Common use of No Cause Clause in Contracts

No Cause. In the event Officer's employment is terminated for No Cause, as defined in Section 5.1.5, the benefits payable to Officer shall depend upon Officer's position and years of continuous service to Employer or its affiliates. If Officer had five (5) or fewer years of continuous service as of the Termination Date, Officer shall be entitled to payment of Officer's base salary through the Termination Date, and to continuation of Officer's base salary for the lesser of one year or the number of months remaining in the term of this Agreement as of the Termination Date, subject to Section 5.2.8. If Officer had more than five (5) years of continuous service as of the Termination Date, or if Officer is a Section 16 Employee, Officer shall be entitled to payment of Officer's base salary through the Termination Date, to continuation of Officer's base salary, increased by 100%, for the lesser of one year or the number of months remaining in the term of this Agreement as of the Termination Date, subject to Section 5.2.8, and to the additional benefit described in Section 5.2.9, if allowed by law. Regardless of Officer's position or years of service, Officer shall also be entitled to any accrued but unpaid vacation benefits, to any other Vested Benefits, to Officer's incentive compensation award for the year in which Officer was terminated, prorated to the Termination Date, and to the immediate vesting, to the extent not otherwise vested, of all outstanding stock options or similar awards previously granted to Officer under Section 4.3, but only to the extent that any such outstanding stock options or similar awards would, by their terms, vest within one (1) year of the Termination Date. In addition, Officer shall be entitled, for a period of twelve (12) months following the Termination Date, to continuation of benefits substantially equivalent to the life, disability and medical insurance policies maintained by Employer on behalf of Officer and Officer's spouse and dependents, if any, immediately prior to the Notice of Termination, but only to the extent that Officer is not entitled to comparable benefits from other employment.

Appears in 4 contracts

Samples: Employment Agreement (Indymac Bancorp Inc), Employment Agreement (Indymac Bancorp Inc), Employment Agreement (Indymac Bancorp Inc)

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No Cause. In the event Officer's ’s employment is terminated for No Cause, as defined in Section 5.1.5, the benefits payable to Officer shall depend upon Officer's position and years of continuous service to Employer or its affiliates. If Officer had five (5) or fewer years of continuous service as of the Termination Date, Officer shall be entitled to (a) payment of Officer's ’s base salary through the Termination Date, and (b) to continuation of Officer's ’s base salary, increased by 100%, for six months and then continuation of Officer’s base salary for an additional six months, provided however that in the lesser event that termination under this Section 5.2.5 occurs within the last twelve months of one year or the term of this Agreement, the Officer’s salary continuation benefits shall be reduced prorate by the number of months remaining in the term of this Agreement as of the Termination Date, subject to Section 5.2.8. If Officer had more than five (5) years of continuous service as of the Termination Date, or if Officer is a Section 16 Employee, Officer All payments under this section 5.2.5 shall be entitled to payment of Officer's base salary through the Termination Date, to continuation of Officer's base salary, increased by 100%, for the lesser of one year or the number of months remaining in the term of this Agreement as of the Termination Date, subject to Section 5.2.8, and to the additional benefit described in Section 5.2.9, if allowed by lawlaw and by this Agreement. Regardless of Officer's ’s position or years of service, Officer shall also be entitled to any accrued but unpaid vacation benefits, to any other Vested Benefits, to Officer's ’s incentive compensation award for the year in which Officer was terminated, prorated to the Termination Date, and to the immediate vesting, to the extent not otherwise vested, of all outstanding stock options or similar awards previously granted to Officer under Section 4.3, but only to the extent that any such outstanding stock options or similar awards would, by their terms, vest within one (1) year of the Termination Date. In addition, Officer shall be entitled, for a period of twelve (12) months following the Termination Date, to continuation of benefits substantially equivalent to the life, disability and medical insurance policies maintained by Employer on behalf of Officer and Officer's spouse ’s spouse, or domestic partner, and dependents, if any, immediately prior to the Notice of Termination, but only to the extent that Officer is not entitled to comparable benefits from other employment.

Appears in 1 contract

Samples: Employment Agreement (Indymac Bancorp Inc)

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No Cause. In the event Officer's ’s employment is terminated for No Cause, as defined in Section 5.1.5, the benefits payable to Officer shall depend upon Officer's ’s position and years of continuous service to Employer or its affiliates. If Officer had five (5) or fewer years of continuous service as of the Termination Date, Officer shall be entitled to payment of Officer's ’s base salary through the Termination Date, and to continuation of Officer's ’s base salary for the lesser of one year or the number of months remaining in the term of this Agreement as of the Termination Date, subject to Section 5.2.8. If Officer had more than five (5) years of continuous service as of the Termination Date, or if Officer is a Section 16 Employee, Officer shall be entitled to payment of Officer's ’s base salary through the Termination Date, to continuation of Officer's ’s base salary, increased by 100%, for the lesser of one year or the number of months remaining in the term of this Agreement as of the Termination Date, subject to Section 5.2.8, and to the additional benefit described in Section 5.2.9, if allowed by law. Regardless of Officer's ’s position or years of service, Officer shall also be entitled to any accrued but unpaid vacation benefits, to any other Vested Benefits, to Officer's ’s incentive compensation award for the year in which Officer was terminated, prorated to the Termination Date, and to the immediate vesting, to the extent not otherwise vested, of all outstanding stock options or similar awards previously granted to Officer under Section 4.3, but only to the extent that any such outstanding stock options or similar awards would, by their terms, vest within one (1) year of the Termination Date. In addition, Officer shall be entitled, for a period of twelve (12) months following the Termination Date, to continuation of benefits substantially equivalent to the life, disability and medical insurance policies maintained by Employer on behalf of Officer and Officer's ’s spouse and dependents, if any, immediately prior to the Notice of Termination, but only to the extent that Officer is not entitled to comparable benefits from other employment.

Appears in 1 contract

Samples: Employment Agreement (Indymac Bancorp Inc)

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