During the Original Term Clause Samples

During the Original Term. If Company should terminate Employee’s employment without Cause (as defined below) or if Employee should terminate his employment for Good Reason (as defined below), Company shall pay to Employee the pro-rata annual base salary through the date of termination, a pro-rata annual bonus through the date of termination and an amount (the “Severance Payment”) equal to two times the sum of : (A) Employee’s annual base salary at the rate in effect immediately prior to the date of termination, (B) the average annual bonus payable to Employee for the two years immediately prior to the year during which termination occurred. This Severance Payment, which shall be in lieu of any amount payable to Employee under the Company’s Severance Policy for Senior Management, shall be payable in substantially equal monthly installments over the Restricted Period (as defined in Section 7(b) below). In addition, and notwithstanding any provision of the Performance Share Plan to the contrary: (A) All Performance Shares awarded to Employee and then outstanding shall vest, and (B) Employee shall be deemed to have been awarded and to have vested in all of the minimum annual Performance Share grant(s) provided for in Section 4(c) to which he is otherwise entitled and for which a Performance Share grant has not otherwise been made for the balance for the Term. Employee shall receive a cash payment with respect to all such Performance Shares valued pursuant to the valuation mechanism provided in the Performance Share Plan as applicable to Performance Shares outstanding at the Effective Date and Performance Shares granted subsequent to the Effective Date, respectively. If the performance cycle includes at least one completed year, the payout for each such completed year shall be based on the actual results for the completed year(s) and 100% will be used for uncompleted years; if the performance cycle does not include any completed years, 100% payout. The value which is obtained by multiplying the number of Performance Shares determined under (A) and (B) above by the applicable share price will be increased with interest at 8% per year, compounded semi-annually, from the date of termination to the date of payment, which shall be within five days after the end of the Restricted Period (as defined in Section 7(b)). Such cash payment shall be forfeited in the event Employee breaches his obligations under Section 7(b) or (c) of this Agreement.
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Related to During the Original Term

  • Original Term The weighted average original term for the Receivables is at least 65 months.

  • During the Term As compensation for services hereunder rendered during the Term hereof, Executive shall receive a base salary (“Base Salary”) of Five Hundred Thousand Dollars ($500,000) per year payable in equal installments in accordance with the Company’s payroll procedure for its salaried executives. Salary payments and other payments under this Agreement shall be subject to withholding of taxes and other appropriate and customary amounts. Executive may receive increases in his Base Salary from time to time, based upon his performance, subject to approval of the Company.

  • Initial Term The initial term will begin on the date set forth in the Contract documents or on the date the Contract is signed by all Parties, whichever is later.

  • Renewal Term If not sooner terminated, this Agreement shall renew at the end of the Initial Term and shall thereafter continue for successive annual periods, provided such continuance is specifically approved at least annually (i) by the Fund’s Board of Trustees or (ii) by a vote of a majority of the outstanding voting securities of the relevant portfolio of the Fund, provided that in either event the continuance is also approved by the majority of the Trustees of the Fund who are not interested persons (as defined in the ▇▇▇▇ ▇▇▇) of any party to this Agreement by vote cast in person at a meeting called for the purpose of voting on such approval. If a plan under Rule 12b-1 of the 1940 Act is in effect, continuance of the plan and this Agreement must be approved at least annually by a majority of the Trustees of the Fund who are not interested persons (as defined in the ▇▇▇▇ ▇▇▇) and have no financial interest in the operation of such plan or in any agreements related to such plan, cast in person at a meeting called for the purpose of voting on such approval.

  • Commencement of Term (a) The Premises shall be deemed substantially completed upon the issuance of a certificate of substantial completion by Landlord's architect or a certificate of occupancy by the local building authority, notwithstanding that minor or insubstantial details of construction, mechanical adjustment or decoration remain to be performed. If the substantial completion of the Premises by Landlord is delayed in any way by Tenant or Tenant's Representatives, the Premises shall be deemed substantially completed for purposes of this Section on the date when they would have been substantially completed but for such delay. (b) Tenant's taking possession of the Premises shall be conclusive evidence that the Premises were in good order, condition and repair when Tenant took possession, except for those matters (for which Landlord is responsible as provided in this Lease) of which Tenant gives Landlord notice within 10 days after taking possession. Landlord shall complete or repair such matters as soon as reasonably possible. (c) If Landlord is unable to deliver possession of the Premises to Tenant within 180 days after the Expected Commencement Date (the Outside Commencement Date), then Tenant, as its sole remedy, may terminate this Lease by notice to Landlord given within 10 days after the Outside Commencement Date. The Outside Commencement Date shall be extended by the period of any delay described in Section 1(a). Landlord shall not be liable to Tenant or any third party for its failure to deliver possession of the Premises to Tenant. If the Commencement Date does not occur within one year after the Expected Commencement Date, this Lease shall terminate and Landlord and Tenant shall have no further obligations to the other, except as may otherwise be provided in this Lease. (d) After the Commencement Date has been determined, Landlord and Tenant shall execute a supplemental agreement specifying the Commencement Date, Termination Date and such other information as Landlord shall reasonably require.