Benefits Upon Termination of Employment Period Sample Clauses

Benefits Upon Termination of Employment Period. Executive's employment by the Company shall terminate immediately upon Executive's receipt of written notice by the Company, upon the Company's receipt of written notice by Executive, or upon Executive's death or permanent disability. Except in connection with a termination for Cause (as defined in Subsection 4.2) or a voluntary termination by Executive for other than Good Reason (as defined in Subsection 4.3), the Company shall provide Executive with termination benefits upon termination of the Employment Period, as follows:
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Benefits Upon Termination of Employment Period. (a) Termination of Employment by the Company without Cause or by Executive for Good Reason. In the event of termination prior to the completion of the Original Employment Period by the Company without Cause (as defined in Section 4 (d)), or by the Executive for Good Reason (as defined in Section 4 (e)), Executive shall be entitled to all compensation and accrued benefits earned by him, including bonuses, prior to the date of termination as provided for in this Agreement, pro rata up to and including that date. In addition, if termination under this section occurs on or before June 30, 2003, then Executive shall be entitled to twenty-four (24) months ("Severance Period") compensation, or if termination under this section occurs after June 30, 2003, then Executive shall be entitled to eighteen (18) months ("Severance Period") compensation as full and complete severance ("Severance Compensation"). Severance Compensation as used in this section is the monthly salary, which would be earned, and due under Section 3 (a)(i). The Severance Compensation shall be paid monthly over the term of the Severance Period. Upon such payment, the Company's obligations to the Executive shall terminate. In addition, the Company will provide insurance benefits as specified under Section 3 (e) for a period of ninety days after termination (b) Termination of Employment by Company for Cause or by Executive for Other Than Good Reason. In the event of termination prior to the completion of the Original Employment Period by the Company for Cause (as defined in Section 4 (c)) or by Executive other than for Good Reason (as defined in Section 4 (f)), the Company shall pay to the Executive the compensation set forth in Section 3 (a) (i), (ii) and (iii) earned and accrued by him prior to the date of termination. Upon such payment, the Company's obligations to the Executive shall terminate. The Executive shall not be entitled to any other compensation or other severance payment. (c) Termination of Employment by the Company or by Executive upon Lack of Agreement on Relocation. In the event of termination prior to the completion of the Original Employment Period by the Company or by Executive upon Lack of Agreement on Relocation (as defined in Section 4 (h)), Executive shall be entitled to all compensation and accrued benefits earned by him, including bonuses, prior to the date of termination as provided for in this Agreement, pro rata up to and including that date. In addition, if termination...
Sample 1
Benefits Upon Termination of Employment Period. Executive's employment by the Company shall terminate immediately upon Executive's receipt of written notice of termination by the Company, upon the Company's receipt of written notice of termination by Executive, or upon Executive's death or permanent disability. "Permanent disability" shall mean any medically determinable physical or mental impairment which can be expected to result in death or which has lasted or can be expected to last for a continuous period of not less than 12 months and which renders Executive unable to perform effectively the duties and responsibilities of his office. Except in connection with a termination for Cause (as defined in Subsection 1.2), or on account of permanent disability (as defined above), or a voluntary termination by Executive for other than Good Reason (as defined in Subsection 1.3), upon execution by Executive of an effective release of claims substantially in the form attached as Exhibit A as shall be finally determined by the Company, the Company shall provide Executive with termination benefits upon termination of the Employment Period, as follows:
Sample 1
Benefits Upon Termination of Employment Period. (a) Termination of Employment by Death, Disability, or By Executive For Good Reason. In the event of termination prior to the completion of the Original Employment Period by the Company as a result of Executive's death or disability or, by the Executive for Good Reason (as defined in Section 4(e)), Executive shall be entitled to all compensation and accrued benefits earned by her, including bonuses, prior to the date of termination as provided for in this Agreement, pro rata up to and including that date, together with an amount equal to the greater of six (6) months salary or the balance of salary remaining in the Original Employment Period, as full and complete severance compensation. Thereafter, the Company's obligations to the Executive shall terminate. Furthermore, to the extent permitted by applicable laws and the Plan, all stock options granted to Executive in connection with this Agreement shall become immediately and fully exercisable. (b) Termination of Employment by Company for Cause or by Executive for Other Than Good Reason. In the event of termination prior to the completion of the Original Employment Period by the Company for Cause or by Executive other than for Good Reason, the Company shall pay to the Executive the compensation set forth in Section 3(a)(i) earned by her prior to the date of termination. Upon such payment, the Company's obligations to the Executive shall terminate. The Executive shall not be entitled to any other compensation or other severance payment, including those set forth in Section 1(b). Thereafter, the Executive's obligations to the Company, except those set forth in Section 6, shall terminate. Furthermore, to the extent permitted
Sample 1
Benefits Upon Termination of Employment Period. (a) Termination of Employment by Disability, by the Company without Cause or by Executive for Good Reason. In the event of termination prior to the completion of the Original Employment Period by the Company as a result of Executive's Disability or, by the Company without Cause, or by the Executive for Good Reason (as defined in Section 4(e)),
Sample 1
Benefits Upon Termination of Employment Period. Executive's ---------------------------------------------- employment by the Company shall terminate immediately upon Executive's receipt of written notice by the Company, immediately upon the Company's receipt of written notice by Executive, or immediately upon Executive's death or Disability (as defined below). In the event of Executive's termination without Cause (as defined in Subsection 4.2) or Executive's termination of the Employment Period or the Extended Employment Period for Good Reason (as defined in Subsection 4.3), the Company shall provide Executive with termination benefits upon termination of the Employment Period or Extended Employment Period, as follows:
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Benefits Upon Termination of Employment Period 
Sample 1
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Related to Benefits Upon Termination of Employment Period

