “other than for Cause at any time upon notice cause.” For the purposes hereof, a substantial adverse diminution in duties will be deemed to the Executivebe a termination for other than for cause. In the event of such termination, in addition to Final Compensation, then until the conclusion of the period of eighteen (18) months following the date of termination (the “Severance Pay Period”)event, the Company shall pay the Executive Severance Benefits as described in Section 5.d.ii. below. Notwithstanding the Base Salary foregoing, in no event will an exercise by the Company of its election to terminate this Agreement by at least six (6) months prior written notice pursuant to Section 2 hereof be deemed to be a termination of the rate in effect Agreement for other than for cause or entitle the Executive to Severance Benefits. The period commencing on the date of termination andthe receipt of a notice by the Executive from the Company of the Company’s election not to renew the then term of this Agreement pursuant to the provisons of Section 2 hereof and the last day of the then current term of this Agreement on which this Agreement will terminate pursuant to such notice shall sometimes hereinafter be referred to as the “Interim Period.” During the last 6 months of the Interim Period, subject to any employee contribution applicable the Company may assign to the Executive on different or diminished duties and such diminished duties will not be deemed to be a termination for other than cause or entitle the date of termination, shall Executive to Severance Benefits. During the Interim Period the Executive will continue to contribute to the premium cost of the Executive’s participation in the Company’s group medical and dental plans, provided earn any incentive compensation that the Executive is entitled eligible to continue earn pursuant to any incentive compensation plan then in effect for the Company. Any such participation under applicable law and plan terms. In addition, the Company shall pay incentive compensation earned by the Executive a bonus (the “Termination Bonus”) equal to one and one-half (1.5) times the lesser of (i) 60% of the Executive’s Base Salary in effect on the date of termination, or (ii) the Annual Bonus during any fiscal year that encompasses an Interim Period will be paid to the Executive in the immediately preceding fiscal year (or if no such Annual Bonus was paid to the Executive in the preceding fiscal year, $0). The Termination Bonus shall be payable in up to two equal installments at the time each year during the Severance Pay Period that annual bonuses are paid to Company executives generally under its executive incentive plan, provided, however, that no Termination Bonus payment shall be made until the later of the effective date of the Employee Release or the date the Employee Release, signed by the Executive, is received by the Chair of the Board. The Base Salary payment to which the Executive is entitled hereunder shall be payable Company in accordance with the normal payroll practices of the Company and will begin at the Company’s next regular payroll period which is at least five business days following the later of the effective date of the Employee Release or the date the Employee Release, signed by the Executive, is received by the Chair of the Board, but shall be retroactive to next business day following the date of termination. In the event of termination hereunder, payment by the Company of any amounts that may be due the Executive under this Section 5(d) shall constitute the entire obligation of the Company to the Executive and any obligation of the Company to the Executive hereunder is conditioned upon the Executive signing a timely and effective Employee Release following termination of the Executive’s employment hereunderincentive compensation then in effect.

Appears in 2 contracts

Samples: Employment Agreement (Benthos Inc), Employment Agreement (Benthos Inc)

By the Company Other than for Cause. The Company may terminate the Executive’s employment hereunder other than for Cause at any time upon notice to the Executive. In the event of such termination, in addition to Final Compensation, then until the conclusion of the period of eighteen twelve (1812) months following the date of termination (the “Severance Pay Period”), the Company shall pay the Executive the Base Salary at the rate in effect on the date of termination and, subject to any employee contribution applicable to the Executive on the date of termination, shall continue to contribute to the premium cost of the Executive’s participation in the Company’s group medical and dental plans, provided that the Executive is entitled to continue such participation under applicable law and plan terms. In addition, the Company shall pay the Executive a bonus (the “Termination Bonus”) equal to one and one-half (1.5) times the lesser of (i) 60% of the Executive’s Base Salary in effect on the date of termination, or (ii) the Annual Bonus paid to the Executive in respect of the immediately preceding fiscal year (or if no such Annual Bonus was paid to the Executive in respect of the preceding fiscal year, $0). The Termination Bonus shall be payable in up to two equal installments at the time each year during the Severance Pay Period that annual bonuses are paid to Company executives generally under its executive incentive plan, provided, however, that no Termination Bonus payment shall be made until the later of the effective date of the Employee Release or the date the Employee Release, signed by the Executive, is received by the Chair of the Board. The Base Salary payment to which the Executive is entitled hereunder shall be payable in accordance with the normal payroll practices of the Company and will begin at the Company’s next regular payroll period which is at least five business days following the later of the effective date of the Employee Release or the date the Employee Release, signed by the Executive, is received by the Chair of the Board, but shall be retroactive to the next business day following the date of termination. In the event of termination hereunder, payment by the Company of any amounts that may be due the Executive under this Section 5(d) shall constitute the entire obligation of the Company to the Executive and and, except for Final Compensation, any obligation of the Company to the Executive hereunder is conditioned upon the Executive signing a timely and effective Employee Release following termination of the Executive’s employment hereunderhereunder and by the deadline specified therein and returning it to the Company within thirty (30) calendar days of the date of termination of employment.

Appears in 2 contracts

Samples: Executive Employment Agreement (LifeCare Holdings, Inc.), Executive Employment Agreement (LifeCare Holdings, Inc.)

By the Company Other than for Cause. The TERMINATION BY EXECUTIVE FOR GOOD REASON In the event of the termination of Executive's employment during the Term of Employment by the Company may terminate the Executive’s employment hereunder other than for Cause at or by Executive for Good Reason, except as otherwise provided in this Agreement, the consequences of such termination shall be determined in accordance with the Company's Severance Plan, which is incorporated by reference in this Agreement, with the additions and modifications in respect of Executive as set forth below; provided, that on and after the Effective Date of this Agreement, such Severance Plan shall not be amended, modified or terminated in any time upon notice way that would adversely affect Executive. Executive shall be treated as an "Officer Participant" under the terms of the Severance Plan. The "Severance Period" for purposes of the Severance Plan, in Executive's case, shall be thirty-six months. The "Severance Pay Factor" for purposes of the Severance Plan, in Executive's case, shall be equal to the number of months of Executive's Severance Period. In "Covered Termination" for purposes of the event Severance Plan shall mean (i) any termination of Executive's employment by the Company other than for Cause or (ii) termination of Executive's employment at the initiative of Executive for Good Reason. If during the Term of Employment, the Company terminates Executive's employment for any reason other than Cause, death or Disability, or Executive terminates his employment for Good Reason, (i) all of Executive's then outstanding Restricted Units granted under Section 4(d)(i)(A) as to which the restrictions have not lapsed, and all other equity awards, other than Performance Options granted pursuant to Section 4(d)(iii)(B) or other performance based equity awards as of such terminationDate of Termination, shall remain outstanding and shall be treated for all purposes as if Executive remained employed by the Company through the date on which such restrictions are scheduled to lapse or such Options are scheduled to become exercisable and such Options, once vested, shall be exercisable in addition to Final Compensation, then until accordance with their terms and the conclusion terms of the period Stock Plan; (ii) any Performance Option granted pursuant to Section 4(d)(iii)(B) or other performance based equity award granted to Executive that has not become vested and exercisable as of eighteen such Date of Termination shall terminate and be of no further force and effect and the Performance Options or other equity awards which have become vested and exercisable shall remain vested and exercisable in accordance with their terms and the terms of the Stock Plan; (18iii) months following the date Company shall promptly pay to Executive any portion of termination Executive's annual Base Salary and pro-rata bonus through the Date of Termination that has not yet been paid; and (the “Severance Pay Period”), iv) the Company shall pay the or provide to Executive the Base Salary at the rate benefits described in effect on the date of termination and, subject to any employee contribution applicable to the Executive on the date of termination, shall continue to contribute to the premium cost of the Executive’s participation in the Company’s group medical Section 4(e) hereof and dental plans, provided that the Executive is entitled to continue such participation under applicable law compensation and plan terms. In addition, the Company shall pay the Executive a bonus (the “Termination Bonus”) equal to one and one-half (1.5) times the lesser of (i) 60% of the Executive’s Base Salary in effect on the date of termination, or (ii) the Annual Bonus paid to the Executive in the immediately preceding fiscal year (or if no such Annual Bonus was paid to the Executive in the preceding fiscal year, $0). The Termination Bonus benefits as shall be payable in up to two equal installments at Executive under the time each year during the Severance Pay Period that annual bonuses are paid to Company executives generally under its executive incentive plan, provided, however, that no Termination Bonus payment shall be made until the later terms of the effective date of the Employee Release Company's compensation and benefit plans, programs or the date the Employee Release, signed by the Executive, is received by the Chair of the Board. The Base Salary payment to which the Executive is entitled hereunder shall be payable arrangements as in accordance with the normal payroll practices of the Company and will begin at the Company’s next regular payroll period which is at least five business days following the later of the effective date of the Employee Release or the date the Employee Release, signed by the Executive, is received by the Chair of the Board, but shall be retroactive to next business day following the date of termination. In the event of termination hereunder, payment by the Company of any amounts that may be due the Executive under this Section 5(d) shall constitute the entire obligation of the Company effect immediately prior to the Executive and any obligation Date of the Company to the Executive hereunder is conditioned upon the Executive signing a timely and effective Employee Release following termination of the Executive’s employment hereunderTermination.

