Remedies for Early Termination. In the event of Termination pursuant to Section 8, Base Salary shall be paid as follows: 9.01 In the event of termination for Cause (Section 8.01(c)), Base Salary shall continue to be paid on a bi-weekly basis prorated through the date of termination specified in any notice of termination. 9.02 In the event of termination pursuant to Section 8.01(e), compensation shall continue to be paid as follows: if the notice of termination is given by Executive at any time, Base Salary shall continue to be paid on a bi-weekly basis prorated through the date of termination specified in such notice (not to exceed two weeks’ pay or such greater period as determined in the sole discretion of the Company) and thereafter Executive shall be entitled to such benefits accrued as of the date of termination to the extent required by law. 9.03 In the event of termination of this Agreement by reason of Executive’s death (Section 8.01(a)), the Executive’s designated beneficiary or, in the absence of such designation, the Executive’s estate shall be entitled to benefits, if any, payable under any life insurance program maintained by the Company. 9.04 In the event of disability (Section 8.01(b)), the Company shall continue to pay Base Salary to the Executive until the earlier of such time as the Executive is determined to be eligible for long-term disability benefits, if any, under any disability benefit plan of the Company then in effect, or the end of the sixth (6th) month following the month in which the event causing the disability occurred. 9.05 In the event of termination without Cause pursuant to Section 8.01(d), compensation shall continue to be paid as follows: (a) Executive shall be entitled to the balance of Base Salary due from the date of termination until the earlier of the end of twelve (12) months thereafter or the end of the term of this agreement set forth in Section 2. Such Base Salary shall continue to be paid on a bi-weekly basis prorated through the end of the applicable payment period referenced immediately above; and (b) Executive shall be entitled to such benefits accrued as of the date of termination to the extent required by law.
Appears in 3 contracts
Samples: Employment Agreement (Hypertension Diagnostics Inc /Mn), Employment Agreement (Hypertension Diagnostics Inc /Mn), Employment Agreement (Hypertension Diagnostics Inc /Mn)
Remedies for Early Termination. (a) In the event of Termination termination pursuant to Section 8paragraph 6, Base Salary and any other compensation shall be paid as follows:
9.01 (i) In the event of termination for Cause (Section 8.01(c)pursuant to paragraph 6(a)(i), Base Salary shall continue to be paid on a bisemi-weekly monthly basis prorated through the date of termination specified in any notice of terminationtermination and Executive shall be entitled to continue to participate in those benefit programs provided by Subparagraph 4(c)(ii) for the minimum time period required by law following termination at his own cost.
9.02 (ii) In the event of termination pursuant to Section 8.01(eparagraph 6(a)(ii), Base Salary shall continue to be paid on a semi-monthly basis for three (3) months following the date of termination specified in any notice of termination, and Executive shall be entitled to continue to participate in those benefit programs provided by Subparagraph 4(c)(ii) for the longer of three (3) months or the minimum time period required by law following termination, provided that the Company shall bear the cost of such benefits for no longer than three (3) months.
(iii) In the event of termination pursuant to paragraph 6(b), compensation shall continue to be paid as follows: if the notice of termination is given by Executive at any time, Base Salary shall continue to be paid on a bisemi-weekly monthly basis prorated through the date of termination specified in such notice (not to exceed two weeks’ pay or such greater period as determined in the sole discretion of the Company) and thereafter Executive shall be entitled to such benefits accrued as of continue to participate in those benefit programs provided by Subparagraphs 4(c)(ii) for the date of termination to the extent minimum time period required by lawlaw following termination at his own cost.
9.03 (iv) In the event of termination of this Agreement by reason of Executive’s death (Section 8.01(a))'s death, payment of Base Salary shall terminate as of the end of the month following the Executive’s designated beneficiary or, in the absence of such designation, the Executive’s estate shall be entitled to benefits, if any, payable under any life insurance program maintained by the Company's death.
9.04 (v) In the event of disability (Section 8.01(b))disability, the Company shall continue to pay payment of Base Salary to the Executive until the earlier shall terminate as of such time as the Executive is determined to be eligible for long-term disability benefits, if any, under any disability benefit plan of the Company then in effect, or the end of the sixth (6th) month following the month in which the event causing last day of the disability occurredthree (3) month period of Executive's inability to perform his duties occurs.
