Ineligibility For Severance Clause Samples
The 'Ineligibility For Severance' clause defines circumstances under which an employee is not entitled to receive severance pay upon termination of employment. Typically, this clause applies to situations such as voluntary resignation, termination for cause, or failure to meet certain conditions outlined in the employment agreement. By clearly outlining these exceptions, the clause helps employers manage financial risk and ensures that severance benefits are only provided in appropriate cases, thereby preventing misunderstandings or disputes over severance eligibility.
Ineligibility For Severance. For avoidance of doubt, Executive shall not be entitled to any Severance Package under this Agreement, and none of Sections 7.1, 7.2 and 7.3 shall apply to Executive, if at any time during the Term, either (a) Executive voluntarily resigns or otherwise terminates employment with Employer other than for Good Reason, or (b) Company terminates Executive’s employment for Cause. Effective immediately upon termination of employment, Executive shall no longer be eligible to contribute to or to be an active participant in any retirement or benefit plan covering employees of Employer; provided, however, Executive may effect a rollover or other transfer of his interests in any such retirement or benefit plan in accordance with the terms of such plan and applicable law. All other Employer obligations to Executive shall be automatically terminated and completely extinguished.
Ineligibility For Severance. Executive shall not be entitled to any Severance Package under this Agreement, and Section 7.3 shall not apply to Executive, if at any time during the Term of Employment, either (a) Executive voluntarily resigns or otherwise terminates employment with Employer other than for Good Reason, or (b) Employer involuntarily terminates Executive’s employment for any reason other than without Cause. Effective immediately upon termination of employment, Executive shall no longer be eligible to contribute to or to be an active participant in any retirement or benefit plan covering employees of Employer. All other Employer obligations to Executive shall be automatically terminated and completely extinguished.
Ineligibility For Severance. Executive shall not be entitled to any Severance Package under this Agreement, if at any time during the Term of Employment, either (a) Executive voluntarily resigns or otherwise terminates employment with the Company other than for Good Reason, or (b) the Company properly terminates Executive’s employment with Cause. Effective immediately upon termination of employment, Executive shall no longer be eligible to contribute to or to be an active participant in any retirement or benefit plan covering employees of the Company.
Ineligibility For Severance. Executive shall not be entitled to any Severance Package under this Agreement, if at any time during the Term of Employment, either (a) Executive voluntarily resigns or otherwise terminates employment with the Company other than for Good Reason, or (b) the Company involuntarily terminates Executive’s employment with Cause. Effective immediately upon termination of employment, Executive shall no longer be eligible to contribute to or to be an active participant in any retirement or benefit plan covering employees of the Company; provided, however, that Executive shall not forfeit any right to contributions previously made to any pension, retirement or benefit plan. All other Company obligations to Executive shall be automatically terminated and completely extinguished.
Ineligibility For Severance. Executive shall not be entitled to any Severance Package under this Agreement, if at any time during the Term of Employment, either (a) Executive voluntarily resigns or otherwise terminates employment with the Company other than for Good Reason, or (b) the Company properly terminates Executive’s employment with Cause. Effective immediately upon termination of employment, Executive shall no longer be eligible to contribute to or to be an active participant in any retirement or benefit plan covering employees of the Company. Notwithstanding anything to the contrary, in the event Executive voluntarily resigns or otherwise terminates employment with the Company other than for Good Reason, Executive shall have one year to exercise any and all vested stock-options held by Executive immediately following Executive’s termination of services with the Company.
Ineligibility For Severance. For avoidance of doubt, Executive shall not be entitled to any Severance Package under this Agreement, and none of Sections 7.1, 7.2 and 7.3 shall apply to Executive, if at any time during the Term, (a) Executive voluntarily resigns or otherwise terminates employment with Employer other than for Good Reason, (b) the Company terminates Executive’s employment for Cause, or (c) except as expressly provided in Section 7.3, the Company provides Executive with a notice of non-renewal or if this Agreement otherwise expires at the end of the Initial Term or the Extended Term (if any). Effective immediately upon termination of employment, Executive shall no longer be eligible to contribute to or to be an active participant in any retirement or benefit plan covering employees of Employer; provided, however, Executive may effect a rollover or other transfer of his interests in any such retirement or benefit plan in accordance with the terms of such plan and applicable law; and further provided, however, Executive will be entitled to any rights or benefits in accordance with the terms of Performance Award Agreements and LTIP Unit Awards between the Company and Executive. All other Employer obligations to Executive shall be automatically terminated and completely extinguished.