Appears in 1 contract

Samples: Employment Agreement (Honeywell International Inc)

By the Company Other than for Cause. The Company may terminate the Executive’s employment hereunder and this Agreement other than for Cause at any time upon notice to the Executivetime. In the event of such termination, the Executive will be entitled to salary continuation at the Base Salary rate for a period of twelve (12) months from the termination date, to be paid in addition accordance with the Company’s payroll practice then in effect, with the Company’s first such payment beginning on the first pay period forty-five (45) days after the Executive’s separation from service. The Executive shall be entitled to Final Compensationawarding of a pro-rata Bonus as well. Any such Bonus shall be paid by the Company in a single, then until lump-sum cash payment in accordance with its normal payroll practice by not later than the conclusion fifteenth day of the period of eighteen (18) months third month following the calendar year with respect to which the services giving rise to the annual Bonus were rendered. If the Executive elects to continue medical insurance coverage after the termination date in accordance with the provisions of termination the Consolidated Omnibus Reconciliation Act of 1985 (the Severance Pay PeriodCOBRA”), the Company shall pay the Executive the Base Salary at the rate in effect on the date of termination and, subject to any employee contribution applicable to the Executive on the date of termination, shall continue to contribute to the premium cost of the Executive’s participation in the Company’s group medical and dental plans, provided that the Executive is entitled to continue such participation under applicable law and plan terms. In addition, then the Company shall pay the Executive a bonus (the “Termination Bonus”) cash amount equal to one and one-half (1.5) times the lesser of (i) 60% of the Executive’s Base Salary in effect monthly COBRA premium payment on the date first day of terminationeach month during the period of salary continuation payments or until he accepts other employment, or (ii) whichever occurs first. The first such monthly COBRA reimbursement payment shall begin on the Annual Bonus paid first pay period 45 days after the Executive’s separation from service and shall include any monthly payment that became due before such payment. The Company shall have no other obligations to the Executive in the immediately preceding fiscal year (or if no such Annual Bonus was paid to the Executive in the preceding fiscal year, $0)upon termination of employment other than for Cause. The Termination Bonus shall be payable in up Company’s obligation to two equal installments at the time each year during the Severance Pay Period that annual bonuses are paid to Company executives generally under its executive incentive plan, provided, however, that no Termination Bonus payment shall be made until the later provide any of the effective date of the Employee Release or the date the Employee Release, signed by the Executive, is received by the Chair of the Board. The Base Salary payment to which the Executive is entitled amounts and benefits hereunder shall be payable in accordance with subject to, and conditioned upon, the normal payroll practices Executive’s execution of a full release of claims satisfactory to the Company, releasing the Company and will begin at the Company’s next regular payroll period which is at least five business days following the later of the effective date of the Employee Release its employees and agents from any claims arising from or the date the Employee Release, signed by the Executive, is received by the Chair of the Board, but shall be retroactive related to next business day following the date of termination. In the event of termination hereunder, payment by the Company of any amounts that may be due the Executive under this Section 5(d) shall constitute the entire obligation of the Company to the Executive and any obligation of the Company to the Executive hereunder is conditioned upon the Executive signing a timely and effective Employee Release following termination of the Executive’s employment hereunderor severance from employment with the Company, including any claims arising from this Agreement. No payment of severance shall be required unless these conditions are satisfied. Any negotiations and/or revisions made or to be made to the release of claims and/or severance agreement to be executed at the time of termination shall not affect or extend the 21-day period under the Older Workers Benefit Protection Act, whether such revisions are material or immaterial.

Appears in 1 contract

Samples: Executive Employment Agreement (World Energy Solutions, Inc.)

By the Company Other than for Cause. The Company may terminate the Executive’s employment hereunder other than for Cause at any time upon thirty (30) days’ written notice to the Executive. In If the event of such terminationCompany terminates Executive’s employment other than for Cause, in addition to Final CompensationCompensation and any Final Bonus, then until the conclusion Executive shall be entitled to severance equal to six (6) months of the period of eighteen Base Salary (18$300,000) months following if the date of termination Executive is terminated during the Term (the “Severance Pay PeriodPayment”), the Company shall pay the Executive the Base Salary at the rate in effect on the date of termination and, subject to any employee contribution applicable provided that if benefits are payable to the Executive on the date under a separate severance agreement or an executive severance plan as a result of such termination, the amount payable under such agreement or plan shall continue to contribute to be offset against the premium cost amount of the Executive’s participation in the Company’s group medical and dental plans, provided that the Executive is entitled to continue such participation under applicable law and plan terms. In addition, the Company shall pay the Executive a bonus (the “Termination Bonus”) equal to one and one-half (1.5) times the lesser of (i) 60% of the Executive’s Base Salary in effect on the date of termination, or (ii) the Annual Bonus paid to the Executive in the immediately preceding fiscal year (or if no such Annual Bonus was paid to the Executive in the preceding fiscal year, $0). The Termination Bonus shall be payable in up to two equal installments at the time each year during the Severance Pay Period that annual bonuses are paid to Company executives generally under its executive incentive plan, provided, however, that no Termination Bonus payment shall be made until the later of the effective date of the Employee Release or the date the Employee Release, signed by the Executive, is received by the Chair of the Board. The Base Salary payment to which the Executive is entitled hereunder shall be payable in accordance with the normal payroll practices of the Company and will begin at the Company’s next regular payroll period which is at least five business days following the later of the effective date of the Employee Release or the date the Employee Release, signed by the Executive, is received by the Chair of the Board, but shall be retroactive to next business day following the date of termination. In the event of termination hereunder, payment by the Company of any amounts that may be due the Executive Payment under this Section 5(d) shall constitute (provided that such offset would not an impermissible change in the entire obligation time or form of any payments subject to Section 409A of the Company Internal Revenue Code of 1986, as amended (the “Code”)). The payment of Severance is subject to the following conditions: (i) Executive and shall not be entitled to any Severance Payment under this Section 5(d) if termination of Executive is due to the death or disability of Executive; (ii) any obligation of the Company to the provide Executive hereunder any Severance Payment is conditioned upon the on Executive signing a timely and delivering to the Company an effective Employee release of claims (“Release”) within twenty-one (21) calendar days, or such other period as the Company may provide, after the Company has given Executive the written form of the Release requested; and (iii) if Executive violates any of the covenants in Section 7 of this Agreement, the Company shall have no obligation to pay Executive any Severance Payment and Executive shall immediately remit to the Company the full amount of any Severance paid by the Company to Executive. Any Severance Payment will be payable in equal installments over six (6) months on the Company’s ordinary payroll days, beginning on the first payroll date following termination of the sixtieth (60th) day after the Executive’s employment hereundertermination.

Appears in 1 contract

Samples: Executive Employment Agreement (Goodman Networks Inc)

By the Company Other than for Cause. The Company may terminate the ExecutiveEmployee’s employment hereunder other than for Cause at any time upon 60 days advance written notice to the ExecutiveEmployee. In the event of such termination, in addition to Final Compensationthen, then until on the conclusion 60th day following the effective date of the period of eighteen (18) months following the date of termination (the “Severance Pay Period”)Employee’s termination, the Company shall pay the Executive Employee a single lump sum amount equal to the sum of one year’s Base Salary at the rate in effect on the date of termination andtermination; provided, subject to any employee contribution applicable to the Executive on the date of terminationhowever, shall continue to contribute to the premium cost of the Executive’s participation in that the Company’s group medical obligations to make payments hereunder are conditioned on the Employee’s execution of a general release in favor of the Company in such form as the Company shall specify, and dental plans, provided that the Executive is entitled expiration of any period for revocation of the release prior to continue such participation under applicable law and plan termsthe payment date. In additionaddition to the foregoing, the Company shall pay the Executive a bonus (the “Termination Bonus”) equal to one and one-half (1.5) times the lesser of Employee: (i) 60% of the Executive’s any Base Salary in effect on earned and unpaid, prorated through the date of termination, or ; (ii) the Annual Bonus paid to the Executive in the immediately preceding fiscal year (or if no such Annual Bonus was paid to the Executive in the preceding fiscal year, $0). The Termination Bonus shall be payable in up to two equal installments at the time each year during the Severance Pay Period that annual bonuses are paid to Company executives generally under its executive incentive plan, provided, however, that no Termination Bonus payment shall be made until the later of the effective date of the Employee Release or the date the Employee Release, signed by the Executive, is received by the Chair of the Board. The Base Salary payment to which the Executive is Employee would have been entitled hereunder shall be payable in accordance with the normal payroll practices of the Company and will begin at under Section 2 hereof, based on the Company’s next regular payroll period net income for the calendar year in which is at least five business days following the later of the effective date of the Employee Release or the date the Employee Releasetermination occurs, signed by the Executive, is received by the Chair of the Board, but shall be retroactive prorated to next business day following the date of termination; (iii) Commissions in accordance with Section 2(c); and (iv) reimbursements in accordance with Section 2(f) for any business expenses for which the Employee has not yet been reimbursed. In the event of termination hereunder, payment by the Company of any amounts that may The earned and unpaid Base Salary shall be due the Executive under this Section 5(dpaid within six (6) shall constitute the entire obligation calendar days of the Company date of Employee’s termination of employment. The Annual Bonus shall be paid in the calendar year immediately following the calendar year in which the termination occurs, no later than March 31, and shall be paid entirely in cash, with no right to the Executive and any obligation restricted shares of the Company to the Executive hereunder is conditioned upon the Executive signing a timely and effective Employee Release following termination of the ExecutiveCompany’s employment hereundercommon stock. The Commissions shall be paid in accordance with Section 2(c).