  • Benefits Upon Termination of Employment If the Executive is entitled to benefits pursuant to this Section 2, the Company agrees to pay or provide to the Executive as severance payment, the following: (i) A single lump sum payment, payable in cash within five days of the Termination Date (or if later, the Change of Control Date), equal to the sum of: (A) the accrued portion of any of the Executive's unpaid base salary and vacation through the Termination Date and any unpaid portion of the Executive's bonus for the prior fiscal year; plus (B) a portion of the Executive's bonus for the fiscal year in progress, prorated based upon the number of days elapsed since the commencement of the fiscal year and calculated assuming that 100% of the target under the bonus plan is achieved; plus (C) an amount equal to the Executive's Base Compensation times the Compensation Multiplier. (ii) Continuation, on the same basis as if the Executive continued to be employed by the Company, of Benefits for the Benefit Period commencing on the Termination Date. The Company's obligation hereunder with respect to the foregoing Benefits shall be limited to the extent that the Executive obtains any such benefits pursuant to a subsequent employer's benefit plans, in which case the Company may reduce the coverage of any Benefits it is required to provide the Executive hereunder as long as the aggregate coverages and benefits of the combined benefit plans is no less favorable to the Executive than the Benefits required to be provided hereunder. (iii) Outplacement services to be provided by an outplacement organization of national repute, which shall include the provision of office space and equipment (including telephone and personal computer) but in no event shall the Company be required to provide such services for a value exceeding 17% of the Executive's Base Compensation. (iv) Accelerated vesting of all outstanding stock options and of all previously granted restricted stock awards. (v) Target amounts that would have accrued under the MagneTek Shareholder Return Plan had the applicable period for each such target elapsed, calculated and paid, PRO RATA, for the actual period elapsed.

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

  • Payments Upon Termination of Employment (a) If during the Termination Period the employment of the Executive shall terminate, other than by reason of a Nonqualifying Termination, then the Company shall pay to the Executive (or the Executive's beneficiary or estate) within 30 days following the Date of Termination, as compensation for services rendered to the Company: (1) a cash amount equal to the sum of (i) the Executive's full annual base salary from the Company through the Date of Termination, to the extent not theretofore paid, (ii) the Executive's annual bonus in an amount at least equal to the highest annualized (for any fiscal year consisting of less than 12 full months or with respect to which the Executive has been employed by the Company for less than 12 full months) bonus paid or payable, including by reason of any deferral, to the Executive by the Company in respect of the three fiscal years of the Company (or such portion thereof during which the Executive performed services for the Company if the Executive shall have been employed by the Company for less than such three fiscal year period) immediately preceding the fiscal year in which the Change in Control occurs, multiplied by a fraction, the numerator of which is the number of days in the fiscal year in which the Change in Control occurs through the Date of Termination and the denominator of which is 365 or 366, as applicable, and (iii) any compensation previously deferred by the Executive (together with any interest and earnings thereon) and any accrued vacation pay, in each case to the extent not theretofore paid; plus (2) a lump-sum cash amount (subject to any applicable payroll or other taxes required to be withheld pursuant to Section 5) in an amount equal to (i) the Executive's highest annual base salary from the Company in effect during the 12-month period prior to the Date of Termination, plus (ii) the Executive's highest annualized (for any fiscal year consisting of less than 12 full months or with respect to which the Executive has been employed by the Company for less than 12 full months) bonus, paid or payable, including by reason of any deferral, to the Executive by the Company in respect of the five fiscal years of the Company (or such portion thereof during which the Executive performed services for the Company if the Executive shall have been employed by the Company for less than such five fiscal year period) immediately preceding the fiscal year in which the Change in Control occurs, provided, that any amount paid pursuant to this Section 3(a)(2) shall be paid in lieu of any other amount of severance relating to salary or bonus continuation to be received by the Executive upon termination of employment of the Executive under any severance agreement, plan, policy or arrangement of the Company. (b) For a period of eighteen months commencing on the Date of Termination, the Company shall continue to keep in full force and effect all policies of medical, accident, disability and life insurance with respect to the Executive and his dependents with the same level of coverage, upon the same terms and otherwise to the same extent as such policies shall have been in effect immediately prior to the Date of Termination and the Company shall pay all costs of the continuation of such insurance coverage. (c) For a period of twelve months commencing on the Date of Termination, the Executive shall receive outplacement assistance services from an outplacement agency selected by the Executive and the Company shall pay all costs of such services; provided that such costs shall not exceed $15,000 in the aggregate. (d) If during the Termination Period the employment of the Executive shall terminate by reason of a Nonqualifying Termination, then the Company shall pay to the Executive within 30 days following the Date of Termination, a cash amount equal to the sum of: (1) the Executive's full annual base salary from the Company through the Date of Termination, to the extent not theretofore paid, and (2) any compensation previously deferred by the Executive (together with any interest and earnings thereon) and any accrued vacation pay, in each case to the extent not theretofore paid.

