Common use of Compensation Following Termination Clause in Contracts

Compensation Following Termination. (a) If Employee's employment is terminated by Employer for cause, or by Employee other than pursuant to Section 9.4, Employer shall pay Employee/Employee's then current base salary through the date employment is terminated, and Employer shall have no further obligations to Employee under this Employment Agreement. (b) If Employee's employment is terminated by Employer other than for cause, or by Employee pursuant Section 9.4, Employer shall pay Employee Employee's then current base salary through the date employment is terminated and any legal fees and expenses incurred by Employee to enforce Employee's rights under this Employment Agreement. In addition, Employer shall pay Employee as liquidated damages an amount equal to the sum of Employee's then current annual base salary plus the annualized amount of incentive compensation paid to Employee within the last year before the date Employee's employment was terminated, multiplied by the number of full and partial years remaining in the term of this Employment Agreement. (c) If Employee's employment is terminated by Employer other than for cause, or by Employee pursuant Section 9.4, Employer shall pay Employee Employee's then current base salary through the date employment is terminated and any legal fees and expenses incurred by Employee to enforce Employee's rights under this Employment Agreement. In addition, Employer shall pay Employee as liquidated damages an amount equal to the sum of Employee's then current annual base salary plus the annualized amount of incentive compensation paid to Employee within the last year before the date Employee's employment was terminated, multiplied by the greater of (i) the number of full and partial years remaining in the term of this Employment Agreement, or (ii) two years. In addition, all employee benefits according to sections 6 and 7 will be maintained for the greater of: (i) the number of full and partial years remaining in the term of this Employment Agreement, or (ii) two years. If by law any benefit cannot be maintained due to termination of employment, the cash value of said benefit will be paid to Employee in a lump sum payment within 15 days after termination of said benefit.

Appears in 2 contracts

Samples: Employment Agreement, Employment Agreement (Celsius Holdings, Inc.)

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Compensation Following Termination. (a) If EmployeeExecutive's employment terminates because of Executive's death, the Company shall pay a lump sum death benefit to the person or persons designated in a written notice filed with Company by Executive or, if no person has been designated, to Executive's estate. The amount of the lump sum death benefit will equal the amount of Executive's then current base salary plus the amount of incentive compensation paid Executive most recently prior to Executive's death, multiplied by the number of full and partial years that Executive was employed by Company. This lump sum death benefit shall be in addition to any other amounts that Executive's beneficiaries and estate may be entitled to receive under any employee benefit plan maintained by Company. (b) If Executive's employment is terminated by Employer Company for cause, or by Employee other than pursuant to Section 9.4, Employer Company shall pay Employee/Employeeto Executive Executive's then current base salary through the date employment is terminated, and Employer Company shall have no further obligations to Employee Executive under this Employment Agreement. (bc) If EmployeeCompany terminates Executive's employment is terminated by Employer other than for cause, or by Employee pursuant Section 9.4, Employer Company shall pay Employee EmployeeExecutive Executive's then current base salary through the date employment is terminated and any legal fees and expenses incurred by Employee Executive to enforce EmployeeExecutive's rights under this Employment Agreement. In addition, Employer Company shall pay Employee Executive as liquidated damages an amount equal to the sum of EmployeeExecutive's then current annual base salary plus the annualized amount of incentive compensation paid to Employee within the last year Executive most recently before the date EmployeeExecutive's employment was terminated, multiplied by the number of full and partial years remaining in the term of this Employment AgreementAgreement (including extensions), and further multiplied by 50% percent if Executive's employment terminates during the year ending December 31, 1998, 75% percent if Executive's employment terminates during the year ending December 31, 1999, or 100% percent if Executive's employment terminates during the year ending December 31, 2000 or a subsequent year. (cd) If EmployeeExecutive's employment is terminated by Employer other than for causeExecutive in accordance with the provisions of this Agreement, or by Employee pursuant Section 9.4, Employer Company shall pay Employee Employee's then current base salary through the date employment is terminated and any legal fees and expenses incurred by Employee to enforce Employee's rights under this Employment Agreement. In addition, Employer shall Executive severance pay Employee as liquidated damages in an amount equal to the sum of EmployeeExecutive's then current annual base salary plus the annualized amount of incentive compensation paid to Employee within the last year Executive most recently before the date EmployeeExecutive's employment was terminated, multiplied by fifty percent (50%). (e) Company and Executive intend that no portion of the greater payments to Executive contingent on a change in control of Company be deemed a parachute payment, as that term is defined by Section 28OG(b)(2) of the Internal Revenue Code. Company and Executive agree that the present value (ias that term is defined by Section 28OG(d)(4) of the number Internal Revenue Code) of full and partial years remaining the termination payments contingent on a change in control of Company shall not exceed the term of this Employment Agreement, or (ii) two years. In addition, all employee benefits according amount that could cause the payments to sections 6 and 7 will be maintained for the greater of: (i) the number of full and partial years remaining in the term of this Employment Agreement, or (ii) two yearscharacterized as a parachute payment. If by law any benefit cannot be maintained due to termination of employment, the cash present value of said benefit will the payments to be paid made to Employee in Executive exceed the amount; that could cause the payments to be characterized as a lump sum payment within 15 days after termination parachute payment, then the amount of said benefitthose payments shall be reduced so that their present value equals one dollar less than the amount that would cause the payments to be characterized as a parachute payment.

