Common use of Premature Termination Clause in Contracts

Premature Termination. (i) In the event of the termination of this Agreement by the Employer prior to the last day of the then current term for any reason other than a termination in accordance with the provisions of Section 5(e) (Termination for Cause), then notwithstanding any mitigation of damages by the Executive, the Employer shall pay the Executive a sum equal to one (1) times the amount of the Executive’s then-current annual Base Salary. In addition, the Employer shall reimburse the Executive for continued coverage (COBRA continuation coverage) for the Executive and the Executive’s dependents (if applicable) under the health insurance programs maintained by the Employer for the twelve (12) month period immediately following the Executive’s termination of employment; provided, however, that the continued payment of these amounts by the Employer shall not offset or diminish any compensation or benefits accrued as of the date of termination. (ii) Payment to the Executive will be made on a monthly basis over the twelve (12) month period immediately following the Executive’s termination of employment. At the election of the Employer, payments may be made in a lump sum. Payment of the amounts due under Section 5(c)(i) shall not be reduced in the event the Executive obtains other employment following the termination of employment by the Employer. (iii) If the Employer is not in compliance with its minimum capital requirements or if the payments required under subsection (i) above would cause the Employer’s capital to be reduced below its minimum capital requirements, such payments shall be deferred until such time as the Employer is in capital compliance.

Premature Termination. (i) In the event of the termination of this Agreement by the Employer prior to the last day of the then current term for any reason other than a termination in accordance with the provisions of Section 5(e) (Termination for Cause), then notwithstanding any mitigation of damages by the Executive, the Employer shall pay the Executive a sum equal to one three (13) times one hundred-twenty-five percent (125%) of the amount of the Executive’s 's then-current annual Base Salary. In addition, the Employer shall reimburse the Executive for continued coverage (COBRA continuation coverage) for the Executive and the Executive’s 's dependents (if applicable) under the health insurance programs maintained by the Employer for during the twelve (12) month period immediately following of the Executive’s termination of employment's COBRA eligibility; provided, however, that the continued payment of these amounts by the Employer shall not offset or diminish any compensation or benefits accrued as of the date of termination. (ii) Payment to the Executive will be made on a monthly basis over the twelve thirty-six (1236) month period immediately following the Executive’s 's termination of employment. At the election of the Employer, payments may be made in a lump sum. Payment of the amounts due under Section 5(c)(i) shall not be reduced in the event the Executive obtains other employment following the termination of employment by the Employer. (iii) If the Employer is not in compliance with its minimum capital requirements or if the payments required under subsection (i) above would cause the Employer’s 's capital to be reduced below its minimum capital requirements, such payments shall be deferred until such time as the Employer is in capital compliance.

Premature Termination. (i) In the event of the termination of this Agreement by the Employer prior to the last day of the then current term for any reason other than a termination in accordance with the provisions of Section 5(e) (Termination for Cause), then notwithstanding any mitigation of damages by the Executive, the Employer shall pay the Executive a sum equal to one two (12) times the amount of the Executive’s 's then-current annual Base Salary. In addition, the Employer shall reimburse the Executive for continued coverage (COBRA continuation coverage) for the Executive and the Executive’s 's dependents (if applicable) under the health insurance programs maintained by the Employer for during the twelve (12) month period immediately following of the Executive’s termination of employment's COBRA eligibility; provided, however, that the continued payment of these amounts by the Employer shall not offset or diminish any compensation or benefits accrued as of the date of termination. (ii) Payment to the Executive will be made on a monthly basis over the twelve twenty-four (1224) month period immediately following the Executive’s 's termination of employment. At the election of the Employer, payments may be made in a lump sum. Payment of the amounts due under Section 5(c)(i) shall not be reduced in the event the Executive obtains other employment following the termination of employment by the Employer. (iii) If the Employer is not in compliance with its minimum capital requirements or if the payments required under subsection (i) above would cause the Employer’s 's capital to be reduced below its minimum capital requirements, such payments shall be deferred until such time as the Employer is in capital compliance.

