Minimum Termination Compensation Sample Clauses
The Minimum Termination Compensation clause establishes the minimum amount of compensation that must be paid to a party if the contract is terminated before its agreed-upon end date. Typically, this clause specifies a formula or fixed sum that the terminating party must pay, regardless of the reason for termination, and may apply to employment, service, or supply agreements. Its core function is to provide financial security and predictability for the party at risk of early termination, ensuring they are compensated for lost opportunities or investments made in reliance on the contract.
Minimum Termination Compensation. Employee shall serve in an at-will capacity and the Company and/or Employer may terminate the employment of Employee at any time with or without Cause. Upon any termination of employment of Employee for any reason other than as set forth in Section 5.b or Section 5.c, whether on, before or after the expiration of the term of this Agreement (including any extension of the term hereof pursuant to the provisions of this Agreement), Employee shall be entitled to receive (i) that portion of Employee’s annual base salary, at the rate then in effect, earned by Employee or accrued for Employee’s account through the date of the termination of Employee’s employment hereunder or for which Employee is entitled to payment for events or circumstances occurring on or through the date of termination of Employee’s employment, (ii) any bonus to which Employee is entitled under the Bonus Plan pursuant to Section 4.b for the fiscal year ending prior to the date of termination, (iii) reimbursement of business expenses properly incurred in accordance with applicable Company policy prior to the date of termination and (iv) subject to Section 5.e, any generally applicable vested benefits to which Employee is entitled as a former employee under the employee benefit plans of the Company and its Affiliates.
Minimum Termination Compensation. Employee shall serve in an at-will capacity and the Company and/or Employer may terminate the employment of Employee at any time with or without Cause. Upon any termination of employment of Employee for any reason other than as set forth in Section 5(b), whether on, before or after the expiration of the term of this Agreement (including any extension of the term hereof pursuant to the provisions of this Agreement), Employee shall be entitled to receive (i) that portion of his annual base salary, at the rate then in effect, earned by him or accrued for his account through the date of the termination of his employment hereunder or for which he is entitled to payment for events or circumstances occurring on or through the date of termination of his employment, and (ii) any bonus to which he is entitled under the Bonus Plan pursuant to Section 4(b) for the fiscal year ending prior to the date of termination.
Minimum Termination Compensation. Employee shall serve in an at-will capacity and Employee and/or the Company may terminate the employment of Employee at any time with or without Cause. Upon any termination of employment of Employee for any reason other than as set forth in Section 5.b or Section 5.c, whether on, before or after the expiration of the term of this Agreement, Employee shall be entitled to receive (i) that portion of Employee’s annual base salary, at the rate then in effect, earned by Employee or accrued for Employee’s account through the date of the termination of Employee’s employment hereunder or for which Employee is entitled to payment for events or circumstances occurring on or through the date of termination of Employee’s employment, (ii) any bonus to which Employee is entitled to pursuant to the Bonus Plan for the fiscal year ending prior to the date of termination, (iii) reimbursement of business expenses properly incurred in accordance with applicable Company policy prior to the date of termination and (iv) subject to Section 5.f, any generally applicable vested benefits to which Employee is entitled as a former employee under the employee benefit plans of the Company and its Affiliates (collectively, the “Minimum Termination Compensation”).
Minimum Termination Compensation. Irrespective of whether Employee signs this Agreement, Employee will receive the Minimum Termination Compensation (as defined in Section 5.a. of the Employment Agreement).
Minimum Termination Compensation. Irrespective of whether Employee signs this Agreement, Employee will be paid the following the Separation Date: (i) his regular base salary at his current rate through the Separation Date, (ii) all accrued, unused vacation and sick leave (including grandfathered sick leave, if any) according to the Company’s written policies, (iii) reimbursement of business expenses properly incurred through the Separation Date in accordance with applicable Company policy prior to the date of termination, and (iv) subject to Sections 5.d and 5.e of the Employment Agreement, any generally applicable vested benefits to which Employee is entitled as a former employee under the employee benefit plans of the Company. With respect to the Annual Bonus for Year 2019, Employee shall be entitled to receive the amount of the annual bonus for Year 2019 that would have otherwise been payable under the Bonus Plan (as defined in the Employment Agreement), as determined by the Compensation Committee, on the date bonuses are paid to other participants, as provided in Section 4.b of the Employment Agreement.
Minimum Termination Compensation. Upon any termination of employment of Employee, whether on, before or after the expiration of the term of this Agreement (including any continuation of employment on a month-to-month basis subject to the terms of this Agreement), Employee shall be entitled to receive that portion of his annual base salary, at the rate then in effect, earned by him or accrued for his account through the date of the termination of his employment hereunder, and all fringe benefits that were earned by him or accrued for his benefit, or for which he is entitled to payment for events or circumstances occurring on or through the date of termination of his employment.