Appears in 1 contract

Samples: Employment Agreement (Netwolves Corp)

Compensation Following Termination. (a) If Employee's the Executive’s employment is terminated by Employer for causeduring the Term as a result of his death or Disability, the Company shall promptly pay to the Executive or by Employee other than pursuant to Section 9.4the Executive’s estate, Employer shall pay Employee/Employee's as applicable, his then current base salary Base Salary and any accrued but unpaid Discretionary Bonus, the value of his accrued unused vacation days and expense reimbursement amounts through the date employment is terminated, of death or Disability. Any portion of the Options that are scheduled to vest by the end of the calendar year in which such termination occurs shall be accelerated and Employer vested as of the termination date. All Options that have not vested (or been vested pursuant to the immediately preceding sentence to have vested) as of the date of termination shall be deemed to have no further obligations to Employee under this Employment Agreementexpired as of such date. (b) If Employee's the Executive’s employment is terminated during the Term (i) by Employer other than the Company for causeCause or (ii) by the Executive in the absence of a Good Reason, or by Employee pursuant Section 9.4, Employer the Company shall pay Employee Employee's then current base salary continue paying to the Executive through the date employment is terminated and any legal fees and expenses incurred by Employee to enforce Employee's rights under this Employment Agreement. In addition, Employer shall pay Employee as liquidated damages an amount equal to the sum of Employee's termination his then current annual base salary plus Base Salary, the annualized amount value of incentive his accrued unused vacation days and expense reimbursement amounts (collectively, the “Accrued Compensation”), and the Executive shall have no further entitlement to any other compensation paid to Employee within or benefits from the last year before Company. Any portion of the Options that have not vested as of the date Employee's employment was terminated, multiplied by of termination shall be deemed to have expired as of such date. Any portion of Options that have vested as of the number date of full and partial years remaining in termination shall remain exercisable for a period of 90 days following the term date of this Employment Agreementsuch termination. (c) If Employee's the Executive’s employment is terminated during the Term by Employer other the Company (or its successor) upon the occurrence of a Change of Control and on the date of termination pursuant to this Section 9(c) the Fair Market Value (as defined herein) of the Company’s outstanding Common Stock, in the aggregate, is less than for cause$80,000,000, then the Company (or by Employee pursuant Section 9.4its successor, Employer as applicable) shall (i) pay Employee Employee's then current base salary the Executive the Accrued Compensation through the date employment is terminated of such termination and any legal fees and expenses incurred by Employee to enforce Employee's rights under this Employment Agreement. In addition, Employer shall pay Employee as liquidated damages an amount equal to the sum of Employee's then current annual base salary plus the annualized amount of incentive compensation paid to Employee within the last year before the date Employee's employment was terminated, multiplied by the greater of (i) the number of full and partial years remaining in the term of this Employment Agreement, or (ii) two yearscontinue to pay to the Executive his then current annualized Base Salary and provide him with the Fringe Benefits for a period of six months following the date of such termination. In addition, all employee benefits according All Options that are scheduled to sections 6 vest by the end of the calendar year in which such termination occurs shall be accelerated and 7 will deemed to have vested as of the termination date. Any Options that have vested (or been deemed pursuant to the immediately preceding sentence to have vested) as of the date of the Executive’s termination shall remain exercisable for a period of 90 days following the date of such termination. All Options that have not vested (or been deemed pursuant to the immediately preceding sentence to have vested) as of the date of termination shall be maintained deemed to have expired as of such date. “Fair Market Value” shall mean the average closing sale price of the Common Stock for the greater of: ten (i10) business days preceding the number Change of full and partial years remaining in Control, as quoted on a national securities exchange, the term of this Employment AgreementNasdaq Stock Market or the Over-the-Counter Bulletin Board, as applicable, or (ii) two years. If if the Common Stock is not then traded or quoted on any such stock exchange or stock market, then such price as determined in good faith by law any benefit cannot be maintained due to termination the Board on the date of employment, the cash value such Change of said benefit will be paid to Employee in a lump sum payment within 15 days after termination of said benefitControl.

