Buy Out Provision. If the Employer terminates the Executive's employment because the business is sold, the Employer will pay to the Executive (1) the Executive's accrued salary and vacation, including the then unused accrued vacation, up to and including the date of termination and (2) the equivalent of two (2) years of the Executive's Base Salary, less applicable deductions and withholdings, pursuant to the Employer's standard pay periods and practices; provided, however, that such payments shall be deemed severance pay and not wages. Such payment shall be made to the Executive as soon as administratively practicable after the termination of the Executive's employment, but no later than two weeks from the date the Executive's employment is so terminated. The Executive shall execute a release of all current or future claims, known or unknown, arising on or before the date of the release, against the Employer and its subsidiaries and the directors, officers, employees and affiliates of any of them, in a form approved by the Employer and (3) the Executive shall be entitled to all stock grants on section 4 which shall be issued upon termination.
Buy Out Provision. At the discretion of the Lessor, the Lessor may offer a buy-out option as of January 1, 2011; the optional fixed purchase price is $$13,375.00.
Buy Out Provision. As of December 1, 2008; the optional fixed purchase price is $12,000.00.
Buy Out Provision. Company may purchase at any time, all of the Intellectual Property covered by this License agreement for a purchase price equal to Net Revenues for the preceding 12 calendar months but such amount shall not be less than $1,500,000. For example, if the Net Revenues from the Intellectual Property covered by this License was $2,500,000 then the buy-out amount would be $2,500,000; however, if the Net Revenues from the Intellectual Property covered by this License was $500,000 then the buy-out amount would be $1,500,000
Buy Out Provision. (a) If the Employer terminates the Executive’s employment because the business is sold, the Employer will pay to the Executive (1) the Executive’s accrued salary and vacation, including the then unused accrued vacation, up to and including the date of termination and (2) the equivalent of one (1) year of the Executive’s Base Salary, less applicable deductions and withholdings, pursuant to the Employer’s standard pay periods and practices; provided, however, that such payments shall be deemed severance pay and not wages. Such payment shall be made to the Executive as soon as administratively practicable after the termination of the Executive’s employment, but no later than two weeks from the date the Executive’s employment is so terminated. The Executive shall execute a release of all current or future claims, known or unknown, arising on or before the date of the release, against the Employer and its subsidiaries and the directors, officers, employees and affiliates of any of them, in a form approved by the Employer and (3) the Executive shall be entitled to all stock grants on section 4 which shall be issued upon termination.
(b) In the event of a complete liquidation of the Company or the closing of an agreement for the sale or other disposition of all or substantially all of the assets of the Company for a sum of more than $350 million which the Company recognizes in cash. A change of control, solely to the extent required by Section 409A of the Internal Revenue Code of 1986 (“Section 409A”), shall be deemed to have occurred only if a change in the ownership or effective control of the Company or a change in ownership of a substantial portion of the assets of the Company shall also be deemed to have occurred under Section 409A. Affirmatively, the Executive shall be entitled to a percentage of the proceeds of the sale equal to ½ % which shall be payable upon the close of the sale. Said amount shall be over and above all other Company obligations in the Agreement. Notwithstanding the foregoing, a Change in Control shall not be deemed to occur solely because fifty percent (50%) or more of the combined voting power of the Company’s then outstanding securities is acquired by (i) a trustee or other fiduciary holding securities under one or more employee benefit plans maintained by the Company or any of its subsidiaries or (ii) any corporation which, immediately prior to such acquisition, is owned directly or indirectly by the shareholders of the Company in th...
Buy Out Provision. Company may purchase at any time, all of the Intellectual Property covered by this License agreement for $5,000,000.
Buy Out Provision. In the event the Agreement is terminated in accordance ----------------- with Section 10.1 or terminated by VCI in accordance with Section 10.2(b), Client shall pay VCI either of the following amounts (each a "Buy Out Amount") as applicable: (i) during the first twenty-four (24) months following the Effective Date of this Agreement, Five Hundred Thousand ($500,000) Dollars; or (ii) following such initial twenty-four (24) month period, the greater of Three Hundred and Fifty Thousand ($350,000) Dollars, or an amount that shall be equal to five (5) times the aggregate of the Advertising Revenue and E-Commerce Revenue received, accrued or earned by the Client in the twelve (12) months prior to such termination plus Twenty ($20) Dollars for each registered user on the Web Site as of the Exh. 4-2 time of such termination if termination occurs after the initial twenty-four (24) month period and before the completion of seventy-two (72) months, and Ten Dollars ($10) for each registered user if termination occurs any time thereafter, up to a maximum of Two and One-Half Million Dollars ($2,500,000). Notwithstanding the foregoing, the Client's obligation to pay to VCI such amount for each registered user shall apply only upon the sale of the registered user information by the Client and in no event shall the amount paid to VCI by the Client in consideration for the registered users on the Web site exceed more than Ten Percent (10%) of the gross proceeds received by the Client for the sale of its registered user base.
Buy Out Provision. The parties agree that should Employee and its physicians or principals desire to practice in violation of the noncompetition portions of this Non-Competition and Non-Disclosure Agreement, then they may request release therefrom from doing so in writing and by paying to the Employer money in the amount of all amounts paid to Employee by the Employer in the twelve (12) months immediately preceding the date this Non-Competition and Non-Disclosure Agreement would first become enforceable, including reimbursement for all benefits and continuing education paid.
Buy Out Provision. (a) If a Termination Notice is given pursuant to Article 12.2 hereof with respect to a Termination Event described in Articles 12.1.3 or 12.1.4, then unless otherwise agreed by the Parties that the provisions of this Article 12.4 shall not apply (in which case the Company shall either be sold on such terms and conditions agreed by the Parties at such time, or failing such agreement, liquidated), or (b) if a Termination Notice is given pursuant to Article 12.2 hereof with respect to a Termination Event described in 12.1.2 hereof and the Parties agree at the time such Termination Notice is given that the provisions of this Article 12.4 should apply to such Termination Event, the Party entitled to provide a notice of termination in Article 12.1 shall have the right to buy the other Party’s interest in the Company at its Fair Market Value.
Buy Out Provision. In the event National Life terminates the MASTER ADMINISTRATION AGREEMENT during the Initial Term other than for cause, National Life agrees to pay McCaxxxx xxxpensation set forth in Exhibit J attached hereto and designated as "Buy Out Compensation" in lieu of the Minimum Monthly Charge as set forth in Exhibit D to the MASTER ADMINISTRATION AGREEMENT.