Appears in 1 contract

Samples: Executive Employment Agreement (Encore Bancshares Inc)

By the Company Other than for Cause. The Company may terminate the Executive’s 's employment hereunder other than for Cause at any time upon notice to the Executive. In the event of such termination, in addition to Final CompensationCompensation and provided that no benefits are payable to the Executive under a separate severance agreement as a result of such termination, then until the conclusion of the a period of eighteen six (186) months following the date of termination (the “Severance Pay Period”)termination, the Company shall continue to pay the Executive the Base Salary at the rate in effect on the date of termination and, subject to any employee contribution applicable to the Executive on the date of termination, shall continue to contribute to the premium cost of the Executive’s 's participation in the Company’s 's group medical and dental plans, provided that the Executive is entitled to continue such participation under applicable law and plan termsterms and provided that the Company's obligation to contribute to such premium cost shall terminate on the date that the Executive becomes eligible to enroll in the group medical and dental plans of a new employer if this occurs prior to the end of the six-month period. In addition, Any obligation of the Company shall pay to the Executive hereunder is conditioned, however, upon the Executive signing and returning to the Company a bonus timely and effective release of claims in the form provided by the Company (the “Termination Bonus”"Release of Claims"). The Release of Claims required for separation benefits in accordance with Section 5(d) equal to one and one-half (1.5or Section 5(e) times hereof creates legally binding obligations on the lesser of (i) 60% part of the Executive’s , and the Company and its Affiliates therefore advise the Executive to seek the advice of an attorney before signing it. Base Salary in effect on the date of termination, or (ii) the Annual Bonus paid to the Executive in the immediately preceding fiscal year (or if no such Annual Bonus was paid to the Executive in the preceding fiscal year, $0). The Termination Bonus shall be payable in up to two equal installments at the time each year during the Severance Pay Period that annual bonuses are paid to Company executives generally under its executive incentive plan, provided, however, that no Termination Bonus payment shall be made until the later of the effective date of the Employee Release or the date the Employee Release, signed by the Executive, is received by the Chair of the Board. The Base Salary payment to which the Executive is entitled hereunder shall be payable in accordance with the normal payroll practices of the Company Company, and will begin at the Company’s 's next regular payroll period which is at least five business days following the later of the effective date of the Employee Release of Claims or the date the Employee ReleaseRelease of Claims, signed by the Executive, is received by the Chair of the BoardCompany, but the first payment shall be retroactive to next business day following the date of termination. In the event of termination hereunder, payment by the Company of any amounts that may be due the Executive under this Section 5(d) shall constitute the entire obligation of the Company to the Executive and any obligation of the Company to the Executive hereunder is conditioned upon the Executive signing a timely and effective Employee Release following termination of the Executive’s employment hereunder.

Appears in 1 contract

Samples: Sirtris Pharmaceuticals, Inc.

By the Company Other than for Cause. The Company may ----------------------------------- terminate the Executive’s 's employment hereunder and this Agreement other than for Cause at any time upon notice to the Executivetime. In the event of such termination, the Executive will be entitled to salary continuation at the Base Salary rate for the remainder of the Initial Term or, if extended in addition accordance with Section 2, the remainder of the extended term, to Final Compensationbe paid in accordance with the Company's payroll practice then in effect (the "Salary Continuation Period"). If the Executive elects to continue medical insurance coverage after the termination date in accordance with the provisions of the Consolidated Omnibus Reconciliation Act of 1985 ("COBRA"), then until the conclusion of the period of eighteen (18) months following the date of termination (the “Severance Pay Period”), the Company shall pay the Employer portion of Executive's monthly COBRA premium payments for the Salary Continuation Period or until Executive accepts other employment, whichever occurs first. Should Executive's COBRA eligibility cease prior to the Base end of the Salary at Continuation Period, the rate in effect Company agrees to purchase, on Executive's behalf, medical insurance coverage substantially equivalent, as determined by the date Company, to the coverage previously provided under COBRA for the remaining portion of termination andthe Salary Continuation Period or until Executive accepts other employment, subject to any employee contribution applicable whichever occurs first. The Company shall have no other obligations to the Executive on upon termination of employment other than for Cause. The Company's obligation to provide any of the amounts and benefits hereunder shall be subject to, and conditioned upon, the Executive's execution of a full release of claims satisfactory to the Company, releasing the Company and its employees and agents from any and all claims arising from or related to the Executive's employment or separation from employment with the Company, including any claims arising from this Agreement. Notwithstanding the foregoing, this Section 5.3 shall be of no force or effect, and shall therefore be inapplicable, during any time in which Executive's employment is at-will (as discussed in Section 2). If Executive is terminated by the Company other than for Cause as an at-will employee, the Company shall have no further obligation or liability to the Executive relating to the Executive's employment or this Agreement, other than for Base Salary earned but unpaid and accrued but unused vacation through the date of termination, shall continue to contribute to the premium cost of the Executive’s participation in the Company’s group medical and dental plans, provided that the Executive is entitled to continue such participation under applicable law and plan terms. In addition, the Company shall pay the Executive a bonus (the “Termination Bonus”) equal to one and one-half (1.5) times the lesser of (i) 60% of the Executive’s Base Salary in effect on the date of termination, or (ii) the Annual Bonus paid to the Executive in the immediately preceding fiscal year (or if no such Annual Bonus was paid to the Executive in the preceding fiscal year, $0). The Termination Bonus shall be payable in up to two equal installments at the time each year during the Severance Pay Period that annual bonuses are paid to Company executives generally under its executive incentive plan, provided, however, that no Termination Bonus payment shall be made until the later of the effective date of the Employee Release or the date the Employee Release, signed by the Executive, is received by the Chair of the Board. The Base Salary payment to which the Executive is entitled hereunder shall be payable in accordance with the normal payroll practices of the Company and will begin at the Company’s next regular payroll period which is at least five business days following the later of the effective date of the Employee Release or the date the Employee Release, signed by the Executive, is received by the Chair of the Board, but shall be retroactive to next business day following the date of termination. In the event of termination hereunder, payment by the Company of any amounts that may be due the Executive under this Section 5(d) shall constitute the entire obligation of the Company to the Executive and any obligation of the Company to the Executive hereunder is conditioned upon the Executive signing a timely and effective Employee Release following termination of the Executive’s employment hereunder.

Appears in 1 contract

Samples: Employment Agreement (Sontra Medical Corp)

By the Company Other than for Cause. The Company may terminate the Executive’s employment hereunder other than for Cause at any time upon notice to the Executive. In Should such termination occur subsequent to the event closing of such terminationthe Series B financing round or its equivalent, in addition to Final Compensation, then until the conclusion of the period of eighteen (18) months following the date of termination (the “Severance Pay Period”), the Company shall provide Executive severance pay equal to the Executive sum of the Base Salary at the rate in effect on the date of termination andand the Target Bonus (“Severance Pay”), subject to any employee contribution applicable to the Executive on the date of termination, shall continue to contribute to the premium cost of the Executive’s participation in the Company’s group medical and dental plans, provided that the Executive is entitled to continue such participation under applicable law and plan terms. In addition, the Company shall pay the Executive a bonus (the “Termination Bonus”) equal to one and one-half (1.5) times the lesser of (i) 60% of the Executive’s Base Salary in effect on the date of termination, or (ii) the Annual Bonus paid to the Executive in the immediately preceding fiscal year (or if no such Annual Bonus was paid to the Executive in the preceding fiscal year, $0). The Termination Bonus shall be payable in up to two approximately equal installments at the time each year Company’s regular paydays for its executives during the Severance Pay Period that annual bonuses are paid to Company executives generally under its executive incentive plan, period from the date of termination through the one (1) year anniversary thereof; provided, however, that no Termination Bonus payment if required pursuant to Section 409A of the Internal Revenue Code of 1986, as amended (“Section 409A”), the timing of such payments shall be made until adjusted as necessary to comply with Section 409A. The Company shall also pay executive all accrued compensation and pro-rated bonus through the later of the effective date of the Employee Release or the date the Employee Release, signed by the Executive, is received by the Chair of the Boardtermination. The Base Salary payment to which the Executive is entitled hereunder shall be payable in accordance with the normal payroll practices Any obligation of the Company to Executive hereunder is conditioned, however, on Executive signing a timely and will begin effective release of claims. The first installment of the Severance Pay shall be due and payable at the Company’s next regular payroll period payday which is at least five (5) business days following the later of the effective date of the Employee Release or the date the Employee Release, signed by the Executive, is received by the Chair of the BoardCompany, but shall be retroactive to the next business day following the date of termination. In ; provided, however, that if required by Section 409A, the event first installment of termination hereunder, payment by the Severance Pay shall be due and payable at the Company’s first regular payday as permitted pursuant to Section 409A. Should the Company terminate executive other than for cause, Company shall be obligated to offer to purchase all Company stock beneficially owned by executive at the most recent per-share price of any amounts that class of stock concurrent with termination. If Company does not comply with this obligation to purchase, termination other than for cause shall not take effect. Executive, at his sole option, may be due the Executive under this Section 5(d) shall constitute the entire obligation of the Company elect to the Executive and any obligation of the Company sell some or all shares beneficially held pursuant to the Executive hereunder is conditioned upon the Executive signing a timely and effective Employee Release following termination of the Executive’s employment hereundersuch offer.

