Effect of Employment Termination. Teachers whose employment terminates prior to the expiration of their contract will have their insurance coverage prorated by dividing that teacher's coverage by days in session and multiplying that number by the number of full-time equated student Instructional days completed.
Effect of Employment Termination. Subject to Section [ ], if the Participant’s employment with the Company and its Subsidiaries terminates for any reason prior to the date the Restricted Stock Units subject to this grant are settled in accordance with Section 4.1, all Restricted Stock Units subject to this grant shall immediately be cancelled and the Participant (and the Participant’s estate, designated beneficiary or other legal representative) shall forfeit any rights or interests in and with respect to any such Restricted Stock Units.
Effect of Employment Termination. If Employee’s employment ends prior to the Retirement Date for any reason other than Employee’s commission of a wrongful, dishonest, or fraudulent act that brings the Company into disrepute, this Agreement shall nonetheless continue in force and effect through and following the Retirement Date as if Employee’s employment had not terminated.
Effect of Employment Termination. Except as specifically provided herein, all rights of Executive to receive compensation pursuant to this Section 3 shall cease as of the date of Executive's termination of employment for any reason. Except for, any amounts still owing under the current term of the employment agreement. Those amounts shall be paid in full in lump sum or in regular installments per the companies payroll policies until the term has expired. Furthermore, the Company shall have the right to deduct from any accrued compensation due Executive on the date of termination the amount of any advances of compensation or loans made to Executive or on Executive's behalf.
Effect of Employment Termination. On and as of the Employment Termination Date:
(a) All provisions of Section 4 of the Employment Agreement shall be deemed to terminate on the Employment Termination Date, except that Section 4.7 of the Employment Agreement shall continue to be applicable to Executive for the period stated therein;
(b) The provisions of paragraphs 6.1 through 6.6 of the Employment Agreement shall, as provided therein, continue to be applicable subsequent to the expiration of the Employment Term thereunder (except that Executive may retain his laptop computer, purged of all company documents and files, Playstation 2 unit and his chronological files (purged of all company and business materials), and for purposes of Section 6.1 only of the Employment Agreement, the Executive’s termination at the end of such Employment Term shall be deemed to be a voluntary resignation without “good reason”. Executive shall be free to accept employment with and be employed by any other person, firm or corporation, notwithstanding the provisions of clause (y) of paragraph 6.1 of the Employment Agreement, but only if the announcement thereof does not occur prior to the close of business on November 21, 2002. Further, in the event of Executive’s employment in or by a Competing Business, Executive agrees (i) through March 31, 2006, Executive will not solicit Nickelodeon on behalf of the Competing Business with respect to the development or exploitation of video games primarily geared to children under the age of 12, and (ii) for a period of eight months from November 8, 2002 Executive will not solicit Nickelodeon on behalf of the Competing Business with respect to video games geared to other audiences. Notwithstanding the above provisions of clause (b) of this Section 2, the parties acknowledge that the provisions of the first two sentences of paragraph 6.3 of the Employment Agreement shall not be applicable to Executive’s activities subsequent to expiration of the Consulting Term.
Effect of Employment Termination. If (i) Employee resigns his employment with the Company (other than a Resignation for Good Reason (as defined below)) prior to the Completion Date, (ii) Employee’s employment is terminated by the Company for Cause (as defined below) prior to the Completion Date or (iii) Employee fails to relocate to the San Francisco Bay Area by no later than October 31, 2021, then Employee agrees to repay to the Company, in the case of subparagraph 2.(i) or 2.(ii), a pro-rated amount of the gross amount of the Relocation Assistance Bonus and, in the case of subparagraph 2.(iii), the full amount of the gross amount of the Relocation Assistance Bonus (the “Repayment Obligation”). The Repayment Obligation shall no longer apply (a) if the Company terminates the Employee’s employment on account of Employee’s Disability or without Cause or (b) in the event of Employee’s death or Resignation for Good Reason or (c) if Employee’s employment terminates for any reason after 2023. The pro-rated amount on any required repayment by Employee with respect to subparagraph 2.(i) or 2.(ii) shall be calculated by the following formula: The pro-rated repayment amount equals the product of (1) $2,775,000 multiplied by the (2) quotient of the number of whole calendar months from the Employee’s termination date through the Completion Date divided by 32. Purely to illustrate the mechanics of the foregoing, assume that the Employee’s employment hypothetically terminated on June 1, 2022 in a manner that triggered the Repayment Obligation. In such case, the repayment formula would be $2,775,000 * (18/32) and the repayment amount would be $1,560,937.50. The Employee shall have ninety (90) days after termination to satisfy any Repayment Obligation. Within fifteen (15) days after any Repayment Obligation has been satisfied, the Company shall provide Employee with a written acknowledgement that the Repayment Obligation has been satisfied.