Appears in 1 contract

Samples: Employment Agreement (Manhattan Pharmaceuticals Inc)

Compensation Following Termination. (a) If Employee's employment terminates because of Employee's death, Employer shall pay a lump sum death benefit to the person or persons designated in a written notice filed with Employer by Employee or, if no person has been designated, to Employee's estate. The amount of the lump sum death benefit will equal the amount of Employee's then current annual base salary plus the annualized amount of incentive compensation paid Employee most recently prior to Employee's death, multiplied by the number of full and partial years remaining in the term of this Employment Agreement, including extensions. This lump sum death benefit shall be in addition to any life insurance payable pursuant to Article 6 and/or any other amounts that Employee's beneficiaries and estate may be entitled to receive under any Employee benefit plan maintained by Employer. (b) If Employee's employment is terminated by Employer for cause, or by Employee other than pursuant to Section 9.4, Employer shall pay Employee/Employee's then current base salary through the date employment is terminated, and Employer shall have no further obligations to Employee under this Employment Agreement. (bc) If Employer terminates Employee's employment is terminated by Employer other than for cause, or by Employee pursuant Section 9.4, Employer shall pay Employee Employee's then current base salary through the date employment is terminated and any legal fees and expenses incurred by Employee to enforce Employee's rights under this Employment Agreement. In addition, Employer shall pay Employee as liquidated damages an amount equal to the sum of Employee's then current annual base salary plus the annualized amount of incentive compensation paid to Employee within the last year most recently before the date Employee's employment was terminated, multiplied by the number of full and partial years remaining in the term of this Employment Agreement, including extensions. (cd) If Employee's employment is terminated by Employer or Employee in accordance with the provisions of this Employment Agreement, in addition to all other than for cause, compensation or by Employee pursuant Section 9.4benefits provided hereunder, Employer shall pay Employee Employee's then current base salary through the date employment is terminated and any legal fees and expenses incurred by Employee to enforce Employee's rights under this Employment Agreement. In addition, Employer shall severance pay Employee as liquidated damages in an amount equal to the sum of Employee's then current annual base salary plus the annualized amount of incentive compensation paid to Employee within the last year most recently before the date Employee's employment was terminated, multiplied by a fraction, the greater numerator of (i) which shall be the number of full and partial years remaining in the term of employed pursuant to this Employment Agreement, or Agreement and the denominator of which shall be twenty (ii) two years. In addition, all employee benefits according to sections 6 and 7 will be maintained for the greater of: (i) the number of full and partial years remaining in the term of this Employment Agreement, or (ii) two years. If by law any benefit cannot be maintained due to termination of employment, the cash value of said benefit will be paid to Employee in a lump sum payment within 15 days after termination of said benefit20).