Appears in 1 contract

Samples: Executive Employment Agreement (Big Rock Partners Acquisition Corp.)

By the Company Other than for Cause. The Company may terminate the Executive’s employment hereunder other than for Cause at any time upon notice to the Executive. A termination of the Executive's employment that occurs on the last day of the term of this Agreement following the Company’s notice to the Executive of non-renewal of the term hereof under Section 2 hereof shall be treated as a termination by the Company other than for Cause. In the event of such termination, in addition the Executive shall be entitled to Final Compensation, then until the conclusion of the period of eighteen (18) months following the date of termination (the “Severance Pay Period”)and, in addition, the Company shall pay the Executive an amount equal to two (2) times the sum of (x) the Base Salary at the rate in effect on the date of termination and, subject to any employee contribution applicable to plus (y) the Executive on Target Bonus for the date year of termination, which shall continue to contribute to the premium cost of the Executive’s participation be annualized in the Company’s group medical and dental plans, provided that the Executive is entitled to continue such participation under applicable law and plan terms. In addition, the Company shall pay the Executive case of a bonus termination of employment during 2009 (the “Termination BonusSeverance Amount) equal to one and one-half (1.5) times the lesser of (i) 60% of the Executive’s Base Salary in effect on the date of termination, or (ii) the Annual Bonus ). The Severance Amount shall be paid to the Executive in twenty-four (24) equal monthly installments as further provided for below. Any obligation of the immediately preceding fiscal year (or if no such Annual Bonus was paid Company to the Executive under this Section 5 (including in the preceding fiscal yearevent of a termination of employment due to death or Disability), $0). The Termination Bonus shall be payable in up to two equal installments at the time each year during the Severance Pay Period that annual bonuses are paid to Company executives generally under its executive incentive planother than for Final Compensation, provided, however, that no Termination Bonus payment shall be made until the later of the effective date of the Employee Release or the date the Employee Release, signed by is conditioned on (A) the Executive, is received or the Executive’s Designated Beneficiary, signing and returning to the Company (without revoking) a timely and effective release of claims in the form attached hereto as Exhibit C, by the Chair deadline specified therein, which in all events shall be no later than the forty fifth (45th) calendar day following the date of termination (any such release submitted by such deadline, the Board“Release of Claims”), (B) the Executive not engaging in an intentional or materially harmful violation of Section 7, 8 or 9(b) of this Agreement, and (C) the Executive’s continued compliance with the covenants contained in Section 9(a) of this Agreement (subsections (B) and (C) collectively, the “Compliance Condition”). The Base Salary payment Subject to Section 5(g) below, severance pay to which the Executive is entitled hereunder shall be payable in accordance with the normal payroll practices of the Company and will begin at Company, with the Company’s next regular payroll period first payment, which is at least five business days following the later of the effective date of the Employee Release or the date the Employee Release, signed by the Executive, is received by the Chair of the Board, but shall be retroactive to the day immediately following the date the Executive's employment terminated, being due and payable on the Company's next regular payday for executives that follows the expiration of sixty (60) calendar days from the date the Executive's employment terminates. Other than the tax gross-up payment described in Section 5(a)(iii), which shall be paid at the time provided in Section 4(g) above, and the business day expenses described in Section 5(a)(iv), Final Compensation shall be paid to the Executive within sixty (60) days following the date of termination. In the event of termination hereunder, payment by the Company of any amounts that may be due the Executive under this Section 5(d) shall constitute the entire obligation of the Company to the Executive and any obligation of the Company to the Executive hereunder is conditioned upon the Executive signing a timely and effective Employee Release following termination of the Executive’s employment hereunderemployment.

Appears in 1 contract

Samples: Employment Agreement (Osi Restaurant Partners, LLC)

By the Company Other than for Cause. The Company may terminate the Executive’s employment hereunder other than for Cause at any time upon written notice to the Executive. In the event of such terminationtermination during the term hereof, in addition to Final CompensationCompensation and provided that no benefits are payable to the Executive under a separate severance agreement as a result of such termination, then until the conclusion of the for a period of eighteen twelve (1812) months following the date of termination (termination, or until such time as the “Severance Pay Period”)Executive secures other employment, whichever is earlier, the Company shall continue to pay the Executive the his Base Salary at the rate in effect on the date of termination and, subject to any employee contribution applicable termination. Any obligation of the Company to the Executive on the date of terminationhereunder, other than for Final Compensation, shall continue to contribute to the premium cost of be expressly conditioned on the Executive’s participation execution of a general release of claims in the Companyform attached to this Agreement as Exhibit A (the “Release of Claims”) within twenty-one days following the date the Executive’s group medical and dental plans, provided that the Executive employment is entitled to continue terminated (or such participation under applicable law and plan terms. In addition, longer period as the Company shall pay determine it is required by law to permit the Executive a bonus (to consider the “Termination Bonus”Release of Claims) equal to one and one-half (1.5) times the lesser of (i) 60% of the Executive’s Base Salary in effect on the date of termination, or (ii) the Annual Bonus paid to upon the Executive in the immediately preceding fiscal year (or if no not revoking such Annual Bonus was paid to the Executive in the preceding fiscal year, $0)Release of Claims thereafter. The Termination Bonus shall be payable in up to two equal installments at the time each year during the Severance Pay Period that annual bonuses are paid to Company executives generally under its executive incentive plan, provided, however, that no Termination Bonus payment shall be made until the later of the effective date of the Employee Release or the date the Employee Release, signed by the Executive, is received by the Chair of the Board. The Base Salary payment to which the Executive is entitled hereunder shall be payable in accordance with the normal payroll practices of the Company Company, with the first payment, which shall be retroactive to the day immediately following the date the Executive’s employment terminated, being due and will begin at payable on the Company’s next regular payroll period which is at least five business days following the later of the effective date of the Employee Release or payday for executives that follows the date the Employee Release, signed by the Executive, is received by the Chair of the Board, but shall be retroactive to next business day following the date of termination. In the event of termination hereunder, payment by the Company of any amounts that may be due the Executive under this Section 5(d) shall constitute the entire obligation of the Company to the Executive and any obligation of the Company to the Executive hereunder is conditioned upon the Executive signing returns a timely and effective Employee Release following termination of Claims. The Release of Claims required for separation benefits in accordance with Section 5(d) hereof will create legally binding obligations on the part of the Executive’s employment hereunder, and the Company and its Affiliates therefore advise the Executive to seek the advice of an attorney before signing it.

Appears in 1 contract

Samples: Employment Agreement (Pc Connection Inc)

By the Company Other than for Cause. The Company may terminate the Executive’s employment hereunder other than for Cause at any time upon notice to the Executive. In the event of such termination, in addition to Final Compensation, then until the conclusion of the period of eighteen thirty-six (1836) months following the date of termination (the “Severance Pay Period”), the Company shall pay the Executive the Base Salary at the rate in effect on the date of termination and, subject to any employee contribution applicable to the Executive on the date of termination, shall continue to contribute to the premium cost of the Executive’s participation in the Company’s group medical and dental plans, provided that the Executive is entitled to continue such participation under applicable law and plan terms. In addition, the Company shall pay the Executive a bonus (the “Termination Bonus”) equal to one and one-half (1.5) three times the lesser of (i) 60% of the Executive’s Base Salary in effect on the date of termination, or (ii) the Annual Bonus paid to the Executive in the immediately preceding fiscal year (or if no such Annual Bonus was paid to the Executive in the preceding fiscal year, $0). The Termination Bonus shall be payable in up to two three equal installments at the time each year during the Severance Pay Period that annual bonuses are paid to Company executives generally under its executive incentive plan, provided, however, that no Termination Bonus payment shall be made until the later of the effective date of the Employee Release or the date the Employee Release, signed by the Executive, is received by the Chair of the BoardW. Xxxxxx Xxxx. The Base Salary payment to which the Executive is entitled hereunder shall be payable in accordance with the normal payroll practices of the Company and will begin at the Company’s next regular payroll period which is at least five business days following the later of the effective date of the Employee Release or the date the Employee Release, signed by the Executive, is received by the Chair of the BoardW. Xxxxxx Xxxx, but shall be retroactive to next business day following the date of termination. In the event of termination hereunder, payment by the Company of any amounts that may be due the Executive under this Section 5(d) shall constitute the entire obligation of the Company to the Executive and any obligation of the Company to the Executive hereunder is conditioned upon the Executive signing a timely and effective Employee Release following termination of the Executive’s employment hereunder.

Appears in 1 contract

Samples: Agreement (LifeCare Holdings, Inc.)

