Payments Following Termination of Employment as Chief Executive Officer Sample Clauses

Payments Following Termination of Employment as Chief Executive Officer. Immediately after Monroe ceases to serve as the Corporation's Chief Executive Officer, the Corporation shall pay to Monroe a monthly amount of Twenty-Five Thousand Dollars ($25,000), which payments shall commence on the first day of the month immediately following the last month in which Monroe is employed as CPC's Chief Executive Officer and continue each month thereafter until the later to occur of (i) the date on which Monroe ceases to serve as non-employee Chairman of the Corporation's Board of Directors, and (ii) the date that is five (5) years after the first payment is made under this Section 3; provided, however, if Monroe does not commence serving or ceases to serve as non-employee Chairman of the Board prior to the termination of said five (5) year period, then payments under this Section 3 shall be suspended for six (6) months and shall begin or resume in the seventh (7Th) month thereafter and continue until the date that is five (5) years and six (6) months after the first payment is made or is to be made under this Section 3. Notwithstanding anything in this Section 3 to the contrary, payments under this Section 3 shall cease upon Monroe's death and shall be suspended upon any breach of Section 1 of this Agreement in accordance with Section 1.4 of this Agreement.
Sample 1
AutoNDA by SimpleDocs

Related to Payments Following Termination of Employment as Chief Executive Officer

  • Compensation Following Termination of Employment In the event that Executive's employment hereunder is terminated, Executive shall be entitled to the following compensation and benefits upon such termination:

  • Termination of Employment Following a Change in Control Notwithstanding the provisions of Section 6.3 hereof to the contrary, if the Employee’s employment by the Company is terminated by the Company in accordance with the terms of Section 4 of the Termination Agreement and the Employee is entitled to benefits provided in Section 5 of the Termination Agreement, the Company shall pay to the Employee, in a lump sum in cash within 30 days after the Date of Termination, the aggregate of the Employee’s Base Salary (as in effect on the Date of Termination) through the Date of Termination, if not theretofore paid, and, in the case of compensation previously deferred by the Employee, all amounts of such compensation previously deferred shall be paid in accordance with the plan documents governing such deferral. Except with respect to the obligations set for forth in the Termination Agreement, notwithstanding any provisions herein to the contrary, all other obligations of the Company and rights of the Employee hereunder shall terminate effective as of the Date of Termination.

  • Compensation Following Termination In the event that Executive’s employment hereunder is terminated, Executive shall be entitled only to the following compensation and benefits upon such termination:

  • Termination of Employment Generally In the event the Executive’s employment with the Company terminates, for any reason whatsoever including death or disability the Executive shall be entitled to the benefits described in this Section 2.2.

  • OBLIGATIONS SURVIVE TERMINATION OF EMPLOYMENT Executive agrees that any and all of Executive’s obligations under this Agreement, including but not limited to Exhibits B and C, shall survive the termination of employment and the termination of this Agreement.

  • Qualifying Termination of Employment A “Qualifying Termination of Employment” shall mean a termination of Executive’s employment during the Protected Period either (a) by the Company other than for Cause or (b) by Executive for a Good Reason. A termination of employment due to the Executive’s death or Disability during the Protected Period shall not constitute a Qualifying Termination of Employment.

  • Termination of Employment Following Change in Control (a) If a Change in Control (as defined in Section 5(b) of this Agreement) shall occur and if thereafter at any time during the term of this Agreement there shall be:

  • Meaning of Termination of Employment For all purposes of this Agreement, Executive shall be considered to have terminated employment with the Company when Executive incurs a “separation from service” with the Company within the meaning of Section 409A(a)(2)(A)(i) of the Internal Revenue Code; provided, however, that whether such a separation from service has occurred shall be determined based upon a reasonably anticipated permanent reduction in the level of bona fide services to be performed to no more than 25% of the average level of bona fide services provided in the immediately preceding 36 months.

  • Payments Upon Termination of Employment (a) If Executive’s employment with the Company is terminated by reason of:

  • Term; Termination of Employment The term of this Agreement (the “Term”) begins on the Effective Date and will end, along with Executive’s employment with the Company, on the earliest to occur of the following events.

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!