Common use of Amounts Due Upon Termination Clause in Contracts

Amounts Due Upon Termination. In the event Employee's employment terminates during the Term, the Company shall provide Employee with the payments set forth below. Employee acknowledges and agrees that the payments set forth in this Section 8 constitute liquidated damages for termination of employment during the Term. (a) If Employee is terminated following expiration of the Term under Section 6(a), or pursuant to Sections 6(b), 6(c), 6(d), or 6(f), the Company shall pay Employee all accrued but unpaid Base Salary through the Date of Termination at the rate in effect at the time Notice of Termination is given and reimburse Employee for incurred expenses pursuant to Section 5(d), and the Company shall have no further obligations to Employee under this Agreement; provided, that, Employee shall be entitled to any other benefit or payment provided pursuant to any plan or policy of the Company in accordance with such plan's or policy's terms. (b) If Employee's employment is terminated pursuant to Sections 6(e) or 6(g), the Company shall pay to Employee (A) Base Salary accrued through the Date of Termination and (B) a payment equal to the Base Salary payable for the greater of (i) the remainder of the Term, or (ii) twelve (12) months, and (C) a payment equal to the sum, pro-rated through the Date of Termination, of (i) the Target Bonus for the calendar year in which the termination occurs, and (ii) the Guaranteed Payment under the LTIP. All such payments shall be made no later than 30 days following such termination. Employee shall also be entitled to reimbursement for incurred expenses pursuant to Section 5(d) and to any other benefits or payments provided pursuant to any plan or policy of the Company in accordance with such plan's or policy's terms, subject to Section 5(b).

Amounts Due Upon Termination. In the event EmployeeExecutive's employment relationship with the Company terminates during the Term, the Company shall provide Employee Executive with the payments set forth below. Employee Executive acknowledges and agrees that the payments set forth in this Section 8 9 constitute liquidated damages for termination of employment this Agreement during the Term. (a) If Employee Executive is terminated following expiration of the Term under Section 6(apursuant to Sections 7(a), 7(b), 7(c), or pursuant to Sections 6(b), 6(c), 6(d), or 6(f), 7(e) the Company shall pay Employee all accrued Executive his accrued, but unpaid Base Salary Salary, bonus specified in Section 5(a) and Bonus or Consulting Fee, as the case may be, pro rata for the year in which terminated through the Date of Termination at the rate in effect at the time Notice of Termination is given and reimburse Employee for incurred expenses pursuant to Section 5(d)given, and (subject to 7(b)) the Company shall have no further obligations to Employee Executive under this Agreement; providedPROVIDED, thatTHAT, Employee Executive shall be entitled to any other benefit or payment provided pursuant to any plan or policy of the Company in accordance with such plan's or policy's terms. (b) If EmployeeExecutive's employment is terminated pursuant to Sections 6(e7(d) or 6(g7(f), the Company shall pay to Employee Executive his (A) Base Salary or Consulting Fee, as the case may be, accrued through the Date of Termination and (B) a lump-sum payment equal to all remaining amounts that would have been paid under Sections 5(a) and 6 had this Agreement continued through to the Base Salary payable for the greater of (i) the remainder end of the Term, or Term (ii) twelve (12) months, and (C) a payment equal to the sum, pro-rated through the Date of Termination, of (i) the Target Bonus for the calendar year in which the termination occurs, and (ii) the Guaranteed Payment under the LTIP"Remaining Period"). All such payments shall be made no later than 30 days as soon as administratively feasible following such termination. Employee Executive shall also be entitled to reimbursement for incurred expenses pursuant to Section 5(d) and to any other benefits or payments provided pursuant to any plan or policy of the Company in accordance with such plan's or policy's terms, subject to except as provided in Section 5(b).

Amounts Due Upon Termination. In the event Employee's employment terminates during the Term, the Company shall provide Employee with the payments set forth below. Employee acknowledges and agrees that the payments set forth in this Section 8 constitute liquidated damages for termination of employment during the Term. (a) If Employee is terminated following expiration of the Term under Section 6(a), or pursuant to Sections 6(b), 6(c), 6(d), or 6(f), the Company shall pay Employee all accrued but unpaid Base Salary through the Date of Termination at the rate in effect at the time Notice of Termination is given and reimburse Employee for incurred regular, as opposed to discretionary, expenses pursuant to Section 5(d), and the Company shall have no further obligations to Employee under this Agreement; provided, that, Employee shall be entitled to any other benefit or payment provided pursuant to any plan or policy of the Company in accordance with such plan's or policy's terms. (b) If Employee's employment is terminated pursuant to 5 6 Sections 6(e) or 6(g), the Company shall pay to Employee (A) Base Salary accrued through the Date of Termination and (B) a payment equal to the sum of Employee's Base Salary and Employee's discretionary expense account payable for the greater of (i) the remainder of the Term, or (ii) twelve (12) months, and (C) a payment equal to the sum, pro-rated through the Date of Termination, of (i) the Target Bonus for the calendar year in which the termination occurs, and (ii) the Guaranteed Payment under the LTIP. All such payments shall be made no later than 30 days following such termination. Employee shall also be entitled to reimbursement for regular, as opposed to discretionary, expenses incurred expenses pursuant to Section 5(d) and to any other benefits or payments provided pursuant to any plan or policy of the Company in accordance with such plan's or policy's terms, subject to Section 5(b).

