Common use of For Other Than Good Cause Clause in Contracts

For Other Than Good Cause. In the event Executive’s employment is terminated for other than good cause as set forth in Section 10(d) above, Company shall pay Executive: (1) all unpaid Base Salary, earned through the date of termination, less required deductions and withholdings; (2) Bonus pursuant to Section 5(b) above for any year that has been completed through the date of termination, that has not yet been paid to Executive, less required deductions and withholdings; and (3) any unreimbursed expenses incurred in accordance with Company policy. In addition, upon Executive signing and returning an effective waiver and release of claims on a release form provided by the Company to Executive at or after his/her termination (hereinafter “Release and Waiver”) within the time frame set forth therein, but in no event later than forty-five (45) days following Executive’s termination date, Executive shall be entitled to: (1) separation payments in an aggregate amount of six (6) months of Executive’s then-current Base Salary, paid to Executive on the Company’s regular paydays, subject to standard payroll deductions and withholdings, with the first such payment being made, subject to Section 13(b) below, on the first payday following the date the Release and Waiver becomes effective (it being understood that such first payment shall include any amounts otherwise payable hereunder on paydays that occur prior to the date the Release and Waiver becomes effective); and (2) provided that Executive timely elects such coverage, the continuation of Executive’s group health continuation coverage under the Consolidated Omnibus Budget Reconciliation Act of 1986 (“COBRA”) at the Company’s expense for a period of six (6) months following the termination date; provided, however, that in the event Executive becomes eligible for comparable group insurance coverage in connection with new employment, such COBRA premium payments by the Company shall terminate immediately. In the event Executive pursues a claim for breach of contract, Executive agrees that the maximum damage that Executive may recover for breach of contract is six (6) months’ salary at his/her then current wage level and six (6) months’ COBRA premiums. The payments described in this Section 12(b) are collectively referred to as “Severance Benefits.” In the event Executive is eligible for Severance Benefits under this Section 12(b), Executive is not eligible for any Severance Benefits under Section 12(c) or 12(f) herein.

Appears in 2 contracts

Samples: Employment Agreement (One Stop Systems, Inc.), Employment Agreement (One Stop Systems, Inc.)

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For Other Than Good Cause. In the event Executive’s employment is terminated for other than good cause cause, as defined in Section 11(d) above, or he resigns for Good Reason, as set forth in Section 10(dSections 11(f) and 12 above, Company Employer shall pay Executive: (1) Executive all unpaid Base Salary, Salary earned through the date of termination, less required standard deductions and withholdings; (2) Bonus pursuant to Section 5(b) above for any year that has been completed through the date of termination, that has not yet been paid to Executive, less required deductions and withholdings; and (3) any unreimbursed expenses incurred in accordance with Company policy. In addition, upon Executive signing and returning an effective waiver and release of claims on a release form provided by the Company to Executive at or after his/her his termination (hereinafter “Release and Waiver”) within the time frame set forth therein, but in no event later than forty-five (45) days following Executive’s termination date, Executive shall be entitled to: (1i) separation payments in an aggregate amount of six twelve (612) months of Executive’s then-current Base Salary, paid to Executive on the Company’s regular paydays, subject to standard payroll deductions and withholdings, with the first such payment being made, subject to Section 13(b14(b) below, on the first payday following the date the Release and Waiver becomes effective (it being understood that such first payment shall include any amounts otherwise payable hereunder on paydays that occur prior to the date the Release and Waiver becomes effective); and (2ii) provided that Executive timely elects such coverage, the continuation of Executive’s group health continuation coverage under the Consolidated Omnibus Budget Reconciliation Act of 1986 (“COBRA”) at the Company’s expense for a period of six twelve (612) months following the termination date; provided, however, that in the event Executive becomes eligible for comparable group insurance coverage in connection with new employment, such COBRA premium payments by the Company shall terminate immediately; and (iii) unvested RSUs held by Executive shall accelerate so that an additional twelve (12) months of RSUs shall vest from the termination date. For avoidance of doubt, a Release and Waiver shall not be deemed to be effective for purpose of this Section unless and until the period for revocation, as provided by applicable law, shall have expired. In the event Executive pursues a claim for breach of contract, Executive agrees that the maximum damage that Executive may recover for breach of contract is six (6i) twelve (12) months’ salary at his/her then of Executive’s then-current wage level and six Base Salary, (6ii) twelve (12) months’ COBRA premiums, and (iii) the value of twelve (12) months of accelerated vesting of RSUs held by Executive as of the termination date, as that is the maximum Executive may recover pursuant to the provisions of this Section. The payments described in this Section 12(b13(b) are collectively referred to as “Severance Benefits.” In the event Executive is eligible for Severance Benefits under this Section 12(b), Executive is not eligible for any Severance Benefits under Section 12(c) or 12(f) herein.

Appears in 1 contract

Samples: Employment Agreement (One Stop Systems, Inc.)

