RIGHTS OF EMPLOYEE UPON TERMINATION Sample Clauses

RIGHTS OF EMPLOYEE UPON TERMINATION. In the event that Employee is terminated, Employee shall only be entitled to receive the unpaid salary accrued to the date of termination. The amounts paid to Employee by Employer shall be as full settlement of its obligations to Employee hereunder.
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RIGHTS OF EMPLOYEE UPON TERMINATION. (A) HPI may terminate Employee "Without Cause" at any time upon giving written notice to Employee. HPI shall then pay Employee "Severance Pay" equal to Employee's Base Salary and benefits in accordance with the paragraphs of Article 4 above for the remaining term of this Agreement until the Termination Date or for one year whichever period is longer. "Severance Pay" shall include a calendar based pro-rata bonus for the year of termination. Severance pay shall be paid in equal installments on HPI's normal payment schedule or in lump sum(s) at Employer's option. Additionally, the Employee shall receive "Severance Pay" as described above if at any time the Employee's duties or terms of employment materially change and Employee elects to leave the employ of HPI as a result of such change.
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RIGHTS OF EMPLOYEE UPON TERMINATION. Upon termination of the Executive's employment pursuant to Section 2.1(a) or 2.1(b), the Company shall have no further obligation to the Executive under this Agreement except to distribute to the Executive or the Executive's estate or designated beneficiary (i) the Executive's compensation due pursuant to Section 1.3(a)(i) hereof up to the date of the next payment period subsequent to such termination, and (ii) any bonus owing under Section 1.3(a)(ii) hereof in accordance with the bonus plan then in effect. Upon termination by the Company of the Executive's employment for any reason other than cause as defined in Section 2.1(b), the Executive shall be entitled to a severance payment in an amount equal to six (6) months of the then current Base Salary. This severance payment shall be a total payment which Executive will receive upon such termination and is not in addition to any other severance or bonus entitlement.
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RIGHTS OF EMPLOYEE UPON TERMINATION. Upon any termination of this Agreement, Employee shall be entitled exclusively to the benefits, if any, and subject to the limitations contained in this Agreement and the Stock Option Agreement. Except as expressly provided in those two Agreements, Employee shall not be entitled to any other monetary benefits or compensation provided to any other employees of the Employer including but not limited to, any severance benefits, incentive compensation, or any additional compensation for termination of employment with Employer. In no event shall this provision abrogate any obligations the Employer has to Employee under state and federal law.
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RIGHTS OF EMPLOYEE UPON TERMINATION. (a) Upon the death of Employee, the Company and its subsidiaries shall have no further obligation to Employee under this Agreement except to reimburse Employee's estate for expenses incurred by Employee prior to his death and to distribute to Employee's estate or designated beneficiary Employee's Base Salary due pursuant to Section 1.3 (a) hereof up to the date of the next payment period subsequent to his death and the pro rata portion of the Annual Bonus that would have been paid to Employee with respect to such year in accordance with Section 1.3 (c). (b) Upon the termination of Employee's employment pursuant to Sections 2.1 (b), 2.1 (c) or 2.1 (f), the Company and its subsidiaries shall have no further obligation to Employee under this Agreement except to reimburse him for expenses incurred prior to the date of termination and distribute to Employee Employee's Base Salary due pursuant to Section 1.3 (a) hereof up to the date of termination and, in the case of termination pursuant to Section 2.1 (b), the pro rata portion of the Annual Bonus payable with respect to such year in accordance with Section 1.3 (c). (c) Upon the termination of Employee's employment pursuant to Section 2.1 (d) or (e) hereof, the Company shall be obligated to reimburse Employee for expenses incurred prior to the date of termination and to distribute to Employee Employee's Base Salary due pursuant to Section 1.3 (a) hereof up to June 1, 1998 and the pro rata portion of the Annual Bonus payable with respect to the year in which termination of Employee's employment occurred in accordance with Section 1.3 (c). (d) Nothing in this Agreement shall limit the right of Employee and his family to continue to receive Additional Benefits for which he or his family are eligible at the time of his death or other termination of employment under the terms of the then existing plans, policies, programs or arrangements. For purposes of eligibility for retiree benefits pursuant to such plans, policies, programs, and arrangements, Employee shall be considered to have remained employed until June 1, 1998 and to have retired on that day unless termination of Employee's employment is pursuant to Sections 2.1 (c) or 2.1 (f) hereof, in which case the actual date of termination of employment shall govern. Amounts which are vested benefits or which Employee is otherwise entitled to receive under any plan, policy, program or arrangement at or subsequent to the date of termination of employment shall be paya...
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RIGHTS OF EMPLOYEE UPON TERMINATION. (A) HPA may terminate Employee "Without Cause" at any time upon giving written notice to Employee. HPA shall then pay Employee "Severance Pay" equal to Employee's Base Salary and benefits in accordance with the paragraphs of Article 4 above for the remaining term of this Agreement until the Termination Date or for one year whichever period is shorter. "Severance Pay" shall also include a calendar based pro-rata bonus for the year of termination. Severance pay shall be paid in equal installments on HPA's normal payment schedule or in lump sum(s) at Employer's option, however in no event shall any lump sum payments be paid in a manner slower than Employee's normal payment schedule. Additionally, the Employee shall receive "Severance Pay" as described above if at any time the Employee's duties or terms of employment materially change and Employee elects to leave the employ of HPA as a result of such change. If Employee is terminated Without Cause, he shall also be paid on the date of termination: any earned base salary, any earned but unpaid bonuses from a prior year, any accrued vacation time, and any unreimbursed business expenses submitted in accordance with the provisions of paragraph 4.10.
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RIGHTS OF EMPLOYEE UPON TERMINATION. (A) HPA may terminate Employee "Without Cause" at any time upon giving written notice to Employee. HPA shall then pay Employee "Severance Pay" equal to Employee's Base Salary and benefits in accordance with the paragraphs of Article 4 above for the remaining term of this Agreement until the Termination Date or for three years whichever period is shorter. "Severance Pay" shall include a calendar based pro-rata bonus for the year of termination. Severance pay shall be paid in equal installments on HPA's normal payment schedule or in lump sum(s) at Employer's option. Additionally, the Employee shall receive "Severance Pay" as described above if at any time the Employee's duties or terms of employment materially change and Employee elects to leave the employ of HPA as a result of such change.
Sample 1
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Related to RIGHTS OF EMPLOYEE UPON TERMINATION