Appears in 1 contract

Samples: Employment Agreement (Onlinetradinginc Com Corp)

Compensation Following Termination. (a) If Employee's ’s employment terminates because of Employee’s death, Employer shall pay a lump sum death benefit to the person or persons designated in a written notice filed with Employer by Employee or, if no person has been designated, to Employee’s estate. The amount of the lump sum death benefit will equal the amount of Employee’s then current annual base salary plus the annualized amount of incentive compensation paid Employee most recently prior to Employee’s death, multiplied by the number of months remaining in the term of this Employment Agreement not to exceed two months. This lump sum death benefit shall be in addition to any life insurance payable pursuant to Article 6 and/or any other amounts that Employee’s beneficiaries and estate may be entitled to receive under any Employee benefit plan maintained by Employer. (b) If Employee’s employment is terminated by Employer for causeCause, or by Employee other than pursuant to Section 9.49.4(a), (b), or (c), Employer shall pay Employee Employee/Employee's ’s then current base salary through the date employment is terminated, and Employer shall have no further obligations to Employee under this Employment Agreement. (bc) If Employee's ’s employment is terminated by Employer other than for causeCause and prior to a Change of Control, or by Employee pursuant Section 9.49.4(a), Employer shall pay Employee Employee's ’s then current base salary through the date employment is terminated and any legal fees and expenses incurred by Employee to enforce Employee's rights under this Employment Agreementof termination. In addition, Employer shall pay Employee as liquidated damages an amount equal to the sum of Employee's then current annual base salary plus the annualized amount of incentive compensation paid to Employee within the last year before the date Employee's employment was terminated, multiplied by the number of full and partial years remaining in the term of this Employment Agreement. (c) If Employee's employment is terminated by Employer other than for cause, or by Employee pursuant Section 9.4, Employer shall pay Employee Employee's ’s then current base salary through over twelve months plus any approved and unpaid incentive bonus, in addition the date granting of 100,000 shares of Restricted Stock per Section 4.4 paragraph 3 of the addendum to employment is terminated agreement to be issued on March 1, 2017 will receive accelerated vesting and any legal fees and expenses incurred by Employee unvested shares will fully vest upon notice of termination; this time period hereafter referred to enforce Employee's rights under this Employment Agreement. In addition, Employer shall pay Employee as liquidated damages an amount equal to the sum of Employee's then current annual base salary plus the annualized amount of incentive compensation paid to Employee within the last year before the date Employee's employment was terminated, multiplied by the greater of (i) the number of full and partial years remaining in the term of this Employment Agreement, or (ii) two yearsLiquidated Damage Period. In addition, all employee benefits according to sections 6 and 7 will be maintained for through the greater of: (i) the number of full and partial years remaining in the term of this Employment Agreement, or (ii) two yearsLiquidated Damage Period. If by law any benefit cannot be maintained due to termination of employment, the cash value of said benefit will be paid to Employee over the Liquidated Damage Period. (d) As an incentive for the retention of Employee following a Change of Control or an event described in Section 9.4(b), if Employee’s employment is terminated by Employer without Cause and following a lump Change of Control, or by Employee pursuant to Section 9.4(b) Employer shall pay Employee’s then current base salary through the date employment is terminated and any legal fees and expenses incurred by Employee to enforce Employee’s rights under this Employment Agreement. In addition, Employer shall pay Employee as liquidated damages an amount equal to two times Employee’s then current annual base salary. (e) If Employee’s employment is terminated by Employee pursuant to Section 9.4(c) Employer shall pay Employee’s then current base salary through the date employment is terminated and any legal fees and expenses incurred by Employee to enforce Employee’s rights under this Employment Agreement. In addition, Employer shall pay Employee as liquidated damages an amount equal to the sum payment within 15 days after of Employee’s then current salary plus approved and unpaid incentive compensation from the date of termination of said benefitfor twelve months following.

Appears in 1 contract

Samples: Employment Agreement (Celsius Holdings, Inc.)