For Other Than Good Cause. In the event Executive’s employment is terminated for other than good cause as set forth defined in Section 10(d) above, Company or he resigns for good reason as set forth in Section 10(f) and 11 above, Employer shall pay Executive: (1) Executive all unpaid Base Salary, earned through the date of termination, less required standard deductions and withholdings; (2) Bonus pursuant to Section 5(b) above for any year that has been completed through the date of termination, that has not yet been paid to Executive, less required deductions and withholdings; and (3) any unreimbursed expenses incurred in accordance with Company policy. In addition, upon Executive signing and returning an effective waiver and release of claims on a release form provided by the Company to Executive at or after his/her his termination (hereinafter “Release and Waiver”) within the time frame set forth therein, but in no event later than forty-five (45) days following Executive’s termination date, Executive shall be entitled to: (1) separation payments in an aggregate amount of six twelve (612) months of Executive’s then-current Base Salary, paid to Executive on the Company’s regular paydays, subject to standard payroll deductions and withholdings, with the first such payment being made, subject to Section 13(b12(b) below, on the first payday following the date the Release and Waiver becomes effective (it being understood that such first payment shall include any amounts otherwise payable hereunder on paydays that occur prior to the date the Release and Waiver becomes effective); and (2) provided that Executive timely elects elect such coverage, the continuation of Executive’s group health continuation coverage under the Consolidated Omnibus Budget Reconciliation Act of 1986 (“COBRA”) at the Company’s expense for a period of six twelve (612) months following the termination date; provided, however, that in the event Executive becomes eligible for comparable group insurance coverage in connection with new employment, such COBRA premium payments by the Company shall terminate immediately, and (3) unvested RSU’s shall accelerate so that an additional twelve (12) months of RSU’s shall vest from the termination date. In the event Executive pursues a claim for breach of contract, Executive agrees that the maximum damage that Executive may recover for breach of contract is six twelve (612) months’ salary at his/her his then current wage level and six level, twelve (612) months’ COBRA premiumspremiums and the value of twelve (12) months of accelerated vesting of RSU’s, as that is the maximum Executive may recover pursuant to the provisions of this Section. The payments described in this Section 12(b) are collectively referred to as “Severance Benefits.” In the event Executive is eligible for Severance Benefits under this Section 12(b), Executive is not eligible for any Severance Benefits under Section 12(c) or 12(f) herein.

Appears in 1 contract

Samples: Employment Agreement (One Stop Systems, Inc.)

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For Other Than Good Cause. In the event Executive’s employment is terminated for other than good cause as set forth defined in Section 10(d) above, Company or he resigns for good reason as set forth in Section 10(f) and 11 above, Employer shall pay Executive: (1) Executive all unpaid Base Salary, earned through the date of termination, less required standard deductions and withholdings; (2) Bonus pursuant to Section 5(b) above for any year that has been completed through the date of termination, that has not yet been paid to Executive, less required deductions and withholdings; and (3) any unreimbursed expenses incurred in accordance with Company policy. In addition, upon Executive signing and returning an effective severance agreement, waiver and release of claims on a release in substantially the form provided by the Company to Executive at or after his/her termination attached hereto as Exhibit A (hereinafter “Release and Waiver”) ), within the time frame set forth therein, but in no event later than forty-five (45) days following Executive’s termination date, Executive shall be entitled to: (1) separation payments in an aggregate amount of six twelve (612) months of Executive’s then-current Base Salary, paid to Executive on the Company’s regular paydays, subject to standard payroll deductions and withholdings, with the first such payment being made, subject to Section 13(b12(b) below, on the first payday following the date the Release and Waiver becomes effective (it being understood that such first payment shall include any amounts otherwise payable hereunder on paydays that occur prior to the date the Release and Waiver becomes effective); and (2) provided that Executive timely elects elect such coverage, the continuation of Executive’s group health continuation coverage under the Consolidated Omnibus Budget Reconciliation Act of 1986 (“COBRA”) at the Company’s expense for a period of six twelve (612) months following the termination date; provided, however, that in the event Executive becomes eligible for comparable group insurance coverage in connection with new employment, such COBRA premium payments by the Company shall terminate immediately; and (3) except with respect to any unvested Incentive RSUs (which shall be automatically forfeited and cancelled as of the termination date, as set forth in Section 5(c)), all other unvested RSUs that are scheduled to vest within twelve (12) months from the date of termination shall be accelerated to vest effective as of the date of termination. For avoidance of doubt, all unvested RSUs that are scheduled to vest more than twelve (12) months from the date of termination shall be forfeited and canceled as of the date of termination and Executive shall have no rights with respect to such RSUs; provided, however, that with respect to that tranche of unvested RSUs held by Executive that is scheduled to vest on August 3, 2024, the Company hereby agrees to prorate (and accelerate) the vesting of that portion of such tranche that would otherwise vest within twelve (12) months of the termination date if vesting of the RSUs in such tranche were to vest on a daily basis (as opposed to a six (6) month basis). In the event Executive pursues a claim for breach of contract, Executive agrees that the maximum damage that Executive may recover for breach of contract is six twelve (612) months’ salary at his/her his then current wage level and six level, twelve (612) months’ COBRA premiumspremiums and the value of twelve (12) months of accelerated vesting of RSUs, as that is the maximum Executive may recover pursuant to the provisions of this Section. The payments described in this Section 12(b) are collectively referred to as “Severance Benefits.” In the event Executive is eligible for Severance Benefits under this Section 12(b), Executive is not eligible for any Severance Benefits under Section 12(c) or 12(f) herein.

Appears in 1 contract

Samples: Employment Agreement (One Stop Systems, Inc.)

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