  • Benefits Upon Termination of Employment If the Executive is entitled to benefits pursuant to this Section 2, the Company agrees to pay or provide to the Executive as severance payment, the following: (i) A single lump sum payment, payable in cash within five days of the Termination Date (or if later, the Change of Control Date), equal to the sum of: (A) the accrued portion of any of the Executive's unpaid base salary and vacation through the Termination Date and any unpaid portion of the Executive's bonus for the prior fiscal year; plus (B) a portion of the Executive's bonus for the fiscal year in progress, prorated based upon the number of days elapsed since the commencement of the fiscal year and calculated assuming that 100% of the target under the bonus plan is achieved; plus (C) an amount equal to the Executive's Base Compensation times the Compensation Multiplier. (ii) Continuation, on the same basis as if the Executive continued to be employed by the Company, of Benefits for the Benefit Period commencing on the Termination Date. The Company's obligation hereunder with respect to the foregoing Benefits shall be limited to the extent that the Executive obtains any such benefits pursuant to a subsequent employer's benefit plans, in which case the Company may reduce the coverage of any Benefits it is required to provide the Executive hereunder as long as the aggregate coverages and benefits of the combined benefit plans is no less favorable to the Executive than the Benefits required to be provided hereunder. (iii) Outplacement services to be provided by an outplacement organization of national repute, which shall include the provision of office space and equipment (including telephone and personal computer) but in no event shall the Company be required to provide such services for a value exceeding 17% of the Executive's Base Compensation. (iv) Accelerated vesting of all outstanding stock options and of all previously granted restricted stock awards. (v) Target amounts that would have accrued under the MagneTek Shareholder Return Plan had the applicable period for each such target elapsed, calculated and paid, PRO RATA, for the actual period elapsed.