Compensation Following Termination. (a) If Employee's ’s employment is terminated by Employer for cause, or by Employee other than pursuant to Section 9.4, Employer shall pay Employee/Employee's ’s then current base salary through the date employment is terminated, and Employer shall have no further obligations to Employee under this Employment Agreement. (b) If Employee's ’s employment is terminated by Employer other than for cause, or by Employee pursuant Section 9.4, Employer shall pay Employee Employee's ’s then current base salary through the date employment is terminated and any legal fees and expenses incurred by Employee to enforce Employee's ’s rights under this Employment Agreement. In addition, Employer shall pay Employee as liquidated damages an amount equal to the sum of Employee's ’s then current annual base salary plus the annualized amount of incentive compensation paid to Employee within the last year before the date Employee's employment was terminated, multiplied by the number of full and partial years remaining in the term of this Employment Agreement. (c) If Employee's employment is terminated by Employer other than for cause, or by Employee pursuant Section 9.4, Employer shall pay Employee Employee's then current base salary through the date employment is terminated and any legal fees and expenses incurred by Employee to enforce Employee's rights under this Employment Agreement. In addition, Employer shall pay Employee as liquidated damages an amount equal to the sum of Employee's then current annual base salary plus the annualized amount of incentive compensation paid to Employee within the last year before the date Employee's ’s employment was terminated, multiplied by the greater of (i) the number of full and partial years remaining in the term of this Employment Agreement, or (ii) one year, or (iii) two years, if terminated by Employee pursuant to section 9.4 (a); this time period hereafter referred to as the Liquidated Damage Period. In addition, all employee benefits according to sections 6 and 7 will be maintained for the greater of: (i) the number of full and partial years remaining in the term of this Employment Agreement, or (ii) one year, or (iii) two years, if terminated by Employee pursuant to section 9.4 (a). If by law any benefit cannot be maintained due to termination of employment, the cash value of said benefit will be paid to Employee in a lump sum payment within 15 days after termination of said benefit.

Appears in 1 contract

Samples: Employment Agreement (Celsius Holdings, Inc.)

Compensation Following Termination. (a) If Employee's employment terminates because of Employee's death, Employer shall pay a lump sum death benefit to the person or persons designated in a written notice filed with Employer by Employee or, if no person has been designated, to Employee's estate. The amount of the lump sum death benefit will equal the amount of Employee's then current annual base salary plus the annualized amount of incentive compensation paid Employee most recently prior to Employee's death, multiplied by the number of full and partial years remaining in the term of this Employment Agreement, including extensions. This lump sum death benefit shall be in addition to any life insurance payable pursuant to Article 6 and/or any other amounts that Employee's beneficiaries and estate may be entitled to receive under any Employee benefit plan maintained by Employer. (b) If Employee's employment is terminated by Employer for cause, or by Employee other than pursuant to Section 9.4, Employer shall pay Employee/Employee's then current base salary through the date employment is terminated, and Employer shall have no further obligations to Employee under this Employment Agreement. (b) If Employee's employment is terminated by Employer other than for cause, or by Employee pursuant Section 9.4, Employer shall pay Employee Employee's then current base salary through the date employment is terminated and any legal fees and expenses incurred by Employee to enforce Employee's rights under this Employment Agreement. In addition, Employer shall pay Employee as liquidated damages an amount equal to the sum of Employee's then current annual base salary plus the annualized amount of incentive compensation paid to Employee within the last year before the date Employee's employment was terminated, multiplied by the number of full and partial years remaining in the term of this Employment Agreement. (c) If Employee's employment is terminated by Employer other than for cause, or by Employee pursuant Section 9.4, Employer shall pay Employee Employee's then current base salary through the date employment is terminated and any legal fees and expenses incurred by Employee to enforce Employee's rights under this Employment Agreement. In addition, Employer shall pay Employee as liquidated damages an amount equal to the sum of Employee's then current annual base salary plus the annualized amount of incentive compensation paid to Employee within the last year before the date Employee's employment was terminated, multiplied by the greater of (i) the number of full and partial years remaining in the term of this Employment Agreement, or (ii) two years. In addition, all employee benefits according to sections 6 and 7 will be maintained for the greater of: (i) the number of full and partial years remaining in the term of this Employment Agreement, or (ii) two years. If by law any benefit cannot be maintained due to termination of employment, the cash value of said benefit will be paid to Employee in a lump sum payment within 15 days after termination of said benefit.