By the Company Other than for Cause. The Company may terminate the Executive’s employment hereunder other than for Cause at any time upon notice to the Executive. In the event of such termination, in addition to Final Compensation, then until the conclusion of for the period of eighteen two (182) months years following the date of termination (the “Severance Pay Period”)termin­ation, the Company shall provide the Executive Severance Benefits as follows: (i) the Company will pay the Executive Severance Pay equal to the sum of (A) the Base Salary at the annual rate in effect on the date of termination and, and (B) the Executive’s target Annual Bonus determined in accordance with Section 4(b) hereof and (ii) subject to any employee contribution applicable to the Executive on the date of termination, the Company shall continue to contribute to the premium cost of the Executive’s participation in the Company’s group medical and dental plans, provided that the Executive is entitled to continue such participation under applicable law and plan termsterms and pays the remainder of such premium cost, and any required administrative fee, in a timely manner from month to month. In addition, Any obligation of the Company shall pay to the Executive hereunder is conditioned, however, on the Executive signing and returning to the Company a bonus timely and effective release of claims in the form provided by the Company (the “Termination BonusRelease of Claims) equal to one and one-half (1.5) times the lesser of (i) 60% of the Executive’s Base Salary in effect on the date of termination, or (ii) the Annual Bonus paid to the Executive in the immediately preceding fiscal year (or if no such Annual Bonus was paid to the Executive in the preceding fiscal year, $0). The Termination Bonus shall be payable Release of Claims required for separation benefits in up accordance with Section 5(d) or Section 5(e) hereof creates legally binding obligations on the part of the Executive and the Company and its Affiliates therefore advise the Executive to two equal installments at seek the time each year during advice of an attorney before signing the Release of Claims. Severance Pay Period that annual bonuses are paid to Company executives generally under its executive incentive plan, provided, however, that no Termination Bonus payment shall be made until the later of the effective date of the Employee Release or the date the Employee Release, signed by the Executive, is received by the Chair of the Board. The Base Salary payment to which the Executive is entitled hereunder shall be payable on a pro-rated basis at the Company’s regular payroll periods and in accordance with the its normal payroll practices of the Company and will begin at the Company’s next regular payroll period which is at least five (5) business days following the later of the effective date of the Employee Release of Claims or the date the Employee ReleaseRelease of Claims, signed by the Executive, is received by the Chair of the BoardCompany, but the first payment shall be retroactive to next business day following the date of termination. In the event of that Executive is entitled to receive benefits upon termination hereunderunder any other agreement with, payment by or plan or policy of, the Company of any amounts that may Company, he shall be due entitled to receive either the Executive benefits under this Section 5(d) shall constitute the entire obligation Agreement or under such other agreement, but not both, on an individual benefit basis, as he selects (“No Duplication of the Company to the Executive and any obligation of the Company to the Executive hereunder is conditioned upon the Executive signing a timely and effective Employee Release following termination of the Executive’s employment hereunderBenefits”).

Appears in 1 contract

Samples: Agreement (Michaels Stores Inc)

By the Company Other than for Cause. The Company may terminate the Executive’s employment hereunder other than for Cause at any time upon notice to the Executive. In the event of such termination, in addition to Final Compensation, then until the conclusion of the period of eighteen (18) months following the date of termination (the “Severance Pay Period”), the Company shall pay provide the Executive severance pay equal to the sum of the Base Salary at the rate in effect on the date of termination andand the Target Bonus (“Severance Pay”), subject payable in approximately equal installments at the Company’s regular paydays for its executives during the period from the date of termination through the one-year anniversary thereof; provided, however, that if required pursuant to any employee contribution applicable Section 409A of the Internal Revenue Code of 1986, as amended (“Section 409A”), the timing of such payments shall be adjusted as necessary to the Executive comply with Section 409A. In addition, on the date of termination, shall continue the Company will cause to contribute to the premium cost become vested that portion of the Executive’s participation Option which would have vested by passage of time during the period from the date of termination through the one-year anniversary thereof, had the Executive remained in the Company’s group medical and dental plans, provided that the Executive is entitled to continue such participation under applicable law and plan terms. In addition, employ of the Company shall pay the Executive a bonus during that period (the “Termination BonusAccelerated Shares) equal to one and one-half (1.5) times the lesser of (i) 60% ). Any obligation of the Executive’s Base Salary in effect on the date of termination, or (ii) the Annual Bonus paid Company to the Executive hereunder is conditioned, however, on the Executive signing a timely and effective release of claims in the immediately preceding fiscal year form attached hereto as Attachment A (or if no such Annual Bonus was paid to the Executive in the preceding fiscal year, $0“Employee Release”). The Termination Bonus shall be payable in up to two equal installments at the time each year during first installment of the Severance Pay Period that annual bonuses are paid to Company executives generally under its executive incentive plan, provided, however, that no Termination Bonus payment shall be made until the later of the effective date of the Employee Release or the date the Employee Release, signed by the Executive, is received by the Chair of the Board. The Base Salary payment to which the Executive is entitled hereunder shall be due and payable in accordance with the normal payroll practices of the Company and will begin at the Company’s next regular payroll period payday which is at least five business days following the later of the effective date of the Employee Release or the date the Employee Release, signed by the Executive, is received by the Chair of the BoardCompany, but shall be retroactive to the next business day following the date of termination. In ; provided, however, that if required by Section 409A, the event first installment of termination hereunderthe Severance Pay shall be due and payable at the Company’s first regular payday as permitted pursuant to Section 409A. Also, payment although vested on the date of termination, the Accelerated Shares shall not be exercisable until the later of the effective date of the Employee Release or the date the Employee Release, signed by the Company of any amounts that may be due Executive, is received by the Executive under this Section 5(d) shall constitute the entire obligation of the Company to the Executive and any obligation of the Company to the Executive hereunder is conditioned upon the Executive signing a timely and effective Employee Release following termination of the Executive’s employment hereunderCompany.

Appears in 1 contract

Samples: Executive Employment Agreement (First Avenue Networks Inc)

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By the Company Other than for Cause. The Company may terminate the Executive’s employment hereunder other than for Cause at any time upon notice to the Executive. A termination of the Executive’s employment that occurs on the last day of the term of this Agreement following the Company’s notice to the Executive of non-renewal of the term hereof under Section 2 hereof shall be treated as a termination by the Company other than for Cause. In the event of such termination, in addition the Executive shall be entitled to Final Compensation, then until the conclusion of the period of eighteen (18) months following the date of termination (the “Severance Pay Period”)and, in addition, the Company shall pay the Executive an amount equal to two (2) times the sum of (x) the Base Salary at the rate in effect on the date of termination and, subject to any employee contribution applicable to plus (y) the Executive on Target Bonus for the date year of termination, shall continue to contribute to the premium cost of the Executive’s participation in the Company’s group medical and dental plans, provided that the Executive is entitled to continue such participation under applicable law and plan terms. In addition, the Company shall pay the Executive a bonus termination (the “Termination BonusSeverance Amount) equal to one and one-half (1.5) times the lesser of (i) 60% of the Executive’s Base Salary in effect on the date of termination, or (ii) the Annual Bonus ). The Severance Amount shall be paid to the Executive in twenty-four (24) equal monthly installments as further provided for below. Any obligation of the immediately preceding fiscal year (or if no such Annual Bonus was paid Company to the Executive under this Section 5 (including in the preceding fiscal yearevent of a termination of employment due to death or Disability), $0). The Termination Bonus shall be payable in up to two equal installments at the time each year during the Severance Pay Period that annual bonuses are paid to Company executives generally under its executive incentive planother than for Final Compensation, provided, however, that no Termination Bonus payment shall be made until the later of the effective date of the Employee Release or the date the Employee Release, signed by is conditioned on (A) the Executive, is received or the Executive’s Designated Beneficiary, signing and returning to the Company (without revoking) a timely and effective release of claims in the form attached hereto as Exhibit B, by the Chair deadline specified therein, which in all events shall be no later than the forty fifth (45th) calendar day following the date of termination (any such release submitted by such deadline, the Board“Release of Claims”), (B) the Executive not engaging in an intentional or materially harmful violation of Section 7, 8 or 9(b) of this Agreement, and (C) the Executive’s continued compliance with the covenants contained in Section 9(a) of this Agreement (subsections (B) and (C) collectively, the “Compliance Condition”). The Base Salary payment Subject to Section 5(g) below, severance pay to which the Executive is entitled hereunder shall be payable in accordance with the normal payroll practices of the Company and will begin at Company, with the Company’s next regular payroll period first payment, which is at least five business days following the later of the effective date of the Employee Release or the date the Employee Release, signed by the Executive, is received by the Chair of the Board, but shall be retroactive to the day immediately following the date the Executive’s employment terminated, being due and payable on the Company's next business day regular payday for executives that follows the expiration of sixty (60) calendar days from the date the Executive’s employment terminates. Other than the tax gross-up payment described in Section 5(a)(iv), which shall be paid at the time provided in Section 4(e) above, Final Compensation shall be paid to the Executive within sixty (60) days following the date of termination. In the event of termination hereunder, payment by the Company of any amounts that may be due the Executive under this Section 5(d) shall constitute the entire obligation of the Company to the Executive and any obligation of the Company to the Executive hereunder is conditioned upon the Executive signing a timely and effective Employee Release following termination of the Executive’s employment hereunderemployment.