  • Payments Upon Termination of Employment (a) If during the Termination Period the employment of the Executive shall terminate, other than by reason of a Nonqualifying Termination, then the Company shall pay to the Executive (or the Executive's beneficiary or estate) within 30 days following the Date of Termination, as compensation for services rendered to the Company: (1) a cash amount equal to the sum of (i) the Executive's full annual base salary from the Company through the Date of Termination, to the extent not theretofore paid, (ii) the Executive's annual bonus in an amount at least equal to the highest annualized (for any fiscal year consisting of less than 12 full months or with respect to which the Executive has been employed by the Company for less than 12 full months) bonus paid or payable, including by reason of any deferral, to the Executive by the Company in respect of the three fiscal years of the Company (or such portion thereof during which the Executive performed services for the Company if the Executive shall have been employed by the Company for less than such three fiscal year period) immediately preceding the fiscal year in which the Change in Control occurs, multiplied by a fraction, the numerator of which is the number of days in the fiscal year in which the Change in Control occurs through the Date of Termination and the denominator of which is 365 or 366, as applicable, and (iii) any compensation previously deferred by the Executive (together with any interest and earnings thereon) and any accrued vacation pay, in each case to the extent not theretofore paid; plus (2) a lump-sum cash amount (subject to any applicable payroll or other taxes required to be withheld pursuant to Section 5) in an amount equal to (i) the Executive's highest annual base salary from the Company in effect during the 12-month period prior to the Date of Termination, plus (ii) the Executive's highest annualized (for any fiscal year consisting of less than 12 full months or with respect to which the Executive has been employed by the Company for less than 12 full months) bonus, paid or payable, including by reason of any deferral, to the Executive by the Company in respect of the five fiscal years of the Company (or such portion thereof during which the Executive performed services for the Company if the Executive shall have been employed by the Company for less than such five fiscal year period) immediately preceding the fiscal year in which the Change in Control occurs, provided, that any amount paid pursuant to this Section 3(a)(2) shall be paid in lieu of any other amount of severance relating to salary or bonus continuation to be received by the Executive upon termination of employment of the Executive under any severance agreement, plan, policy or arrangement of the Company. (b) For a period of eighteen months commencing on the Date of Termination, the Company shall continue to keep in full force and effect all policies of medical, accident, disability and life insurance with respect to the Executive and his dependents with the same level of coverage, upon the same terms and otherwise to the same extent as such policies shall have been in effect immediately prior to the Date of Termination and the Company shall pay all costs of the continuation of such insurance coverage. (c) For a period of twelve months commencing on the Date of Termination, the Executive shall receive outplacement assistance services from an outplacement agency selected by the Executive and the Company shall pay all costs of such services; provided that such costs shall not exceed $15,000 in the aggregate. (d) If during the Termination Period the employment of the Executive shall terminate by reason of a Nonqualifying Termination, then the Company shall pay to the Executive within 30 days following the Date of Termination, a cash amount equal to the sum of: (1) the Executive's full annual base salary from the Company through the Date of Termination, to the extent not theretofore paid, and (2) any compensation previously deferred by the Executive (together with any interest and earnings thereon) and any accrued vacation pay, in each case to the extent not theretofore paid.