Premature Termination. (i) In the event of the termination of this Agreement by the Employer prior to the last day of the then current term for any reason other than a termination in accordance with the provisions of Section 5(e) (Termination for Cause), then notwithstanding any mitigation of damages by the Executive, the Employer shall pay the Executive a sum equal to one two (12) times the amount of the Executive’s then-current annual Base Salary. In addition, the Employer shall reimburse the Executive for continued coverage (COBRA continuation coverage) for the Executive and the Executive’s dependents (if applicable) under the health insurance programs maintained by the Employer for during the twelve (12) month period immediately following of the Executive’s termination of employmentCOBRA eligibility; provided, however, that the continued payment of these amounts by the Employer shall not offset or diminish any compensation or benefits accrued as of the date of termination. (ii) Payment to the Executive will be made on a monthly basis over the twelve twenty-four (1224) month period immediately following the Executive’s termination of employment. At the election of the Employer, payments may be made in a lump sum. Payment of the amounts due under Section 5(c)(i) shall not be reduced in the event the Executive obtains other employment following the termination of employment by the Employer. (iii) If the Employer is not in compliance with its minimum capital requirements or if the payments required under subsection (i) above would cause the Employer’s capital to be reduced below its minimum capital requirements, such payments shall be deferred until such time as the Employer is in capital compliance.

Premature Termination. (i) In the event of the termination of this Agreement by the Employer prior to the last day of the then current term for any reason other than a termination in accordance with the provisions of Section 5(e) (Termination for Cause), then notwithstanding any mitigation of damages by the Executive, the Employer shall pay the Executive a sum equal to one three (13) times one hundred-twenty-five percent (125%) of the amount of the Executive’s then-current annual Base Salary. In addition, the Employer shall reimburse the Executive for continued coverage (COBRA continuation coverage) for the Executive and the Executive’s dependents (if applicable) under the health insurance programs maintained by the Employer for during the twelve (12) month period immediately following of the Executive’s termination of employmentCOBRA eligibility; provided, however, that the continued payment of these amounts by the Employer shall not offset or diminish any compensation or benefits accrued as of the date of termination. (ii) Payment to the Executive will be made on a monthly basis over the twelve thirty-six (1236) month period immediately following the Executive’s termination of employment. At the election of the Employer, payments may be made in a lump sum. Payment of the amounts due under Section 5(c)(i) shall not be reduced in the event the Executive obtains other employment following the termination of employment by the Employer. (iii) If the Employer is not in compliance with its minimum capital requirements or if the payments required under subsection (i) above would cause the Employer’s capital to be reduced below its minimum capital requirements, such payments shall be deferred until such time as the Employer is in capital compliance.

Premature Termination. (i) In the event of the termination of this Agreement by the Employer prior to the last day of the then current term for any reason other than a termination in accordance with the provisions of Section 5(e) (Termination for Cause), then notwithstanding any mitigation of damages by the Executive, the Employer shall pay the Executive a sum equal to one three (13) times the amount of the Executive’s then-current annual Base Salary. In addition, the Employer shall reimburse the Executive for continued coverage (COBRA continuation coverage) for the Executive and the Executive’s dependents (if applicable) under the health insurance programs maintained by the Employer for during the twelve (12) month period immediately following of the Executive’s termination of employmentCOBRA eligibility; provided, however, that the continued payment of these amounts by the Employer shall not offset or diminish any compensation or benefits accrued as of the date of termination. (ii) Payment to the Executive will be made on a monthly basis over the twelve thirty-six (1236) month period immediately following the Executive’s termination of employment. At the election of the Employer, payments may be made in a lump sum. Payment of the amounts due under Section 5(c)(i) shall not be reduced in the event the Executive obtains other employment following the termination of employment by the Employer. (iii) If the Employer is not in compliance with its minimum capital requirements or if the payments required under subsection (i) above would cause the Employer’s capital to be reduced below its minimum capital requirements, such payments shall be deferred until such time as the Employer is in capital compliance.