Common use of Certain Other Terminations Clause in Contracts

Certain Other Terminations. If the Employment Period is terminated by Employer for Cause or on account of Employee's Disability pursuant to the provisions of Sections 5.2 or 5.4, or by death, pursuant to the provisions of Section 5.5, Employer shall pay to Employee, within thirty (30) calendar days of the date of termination, Employee's Base Salary through the date of termination and a pro-rated share of the discretionary bonus if already determined. In the event that the Employment Period is terminated by Employer on account of Disability pursuant to the provisions of Section 5.4 or on account of death pursuant to the provisions of Section 5.5 and provided Employee has been employed for at least six months during the year of termination, Employer shall also pay to Employee a portion of a bonus for the year of termination based upon the bonus paid, if any, for the immediately preceding year prorated through the date of termination. Employer shall have no obligation to continue any other benefits provided for in Section 4 past the date of termination.

Appears in 2 contracts

Samples: Employment Agreement (Ameritrans Capital Corp), Employment Agreement (Ameritrans Capital Corp)

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Certain Other Terminations. If the Employment Period is terminated by Employer for Cause or on account of EmployeeExecutive's Disability pursuant to the provisions of Sections 5.2 or 5.4Section 5(d), or by death, pursuant to the provisions of Section 5.55(e), Employer shall pay to EmployeeExecutive, within thirty (30) calendar days of the date of termination, EmployeeExecutive's Base Salary through the date of termination and a pro-rated share of the discretionary bonus if already determined. In the event that the Employment Period is terminated by Employer on account of Disability pursuant to the provisions of Section 5.4 5(d) or on account of death pursuant to the provisions of Section 5.5 5(e) and provided Employee Executive has been employed for at least six (6) months during the year of termination, Employer shall also pay to Employee Executive a portion of a bonus for the year of termination based upon the bonus paid, if any, for the immediately preceding year prorated through the date of termination. Employer shall have no obligation to continue any other benefits provided for in Section 4 past the date of termination.

Appears in 1 contract

Samples: Employment Agreement (Ameritrans Capital Corp)

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Certain Other Terminations. If the Employment Period is terminated by Employer for Cause or on account of EmployeeExecutive's Disability pursuant to the provisions of Sections 5.2 or 5.4Section 5(d), or by death, pursuant to the provisions of Section 5.55(e), Employer shall pay to EmployeeExecutive, within thirty (30) calendar days of the date of termination, EmployeeExecutive's Base Salary and requisite annual bonus through the date of termination and a pro-rated share of the discretionary bonus if already determined. In the event that the Employment Period is terminated by Employer on account of Disability pursuant to the provisions of Section 5.4 5(d) or on account of death pursuant to the provisions of Section 5.5 5(e) and provided Employee Executive has been employed for at least six months during the year of termination, Employer shall also pay to Employee Executive a portion of a bonus for the year of termination based upon the bonus paid, if any, for the immediately preceding year prorated through the date of termination. Employer shall have no obligation to continue any other benefits provided for in Section 4 past the date of termination.

Appears in 1 contract

Samples: Employment Agreement (Ameritrans Capital Corp)

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