Common use of Certain Terminations by the Company or Executive Clause in Contracts

Certain Terminations by the Company or Executive. If Executive's ------------------------------------------------ Termination Date occurs during the Employment Period and is a result of Executive's termination of employment (A) by the Company for any reason other than Cause (and is not on account of Executive's death, Disability, or voluntary resignation, the mutual agreement of the parties or pursuant to paragraph 4(e)), (B) by Executive following the Company's breach of this Agreement in any material respect and failure to cure the breach within 30 days after notice thereof from Executive, or (C) by Executive within 60 days after the Company relocates its principal place of business outside of the greater Chicago metropolitan area, then, except as described in paragraph 4(a) or as agreed in writing between Executive and the Company, Executive shall be entitled to the following payments and benefits: (i) continuing payments of Executive's Annual Base Salary (payable in accordance with paragraph 3(a)), (ii) continuation of health benefits for Executive and Executive's dependents at a cost which is no greater than is charged to active employees of the Company and their dependents, which continuing health benefits shall be in addition to, and not part of, any health benefits required to be provided to Executive and Executive's dependents under Section 4980B of the Code; (iii) a lump sum payment equal to the Target Incentive Bonus, and (iv) continued vesting of any unvested stock options, provided that the payments and benefits contemplated by the immediately preceding items (i), (ii) and (iv) shall commence on Executive's Termination Date and end on the earlier of (I) the first anniversary of Executive's Termination Date, or (II) the date on which Executive violates the provisions of paragraphs 5 or 6 of this Agreement. Notice by the Company that the term of this Agreement will not be renewed will not result in Executive being eligible for any payments or benefits contemplated by this paragraph 4(d).

Appears in 6 contracts

Samples: Employment Agreement (Ipcs Inc), Employment Agreement (Ipcs Inc), Employment Agreement (Ipcs Inc)

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Certain Terminations by the Company or Executive. If Executive's ------------------------------------------------ Termination Date occurs during the Employment Period and is a result of Executive's termination of employment (A) by the Company for any reason other than Cause (and is not on account of Executive's death, Disability, or voluntary resignation, the mutual agreement of the parties or pursuant to paragraph 4(e)), (B) by Executive following the Company's breach of this Agreement in any material respect and failure to cure the breach within 30 days after notice thereof from Executive, or (C) by Executive within 60 days after the Company relocates its principal place of business outside of the greater Chicago metropolitan area, then, except as described in paragraph 4(a) or as agreed in writing between Executive and the Company, Executive shall be entitled to the following payments and benefits: (i) continuing payments of Executive's Annual Base Salary (payable in accordance with paragraph 3(a)), (ii) continuation of health benefits for Executive and Executive's dependents at a cost which is no greater than is charged to active employees of the Company and their dependents, which continuing health benefits shall be in addition to, and not part of, any health benefits required to be provided to Executive and Executive's dependents under Section 4980B of the Code; (iii) a lump sum payment equal to the Target Incentive Bonus, and (iv) continued vesting of any unvested stock options, provided that the payments and benefits contemplated by the immediately preceding items (i), (ii) and (iv) shall commence on Executive's Termination Date and end on the earlier of (I) the first anniversary of Executive's Termination Date, or (II) the date on which Executive violates the provisions of paragraphs 5 or 6 of this Agreement. Notice by the Company that the term of this Agreement will not be renewed will not result in Executive being eligible for any payments or benefits contemplated by this paragraph 4(d).

Appears in 1 contract

Samples: Employment Agreement (Ipcs Inc)

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Certain Terminations by the Company or Executive. If Executive's ------------------------------------------------ Termination Date occurs during the Employment Period and is a result of Executive's termination of employment (A) by the Company for any reason other than Cause (and is not on account of Executive's death, Disability, or voluntary resignation, the mutual agreement of the parties or pursuant to paragraph 4(e)), (B) by Executive following the Company's breach of this Agreement in any material respect and failure to cure the breach within 30 days after notice thereof from Executive, or (C) by Executive within 60 days after the Company relocates its the principal place of business outside of the greater Chicago metropolitan areafor its accounting functions more than 50 miles from Geneseo, Illinois, then, except as described in paragraph 4(a) or as agreed in writing between Executive and the Company, Executive shall be entitled to the following payments and benefits: (i) continuing payments of Executive's Annual Base Salary (payable in accordance with paragraph 3(a)), (ii) continuation of health benefits for Executive and Executive's dependents at a cost which is no greater than is charged to active employees of the Company and their dependents, which continuing health benefits shall be in addition to, and not part of, any health benefits required to be provided to Executive and Executive's dependents under Section 4980B of the Code; (iii) a lump sum payment equal to the Target Incentive Bonus, and (iv) continued vesting of any unvested stock options, provided that the payments and benefits contemplated by the immediately preceding items (i), (ii) and (iv) shall commence on Executive's Termination Date and end on the earlier of (I) the first anniversary of Executive's Termination Date, or (II) the date on which Executive violates the provisions of paragraphs 5 or 6 of this Agreement. Notice by the Company that the term of this Agreement will not be renewed will not result in Executive being eligible for any payments or benefits contemplated by this paragraph 4(d).

Appears in 1 contract

Samples: Employment Agreement (Ipcs Inc)

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