Additional Compensation Payable Following Termination without Cause Sample Clauses
This clause defines the employer's obligation to provide extra compensation to an employee if their employment is terminated without cause. Typically, it outlines the amount or formula for calculating the additional pay, such as severance based on years of service or a fixed sum, and may specify the timing and method of payment. Its core function is to protect employees from sudden, unjustified job loss by ensuring they receive financial support, thereby allocating risk and promoting fair treatment in employment relationships.
Additional Compensation Payable Following Termination without Cause. If the Executive’s employment shall terminate without Cause (pursuant to Section 7(d)), and if Executive executes a “Separation Agreement and General Release” in substantially the same form as attached hereto as Exhibit A, the Company shall provide the following compensation and benefits to Executive unless the Change in Control provisions of Section 24 below apply:
Additional Compensation Payable Following Termination without Cause. Subject to Section 24(b) and Section 23(c), if the Executive’s employment shall terminate without Cause (pursuant to Section 7(d)), and subject to the Executive’s execution and non-revocation of a “Separation Agreement and General Release” in substantially the same form as attached hereto as Exhibit A, beginning with the first payroll period following the thirtieth (30th) day following the date of termination, the Company shall provide the following compensation and benefits to the Executive unless the Change in Control provisions of Section 23 below apply:”
5. Amendment to Section 8(c)(i). The last sentence of Section 8(c)(i) is hereby amended to add the phrase, “provided, however, that the initial payment shall include Base Salary amounts for all payroll periods from the date of termination through the date of such initial payment” to the end of the sentence.
6. Amendment to Section 8(c)(ii). Section 8(c)(ii) is hereby amended to add the phrase, “on January 31st of the calendar year following each calendar year to which an applicable Minimum Bonus relates” to the end of such section.
7. Amendment to Section 8(c)(iv). Section 8(c)(iv) is hereby amended to add the phrase, “of 1986, as amended (the “Code”)” immediately following the phrase “Internal Revenue Code” occurring therein.
8. Amendment to Section 8(c)(v). Section 8(c)(v) is hereby renamed Section 8(d) and amended and restated in its entirety as follows:
Additional Compensation Payable Following Termination without Cause