Common use of Company Termination Without Cause Clause in Contracts

Company Termination Without Cause. If the Company wishes to terminate Executive’s employment under this Agreement for a reason other than “Cause” (as defined in subsection g, below), or death or Disability (as defined in subsection e, above), the Company shall provide to Executive written notice of such intent at least one (1) year before the intended termination date. During the period from such written notice through the later of (i) the first anniversary of the date on which such written notice was provided or (ii) the second anniversary of the Effective Date (i.e., the end of the initial term of this Agreement), Executive shall continue to be paid his base salary and other compensation required by Section 3, above; provided, however, that if Executive’s employment terminates before the end of such period, his right to continued salary and other compensation shall be subject to the Six-Month Delay Rule described in Section 7.c, below, and the provisions of Section 7.g (Cash in Lieu of Benefits), below. Executive shall continue to be eligible for annual incentive payments after the Company has provided notice of its intent to terminate Executive’s employment hereunder. Any annual incentive payments due shall be paid at the end of the performance period, at the time prescribed by the Incentive Plan, based on (and subject to) actual achievement of the applicable performance goals and pro-rated if Executive’s employment terminates before the end of the performance period.

Appears in 1 contract

Samples: Employment Agreement (Avnet Inc)

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Company Termination Without Cause. If the Company wishes to terminate Executive’s employment under this Agreement for a reason other than “Cause” (as defined in subsection g, below), or death or Disability (as defined in subsection e, above), the Company shall provide to Executive written notice of such intent at least one ninety (190) year days before the intended termination date. During the period from such written notice through the later of (i) the first anniversary last day of the date on which such written ninety (90) day notice was provided period or (ii) the second anniversary last day of the Effective Date (i.e.Company’s fiscal year beginning on July 3, the end of the initial term of this Agreement)2011, Executive shall continue to be paid his base salary and other compensation required by Section 3, above; provided, however, that if Executive’s employment terminates before the end of such period, his right to continued salary and other compensation shall be subject to the Six-Month Delay Rule described in Section 7.c, below, and the provisions of Section 7.g (Cash in Lieu of Benefits), below. Executive shall continue to be eligible for annual incentive payments after the Company has provided notice of its intent to terminate Executive’s employment hereunder. Any annual incentive payments due shall be paid at the end of the performance period, at the time prescribed by the Incentive Plan, based on (and subject to) actual achievement of the applicable performance goals and pro-rated if Executive’s employment terminates before the end of the performance period.

Appears in 1 contract

Samples: Employment Agreement (Avnet Inc)

Company Termination Without Cause. If the Company wishes to terminate Executive’s employment under this Agreement for a reason other than “Cause” (as defined in subsection g, below), or death or Disability (as defined in subsection e, above), the Company shall provide to Executive written notice of such intent at least one ninety (190) year days before the intended termination date. During the period from such written notice through the later of (i) the first anniversary of the date on which such written notice was provided or (ii) the second anniversary of the Effective Date (i.e., the end of the initial term of this Agreement)provided, Executive shall continue to be paid his base salary and other compensation required by Section 3, above, each at a rate no less than the rate in effect immediately before the notice date; provided, however, that if (i) Executive’s employment terminates before the end of such period, his right to continued salary and other compensation shall be subject to the Six-Month Delay Rule described in Section 7.c, below, and the provisions of Section 7.g (Cash in Lieu of Benefits), below, and (ii) if Executive’s employment terminates before the first anniversary of his start date with the Company, the Company shall make the payments required by this subsection f within ten days after his termination date. Executive shall continue to be eligible for annual incentive payments after the Company has provided notice of its intent to terminate Executive’s employment hereunder. Any annual incentive payments due shall be paid at the end of the performance period, at the time prescribed by the Incentive Plan, based on (and subject to) actual achievement of the applicable performance goals and pro-rated if Executive’s employment terminates before the end of the performance period.

Appears in 1 contract

Samples: Employment Agreement (Avnet Inc)

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Company Termination Without Cause. If the Company wishes to terminate Executive’s 's employment under this Agreement for a reason other than “Cause” (as defined in subsection g, below), or death or Disability (as defined in subsection e, above), the Company shall provide to Executive written notice of such intent at least one (1) year before the intended termination date. During the period from such written notice through the later of (i) the first anniversary of the date on which such written notice was provided or (ii) the second anniversary of the Effective Date (i.e., the end of the initial term of this Agreement)provided, Executive shall continue to be paid his her base salary and other compensation required by Section 3, above, each at a rate no less than the rate in effect immediately before the notice date; provided, however, that if Executive’s 's employment terminates before the end of such period, his her right to continued salary and other compensation shall be subject to the Six-Month Delay Rule described in Section 7.c, below, and the provisions of Section 7.g (Cash in Lieu of Benefits), below. Executive shall continue to be eligible for annual incentive payments after the Company has provided notice of its intent to terminate Executive’s 's employment hereunder. Any annual incentive payments due shall be paid at the end of the performance period, at the time prescribed by the Incentive Plan, based on (and subject to) actual achievement of the applicable performance goals and pro-rated if Executive’s 's employment terminates before the end of the performance period.

Appears in 1 contract

Samples: Employment Agreement (Avnet Inc)

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