Common use of Consequences of Termination of Employment Clause in Contracts

Consequences of Termination of Employment. (a) DEATH, DISABILITY, VOLUNTARY RESIGNATION WITHOUT GOOD REASON, RETIREMENT, FOR CAUSE, NONEXTENSION OF THE EMPLOYMENT TERM BY EXECUTIVE. If Executive's employment and the Employment Term are terminated by reason of (i) Executive's death or Disability, (ii) by Executive without Good Reason or as a result of a notice of Nonextension of the Employment Term by Executive or (iii) by the Company for Cause or pursuant to Section 7(a)(vi) hereof, the employment period under this Agreement shall terminate without further obligations to Executive or Executive's legal representatives under this Agreement except for: (i) any Base Salary earned but unpaid, any accrued but unused vacation pay payable pursuant to the Company's policies, and any unreimbursed business expenses payable pursuant to Section 6 (collectively "Accrued Amounts") and any unpaid Signing Bonus payable in accordance with Section 4(c) hereof (which, amounts shall, in the event of Executive's death, be promptly paid in a lump sum to Executive's estate) and (ii) any other amounts or benefits owing to Executive under the then applicable employee benefit plans, long term incentive plans or equity plans and programs of the Company which shall be paid in accordance with such plans and programs.

Appears in 1 contract

Samples: Employment Agreement (Us Industries Inc /De)

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Consequences of Termination of Employment. (a) DEATH, DISABILITY, VOLUNTARY RESIGNATION WITHOUT GOOD REASON, RETIREMENT, FOR CAUSE, NONEXTENSION OF THE EMPLOYMENT TERM BY EXECUTIVE. If Executive's employment and the Employment Term are terminated by reason of (i) Executive's death or Disability, (ii) by Executive without Good Reason or as a result of a notice of Nonextension nonextension of the Employment Term by Executive or (iii) by the Company for Cause or pursuant to Section 7(a)(vi) hereof, the employment period Employment Term under this Agreement shall terminate without further obligations to Executive or Executive's legal representatives under this Agreement except for: (i) any Base Salary earned but unpaid, any accrued but unused vacation pay payable pursuant to the Company's policies, and any unreimbursed business expenses payable pursuant to Section 6 (collectively "Accrued Amounts") and any unpaid Signing Bonus payable in accordance with Section 4(c) hereof (which, amounts shall, in the event of Executive's death, be promptly paid in a lump sum to Executive's estate) and (ii) any other amounts or benefits owing to Executive under the then applicable employee benefit plans, long term incentive plans or equity plans and programs of the Company which shall be paid in accordance with such plans and programs. (b) TERMINATION BY EXECUTIVE FOR GOOD REASON, TERMINATION BY THE COMPANY WITHOUT CAUSE, OR NONEXTENSION OF THE

Appears in 1 contract

Samples: Employment Agreement (Us Industries Inc /De)

Consequences of Termination of Employment. (a) DEATH, DISABILITY, VOLUNTARY RESIGNATION WITHOUT GOOD REASON, RETIREMENT, FOR CAUSE, NONEXTENSION OF THE EMPLOYMENT TERM BY EXECUTIVE. If Executive's ’s employment and the Employment Term are terminated (i) by reason of (i) Executive's ’s death or Disability, (ii) by Executive without Good Reason or as a result of a notice of Nonextension of the Employment Term by Executive or (iii) by the Company for Cause or pursuant to Section 7(a)(vi) hereofCause, the employment period under this Agreement shall terminate without further obligations to Executive or Executive's ’s legal representatives under this Agreement except forthat Executive (or his legal representatives) shall be entitled to receipt of: (i) payment of any Base Salary earned but unpaidunpaid through the Termination Date, any accrued but unused vacation pay payable pursuant to the Company's policies’s policies through the Termination Date, and any unreimbursed business expenses payable pursuant to Section 6 (collectively "Accrued Amounts") and any unpaid Signing Bonus payable in accordance with Section 4(c) hereof 7 (which, amounts shall, in the event of Executive's ’s death, be promptly paid in a lump sum to Executive's ’s estate) ); and (ii) payment of any other amounts or benefits owing (other than unused vacation pay) to Executive through the Termination Date under the then applicable employee benefit plans, long term incentive plans or equity plans plans, other benefit arrangements and programs of the Company which shall be paid in accordance with such plans and programsprograms (“Accrued Benefits”). Notwithstanding the foregoing, in the case of Executive’s termination as a result of death or Disability, in addition to the foregoing, Executive or his estate (A) shall be paid the prorated portion of the Bonus (based on the number of days during the Employment Term that Executive was employed), (B) shall be paid Base Salary from the Termination Date to the latter of (i) the Expiration Date and (ii) the date ending sixty (60) days after the Termination Date and Executive (or surviving spouse and other eligible dependents) and (C) shall continue to receive benefits under the Company’s group medical and dental plans during such period.

Appears in 1 contract

Samples: Employment Agreement (Bell Powersports, Inc.)

Consequences of Termination of Employment. (a) DEATH, DISABILITY, VOLUNTARY RESIGNATION WITHOUT GOOD REASON, RETIREMENT, FOR CAUSE, NONEXTENSION OF THE EMPLOYMENT TERM BY EXECUTIVE. If Executive's employment and the Employment Term are terminated by reason of (i) Executive's death or Disability, (ii) by Executive without Good Reason or as a result of a notice of Nonextension nonextension of the Employment Term by Executive or (iii) by the Company for Cause or pursuant to Section 7(a)(vi) hereof, the employment period Employment Term under this Agreement shall terminate without further obligations to Executive or Executive's legal representatives under this Agreement except for: (i) any Base Salary earned but unpaid, any accrued but unused vacation pay payable pursuant to the Company's policies, and any unreimbursed business expenses payable pursuant to Section 6 (collectively "Accrued Amounts") and any unpaid Signing Bonus payable in accordance with Section 4(c) hereof (which, amounts shall, in the event of Executive's death, be promptly paid in a lump sum to Executive's estate) and (ii) any other amounts or benefits owing to Executive under the then applicable employee benefit plans, long term incentive plans or equity plans and programs of the Company which shall be paid in accordance with such plans and programs.

Appears in 1 contract

Samples: Employment Agreement (Us Industries Inc /De)

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Consequences of Termination of Employment. (a) DEATH, DISABILITY, VOLUNTARY RESIGNATION WITHOUT GOOD REASON, RETIREMENT, FOR CAUSE, NONEXTENSION OF THE EMPLOYMENT TERM BY EXECUTIVE. If Executive's employment and the Employment Term are terminated by reason of (i) Executive's death or Disability, (ii) by Executive without Good Reason or as a result of a notice of Nonextension nonextension of the Employment Term by Executive or (iii) by the Company for Cause or pursuant to Section 7(a)(vi) hereof, the employment period Employment Term under this Agreement shall terminate without further obligations to Executive or Executive's legal representatives under this Agreement except for: (i) any Base Salary earned but unpaidunpaid throught the date of termination, any earned but unpaid bonus, any accrued but unused vacation pay payable pursuant to the Company's policies, and any unreimbursed business expenses payable pursuant to Section 6 (collectively "Accrued Amounts") and any unpaid Signing Bonus payable in accordance with Section 4(c) hereof (which, amounts shall, in the event of Executive's death, be promptly paid in a lump sum to Executive's estate) and (ii) any other amounts or benefits owing to Executive under the then applicable employee benefit plans, long term incentive plans or equity plans and programs of the Company which shall be paid in accordance with such plans and programs.

Appears in 1 contract

Samples: Employment Agreement (Us Industries Inc /De)

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