Appears in 1 contract

Samples: Employment Agreement (Bloomin' Brands, Inc.)

By the Company Other than for Cause. The Company may terminate the Executive’s employment hereunder other than for Cause at any time upon notice to the Executive. In the event of such termination, in addition to Final Compensation, then until the conclusion of the period of eighteen twelve (1812) months following the date of termination (the “Severance Pay Period”), the Company shall pay the Executive the Base Salary at the rate in effect on the date of termination and, subject to any employee contribution applicable to the Executive on the date of termination, shall continue to contribute to the premium cost of the Executive’s participation in the Company’s group medical and dental plans, provided that the Executive is entitled to continue such participation under applicable law and plan terms. In addition, the Company shall pay the Executive a bonus (the “Termination Bonus”) equal to one and one-half (1.5) times the lesser of (i) 60% of the Executive’s Base Salary in effect on the date of termination, or (ii) the Annual Bonus paid to the Executive in the immediately preceding fiscal year (or if no such Annual Bonus was paid to the Executive in the preceding fiscal year, $0). The Termination Bonus shall be payable in up to two equal installments at the time each year during the Severance Pay Period that annual bonuses are paid to Company executives generally under its executive incentive plan, provided, however, that no Termination Bonus payment shall be made until the later of the effective date of the Employee Release or the date the Employee Release, signed by the Executive, is received by the Chair of the Board. The Base Salary payment to which the Executive is entitled hereunder shall be payable in accordance with the normal payroll practices of the Company and will begin at the Company’s next regular payroll period which is at least five business days following the later of the effective date of the Employee Release or the date the Employee Release, signed by the Executive, is received by the Chair of the Board, but shall be retroactive to next business day following the date of termination. In the event of termination hereunder, payment by the Company of any amounts that may be due the Executive under this Section 5(d) shall constitute the entire obligation of the Company to the Executive and any obligation of the Company to the Executive hereunder is conditioned upon the Executive signing a timely and effective Employee Release following termination of the Executive’s employment hereunder.

Appears in 1 contract

Samples: Agreement (LifeCare Holdings, Inc.)

By the Company Other than for Cause. The Company may terminate the Executive’s employment hereunder other than for Cause at any time upon notice to the Executive. In the event of such termination, in addition to Final Compensation, then until the conclusion of the period of eighteen twenty-four (1824) months following the date of termination (the “Severance Pay Period”), the Company shall pay the Executive the Base Salary at the rate in effect on the date of termination and, subject to any employee contribution applicable to the Executive on the date of termination, shall continue to contribute to the premium cost of the Executive’s participation in the Company’s group medical and dental plans, provided that the Executive is entitled to continue such participation under applicable law and plan terms. In addition, the Company shall pay the Executive a bonus (the “Termination Bonus”) equal to one and one-half (1.5) two times the lesser of (i) 60% of the Executive’s Base Salary in effect on the date of termination, or (ii) the Annual Bonus paid to the Executive in respect of the immediately preceding fiscal year (or if no such Annual Bonus was paid to the Executive in respect of the preceding fiscal year, $0). The Termination Bonus shall be payable in up to two equal installments at the time each year during the Severance Pay Period that annual bonuses are paid to Company executives generally under its executive incentive plan, provided, however, that no Termination Bonus payment shall be made until the later of the effective date of the Employee Release or the date the Employee Release, signed by the Executive, is received by the Chair of the BoardXxxxx X. Xxxxxxx. The Base Salary payment to which the Executive is entitled hereunder shall be payable in accordance with the normal payroll practices of the Company and will begin at the Company’s next regular payroll period which is at least five business days following the later of the effective date of the Employee Release or the date the Employee Release, signed by the Executive, is received by the Chair of the BoardXxxxx X. Xxxxxxx, but shall be retroactive to the next business day following the date of termination. In the event of termination hereunder, payment by the Company of any amounts that may be due the Executive under this Section 5(d) shall constitute the entire obligation of the Company to the Executive and any obligation of the Company to the Executive hereunder is conditioned upon the Executive signing a timely and effective Employee Release following termination of the Executive’s employment hereunder. For the avoidance of doubt, in connection with a termination of Executive’s employment hereunder by the Company other than for Cause, Executive shall not, pursuant to this Agreement, forfeit any vested equity securities of the Company then owned by the Executive or forfeit the right to exercise any vested stock options that are intended to remain exercisable by the Executive, in accordance with their terms, following the date of termination of Executive’s employment hereunder, but all such equity securities (including any such vested stock options) shall remain subject to the terms and conditions (including, without limitation, any expiration provisions, repurchase rights or other provisions providing for the repurchase, termination, cancellation or forfeiture of such equity securities) of any applicable award document, plan document, stockholder agreement or other document or arrangement then in effect relating to such equity securities.

Appears in 1 contract

Samples: Agreement (LifeCare Holdings, Inc.)

By the Company Other than for Cause. The Company may terminate the Executive’s employment hereunder other than for Cause at any time upon notice to the Executive. In the event of such termination, in addition to Final CompensationCompensation and provided that no benefits are payable to the Executive under a separate severance agreement or an executive severance plan as a result of such termination, then until the conclusion of the a period of eighteen twelve (1812) months following the date of termination (the “Severance Pay Period”), the Company shall continue to pay the Executive the Base Salary at the rate in effect on the date of termination andtermination. In addition, subject to any employee contribution applicable to if the Executive is enrolled in the Company’s medical and dental plans on the date of termination, shall continue to contribute to the premium cost of the Executive’s participation in the Company’s group medical termination and dental plans, provided that the Executive is entitled to continue such participation under applicable law and plan terms. In addition, if the Executive elects to continue his participation and that of his eligible dependents in those plans for a period of time under the federal law known as “COBRA,” then subject to any employee contribution applicable to active employees generally, the Company shall continue to pay the Executive a bonus (cost of the “Termination Bonus”) equal to one Executive’s participation and one-half (1.5) times that of his eligible dependents in such plans until the lesser earlier of (i) 60% the conclusion of the Executive’s Base Salary in effect on the date of termination, Severance Pay Period or (ii) the Annual Bonus paid date the Executive becomes eligible for medical and dental benefits from a subsequent employer. Any obligation of the Company to the Executive in the immediately preceding fiscal year (or if no such Annual Bonus was paid to the Executive in the preceding fiscal year, $0). The Termination Bonus shall be payable in up to two equal installments at the time each year during the Severance Pay Period that annual bonuses are paid to Company executives generally under its executive incentive plan, providedhereunder is conditioned, however, that no Termination Bonus payment shall be made until upon the Executive signing a release of claims in the form provided by the Company (the “Employee Release”) within twenty-one days (or such greater period as the Company may specify) following the later of the effective date on which the Executive receives notice of termination of employment or the date the Executive receives a copy of the Employee Release or and upon the date Executive not revoking the Employee Release, signed by the Executive, is received by the Chair of the BoardRelease in a timely manner thereafter. The Base Salary payment to which the Executive is entitled hereunder shall be payable in accordance with the normal payroll practices of the Company and will begin at the Company’s next regular payroll period which is at least five business days following the later of the effective date of the Employee Release or the date the Employee Release, signed by the Executive, is received by the Chair of the Board, but shall be retroactive to next business day following the date of termination. In the event of termination hereunder, payment by the Company of any amounts that may be due the Executive under this Section 5(d) shall constitute the entire obligation of the Company to the Executive and any obligation of the Company to the Executive hereunder is conditioned upon the Executive signing a timely and effective Employee Release following termination of the Executive’s employment hereunder.

Appears in 1 contract

Samples: Agreement (Panther Expedited Services, Inc.)