9.05 (b) In the event of termination without Cause pursuant to Section 8.01(d), compensation shall continue to be paid as follows:by reason of Executive's death or disability (clauses (a)(iv) and (a)(v) above):
(ai) Executive shall be entitled to the balance of Base Salary due from the date of termination until the earlier of the end of twelve receive a pro rata portion (12) months thereafter or the end of the term of this agreement set forth in Section 2. Such Base Salary shall continue to be paid on a bi-weekly basis prorated through the end last day Base Salary is payable pursuant to clauses (a)(iii) and (a)(iv), respectively) of any bonus or incentive payment (for the applicable payment period referenced year in which death or disability occurred), to which he/she would have been entitled had he/she remained continuously employed for the full fiscal year in which death or disability occurred and continued to perform his duties in the same manner as they were performed immediately aboveprior to the death or disability; and
(bii) The exercise of any options then held by Executive shall be entitled to such benefits accrued as governed by the terms of the date of termination to the extent required by lawapplicable Company stock option plan.
Appears in 3 contracts
Samples: Executive Employment Agreement (August Technology Corp), Executive Employment Agreement (August Technology Corp), Executive Employment Agreement (August Technology Corp)
Remedies for Early Termination. In the event of Termination pursuant to Section 8, Base Salary shall be paid as follows:
9.01 In the event of termination for Cause (Section 8.01(c)), Base Salary shall continue to be paid on a bi-weekly basis prorated through the date of termination specified in any notice of termination.
9.02 In the event of termination pursuant to Section 8.01(e), compensation shall continue to be paid as follows: if the notice of termination is given by Executive at any time, Base Salary shall continue to be paid on a bi-weekly basis prorated through the date of termination specified in such notice (not to exceed two weeks’ pay or such greater period as determined in the sole discretion of the Company) and thereafter Executive shall be entitled to 7 such benefits accrued as of the date of termination to the extent required by law.
9.03 In the event of termination of this Agreement by reason of Executive’s death (Section 8.01(a)), the Executive’s designated beneficiary or, in the absence of such designation, the Executive’s estate shall be entitled to benefits, if any, payable under any life insurance program maintained by the Company.
9.04 In the event of disability (Section 8.01(b)), the Company shall continue to pay Base Salary to the Executive until the earlier of such time as the Executive is determined to be eligible for long-term disability benefits, if any, under any disability benefit plan of the Company then in effect, or the end of the sixth (6th) month following the month in which the event causing the disability occurred.
9.05 In the event of termination without Cause pursuant to Section 8.01(d), compensation shall continue to be paid as follows:
(a) Executive shall be entitled to the balance of Base Salary due from the date of termination until the earlier of the end of twelve (12) months thereafter or the end of the term of this agreement set forth in Section 2. Such Base Salary shall continue to be paid on a bi-weekly basis prorated through the end of the applicable payment period referenced immediately above; and
(b) Executive shall be entitled to such benefits accrued as of the date of termination to the extent required by law.
Appears in 1 contract
Samples: Employment Agreement (Hypertension Diagnostics Inc /Mn)
Remedies for Early Termination. (a) In the event of Termination termination pursuant to Section 8paragraph 6, Base Salary and any other compensation shall be paid as follows:
9.01 (i) In the event of termination for Cause (Section 8.01(c)pursuant to paragraph 6(a)(i), Base Salary shall continue to be paid on a bi-weekly semimonthly basis prorated through the date of termination specified in any notice of terminationtermination and Executive shall be entitled to continue to participate in those benefit programs provided by Subparagraph 4(c)(ii) for the minimum time period required by law following termination at his own cost.
9.02 (ii) In the event of termination pursuant to Section 8.01(eparagraph 6(a)(ii), Base Salary shall continue to be paid on a semi-monthly basis for six (6) months following the date of termination specified in any notice of termination, and Executive shall be entitled to continue to participate in those benefit programs provided by Subparagraph 4(c)(ii) for the longer of six (6) months or the minimum time period required by law following termination, provided that the Company shall bear the cost of such benefits for no longer than six (6) months.
(iii) In the event of termination pursuant to paragraph 6(b), compensation shall continue to be paid as follows: if the notice of termination is given by Executive at any time, Base Salary shall continue to be paid on a bisemi-weekly monthly basis prorated through the date of termination specified in such notice (not to exceed two weeks’ pay or such greater period as determined in the sole discretion of the Company) and thereafter Executive shall be entitled to such benefits accrued as of continue to participate in those benefit programs provided by Subparagraphs 4(c)(ii) for the date of termination to the extent minimum time period required by lawlaw following termination at his own cost.
9.03 (iv) In the event of termination of this Agreement by reason of Executive’s death (Section 8.01(a))'s death, payment of Base Salary shall terminate as of the end of the month following the Executive’s designated beneficiary or, in the absence of such designation, the Executive’s estate shall be entitled to benefits, if any, payable under any life insurance program maintained by the Company's death.