  • Severance Compensation upon Termination of Employment 4.1 If the Executive’s employment with the Corporation or the Partnership shall be terminated (a) by the Corporation or Partnership other than for Cause or pursuant to Sections 3.6 or 3.7, or (b) by the Executive for Good Reason, then the Corporation and the Partnership shall: (i) pay to the Executive as severance pay, within five days after termination, a lump sum payment equal to 250% of the sum of the Executive’s annual salary at the rate applicable on the date of termination and the average of the Executive’s annual bonus for the preceding two full fiscal years; (ii) arrange to provide Executive, for a 12 month period (or such shorter period as Executive may elect), with disability, accident and health insurance substantially similar to those insurance benefits which Executive is receiving immediately prior to the date of termination to the extent obtainable upon reasonable terms; provided, however, if it is not so obtainable the Corporation shall pay to the Executive in cash the annual amount paid by the Corporation or the Partnership for such benefits during the previous year of the Executive’s employment. Benefits otherwise receivable by Executive pursuant to this Section 4.1(ii) shall be reduced to the extent comparable benefits are actually received by the Executive during such 12 month period following his termination (or such shorter period elected by the Executive), and any such benefits actually received by Executive shall be reported by the Executive to the Corporation; and (iii) any options granted to Executive to acquire common stock of the Corporation, any restricted shares of common stock of the Corporation issued to the Executive and any other awards granted to the Executive under any employee benefit plan that have not vested shall immediately vest on said termination. (a) The Executive shall not be required to mitigate damages or the amount of any payment provided for under this Agreement by seeking other employment or otherwise, nor, except to the extent provided in Section 4.1 above, shall the amount of any payment provided for under this Agreement be reduced by any compensation earned by the Executive as a result of employment by another employer or by insurance benefits after the date of termination, or otherwise. (b) The provisions of this Agreement, and any payment provided for hereunder, shall not reduce any amounts otherwise payable, or in any way diminish the Executive’s existing rights, or rights which would accrue solely as a result of the passage of time, under any benefit plan of the Corporation or Partnership, or other contract, plan or arrangement.

  • Termination of Employment Period The Agreement Term shall terminate upon the occurrence of any of the following:

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

  • Other Termination of Employment In the event of your voluntary termination (other than a Retirement subject to Section 2(c) or a Qualifying Termination subject to Section 2(f)), or termination by the Company or a subsidiary of the Company for misconduct or other conduct deemed by the Company to be detrimental to the interests of the Company or a subsidiary of the Company, you shall forfeit all unvested RSUs on the date of termination.

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

  • Employment Termination Date The Employment Termination Date shall be as follows: (i) if the Executive’s employment is terminated by Executive’s death, the date of Executive’s death; (ii) if the Executive’s employment is terminated pursuant to any other provision of this Agreement, the date specified in the Notice of Termination (the “Employment Termination Date”).

  • Company Obligations Upon Termination of Employment During the Term of this Agreement, the Company shall have the following obligations upon the termination of the Executive’s employment with the Company as described in this Section 5:

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