Obligations of Company Following Termination Without Cause or Involuntary Termination Sample Clauses

Obligations of Company Following Termination Without Cause or Involuntary Termination. Upon the termination of this Agreement and Xxxxxx’x employment hereunder apart from a Change of Control, the Company shall, within 30 days following the Date of Termination, and provided that Xxxxxx signs and does not revoke a general release provided by the Company and in the favor of the Company and each affiliated company within such 30-day period, pay to Xxxxxx an amount equal to the sum of (i) the portion of Xxxxxx’x Base Salary earned for services performed through the Date of Termination and/or accrued vacation earned through the Date of Termination to the extent not theretofore paid, (ii) a lump sum payment equal to Xxxxxx’x annual Base Salary in effect at the time Xxxxxx’x employment is terminated; plus (iii) Xxxxxx’x average annual bonus received over the eight (8) fiscal quarters of the Company immediately preceding Company’s fiscal quarter during which Xxxxxx’x employment is terminated, without exceeding Xxxxxx’x target bonus for Company’s fiscal year during which Xxxxxx’x employment is terminated, provided, however, that Xxxxxx shall receive his target bonus if he is terminated within his first eight (8) fiscal quarters of employment with the Company; plus (iv) Xxxxxx’x auto allowance for the Company’s fiscal year during which Xxxxxx’x employment is terminated. In addition, the Company shall provide, at Company’s expense, continued group health plan coverage for Xxxxxx and his “qualified beneficiaries” (within the meaning of Title I, Part 6 of the Employee Retirement Income Security Act of 1974, as amended (“COBRA”)), to the extent required under COBRA, for a period extending through the earlier of the date Xxxxxx begins any subsequent full-time employment for another employer for pay and the date that is one (1) year after Xxxxxx’x termination of employment, under the Company’s group health plan covering Xxxxxx and Xxxxxx’x qualified beneficiaries, provided that Xxxxxx properly and timely elects to continue such coverage pursuant to COBRA. In no event will the Company’s payment of the COBRA premiums for up to the first 12 months of COBRA coverage be considered an extension of the maximum continuation of coverage period required under COBRA.
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Related to Obligations of Company Following Termination Without Cause or Involuntary Termination

  • Termination Without Cause or Constructive Termination Without Cause In the event the Executive's employment is terminated without Cause, other than due to disability or death, or in the event there is a Constructive Termination Without Cause, the Executive shall be entitled to:

  • Involuntary Termination Without Cause and Voluntary Termination with Good Reason With written notice to the Executive at least thirty (30) days in advance, the Bank may terminate the Executive’s employment without Cause. Termination shall take effect at the end of the notice period. With advance written notice to the Bank as provided in clause (y), the Executive may terminate employment for Good Reason. If the Executive’s employment terminates involuntarily without Cause or voluntarily but with Good Reason, the Executive shall be entitled to the benefits specified in Article 4 of this Agreement. For purposes of this Agreement, a voluntary termination by the Executive shall be considered a voluntary termination with Good Reason if the conditions stated in both clauses (x) and (y) of this Section 3.4 are satisfied:

  • Involuntary Termination Without Cause In the event of the Participant’s involuntary Termination by the Company without Cause, the vested portion of the Option shall remain exercisable until the earlier of (i) ninety (90) days from the date of such Termination, and (ii) the expiration of the stated term of the Option pursuant to Section 3(d) hereof.

  • Termination for Cause, or Termination Upon Death, Disability or Resignation from the Company Without Good Reason If Executive’s employment shall terminate as a result of Executive’s death pursuant to Section 3(a)(i) or Disability pursuant to Section 3(a)(ii), pursuant to Section 3(a)(iii) for Cause, or pursuant to Section 3(a)(vi) for Executive’s resignation from the Company without Good Reason, then Executive shall not be entitled to any severance payments or benefits, except as provided in Section 3(c).

  • Cause or Voluntary Termination without Good Reason If Executive’s employment shall be terminated for Cause during the Employment Period, or if Executive voluntarily terminates employment during the Employment Period without Good Reason, this Agreement shall terminate without further obligations to Executive, other than for payment of Accrued Obligations (excluding the pro-rata bonus described in clause 2 of Section 6(a)(i)) and the timely payment or provision of Other Benefits.

  • Termination without Cause or Resignation for Good Reason in Connection with a Change of Control If the Company or its Affiliates terminate Executive’s employment with the Company or its Affiliates, respectively, without Cause or Executive resigns from such employment for Good Reason within twelve (12) months following a Change of Control, and Executive signs and does not revoke a separation agreement and release of claims with the Company (in a form acceptable to the Company), then Executive will receive the following severance from the Company:

  • Termination Without Cause or Termination for Good Reason (a) The Company may terminate the Executive's employment hereunder without Cause, and the Executive shall be permitted to terminate his employment hereunder for Good Reason (as hereinafter defined). If the Company terminates the Executive's employment hereunder without Cause, other than due to death or Disability, or if the Employee effects a termination for Good Reason, the Executive shall be entitled to receive all the benefits provided for under Section 3.6 of this Agreement.

  • Termination without Cause or Resignation with Good Reason The Company may terminate the Term of Employment without Cause, and the Executive may terminate the Term of Employment for Good Reason, at any time upon written notice. If the Term of Employment is terminated by the Company without Cause (other than due to the Executive’s death or Disability) or by the Executive for Good Reason, in either case prior to the date of a Change in Control or more than one year after a Change in Control, the Executive shall be entitled to the following:

  • Termination without Cause or Resignation for Good Reason in Connection with a Change in Control If the Company terminates Executive’s employment with the Company without Cause (excluding death or Disability) or if Executive resigns from his or her employment for Good Reason, and, in each case, such termination date occurs during the Change in Control Period, then Executive will receive the Accrued Benefits and, subject to Sections 5 through 7, below, Executive will be eligible to receive the following:

  • Termination for Cause or Resignation without Good Reason If, during the Term of this Agreement, Executive’s employment is terminated by the Company for Cause, or Executive resigns his employment hereunder without Good Reason, the Company shall pay Executive the Termination Amounts, less standard deductions and withholdings. The Company shall thereafter have no further obligations to Executive under this Agreement, except as otherwise provided by law.

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