9.04 (v) In the event of disability (Section 8.01(b))disability, the Company shall continue to pay payment of Base Salary to the Executive until the earlier shall terminate as of such time as the Executive is determined to be eligible for long-term disability benefits, if any, under any disability benefit plan of the Company then in effect, or the end of the sixth (6th) month following the month in which the event causing last day of the disability occurredsix (6) month period of Executive's inability to perform his duties occurs.
9.05 (b) In the event of termination without Cause pursuant to Section 8.01(d), compensation shall continue to be paid as follows:by reason of Executive's death or disability (clauses (a)(iv) and (a)(v) above):
(ai) Executive shall be entitled to the balance of Base Salary due from the date of termination until the earlier of the end of twelve receive a pro rata portion (12) months thereafter or the end of the term of this agreement set forth in Section 2. Such Base Salary shall continue to be paid on a bi-weekly basis prorated through the end last day Base Salary is payable pursuant to clauses (a)(iii) and (a)(iv), respectively) of any bonus or incentive payment (for the applicable payment period referenced you in which death or disability occurred), to which he/she would have been entitled had he/she remained continuously employed for the full fiscal year in which death or disability occurred and continued to perform his duties in the same manner as they were performed immediately aboveprior to the death or disability; and
(bii) The exercise of any options then held by Executive shall be entitled to such benefits accrued as governed by the terms of the date of termination to the extent required by lawapplicable Company stock option plan.
Appears in 1 contract
Samples: Executive Employment Agreement (August Technology Corp)
Remedies for Early Termination. In the event of Termination pursuant to Section 8, Base Salary shall be paid as follows:
9.01 In the event of termination for Cause (Section 8.01(c))Cause, Base Salary shall continue to be paid on a bi-weekly monthly basis prorated through the date of termination specified in any notice of termination.
9.02 In the event of termination pursuant to Section 8.01(e), compensation shall continue to be paid as follows: if the notice of termination is given by Executive at any time, Base Salary shall continue to be paid on a bi-weekly monthly basis prorated through the date of termination specified in such notice (not to exceed two weeks’ pay or such greater period as determined in the sole discretion of the Company) and thereafter Executive shall also be entitled to such benefits accrued as of the date of termination continue to the extent required participate in those benefit programs provided by lawSections 4.03(c) and (d) for 24 months following termination.
9.03 In the event of termination of this Agreement by reason of Executive’s death (Section 8.01(a))'s death, the Company shall pay Executive’s designated beneficiary or's estate the equivalent of six (6) month's Base Salary payable, in the absence of such designationCompany's discretion, the Executive’s estate shall be entitled over a period not to benefits, if any, payable under any life insurance program maintained by the Companyexceed six (6) months.
9.04 In the event of disability (Section 8.01(b))disability, the Company shall continue to pay Base Salary to the Executive until the earlier shall terminate as of such time as the Executive is determined to be eligible for long-term disability benefits, if any, under any disability benefit plan of the Company then in effect, or the end of the sixth (6th) month following the month in which the event causing the disability occurred.
9.05 In the event of termination without Cause pursuant to Section 8.01(d), compensation shall continue to be paid as follows:
(a) Executive shall be entitled to the balance of Base Salary due from the date of termination until the earlier of the end of twelve (12) months thereafter or the end of the term of this agreement set forth in Section 2thereafter. Such Base Salary shall, at the election of the Company, be paid in a lump sum or shall continue to be paid on a bi-weekly monthly basis prorated through the end of the applicable payment period referenced immediately above; and;
(b) The vesting of any unexpired stock options granted Executive shall accelerate and be fully exercisable, subject to the other terms of the agreements granting such stock options;
(c) Executive shall be entitled to continue to participate, at the expense of Executive, in those benefits mandated by the health care continuation rules commonly referred to as "COBRA" (named after The Consolidated Omnibus Reconciliation Act of 1985) for twenty-four (24) months following such benefits accrued as of the date of termination to the extent required by lawtermination.
Appears in 1 contract
Samples: Employment Agreement (Hypertension Diagnostics Inc /Mn)
Remedies for Early Termination. In the event of Termination pursuant to Section 8, Base Salary shall be paid as follows:
9.01 In the event of termination for Cause (Section 8.01(c)), Base Salary shall continue to be paid on a bi-weekly basis prorated through the date of termination specified in any notice of termination.
9.02 In the event of termination pursuant to Section 8.01(e), compensation shall continue to be paid as follows: if the notice of termination is given by Executive at any time, Base Salary shall continue to be paid on a bi-weekly basis prorated through the date of termination specified in such notice (not to exceed two weeks’ ' pay or such greater period as determined in the sole discretion of the Company) and thereafter Executive shall be entitled to such benefits accrued as of the date of termination to the extent required by law.
