Payments by Virtue of Termination of Employment. Upon the occurrence of an Employee Termination: (a) if an Employee Termination shall result from Employee’s employment being terminated by the Company without Cause or from Employee’s resignation for Good Reason, in each case other than during a Change of Control Period, Employee shall be entitled to: (i) Employee’s unpaid and accrued Base Salary accrued to the effective date of such termination, payable in accordance with the Company’s regular payroll practices as in effect from time to time; plus (ii) payment for accrued and unused vacation days accrued to the effective date of such termination (in accordance with applicable Company policy or to the extent required by law); plus (iii) any unpaid expense reimbursement Employee is entitled to pursuant to Section 7 of this Agreement; plus (iv) any vested payment or benefit arising from Employee’s participation in, or benefits under, any qualified employee benefit plans, programs, or arrangements under Section 6 (other than severance plans, programs, or arrangements), which amounts shall be payable in accordance with the terms and conditions of such employee benefit plans, programs, or arrangements (the amounts provided for under Subsections 10(a)(i), (ii), (iii) and (iv), together the “Accrued Amounts”); plus, subject to Section 11(a): (v) as severance pay (“Severance Pay”), Employee will continue to receive his then Base Salary for a period of twelve (12) months, payable in equal installments in accordance with the Company’s regular payroll practices as in effect from time to time; provided, that the first installment of the Severance Pay shall be made on the next regularly scheduled payroll date of the Company following the 6
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Payments by Virtue of Termination of Employment. Upon the occurrence of an Employee Termination: :
(a) if an Employee Termination shall result from Employee’s employment being terminated by the Company without Cause or from Employee’s resignation by Employee for Good Reason, in each case other than during a Change of Control Period, Employee shall be entitled to: :
(i) Employee’s unpaid and accrued Base Salary accrued to the effective date of such termination, payable in accordance with the Company’s regular payroll practices as in effect from time to timetime or earlier, to the extent required by law (“Accrued Salary”); plus plus
(ii) payment for accrued and unused vacation discretionary time days accrued to the effective date of such termination (not to exceed the maximum annual amount of discretionary time to which Employee is entitled under Section 5(d)) in accordance with applicable a lump sum payment on the next regularly scheduled payroll date of the Company policy following the effective date of such termination, or earlier, to the extent required by lawlaw (“Discretionary Time Pay”); plus plus
(iii) any unpaid expense reimbursement Employee is entitled to pursuant to Section 7 6 of this Agreement; plus (iv) any vested Agreement in a lump sum cash payment or benefit arising from Employee’s participation inon the next regularly scheduled payroll date of the Company following the effective date of such termination, or benefits underearlier, any qualified employee benefit plans, programs, or arrangements under Section 6 to the extent required by law (other than severance plans, programs, or arrangements), which amounts shall be payable in accordance with the terms and conditions of such employee benefit plans, programs, or arrangements “Expense Reimbursement”) (the amounts provided for under Subsections 10(a)(i9(a)(i), (ii), and (iii) and (iv), together the “Accrued Amounts”); plus, subject to Section 11(a): 10(a):
(iv) any Bonus for which the monthly and/or annual performance targets with respect to a calendar month and/or calendar year ending prior to the date of such termination are satisfied, but for which the right to payment thereof has not vested in accordance with Section 4 on the date of an Employee Termination, shall be deemed vested and payable at the same time such payment would be made if Employee continued to be employed by the Company (“Accrued Bonus”); plus
(v) as severance pay (“Severance Pay”), Employee will continue to receive his then Base Salary for the remaining period of the Employment Term, payable in lump sum 60 days after the effective date of Employee’s termination; plus
(vi) the Company will provide continued coverage under its health insurance plans to Employee for a period of twelve (12) months18 months after the effective date of Employee’s termination by paying an amount equal to the employer’s portion of premium contributions for active employees, with Employee paying the premium payments at the current applicable employee rate for such coverage; provided, however, if more than 18 months remain in the Employment Term, Employee will also receive the employer’s portion of the premium contribution for the number of months in excess of 18 remaining in the Employment Term, payable in equal installments in accordance with lump sum 60 days after the Companyeffective date of Employee’s regular payroll practices as in effect from time to time; providedtermination (collectively, that the first installment “Health Benefits Continuation”).
(b) if Employee’s employment terminates upon the expiration of the Severance Pay Employment Term, Employee shall be made on entitled to the next regularly scheduled payroll date Accrued Amounts plus, subject to Section 10(a) of this Agreement, Employee’s Accrued Bonus;
(c) if an Employee Termination shall result from (i) Employee’s death, or (ii) Employee becoming Permanently Disabled, Employee or Employee’s beneficiary, estate or personal representative (as the Company following case may be) shall be entitled to the 6Accrued Amounts plus Employee’s Accrued Bonus;
(d) if an Employee Termination results from Employee’s resignation without Good Reason or Employee’s discharge for Cause, Employee shall be entitled only to the Accrued Amounts.
