Death Or Disability; Termination By Company For Cause. Termination By --------------------------------------------------------------------- Executive For Good Reason. In the event the Executive's employment ------------------------- hereunder is terminated before the expiration of a Term, and such termination is attributable to: (1) an event defined as Death or Disability; (2) an event defined as Termination By Company For Cause; and/or (3) termination by the Executive which does not constitute --- Termination By Executive For Good Reason, then all rights and obligations of the Company and the Executive under section 2 [Employment Obligations], section 4 [Compensation], --------- --------- section 5 [Business Expenses] and section 7 [ Personal Time-Off] --------- --------- shall terminate as of the effective date of the termination; provided, however: (a) The Company (and/or its Subsidiaries) shall pay the Executive's accrued but unpaid Monthly Salary and Personal Time-Off days through the effective date of the termination on or before the close of business on such effective date; and the Executive shall not be entitled to Monthly Salary and/or Personal Time-Off days after the effective date of the termination; (b) The Company (and/or its Subsidiaries) shall pay any declared but unpaid Performance Bonus; (c) The Company (and/or its Subsidiaries) shall reimburse the Executive for any business expenses incurred prior to the effective date of the termination, within three (3) business days after the Executive's submission of the Executive's expense report to the Company; and (d) The Executive shall not be entitled to continue to participate in any Employee Benefit Plans except to the extent provided in such plans for terminated participants, or as may be required by Applicable Law. Notwithstanding the foregoing, amounts which are vested in any Employee Benefit Plans shall be payable in accordance with such plan.
Appears in 2 contracts
Samples: Employment Agreement (Clean Energy Combustion Systems Inc), Employment Agreement (Clean Energy Combustion Systems Inc)
Death Or Disability; Termination By Company For Cause. Termination By --------------------------------------------------------------------- Executive For Good Reason. In the event the Executive's employment ------------------------- hereunder is terminated before the expiration of a Term, and such termination is attributable to:
(1) an event defined as Death or Disability;
(2) an event defined as Termination By Company For Cause; and/or
(3) termination by the Executive which does not constitute --- Termination By Executive For Good Reason, then all rights and obligations of the Company and the Executive under section 2 [Employment Obligations], section 4 [Compensation], --------- --------- section 5 [Business --------- Expenses] and section 7 [ Personal Time-Off] --------- --------- shall terminate as --------- of the effective date of the termination; provided, however:
(a) The Company (and/or its Subsidiaries) shall pay the Executive's accrued but unpaid Monthly Salary and Personal Time-Off days through the effective date of the termination on or before the close of business on such effective date; and the Executive shall not be entitled to Monthly Salary and/or Personal Time-Off days after the effective date of the termination;
(b) The Company (and/or its Subsidiaries) shall pay any declared but unpaid Performance Bonus;
(c) The Company (and/or its Subsidiaries) shall reimburse the Executive for any business expenses incurred prior to the effective date of the termination, within three (3) business days after the Executive's submission of the Executive's expense report to the Company; and
(d) The Executive shall not be entitled to continue to participate in any Employee Benefit Plans except to the extent provided in such plans for terminated participants, or as may be required by Applicable Law. Notwithstanding the foregoing, amounts which are vested in any Employee Benefit Plans shall be payable in accordance with such plan.
Appears in 1 contract
Samples: Employment Agreement (Clean Energy Combustion Systems Inc)
Death Or Disability; Termination By Company For Cause. Termination By -- --------------------------------------------------------------------- Executive For Good Reason. In the event the Executive's employment ------------------------- hereunder is terminated before the expiration of a Term, and such termination is attributable to:
(1) an event defined as Death or Disability;
(2) an event defined as Termination By Company For Cause; and/or
(3) termination by the Executive which does not constitute --- Termination By Executive For Good Reason, then all rights and obligations of the Company and the Executive under section 2 [Employment Obligations], section 4 [Compensation], --------- --------- section 5 [Business Expenses] and section 7 [ Personal Time-Off] --------- --------- shall terminate as of the effective date of the termination; provided, however:
(a) The Company (and/or its Subsidiaries) shall pay the Executive's accrued but unpaid Monthly Salary and Personal Time-Off days through the effective date of the termination on or before the close of business on such effective date; and the Executive shall not be entitled to Monthly Salary and/or Personal Time-Off days after the effective date of the termination;
(b) The Company (and/or its Subsidiaries) shall pay any declared but unpaid Performance Bonus;
(c) The Company (and/or its Subsidiaries) shall reimburse the Executive for any business expenses incurred prior to the effective date of the termination, within three (3) business days after the Executive's submission of the Executive's expense report to the Company; and
(d) The Executive shall not be entitled to continue to participate in any Employee Benefit Plans except to the extent provided in such plans for terminated participants, or as may be required by Applicable Law. Notwithstanding the foregoing, amounts which are vested in any Employee Benefit Plans shall be payable in accordance with such plan.
Appears in 1 contract
Samples: Employment Agreement (Clean Energy Combustion Systems Inc)