9.03 In the event of termination of this Agreement by reason of Executive’s 's death (Section 8.01(a)), the Executive’s 's designated beneficiary or, in the absence of such designation, the Executive’s 's estate shall be entitled to benefits, if any, payable under any life insurance program maintained by the Company.
9.04 In the event of disability (Section 8.01(b)), the Company shall continue to pay Base Salary to the Executive until the earlier of such time as the Executive is determined to be eligible for long-term disability benefits, if any, under any disability benefit plan of the Company then in effect, or the end of the sixth (6th) month following the month in which the event causing the disability occurred.
9.05 In the event of termination without Cause pursuant to Section 8.01(d), compensation shall continue to be paid as follows:
(a) Executive shall be entitled to a severance payment equal to the balance of Executive's Base Salary due from the date of termination until the earlier of the end of twelve (12) months thereafter or the end of the term of this agreement set forth in Section 2thereafter. Such Base Salary shall continue to be paid on a bi-weekly basis prorated through the end of the applicable payment period referenced immediately above; and
(b) Executive shall be entitled to such benefits accrued as of the date of termination to the extent required by law.
Appears in 1 contract
Samples: Employment Agreement (Hypertension Diagnostics Inc /Mn)
Remedies for Early Termination. (a) In the event of Termination termination pursuant to Section 8paragraph 6, Base Salary and any other compensation shall be paid as follows:
9.01 (i) In the event of termination for Cause (Section 8.01(c)pursuant to paragraph 6(a)(i), Base Salary shall continue to be paid on a bi-weekly semimonthly basis prorated through the date of termination specified in any notice of terminationtermination and Executive shall be entitled to continue to participate in those benefit programs provided by Subparagraph 4(c)(ii) for the minimum time period required by law following termination at his own cost.
9.02 (ii) In the event of termination pursuant to Section 8.01(eparagraph 6(a)(ii), Base Salary shall continue to be paid on a semi-monthly basis for three (3) months following the date of termination specified in any notice of termination, and Executive shall be entitled to continue to participate in those benefit programs provided by Subparagraph 4(c)(ii) for the longer of three (3) months or the minimum time period required by law following termination, provided that the Company shall bear the cost of such benefits for no longer than three (3) months.
(iii) In the event of termination pursuant to paragraph 6(b), compensation shall continue to be paid as follows: if the notice of termination is given by Executive at any time, Base Salary shall continue to be paid on a bisemi-weekly monthly basis prorated through the date of termination specified in such notice (not to exceed two weeks’ pay or such greater period as determined in the sole discretion of the Company) and thereafter Executive shall be entitled to such benefits accrued as of continue to participate in those benefit programs provided by Subparagraphs 4(c)(ii) for the date of termination to the extent minimum time period required by lawlaw following termination at his own cost.
9.03 (iv) In the event of termination of this Agreement by reason of Executive’s death (Section 8.01(a))'s death, payment of Base Salary shall terminate as of the end of the month following the Executive’s designated beneficiary or, in the absence of such designation, the Executive’s estate shall be entitled to benefits, if any, payable under any life insurance program maintained by the Company's death.
9.04 (v) In the event of disability (Section 8.01(b))disability, the Company shall continue to pay payment of Base Salary to the Executive until the earlier shall terminate as of such time as the Executive is determined to be eligible for long-term disability benefits, if any, under any disability benefit plan of the Company then in effect, or the end of the sixth (6th) month following the month in which the event causing last day of the disability occurredthree (3) month period of Executive's inability to perform his duties occurs.
9.05 (b) In the event of termination without Cause pursuant to Section 8.01(d), compensation shall continue to be paid as follows:by reason of Executive's death or disability (clauses (a)(iv) and (a)(v) above):
(ai) Executive shall be entitled to the balance of Base Salary due from the date of termination until the earlier of the end of twelve receive a pro rata portion (12) months thereafter or the end of the term of this agreement set forth in Section 2. Such Base Salary shall continue to be paid on a bi-weekly basis prorated through the end last day Base Salary is payable pursuant to clauses (a)(iii) and (a)(iv), respectively) of any bonus or incentive payment (for the applicable payment period referenced year in which death or disability occurred), to which he/she would have been entitled had he/she remained continuously employed for the full fiscal year in which death or disability occurred and continued to perform his duties in the same manner as they were performed immediately aboveprior to the death or disability; and
(bii) The exercise of any options then held by Executive shall be entitled to such benefits accrued as governed by the terms of the date of termination to the extent required by lawapplicable Company stock option plan.
Appears in 1 contract
Samples: Executive Employment Agreement (August Technology Corp)