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Samples: Employment Agreement (Adams Resources & Energy, Inc.)
Payments by Virtue of Termination of Employment. Upon the occurrence of an Employee Termination: :
(a) if an Employee Termination shall result from Employee’s employment being terminated by the Company without Cause or from Employee’s resignation for Good Reason, in each case other than including during a any Change of Control Period, Employee shall be entitled to: :
(i) Employee’s unpaid and accrued Base Salary accrued to the effective date of such termination, payable in accordance with the Company’s regular payroll practices as in effect from time to time; plus plus
(ii) payment for accrued and unused vacation days accrued to the effective date of such termination (in accordance with applicable Company policy or to the extent required by law)) payable within 30 days following the effective date of such termination; plus plus
(iii) any unpaid expense reimbursement Employee is entitled to pursuant to Section 7 of this Agreement; plus plus
(iv) any earned but unpaid annual bonus payable in respect of the calendar year prior to the calendar year in which the Employee Termination occurs (the “Earned Annual Bonus”); plus
(v) any vested payment or benefit arising from Employee’s participation in, or benefits under, any qualified employee benefit plans, programs, or arrangements under Section 6 (other than severance plans, programs, or arrangements), which amounts shall be payable in accordance with the terms and conditions of such employee benefit plans, programs, or arrangements (the amounts provided for under Subsections 10(a)(i), (ii), (iii), (iv) and (ivv), together the “Accrued Amounts”); plus, subject to Section 11(a): (v) as severance pay (“Severance Pay”), Employee will continue to receive his then Base Salary for a period of twelve (12) months, payable in equal installments in accordance with the Company’s regular payroll practices as in effect from time to time; provided, that the first installment of the Severance Pay shall be made on the next regularly scheduled payroll date of the Company following the 6):
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Payments by Virtue of Termination of Employment. Upon the occurrence of an Employee Termination: :
(a) if If, during the Employment Term, an Employee Termination shall result from Employee’s employment being terminated by the Company without Cause (not including as a result of Employee becoming Permanently Disabled) or from Employee’s resignation for Good Reason, in each case other than during a Change of Control Period, Employee shall be entitled to: :
(i) Employee’s unpaid and accrued Base Salary accrued to the effective date of such termination, payable in accordance with the Company’s regular payroll practices as in effect from time to time; plus plus
(ii) payment for accrued and unused vacation days accrued to the effective date of such termination (in accordance with to the extent required by any applicable Company policy or to the extent required by appliable law)) payable within 30 days following the effective date of such termination; plus plus
(iii) any unpaid expense reimbursement Employee is entitled to pursuant to Section 7 of this Agreement; plus plus
(iv) any earned but unpaid annual bonus payable in respect of the calendar year prior to the calendar year in which the Employee Termination occurs (the “Earned Annual Bonus”); plus
(v) any vested payment or benefit arising from Employee’s participation in, or benefits under, any qualified employee benefit plans, programs, or arrangements under Section 6 (other than severance plans, programs, or arrangements), which amounts shall be payable in accordance with the terms and conditions of such employee benefit plans, programs, or arrangements (the amounts provided for under Subsections 10(a)(i), (ii), (iii), (iv) and (ivv), together the “Accrued Amounts”); plus, subject to Section 11(a): ):
(vvi) as severance pay (“Severance Pay”), Employee will continue to receive his then then-current Base Salary for a period of twelve eighteen (1218) months, payable in equal installments in accordance with the Company’s regular payroll practices as in effect from time to time; provided, that the first installment of the Severance Pay shall be made on the next regularly scheduled payroll sixtieth (60th) day after the effective date of Employee’s termination and shall include payment of any amounts that would otherwise be due prior thereto; plus
(vii) the Company will provide continued coverage under its health insurance plans (“Health Benefits Continuation”) to Employee for a period of twelve (12) months (or, if earlier, until Employee becomes eligible to receive health insurance coverage through a subsequent employer), subject to Employee continuing to make premium payments at the current applicable employee rate for such coverage; provided, however, that if the Health Benefits Continuation is not permitted to be provided under the terms of the Company’s health insurance plans (as in effect from time to time following the 6date of Employee Termination), and applicable law, the Company may provide the Health Benefits Continuation pursuant to the Consolidated Omnibus Budget Reconciliation Act of 1985 by paying an amount equal to the employer’s portion of premium contributions for active employees, with Employee paying the premium payments at the current applicable employee rate for such coverage; provided, further, that in any event the coverage provided pursuant to this Section 10(a)(vi) shall be counted towards the Company’s satisfaction of its COBRA obligations to Employee (clauses (v) and (vi) hereof, collectively, the “Severance Package”);
(b) if an Employee Termination shall result from Employee’s resignation (other than for Good Reason), Employee’s death or Permanent Disability or Employee’s discharge for Cause, Employee shall be entitled only to the Accrued Amounts; provided that if the Employee Termination shall result from Employee’s discharge for Cause, Employee will not be entitled to receive any Earned Annual Bonus.
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