  • Benefits Upon Termination (a) In lieu of any severance that may otherwise be payable to the Executive pursuant to any policies of the Company, whether existing on the date hereof or in effect from time to time hereafter, in the event that the Company terminates the Executive’s employment pursuant to a Termination Without Cause, the Company shall pay the Executive severance payments in an amount equal to 2.0 times the Executive’s Base Salary at the rate in effect at the time of the Executive’s termination of employment. The severance amount shall be paid in accordance with the Company’s payroll over the two year period following the Executive’s termination of employment (the “Severance Period”). Such severance payments shall commence within 60 days after the effective date of the termination, subject to (i) the Executive’s execution and non-revocation of a written release of all claims against the Company and all related parties with respect to all matters arising out of the Executive’s employment by the Company, or the termination thereof, substantially in the form attached hereto as Exhibit A (the “Release”), and (ii) the Executive’s continued compliance with the restrictive covenants set forth in Sections 7 and 8 below. The Executive also shall be entitled to any earned but unpaid Base Salary as of the effective date of termination of employment. No other payments shall be made, or benefits provided, by the Company under this Agreement except as otherwise required by law or the Company’s benefit plans. (b) In the event that the Company terminates the Executive’s employment pursuant to a Permanent Disability, the Company shall pay the Executive any earned but unpaid Base Salary as of the date of termination of employment. No other payments shall be made, or benefits provided, by the Company under this Agreement except as otherwise required by law or the Company’s benefit plans. (c) In the event that the Company terminates the Executive’s employment pursuant to a Termination for Cause or the Executive terminates his employment with the Company for any reason (including, without limitation, pursuant to any retirement), the Company shall pay the Executive any earned but unpaid Base Salary as of the date of termination of employment. No other payments shall be made, or benefits provided, by the Company under this Agreement or otherwise except to the extent required by law or the Company’s benefit plans. (d) In the event that the Executive’s employment hereunder is terminated due to the Executive’s death, the Company shall pay the Executive’s executor or other legal representative (the “Representative”) any earned but unpaid Base Salary as of the date of termination of employment. No other payments shall be made, or benefits provided, by the Company whether under this Agreement or otherwise except to the extent required by law or the Company’s benefit plans. (e) The Executive shall not be required to mitigate the severance payments to be made to him hereunder and if the Executive obtains other employment while receiving severance payments hereunder he shall continue to be entitled to the benefits of this Agreement.

  • Company Obligations Upon Termination of Employment During the Term of this Agreement, the Company shall have the following obligations upon the termination of the Executive’s employment with the Company as described in this Section 5:

  • Rights Upon Termination Except as expressly provided in Section 6, upon the termination of the Executive’s Employment pursuant to this Section 5, the Executive shall only be entitled to the compensation, benefits and reimbursements described in Sections 2, 3 and 4 for the period preceding the effective date of the termination. The payments under this Agreement shall fully discharge all responsibilities of the Company to the Executive.

  • Compensation Upon Termination of Employment If the Executive’s employment hereunder is terminated, in accordance with the provisions of Article III hereof, and except for any other rights or benefits specifically provided for herein to be effective following the Executive’s period of employment, the Company will provide compensation and benefits to the Executive only as follows:

  • Actions Upon Termination In the event of termination not the fault of the Contractor, the Contractor shall be paid for the services properly performed prior to termination, together with any reimbursable expenses then due, but in no event shall such compensation exceed the maximum compensation to be paid under the Contract. The Contractor agrees that this payment shall fully and adequately compensate the Contractor and all subcontractors for all profits, costs, expenses, losses, liabilities, damages, taxes, and charges of any kind whatsoever (whether foreseen or unforeseen) attributable to the termination of this Contract. Upon termination for any reason, the Contractor shall provide Seattle with the most current design documents, contract documents, writings and other product it has completed to the date of termination, along with copies of all project-related correspondence and similar items. Seattle shall have the same rights to use these materials as if termination had not occurred.

  • Delivery of Materials upon Termination of Employment As requested by the Company, from time to time and upon the termination of the Executive's employment with (or services for) the Company for any reason, the Executive will promptly deliver to the Company all property of the Company in the Executive's possession or within his control, including, without limitation, all copies and embodiments, in whatever form or medium, of all Confidential Information or Intellectual Property (including written records, notes, photographs, manuals, notebooks, documentation, program listings, flow charts, magnetic media, disks, diskettes, tapes and all other materials containing any Confidential Information or Intellectual Property), irrespective of the location or form of such property and, if requested by the Company, will provide the Company with written confirmation that all such property has been delivered to the Company and/or deleted from computers, as applicable.