Appears in 1 contract

Samples: Employment Agreement (Celsius Holdings, Inc.)

Compensation Following Termination. (a) If Employee's employment is terminated by Employer for cause, Cause or by Employee terminates his employment other than pursuant to for the reasons set forth in Section 9.48.4, Employer shall pay Employee/Employee's then current base salary through the date employment is terminated, and Employer shall have no further obligations to Employee under this Employment Agreement, except to pay benefits accrued under Employer's benefit plans through the date of termination (in accordance with the terms thereof) and to pay incentive payments earned prior to the termination date but payable after such date. (b) If Employer terminates Employee's employment is terminated by Employer other than for causeCause, or by if Employer's termination of Employee's employment for Cause is found to be without basis or in bad faith or if Employee terminates his employment pursuant to Section 9.48.4(b), (c) or (d), Employer shall pay Employee Employee's then current base salary through the date employment is terminated and any legal fees and expenses incurred by Employee to enforce Employee's rights under this Employment Agreement. In addition, Employer shall pay Employee as liquidated damages an amount equal to the sum of Employee's then current annual base salary plus the annualized amount of incentive compensation paid to Employee within the last year most recently before the date Employee's employment was terminated, divided by 12 and then multiplied by the number of full and partial years remaining in the term of this Employment Agreement. (c) If Employee's employment is terminated by Employer other than for cause, or by Employee pursuant Section 9.4, Employer shall pay Employee Employee's then current base salary through the date employment is terminated and any legal fees and expenses incurred by Employee to enforce Employee's rights under this Employment Agreement. In addition, Employer shall pay Employee as liquidated damages an amount equal to the sum of Employee's then current annual base salary plus the annualized amount of incentive compensation paid to Employee within the last year before the date Employee's employment was terminated, multiplied by the greater of (i) the number of full and partial years months remaining in the term of this Employment Agreement, or (ii) two yearsincluding extensions. In addition, all employee Employer shall pay benefits according accrued under Employer's benefit plans through the date of termination (in accordance with the terms thereof) and to sections 6 and 7 will be maintained for pay incentive payments earned prior to the greater of: (i) the number of full and partial years remaining in the term of this Employment Agreement, or (ii) two years. If by law any benefit cannot be maintained due to termination of employment, the cash value of said benefit will be paid to Employee in a lump sum payment within 15 days date but payable after termination of said benefitsuch date.

Appears in 1 contract

Samples: Employment Agreement (Onlinetradinginc Com Corp)

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Compensation Following Termination. (a) If Employee's ’s employment terminates because of Employee’s death, Employer shall pay a lump sum death benefit to the person or persons designated in a written notice filed with Employer by Employee or, if no person has been designated, to Employee’s estate. The amount of the lump sum death benefit will equal the amount of Employee’s then current annual base salary plus the annualized amount of incentive compensation paid Employee most recently prior to Employee’s death, multiplied by the number of full and partial years remaining in the term of this Employment Agreement, including extensions. This lump sum death benefit shall be in addition to any life insurance payable pursuant to Article 6 and/or any other amounts that Employee’s beneficiaries and estate may be entitled to receive under any Employee benefit plan maintained by Employer. (b) If Employee’s employment is terminated by Employer for cause, or by Employee other than pursuant to Section 9.4, Employer shall pay Employee/Employee's ’s then current base salary through the date employment is terminated, and Employer shall have no further obligations to Employee under this Employment Agreement. (bc) If Employee's ’s employment is terminated by Employer other than for cause, or by Employee pursuant Section 9.4, Employer shall pay Employee Employee's ’s then current base salary through the date employment is terminated and any legal fees and expenses incurred by Employee to enforce Employee's ’s rights under this Employment Agreement. In addition, Employer shall pay Employee as liquidated damages an amount equal to the sum of Employee's ’s then current annual base salary plus the annualized amount of incentive compensation paid to Employee within the last year before the date Employee's employment was terminated, multiplied by the number of full and partial years remaining in the term of this Employment Agreement. (c) If Employee's employment is terminated by Employer other than for cause, or by Employee pursuant Section 9.4, Employer shall pay Employee Employee's then current base salary through the date employment is terminated and any legal fees and expenses incurred by Employee to enforce Employee's rights under this Employment Agreement. In addition, Employer shall pay Employee as liquidated damages an amount equal to the sum of Employee's then current annual base salary plus the annualized amount of incentive compensation paid to Employee within the last year before the date Employee's ’s employment was terminated, multiplied by the greater of (i) the number of full and partial years remaining in the term of this Employment Agreement, or (ii) two one year; this time period hereafter referred to as the Liquidated Damage Period; provided, that the Liquidated Damage Period shall not be greater than the amount of time Employee has been employed (e.g., if Employee has been employed for 8 months at the time of termination, the Liquidated Damage Period would be 8 months). Notwithstanding the foregoing, if the Agreement is terminated by Employee pursuant to section 9.4 (a), then the Liquidated Damage Period shall be 2 (two) years. In addition, all employee benefits according to sections 6 and 7 will be maintained for during the greater of: (i) the number of full and partial years remaining in the term of this Employment Agreement, or (ii) two yearsLiquidated Damage Period. If by law any benefit cannot be maintained due to termination of employment, the cash value of said benefit will be paid to Employee in a lump sum payment within 15 days after termination of said benefit.

