Consideration by Employer. In consideration for signing this Separation Agreement and Release and compliance with promises made herein, Employer agrees: a. In accordance with section 6) of your employment agreement, Axion can terminate your employment without good reason at any time upon 30 days’ prior written notice. Your employment is hereby terminated on (insert date). b. The Employer shall pay to Employee an aggregate severance amount equal to his base salary for the remainder of the term of this Agreement or one year, whichever is shorter but in no event less than six (6) months plus any accrued and unused vacation and accrued but unpaid bonus (i.e., such amount being referred to as the "Severance Amount"). The Severance Amount may be paid in as part of the regular ongoing payroll for the specified time commencing on the first regular pay date following the expiration of the 7-day revocation period more fully described in paragraph 16 of this Agreement, provided that the Employer has received this Agreement signed by Employee, and that Employee has not exercised his revocation rights under paragraph 16.
Appears in 3 contracts
Samples: Executive Employment Agreement (Axion Power International, Inc.), Executive Employment Agreement (Axion Power International, Inc.), Executive Employment Agreement (Axion Power International, Inc.)
Consideration by Employer. In consideration for signing this Separation Agreement and Release and compliance with promises made herein, Employer agrees:
a. In accordance with section 65) of your employment agreement, Axion can terminate your employment without good reason at any time upon 30 days’ prior written notice. Your employment is hereby terminated on (insert date).
b. . The Employer shall pay to Employee an aggregate severance amount equal to his base salary for the remainder of the term of this Agreement or one year, whichever is shorter but in no event less than six (6) months plus any accrued and unused vacation and accrued but unpaid bonus (i.e., such amount being referred to as the "Severance Amount"). The Severance Amount may be paid in as part of the regular ongoing payroll for the specified time commencing on the first regular pay date following the expiration of the 7-day revocation period more fully described in paragraph 16 of this Agreement, provided that the Employer has received this Agreement signed by Employee, and that Employee has not exercised his revocation rights under paragraph 16.
Appears in 1 contract
Samples: Executive Employment Agreement (Axion Power International, Inc.)