Payments Upon Involuntary Termination. Upon an Involuntary Termination of the employment relationship during the Term by Employer pursuant to Section 3.2(ii), or by Employee pursuant to Section 3.3(i), Employee shall be entitled, in consideration of Employee’s continuing obligations hereunder after such termination (including, without limitation, Employee’s non-competition obligations as set forth in the Incentive Compensation Agreement), to receive the compensation specified in Section 2.1 for the lesser of (i) one year or (ii) the remainder of the Term, payable semi-monthly, as if Employee’s employment (which shall cease on the date of such Involuntary Termination) had continued for the period of such payments, in either case less any payments made pursuant to the provision in Section 2.2 (unless Employee has served as Vice President, General Counsel and Corporate Secretary of Employer since such payments were made). Employee shall also be entitled to a pro-rated bonus (based on termination date), calculated in accordance with the Employer’s Incentive Compensation Plan and paid in the next year following the release of earnings for the year in which termination occurred. Upon an Involuntary Termination of the employment relationship by Employee pursuant to Section 3.3(ii), Employee shall be entitled, in consideration of Employee’s continuing obligations hereunder after such termination (including, without limitation, Employee’s non-competition obligations as set forth in the Incentive Compensation Agreement), to receive in a lump sum payment the compensation specified in Section 2.1 for the lesser of (i) one year or (ii) the remainder of the Term. In the event of an Involuntary Termination pursuant to Sections 3.2(ii), 3.3(i) or 3.3(ii), all Restricted Stock and stock options granted to Employee under the Incentive Compensation Agreement shall become 100% vested, the exercise of which shall continue to be permitted as if Employee’s employment had continued for the full Term of this Agreement. Employee will be entitled to a pro-rated bonus (based on termination date), calculated in accordance with the Employer’s Incentive Compensation Plan and paid in the next year following the release of earnings for the year in which such termination occurred. Employee shall not be under any duty or obligation to seek or accept other employment following Involuntary Termination and the amounts due Employee hereunder shall not be reduced or suspended if Employee accepts subsequent employment. As noted in the...
Payments Upon Involuntary Termination. In the event of an Involuntary Termination of Employee's employment pursuant to Section 3.1.b of the Agreement, Employee shall be entitled under Section 3.6 of the Agreement to the following guaranteed payments: An amount equal to the Employee's Monthly Base Salary on the date of the issuance of the Notice of Termination, per month, commencing on the last day of the month following the month in which the Date of Termination occurs, as follows:
Payments Upon Involuntary Termination. If the Executive’s Date of Termination occurs during the Term, and if such separation from service (A) is involuntary at the initiative of the Company for any reason other than Cause or Disability or at the initiative of the Executive for Good Reason, and (B) does not occur during a Protected Period, then, in addition to such compensation that has been earned but not paid to the Executive as of the Date of Termination, the Company will provide to the Executive the severance benefits set forth in this Section 5, subject to the conditions in Section 6.
Payments Upon Involuntary Termination. If the Executive's employment terminates as a result of an Involuntary Termination prior to the end of the term of this Agreement pursuant to Section 1(c), then the Company shall pay Executive within thirty (30) days of Executive's termination (including the Bonus pursuant to Section 2(b)) all amounts Executive is entitled to under this Agreement as if he had continued in the employ of the Company for the remainder of the term of this Agreement.
