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 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") (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 2 contracts

Samples: Employment Agreement (Us Industries Inc /De), 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 Term 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 of the Employment Term by Executive or (iii) by the Company for Cause or pursuant to Section 7(a)(vi) hereof, the 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") (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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