Appears in 1 contract

Samples: Employment Agreement (Celsius Holdings, Inc.)

Compensation Following Termination. (a) If Employee's ’s employment terminates because of Employee’s death, Employer shall pay a lump sum death benefit to the person or persons designated in a written notice filed with Employer by Employee or, if no person has been designated, to Employee’s estate. The amount of the lump sum death benefit will equal the amount of Employee’s then current annual base salary plus the annualized amount of incentive compensation paid Employee most recently prior to Employee’s death, multiplied by the number of full and partial years remaining in the term of this Employment Agreement, including extensions. This lump sum death benefit shall be in addition to any life insurance payable pursuant to Article 6 and/or any other amounts that Employee’s beneficiaries and estate may be entitled to receive under any Employee benefit plan maintained by Employer. (b) If Employee’s employment is terminated by Employer for cause, or by Employee other than pursuant to Section 9.4, Employer shall pay Employee/Employee's ’s then current base salary through the date employment is terminated, and Employer shall have no further obligations to Employee under this Employment Agreement. (bc) If Employee's ’s employment is terminated by Employer other than for cause, or by Employee pursuant Section 9.4, Employer shall pay Employee Employee's ’s then current base salary through the date employment is terminated and any legal fees and expenses incurred by Employee to enforce Employee's ’s rights under this Employment Agreement. In addition, Employer shall pay Employee as liquidated damages an amount equal to the sum of Employee's ’s then current annual base salary plus the annualized amount of incentive compensation paid to Employee within the last year before the date Employee's employment was terminated, multiplied by the number of full and partial years remaining in the term of this Employment Agreement. (c) If Employee's employment is terminated by Employer other than for cause, or by Employee pursuant Section 9.4, Employer shall pay Employee Employee's then current base salary through the date employment is terminated and any legal fees and expenses incurred by Employee to enforce Employee's rights under this Employment Agreement. In addition, Employer shall pay Employee as liquidated damages an amount equal to the sum of Employee's then current annual base salary plus the annualized amount of incentive compensation paid to Employee within the last year before the date Employee's ’s employment was terminated, multiplied by the greater of (i) the number of full and partial years remaining in the term of this Employment Agreement, or (ii) one year, or (iii) two years, if terminated by Employee pursuant to section 9.4 (a); this time period hereafter referred to as the Liquidated Damage Period. In addition, all employee benefits according to sections 6 and 7 will be maintained for the greater of: (i) the number of full and partial years remaining in the term of this Employment Agreement, or (ii) one year, or (iii) two years, if terminated by Employee pursuant to section 9.4 (a). If by law any benefit cannot be maintained due to termination of employment, the cash value of said benefit will be paid to Employee in a lump sum payment within 15 days after termination of said benefit.