  • Obligations of the Company Upon Termination of Employment (a) Expiration of Term, By the Company for Cause or by Executive without Good Reason. If Executive's employment shall be terminated: (i) due to and upon expiration of the Term of this Agreement the Company shall pay Executive his full salary through the Date of Termination at the rate in effect at the time Notice of Termination is given, and an amount equal to the product of (x) all bonuses and awards that would have been earned by Executive upon completion of each award cycle that began during the Term but had not been completed as of the Date of Termination, calculated as though the full achievement of all goals and targets relating thereto had been achieved in full and (y) a fraction, the numerator of which shall be the number of days from the beginning of the applicable bonus or award cycle to and including the Date of Termination and the denominator of which shall be the number of days in such cycle; or (ii) if Executive's employment shall be terminated by the Company for Cause or by Executive without Good Reason, then the Company shall pay Executive his Base Salary (at the rate in effect at the time Notice of Termination is given) through the Date of Termination, and the Company shall have no additional obligations to Executive under this Agreement. (b) For any other reason. If Executive's employment shall be terminated for any reason other than those provided in Section 6(a) above, then: (i) the Company shall pay Executive his full salary through the Date of Termination at the rate in effect at the time Notice of Termination is given, and an amount equal to the product of (x) all bonuses and awards that would have been earned by Executive upon completion of each award cycle that began during the Term but had not been completed as of the Date of Termination, calculated as though the full achievement of all goals and targets relating thereto had been achieved in full and (y) a fraction, the numerator of which shall be the number of days from the beginning of the applicable bonus or award cycle to and including the Date of Termination and the denominator of which shall be the number of days in such cycle; and (ii) in lieu of paying any further compensation to Executive for periods subsequent to the Date of Termination, the Company shall pay to the Executive severance payments in the form of continuation of Executive's Base Salary in effect as of the Date of Termination for a period of two (2) years following such Date of Termination (the "Severance Payment Period").

  • PAYMENTS AND BENEFITS UPON TERMINATION (a) If within eighteen (18) months after a Change in Control, the Company terminates Employee's employment other than by reason of Employee's death, Disability, Retirement or for Cause, or if Employee terminates Employee's employment for Good Reason, then the Employee shall be entitled to the following payments and benefits: (i) The Company shall pay to Employee as compensation for services rendered, no later than five (5) business days following the date of termination, a lump sum severance payment equal to 2.50 multiplied by the sum of (A) Employee's Base Salary, (B) the highest annual bonus that was paid to Employee in any of the three fiscal years ending prior to the date of termination under the Company's Management Incentive Plan (the "MIP") or Varian Associates, Inc.'s Management Incentive Plan, and (C) the highest cash bonus for a performance period of more than one fiscal year that was paid to Employee in any of the three fiscal years ending prior to the date of termination under the MIP. (ii) The Company shall pay to Employee as compensation for services rendered, no later than five (5) business days following the date of termination, a lump sum payment equal to a pro rata portion (based on the number of days elapsed during the fiscal year and/or other bonus performance period in which the termination occurs) of Employee's target bonus under the MIP for the fiscal year and for any other partially completed bonus performance period in which the termination occurs. (iii) All waiting periods for the exercise of any stock options granted to Employee and all conditions or restrictions of any restricted stock granted to Employee shall terminate, and all such options shall be exercisable in full according to their terms, and the restricted stock shall be transferred to Employee as soon as reasonably practicable thereafter. (iv) Employee's participation as of the date of termination in the life, medical/dental/vision and disability insurance plans and financial/tax counseling plan of the Company shall be continued on the same terms (including any cost sharing) as if Employee were an employee of the Company (or equivalent benefits provided) until the earlier of Employee's commencement of substantially equivalent full-time employment with a new employer or twenty-four (24) months after the date of termination; provided, however, that after the date of termination, Employee shall no longer be entitled to receive Company-paid executive physicals or, upon expiration of the applicable memberships, Company- paid airline memberships. In the event Employee shall die before the expiration of the period during which the Company is required to continue Employee's participation in such insurance plans, the participation of Employee's surviving spouse and family in the Company's insurance plans shall continue throughout such period. (v) Employee may elect upon termination to purchase any automobile then in the possession of Employee and subject to a lease of which the Company is the lessor by payment to the Company of the residual value set forth in the lease, without any increase for remaining lease payments during the term or other lease breakage costs. Employee may elect to have any such payment deducted from any payments due the Employee hereunder. (vi) All payments and benefits provided under this Agreement shall be subject to applicable tax withholding. (b) Following Employee's termination of employment for any reason, the Company shall have the unconditional right to reduce any payments owed to Employee hereunder by the amount of any due and unpaid principal and interest on any loans by the Company to Employee and Employee hereby agrees and consents to such right on the part of the Company.

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