Involuntary Termination Benefit Sample Clauses
The Involuntary Termination Benefit clause defines the compensation and benefits an employee is entitled to receive if their employment is terminated by the employer without cause. Typically, this clause outlines severance pay, continuation of health benefits, and sometimes accelerated vesting of equity or bonuses, depending on the terms of the employment agreement. Its core function is to provide financial security and transitional support to employees who lose their jobs through no fault of their own, while also clarifying the employer's obligations in such situations.
Involuntary Termination Benefit. If the Executive experiences an involuntary Termination of Employment by the Bank without cause (as defined in Article 5), the Bank shall pay to the Executive the benefit described in this Section 2.5.
Involuntary Termination Benefit. If Involuntary Termination occurs, the Company shall pay to the Executive the benefit described in this Section 2.2.
Involuntary Termination Benefit. Upon the Executive’s Involuntary Termination, the Bank shall pay to the Executive the benefit described in this Section 2.2 in lieu of any other benefit under this Article.
Involuntary Termination Benefit. In the event the Executive incurs a Separation from Service due to an Involuntary Termination before the Normal Retirement Date, Disability, death or Change in Control, the Bank shall pay the Monthly Benefit to the Executive, using an Accrued Benefit Percentage of not less than 60%, commencing on the first business day of the month following the Separation from Service and on the first business day of each calendar month thereafter for a total of 180 months; (i) provided, however, that in the event of Involuntary Termination due to Cause, except as may be prohibited by federal law, the Executive shall only be entitled to the Monthly Benefit calculated at the time of his Separation from Service with payment commencing on the first business day of the month following the Separation from Service and on the first business date of each calendar month thereafter for a total of 180 months; and (ii) provided, further, that, to the extent necessary to avoid penalties under Code Section 409A and the regulations thereunder, such payments shall not commence until the first day of the seventh month following the date of the Executive’s Separation from Service if the Executive is a Specified Employee on his date of Separation from Service.
Involuntary Termination Benefit. Upon the Executive's Involuntary Termination Date, the Bank shall pay to the Executive the benefit described in this Section 4.4 in lieu of any other benefit under this Article.
Involuntary Termination Benefit. In the event the Executive incurs a Separation from Service due to an Involuntary Termination, Atlantic Coast Federal shall pay the Monthly Benefit to the Executive, using an Accrued Benefit Percentage of 60%, commencing on the first business day of the month following the Normal Retirement Date and on the first business day of each calendar month thereafter for a total of 180 months.
Involuntary Termination Benefit. Upon the Executive's Involuntary Termination Date, the Executive shall be entitled to the benefit described in this Section 3.2 in lieu of any other benefit under this Article.