Appears in 1 contract

Samples: Employment Agreement (Celsius Holdings, Inc.)

Compensation Following Termination. (a) If Employee's ’s employment is terminated by Employer for cause, or by Employee other than pursuant to Section 9.4, Employer shall pay Employee/Employee's ’s then current base salary through the date employment is terminated, and Employer shall have no further obligations to Employee under this Employment Agreement. (b) If Employee's ’s employment is terminated by Employer other than for cause, or by Employee pursuant Section 9.4, Employer shall pay Employee Employee's ’s then current base salary through the date employment is terminated and any legal fees and expenses incurred by Employee to enforce Employee's ’s rights under this Employment Agreement. In addition, Employer shall pay Employee as liquidated damages an amount equal to the sum of Employee's ’s then current annual base salary plus the annualized amount of incentive compensation paid to Employee within the last year before the date Employee's ’s employment was terminated, multiplied divided by the number of full and partial years remaining in the term of this Employment Agreement. (c) If Employee's employment is terminated by Employer other than for cause, or by Employee pursuant Section 9.4, Employer shall pay Employee Employee's then current base salary through the date employment is terminated and any legal fees and expenses incurred by Employee to enforce Employee's rights under this Employment Agreement. In addition, Employer shall pay Employee as liquidated damages an amount equal to the sum of Employee's then current annual base salary plus the annualized amount of incentive compensation paid to Employee within the last year before the date Employee's employment was terminated, twelve multiplied by the greater of (i) the number of full and partial years months remaining in the term of this Employment Agreement, or (ii) two yearsthree months, or (iii) six months, if terminated by Employee pursuant to section 9.4 (a); this time period hereafter referred to as the Liquidated Damage Period. In addition, all employee benefits according to sections 6 and 7 will be maintained for the greater of: (i) the number of full and partial years remaining in the term of this Employment Agreement, or (ii) two yearsthree months, or (iii) six months, if terminated by Employee pursuant to section 9.4 (a). If by law any benefit cannot be maintained due to termination of employment, the cash value of said benefit will be paid to Employee in a lump sum payment within 15 days after termination of said benefit.

Appears in 1 contract

Samples: Employment Agreement (Celsius Holdings, Inc.)

Compensation Following Termination. (a) If Employee's employment is terminated by Employer for cause, or by Employee other than pursuant to Section 9.4, Employer shall pay Employee/Employee's then current base salary through the date employment is terminated, and Employer shall have no further obligations to Employee under this Employment Agreement. (b) If Employee's employment is terminated by Employer other than for cause, or by Employee pursuant Section 9.4, Employer shall pay Employee Employee's then current base salary through the date employment is terminated and any legal fees and expenses incurred by Employee to enforce Employee's rights under this Employment Agreement. In addition, Employer shall pay Employee as liquidated damages an amount equal to the sum of Employee's then current annual base salary plus the annualized amount of incentive compensation paid to Employee within the last year before the date Employee's employment was terminated, multiplied by the number of full and partial years remaining in the term of this Employment Agreement. (c) If Employee's employment is terminated by Employer other than for cause, or by Employee pursuant Section 9.4, Employer shall pay Employee Employee's then current base salary through the date employment is terminated and any legal fees and expenses incurred by Employee to enforce Employee's rights under this Employment Agreement. In addition, Employer shall pay Employee as liquidated damages an amount equal to the sum of Employee's then current annual base salary plus the annualized amount of incentive compensation paid to Employee within the last year before the date Employee's employment was terminated, multiplied by the greater of (i) the number of full and partial years remaining in the term of this Employment Agreement, or (ii) two years. In addition, all employee benefits according to sections 6 and 7 will be maintained for the greater of: (i) the number of full and partial years remaining in the term of this Employment Agreement, or (ii) two years. If by law any benefit cannot be maintained due to termination of employment, the cash value of said benefit will be paid to Employee in a lump sum payment within 15 days after termination of said benefit.

Appears in 1 contract

Samples: Employment Agreement (Celsius Holdings, Inc.)

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