By the Company Other than for Cause. The Company may terminate the Executive’s employment hereunder other than for Cause at any time upon notice to the Executive. In the event of such termination, in addition to Final Compensation, then until Compensation and all obligations under the conclusion of the period of eighteen (18) months following the date of termination (the “Severance Pay Period”)Signing Bonus Agreement, the Company shall pay provide the Executive severance pay equal to the sum of the Base Salary at the rate in effect on the date of termination andand the Target Bonus (“Severance Pay”), subject payable in approximately equal installments at the Company’s regular paydays for its executives during the period from the date of termination through the one-year anniversary thereof (the “Severance Period”); provided, however, that if required pursuant to any employee contribution applicable Section 409A of the Internal Revenue Code of 1986, as amended (“Section 409A”), the timing of such payments shall be adjusted as necessary to comply with Section 409A. For the duration of the Severance Period, the Company shall also continue to pay the Executive that portion of the premiums towards his family health and dental insurance policies that it was paying to him immediately prior to his termination (the “Medical Benefits”). In addition, on the date of termination, shall continue the Company will cause to contribute to the premium cost become vested that portion of the Executive’s participation Option and Restricted Shares which would have vested by passage of time during the period from the date of termination through the one-year anniversary thereof, had the Executive remained in the Company’s group medical and dental plans, provided that the Executive is entitled to continue such participation under applicable law and plan terms. In addition, employ of the Company shall pay the Executive a bonus during that period (the “Termination BonusAccelerated Shares) equal to one and one-half (1.5) times the lesser of (i) 60% of the Executive’s Base Salary in effect on the date of termination, or (ii) the Annual Bonus paid to the Executive in the immediately preceding fiscal year (or if no such Annual Bonus was paid to the Executive in the preceding fiscal year, $0). The Termination Bonus Severance Pay, Medical Benefits and Accelerated Shares shall hereinafter be payable referred to as the “Severance Benefits.” Any obligation of the Company to pay the Severance Benefits is conditioned, however, on the Executive timely signing a release of claims in up to two equal installments at the time each year during form attached hereto as Attachment A (the “Employee Release”). The first installment of the Severance Pay Period that annual bonuses are paid to Company executives generally under its executive incentive plan, provided, however, that no Termination Bonus payment shall be made until the later of the effective date of the Employee Release or the date the Employee Release, signed by the Executive, is received by the Chair of the Board. The Base Salary payment to which the Executive is entitled hereunder shall be due and payable in accordance with the normal payroll practices of the Company and will begin at the Company’s next regular payroll period payday which is at least five business days following the later of the effective date of the Employee Release or the date the Employee Release, signed by the Executive, is received by the Chair of the BoardCompany, but shall be retroactive to the next business day following the date of termination. In ; provided, however, that if required by Section 409A, the event first installment of termination hereunderthe Severance Pay shall be due and payable at the Company’s first regular payday as permitted pursuant to Section 409A. Also, payment although vested on the date of termination, the Accelerated Shares shall not be exercisable until the later of the effective date of the Employee Release or the date the Employee Release, signed by the Company of any amounts that may be due Executive, is received by the Executive under this Section 5(d) shall constitute the entire obligation of the Company to the Executive and any obligation of the Company to the Executive hereunder is conditioned upon the Executive signing a timely and effective Employee Release following termination of the Executive’s employment hereunderCompany.

Appears in 1 contract

Samples: Executive Employment Agreement (FiberTower CORP)

By the Company Other than for Cause. The Company may terminate the Executive’s employment hereunder other than for Cause at any time upon notice to the Executive. A termination of the Executive’s employment that occurs on the last day of the term of this Agreement following the Company’s notice to the Executive of non-renewal of the term hereof under Section 2 hereof shall be treated as a termination by the Company other than for Cause. In the event of such termination, in addition the Executive shall be entitled to Final Compensation, then until the conclusion of the period of eighteen (18) months following the date of termination (the “Severance Pay Period”)and, in addition, the Company shall pay the Executive an amount equal to two (2) times the sum of (x) the Base Salary at the rate in effect on the date of termination and, subject to any employee contribution applicable to plus (y) the Executive on Target Bonus for the date year of termination, which shall continue to contribute to the premium cost of the Executive’s participation be annualized in the Company’s group medical and dental plans, provided that the Executive is entitled to continue such participation under applicable law and plan terms. In addition, the Company shall pay the Executive case of a bonus termination of employment during 2009 (the “Termination BonusSeverance Amount) equal to one and one-half (1.5) times the lesser of (i) 60% of the Executive’s Base Salary in effect on the date of termination, or (ii) the Annual Bonus ). The Severance Amount shall be paid to the Executive in twenty-four (24) equal monthly installments as further provided for below. Any obligation of the immediately preceding fiscal year (or if no such Annual Bonus was paid Company to the Executive under this Section 5 (including in the preceding fiscal yearevent of a termination of employment due to death or Disability), $0). The Termination Bonus shall be payable in up to two equal installments at the time each year during the Severance Pay Period that annual bonuses are paid to Company executives generally under its executive incentive planother than for Final Compensation, provided, however, that no Termination Bonus payment shall be made until the later of the effective date of the Employee Release or the date the Employee Release, signed by is conditioned on (A) the Executive, is received or the Executive’s Designated Beneficiary, signing and returning to the Company (without revoking) a timely and effective release of claims in the form attached hereto as Exhibit C, by the Chair deadline specified therein, which in all events shall be no later than the forty fifth (45th) calendar day following the date of termination (any such release submitted by such deadline, the Board“Release of Claims”), (B) the Executive not engaging in an intentional or materially harmful violation of Section 7, 8 or 9(b) of this Agreement, and (C) the Executive’s continued compliance with the covenants contained in Section 9(a) of this Agreement (subsections (B) and (C) collectively, the “Compliance Condition”). The Base Salary payment Subject to Section 5(g) below, severance pay to which the Executive is entitled hereunder shall be payable in accordance with the normal payroll practices of the Company Company, with the first payment, which shall be retroactive to the day immediately following the date the Executive’s employment terminated, being due and will begin at payable on the Company’s next regular payroll period which is at least five business payday for executives that follows the expiration of sixty (60) calendar days following the later of the effective date of the Employee Release or from the date the Employee ReleaseExecutive’s employment terminates. Other than the tax gross-up payment described in Section 5(a)(iii), signed by the Executive, is received by the Chair of the Board, but which shall be retroactive paid at the time provided in Section 4(g) above, and the business expenses described in Section 5(a)(iv), Final Compensation shall be paid to next business day the Executive within sixty (60) days following the date of termination. In the event of termination hereunder, payment by the Company of any amounts that may be due the Executive under this Section 5(d) shall constitute the entire obligation of the Company to the Executive and any obligation of the Company to the Executive hereunder is conditioned upon the Executive signing a timely and effective Employee Release following termination of the Executive’s employment hereunderemployment.

Appears in 1 contract

Samples: Employment Agreement (Bloomin' Brands, Inc.)

By the Company Other than for Cause. The Company may terminate the Executive’s employment hereunder other than for Cause at any time upon notice to the Executive. In the event of such termination, in addition to Final CompensationCompensation and provided that no benefits are payable to the Executive under a separate severance agreement or an executive severance plan as a result of such termination, then until the conclusion of the a period of eighteen twelve (1812) months following the date of termination (the “Severance Pay Period”)termination, the Company shall continue to pay the Executive the Base Salary at the rate in effect on the date of termination and, subject to any employee contribution applicable to if the Executive is enrolled in the Company’s medical and dental plans on the date of termination, shall continue to contribute to the premium cost of the Executive’s participation in the Company’s group medical termination and dental plans, provided that the Executive is entitled to continue such participation under applicable law and plan terms. In addition, if the Executive elects to continue his participation and that of his eligible dependents in those plans for a period of time under the federal law known as “COBRA,” then, until the conclusion of the twelve (12) month period following the Executive’s termination (“Benefit Continuation Period”), or, if earlier, until the date the Executive becomes eligible to receive comparable benefits from a subsequent employer, the Company shall pay the will reimburse Executive a bonus (the “Termination Bonus”) an amount equal to one and one-half (1.5) times the lesser of (i) 60% COBRA premium cost of the Executive’s Base Salary in effect on coverage and that of his eligible dependents under those plans. The Executive is required to notify the date Company immediately if he becomes eligible for comparable coverage through subsequent employment during the Benefit Continuation Period and to repay promptly any excess contributions made by the Company. Any obligation of termination, or (ii) the Annual Bonus paid Company to the Executive in the immediately preceding fiscal year (or if no such Annual Bonus was paid to the Executive in the preceding fiscal year, $0). The Termination Bonus shall be payable in up to two equal installments at the time each year during the Severance Pay Period that annual bonuses are paid to Company executives generally under its executive incentive plan, providedhereunder is conditioned, however, that no Termination Bonus payment shall be made until upon the Executive signing a release of claims in the form provided by the Company (the “Employee Release”) within twenty-one days (or such greater period as the Company may specify) following the later of the effective date on which the Executive (or, in the case of termination by the Executive for Good Reason, the Company) receives notice of termination of employment or the date the Executive receives a copy of the Employee Release or and upon the date Executive not revoking the Employee Release, signed by the Executive, is received by the Chair of the BoardRelease in a timely manner thereafter. The Base Salary payment to which the Executive is entitled hereunder shall be payable in accordance with the normal payroll practices of the Company and will begin at the Company’s next regular payroll period which is at least five business days following the later of the effective date of the Employee Release or the date the Employee Release, signed by the Executive, is received by the Chair of the Board, but shall be retroactive to next business day following the date of termination. In the event of termination hereunder, payment by the Company of any amounts that may be due the Executive under this Section 5(d) shall constitute the entire obligation of the Company to the Executive and any obligation of the Company to the Executive hereunder is conditioned upon the Executive signing a timely and effective Employee Release following termination of the Executive’s employment hereunder.

Appears in 1 contract

Samples: Agreement (Panther Expedited Services, Inc.)