Effect of Employment Termination. No later than ten (10) days after the Termination Date, the Company shall pay you a lump sum payment representing all unused vacation and sick leave accrued as of the Termination Date, which we agree on the Termination Date will total six (6) weeks. Following the Termination Date, you will not accrue any vacation or sick leave, and you will not be eligible to participate in any Company benefit plan, including the supplemental life and disability insurance benefit. You shall be reimbursed for all business expenses incurred through the Termination Date that are documented and submitted according to Company policy. The Company shall reimburse you promptly consistent with current procedures and in any event not later than the last day of the calendar year in which the expenses are incurred. Your election to defer compensation into the Company 401(k) Plan will terminate on the Termination Date. You will on that date be 100% vested in the Company employee match and profit-sharing contributions, and 100% vested in all other contributions to your 401(k) account. No distribution need be made from the account until age 70 1/2. Your election to defer compensation into the Company deferred compensation plan will terminate on the Termination Date. You will receive termination benefit payouts of your deferred compensation account balance per your irrevocable election(s), commencing six (6) months and one (1) day after the Termination Date.
Effect of Employment Termination. Employee is a participant in the Company’s Executive Severance Program which entitles Employee to receive certain payments in the event that Employee’s employment is terminated by the Company without “Cause” or Employee resigns for “Good Reason” as such terms are defined in such program. If the Employee’s employment otherwise terminates, then the Company shall have no further payment obligations to the Employee other than the payment of compensation earned though the last day of employment.
Effect of Employment Termination. 7.1. Upon termination of this Agreement, for any reason, and before the Company releases to the Employee his Severance Pay, the Employee shall act as follows:
7.1.1. the Employee shall return to the Company all Company's Equipment, then in his possession;
7.1.2. the Employee shall destroy, clear and delete all information related to the Company and/or its business, on his personal computer and/or on any portable device he used;
7.1.3. the Employee shall provide the Company with a written confirmation of his strict and full compliance with the Sections 7.1.1 and 7.1.2 hereinabove.
Effect of Employment Termination. No later than ten (10) days after the Termination Date, the Company shall pay you a lump sum payment for all unused vacation and sick leave accrued as of the Termination Date. Following the Termination Date, you will not accrue any vacation or sick leave, and you will not be eligible to participate in any Company benefit plan, including the supplemental life and disability insurance benefit. You shall be reimbursed for all business expenses incurred through the Termination Date that are documented and submitted according to Company policy. The Company shall reimburse you promptly consistent with current procedures and in any event not later than the last day of the calendar year in which the expenses are incurred. Your election to defer compensation into the Company 401(k) Plan will terminate on the Termination Date. You are 100% vested in the Company employee match and profit-sharing contributions, and 100% vested in all other contributions to your 401(k) account. No distribution need be made from the account until age 70 ½. Your election to defer compensation into the Company deferred compensation plan will terminate on the Termination Date. You will receive termination benefit payouts of your deferred compensation account balance per your irrevocable election(s), commencing ninety (90) days after the Termination Date. You are fully vested in your retirement benefit under the Company’s Supplemental Executive Retirement Plan (SERP). You will begin receiving bi-weekly payments of $7,623.08 the first month following your attainment of age fifty-five (55). If you die prior to age 55 or while “in-pay” status but prior to receiving the equivalent of 120 months of benefit payments, such payments will continue to your beneficiary in the same amount and payment schedule until an aggregate of 120 months of payments have been made.