Amounts Due Upon Termination. In the event that this Agreement and the Employee's employment terminates during are terminated prior to the Termexpiration of the Employment Period, the Company Employee shall provide retain all benefits to which he is entitled upon termination under any benefit plans of the Vemics in which the Employee with is a participant as of the payments set forth belowtermination date. Employee acknowledges and agrees that the payments set forth in this Section 8 constitute liquidated damages for termination of employment during the Term.In addition: (a) If Upon this Agreement's termination pursuant to Section 3(b)(i), the Employee is terminated following shall be entitled to any unpaid base salary accrued through the date of termination, but shall be entitled to no bonus or any other payments or benefits. (b) Upon termination pursuant to Section 3(b)(ii), the Employee shall be entitled to: (i) Any unpaid base salary accrued through the date of termination; (ii) Any bonus that the Employee would have otherwise been entitled to receive for the year of termination, prorated through the termination date; and (iii) All benefits shall terminate effective the date of termination subject to any rights employee may have under applicable State of Federal Law as pertains to Medical Insurance Benefits such as under COBRA. (c) Upon termination of this Agreement pursuant to Section 3(b)(iii), the Employee's estate shall be entitled to: (i) Any unpaid base salary accrued to the date of termination and (ii) Any bonus that the Employee would have otherwise been entitled to receive for the year of termination, prorated through the date of termination. (d) Upon either expiration of the Term Employment Period as the result of Vemics notifying the Employee of its intention not to renew this Agreement under Section 6(a3(a), or pursuant to Sections 6(b), 6(c), 6(d), or 6(f)3(a)(ii) the termination of the Employee's employment by Vemics after the expiration of the Employment Period for any reason other than Cause, the Company Employee shall, in either case: (i) Be paid his or her then existing base salary for a period of thirty days after the date of the termination of his or her employment and (ii) Be provided the medical benefits in effect with respect to the Employee as of the date of termination of employment for a period of three (3) months following the date of the termination of his or her employment; provided, however, that: (A) If Vemics cannot provide these medical insurance benefits because the Employee is no longer an employee of Vemics, Vemics shall pay to the Employee all accrued but unpaid Base Salary through a dollar amount equal to the Date cost to the Employee to obtain these benefits and (B) Vemics shall only be required to pay the Employee's costs with respect to these medical insurance benefits if, and only to the extent that, ordinary risk coverage is available with respect to the Employee at standard individual rates. This base salary payment shall be payable in the same manner as salaries are paid to other Employee employees of Termination Vemics at the rate in effect at the time Notice of Termination is given that time. Any amounts payable and reimburse Employee for incurred expenses pursuant to benefits provided under this Section 5(d)) shall be in lieu of, and not in addition to, any amounts which the Company shall have no further obligations Employee might be entitled to Employee receive under any severance policy of Vemics. (e) Upon either of the following: Termination of this Agreement prior to its expiration for anything other than Cause as defined in Section 3(c) of this Agreement; provided, thatOR termination by Employee for Good Cause, Employee shall be entitled to any other benefit or payment provided pursuant all base salary, benefits, and bonuses that would have come due during the 12 month Period following Termination, payable in a lump sum (and without reduction to any plan or policy NPV) within five business days after the termination by Employee takes effect. In such circumstances, Employee shall have no obligation to mitigate and Vemics shall have no right of the Company in accordance offset with such plan's or policy's terms. (b) If Employee's employment is terminated pursuant to Sections 6(e) or 6(g), the Company shall pay to Employee (A) Base Salary accrued through the Date of Termination and (B) a payment equal respect to the Base Salary payable for the greater of (i) the remainder of the Term, or (ii) twelve (12) months, and (C) a payment equal amounts due to the sum, pro-rated through the Date of Termination, of (i) the Target Bonus for the calendar year in which the termination occurs, and (ii) the Guaranteed Payment under the LTIP. All such payments shall be made no later than 30 days following such termination. Employee shall also be entitled to reimbursement for incurred expenses pursuant to Section 5(d) and to any other benefits or payments provided pursuant to any plan or policy of the Company in accordance with such plan's or policy's terms, subject to Section 5(b)hereunder.