By the Company Other than for Cause. The Company may terminate the Executive’s employment hereunder other than for Cause at any time upon notice to the Executive. In the event of such termination, in addition to Final Compensation, then until the conclusion of the period of eighteen (18) months following the date of termination (the “Severance Pay Period”), the Company shall pay provide the Executive severance pay equal to the sum of the Base Salary at the rate in effect on the date of termination andand the Target Bonus (“Severance Pay”), subject payable in approximately equal installments at the Company’s regular paydays for its executives during the period from the date of termination through the one-year anniversary thereof; provided, however, that if required pursuant to any employee contribution applicable Section 409A of the Internal Revenue Code of 1986, as amended (“Section 409A”), the timing of such payments shall be adjusted as necessary to the Executive comply with Section 409A. In addition, on the date of termination, shall continue the Company will cause to contribute to the premium cost become vested that portion of the Executive’s participation Equity Award which would have vested by passage of time during the period from the date of termination through the one-year anniversary thereof, had the Executive remained in the Company’s group medical and dental plans, provided that the Executive is entitled to continue such participation under applicable law and plan terms. In addition, employ of the Company shall pay the Executive a bonus during that period (the “Termination BonusAccelerated Shares) equal to one and one-half (1.5) times the lesser of (i) 60% ). Any obligation of the Executive’s Base Salary in effect on the date of termination, or (ii) the Annual Bonus paid Company to the Executive hereunder is conditioned, however, on the Executive signing a timely and effective release of claims in the immediately preceding fiscal year form attached hereto as Attachment A (or if no such Annual Bonus was paid to the Executive in the preceding fiscal year, $0“Employee Release”). The Termination Bonus shall be payable in up to two equal installments at the time each year during first installment of the Severance Pay Period that annual bonuses are paid to Company executives generally under its executive incentive plan, provided, however, that no Termination Bonus payment shall be made until the later of the effective date of the Employee Release or the date the Employee Release, signed by the Executive, is received by the Chair of the Board. The Base Salary payment to which the Executive is entitled hereunder shall be due and payable in accordance with the normal payroll practices of the Company and will begin at the Company’s next regular payroll period payday which is at least five business days following the later of the effective date of the Employee Release or the date the Employee Release, signed by the Executive, is received by the Chair of the BoardCompany, but shall be retroactive to the next business day following the date of termination. In ; provided, however, that if required by Section 409A, the event first installment of termination hereunderthe Severance Pay shall be due and payable at the Company’s first regular payday as permitted pursuant to Section 409A. Also, payment although vested on the date of termination, the Accelerated Shares shall not be exercisable until the later of the effective date of the Employee Release or the date the Employee Release, signed by the Company of any amounts that may be due Executive, is received by the Executive under this Section 5(d) shall constitute the entire obligation of the Company to the Executive and any obligation of the Company to the Executive hereunder is conditioned upon the Executive signing a timely and effective Employee Release following termination of the Executive’s employment hereunderCompany.

Appears in 1 contract

Samples: Executive Employment Agreement (First Avenue Networks Inc)

By the Company Other than for Cause. The Company may terminate the Executive’s employment hereunder other than for Cause at any time upon notice to the Executive. In the event of such termination, in addition to Final Compensationtermination during the Term, then until the conclusion of Company (i) shall pay Executive (A) the period of eighteen Final Payment, (18B) severance pay in an amount equal to twelve (12) months following the date of termination (the “Severance Pay Period”)Base Salary, the Company shall pay the Executive the Base Salary at the rate in effect on the date of termination and, subject to any employee contribution applicable to the Executive on at the date of termination, ; and (ii) shall continue to contribute reimburse Executive a monthly amount equal to the premium cost amount the Company contributes from time to time to group medical, dental and/or vision insurance premiums (as applicable) for its active employees (the “Monthly Premium Payment”), until the earlier of (x) the end of the Executive’s Severance Period (as defined below) or (y) the date Executive and his dependents are no longer entitled to coverage under COBRA or Company plans (the “COBRA Period”); provided that Executive (I) timely elects to continue his participation and that of his eligible dependents in the Company’s group medical and dental such plans, provided that the Executive (II) is entitled to continue such participation under applicable law and plan termsterms and (III) pays the remainder of the premium cost from month to month in accordance with the schedule established by the Company. In addition, Any obligation of the Company shall pay the to Executive a bonus (the “Termination Bonus”) equal to one and one-half (1.5) times the lesser of under clause (i) 60% of the Executive’s Base Salary in effect on the date of termination, or (ii) hereof, exclusive of any Final Payment due, however, shall be reduced by any other payments from the Annual Bonus paid Company to which Executive is entitled as a result of termination and is conditioned on Executive signing and delivering to the Executive Company, not later than the earlier of the following dates, inclusive of the end of any applicable revocation period (the “Release Deadline”) (a) thirty (30) days after termination of employment or (b) the deadline for consideration and execution thereof specified in the immediately preceding fiscal year reasonable form of release of claims to be provided to Executive by the Company at the time Executive’s employment terminates (or if no such Annual Bonus was paid to the Executive in the preceding fiscal year, $0“Employee Release”). The Termination Bonus Severance pay to which Executive is entitled hereunder shall be payable in up to two equal installments pro-rata at the time each year Company’s regular payroll periods during the twelve (12) month period immediately following termination of Executive’s employment (the “Severance Pay Period that annual bonuses are paid Period”), with the first payment being made on the Company’s next regular payday following the Release Deadline, but retroactive to Company executives generally under its executive incentive plan, the next business day following the date of termination of employment; provided, however, that no Termination Bonus payment shall will be made until the later of prior to the effective date of the Employee Release or and that if at the date the Employee Releaserelevant time Executive is a Specified Employee, signed by the Executive, is received by the Chair so much of the Board. The Base Salary payment amounts payable hereunder as constitutes nonqualified deferred compensation subject to which Section 409A of the Executive is entitled hereunder shall Code and that would be payable during the six-month period following Executive’s termination shall instead be accumulated and paid in accordance with the normal payroll practices of the Company and will begin at the Company’s next regular payroll period which is at least five business days following the later of the effective date of the Employee Release or the date the Employee Release, signed by the Executive, is received by the Chair of the Board, but shall be retroactive to next business day following the date of termination. In the event of termination hereunder, payment by the Company of any amounts that may be due the Executive under this Section 5(d) shall constitute the entire obligation of the Company to the Executive and any obligation of the Company to the Executive hereunder is conditioned a single lump sum upon the Executive signing a timely and effective Employee Release following termination day after the conclusion of the Executive’s employment hereundersuch six-month period.

Appears in 1 contract

Samples: Employment Agreement (Microvision, Inc.)

By the Company Other than for Cause. The Company may terminate the Executive’s employment hereunder other than for Cause at any time upon written notice to the Executive. In the event of such terminationtermination during the term hereof, in addition to Final CompensationCompensation and provided that no benefits are payable to the Executive under a separate severance agreement as a result of such termination, then until the conclusion of the for a period of eighteen six (186) months following the date of termination (termination, or until such time as the “Severance Pay Period”)Executive secures other employment, whichever is earlier, the Company shall continue to pay the Executive the his Base Salary at the rate in effect on the date of termination andtermination, subject to any employee contribution applicable to provided however in the event that, during said six-month period following date of term, the Executive commences employment payable at a rate less than $300,000 per year, the Company agrees that, for the period commencing upon the Executive acceptance of said employment and concluding on the date of termination, shall continue to contribute to the premium cost of the Executive’s participation in the Company’s group medical and dental plans, provided that the Executive is entitled to continue such participation under applicable law and plan terms. In additionsix-month following his termination date, the Company shall continue to pay Executive the base salary reduced by the amount of compensation received by the Executive in such new employment during said period. Any obligation of the Company to the Executive hereunder, other than for Final Compensation, shall be expressly conditioned on the Executive’s execution of a bonus general release of claims in the form attached to this Agreement as Exhibit A (the “Termination BonusRelease of Claims”) equal to within twenty-one and one-half (1.5) times days following the lesser of (i) 60% of date the Executive’s Base Salary in effect on employment is terminated (or such longer period as the date of termination, or (ii) the Annual Bonus paid Company shall determine it is required by law to permit the Executive in to consider the immediately preceding fiscal year (or if no such Annual Bonus was paid to Release of Claims) and upon the Executive in the preceding fiscal year, $0)not revoking such Release of Claims thereafter. The Termination Bonus shall be payable in up to two equal installments at the time each year during the Severance Pay Period that annual bonuses are paid to Company executives generally under its executive incentive plan, provided, however, that no Termination Bonus payment shall be made until the later of the effective date of the Employee Release or the date the Employee Release, signed by the Executive, is received by the Chair of the Board. The Base Salary payment to which the Executive is entitled hereunder shall be payable in accordance with the normal payroll practices of the Company Company, with the first payment, which shall be retroactive to the day immediately following the date the Executive’s employment terminated, being due and will begin at payable on the Company’s next regular payroll period which is at least five business days following the later of the effective date of the Employee Release or payday for executives that follows the date the Employee Release, signed by the Executive, is received by the Chair of the Board, but shall be retroactive to next business day following the date of termination. In the event of termination hereunder, payment by the Company of any amounts that may be due the Executive under this Section 5(d) shall constitute the entire obligation of the Company to the Executive and any obligation of the Company to the Executive hereunder is conditioned upon the Executive signing returns a timely and effective Employee Release following termination of Claims. The Release of Claims required for separation benefits in accordance with Section 5(d) hereof will create legally binding obligations on the part of the Executive’s employment hereunder, and the Company and its Affiliates therefore advise the Executive to seek the advice of an attorney before signing it.

Appears in 1 contract

Samples: Employment Agreement (Pc Connection Inc)

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