Payments Upon Involuntary Termination. Upon an Involuntary Termination of the employment relationship during the Term by Employer pursuant to Section 3.2(ii), or by Employee pursuant to Section 3.3(i), Employee shall be entitled, in consideration of Employee’s continuing obligations hereunder after such termination (including, without limitation, Employee’s non-competition obligations as set forth in the Incentive Compensation Agreement), to receive the compensation specified in Section 2.1 for the greater of (A) the lesser of (i) two years or (ii) the remainder of the Term or (B) one year, payable semi-monthly, as if Employee’s employment (which shall cease on the date of such Involuntary Termination) had continued for the period of such payments, in either case less any payments made pursuant to the provision in Section 2.2 (unless Employee has served as Chief Financial Officer of Employer since such payments were made). Employee shall also be entitled to a pro-rated bonus (based on termination date), calculated in accordance with the Employer’s Incentive Compensation Plan and paid in the next year following the release of earnings for the year in which termination occurred. Upon an Involuntary Termination of the employment relationship by Employee pursuant to Section 3.3(ii), Employee shall be entitled, in consideration of Employee’s continuing obligations hereunder after such termination (including, without limitation, Employee’s non-competition obligations as set forth in the Incentive Compensation Agreement), to receive in a lump sum payment the compensation specified in Section 2.1 for the greater of (A) the lesser of (i) two years or (ii) the remainder of the Term or (B) one year. In the event of an Involuntary Termination pursuant to Sections 3.2(ii), 3.3(i) or 3.3(ii), all Restricted Stock and stock options granted to Employee under the Incentive Compensation Agreement shall become 100% vested, the exercise of which shall continue to be permitted as if Employee’s employment had continued for the full Term of this Agreement. Employee will be entitled to a pro-rated bonus (based on termination date), calculated in accordance with the Employer’s Incentive Compensation Plan and paid in the next year following the release of earnings for the year in which such termination occurred. The Employee would also be eligible for use of the “demonstrator vehicle” provided pursuant to Section 2.5 for six months from date of termination. Employee shall not be under any duty or obligation to seek or a...
Payments Upon Involuntary Termination. In the event of an Involuntary Termination of Executive's employment pursuant to Section 3.1.b or as described in Section 4.1, within ninety (90) days of such a termination, Executive may elect to have a portion or all vested but unexercised options terminated by the Employer, and in such event, and only in such event, Executive shall receive "Special Severance Compensation" equal to the number of shares that could be acquired upon exercise of the options so terminated multiplied by $3.00, the product of such being payable in annual installments (with interest accruing at the prime rate following the date of the election), in as short a period of time as possible and the maximum annual installment being not greater than $240,000.00.
Payments Upon Involuntary Termination. Effective as of the date of this Amendment, Section 5(a) of the Severance Agreement is amended to read as follows:
Payments Upon Involuntary Termination. Should this Agreement terminate prior to the end of the Term as a result of Consultant’s death, disability or by the Company for a reason other than “Cause” as defined in paragraph 1(a) of the Executive’s Amended and Restated Change of Control and Severance Agreement effective January 15, 2019, Executive shall be entitled to the remaining payments due under section 3, herein, as well as any rights provided by section 10 of the Transition Agreement.
Payments Upon Involuntary Termination. If, at any time during the period beginning on July 1, 2016 and ending on the End Date, (i) the Board removes Employee as a member of the Board without Cause, or (ii) Employer terminates the employment of Employee without Cause, then, subject to the Release Condition described below, Employee shall be entitled to a lump-sum cash payment equal to any remaining unpaid portion of the Employee’s Base Salary (as then in effect) that Employee would have received had he continued employment through April 1, 2017 (the “Severance Payment”) (which payment shall be made on (or on the next business day following) the thirty-sixth (36th) day following the applicable termination or removal date).”
Payments Upon Involuntary Termination. If the Executive's employment terminates as a result of an Involuntary Termination prior to the end of the term of this Agreement pursuant to Section 1(c), then the Company shall pay Executive within thirty (30) days of Executive's termination (including the Bonus pursuant to Section 2(b)) all amounts Executive is entitled to under this Agreement without discount as if he had continued in the employ of the Company for the remainder of the term of this Agreement. In the event the Company terminates Executive as defined in Section (e)(i) prior to the first anniversary of the Agreement, the Company shall pay, in addition to the other amounts otherwise provided in this Section, (i) an amount sufficient to pay all taxes (including, but not limited to federal and state income taxes and any excise taxes), owed by Executive on such payments described in the preceding sentence above; and (ii) an additional amount sufficient to pay the federal and state income taxes and any excise taxes arising from the payments made by the Company to Executive pursuant to (i) above.
