Rights on Termination of Employment. Upon the Employee's termination of employment with the Company (and with any Parent or Subsidiary corporation of the Company as defined in Section 3.2 above), the Employee's right to exercise this Option shall be limited in the manner set forth in this Section 6 (and this Option shall terminate in the event not so exercised), and shall also be subject to the limitation provided in Section 3.3.
Rights on Termination of Employment. (a) If your employment is terminated (x) by any entity that is a member of the Company Group without Cause (as defined below) (other than due to death or disability) or (y) by you for Good Reason (as defined below), in each case, subject to (A) your execution, delivery and non-revocation of a general release of claims against the Company and its affiliates in a form reasonably acceptable to the Company (the “Release”) within forty-five (45) days following the termination date and (B) your compliance with the restrictive covenants set forth in that certain Confidentiality and Restrictive Covenant Agreement, dated January 17, 2008, by and between the Company and you (the “Restrictive Covenant Agreement”) (clauses (A) and (B), collectively, the “Conditions”), you shall be entitled to receive an aggregate amount (such aggregate amount, the “Severance Payment”) equal to two (2) times your base salary as in effect on the termination date, which amount shall be payable by the Company in equal monthly installments over a twenty-four (24) month period commencing on the Payment Commencement Date (as defined below) (assuming you have not revoked the Release prior to such date). The Company will commence paying the Severance Payment on the 60th day following your termination of employment (such date, the “Payment Commencement Date”) (with payments in arrears from the termination date).
(b) In addition to the Severance Payment and subject to the Conditions, if your employment is terminated (x) by any entity that is a member of the Company Group without Cause (other than due to death or disability) or (y) by you for Good Reason, in each case, (1) you and your spouse and eligible dependents, to the extent applicable (to the extent covered immediately prior to such termination) will continue to be eligible to participate in the Company Group’s medical plan(s) for which you were eligible immediately prior to the termination date for an eighteen (18) month period following the termination date (such period, the “Continuation Coverage Period”) and (2) following the Continuation Coverage Period, for a period of six (6) months immediately thereafter, you will be entitled to receive, on the first business day of each month, an amount equal to the premium subsidy the Company Group would have otherwise paid on your behalf for medical coverage if you had been actively employed during such six (6) month period. The COBRA health care continuation coverage period under Section 4980B ...
Rights on Termination of Employment. An employee whose employment is terminated previous to July 1, but after performing work in at least one half (1/2) of the pay periods in the twelve months preceding July 1, shall be entitled to vacation pay prorated on the basis of actual full months of service for the twelve (12) months preceding July 1st. The Employer shall compensate the employee her/his prorated vacation pay in her/his last pay after termination of employment.
Rights on Termination of Employment. In no circumstances shall any person who has ceased to be an employee of the Company or any Subsidiary by reason of dismissal or otherwise howsoever or who is under notice of termination of his employment be entitled to claim as against any Participating Company or Subsidiary or the Trustees any compensation for or in respect of any consequential loss he may suffer by reason of the operation of the terms of the Plan or of the provisions of the Act, including in respect of any liability to Income Tax or National Insurance Contributions.
Rights on Termination of Employment a. Executive shall have the rights and benefits described below ( hereinafter "Termination Benefits"), in the event Executive's employment is terminated as follows:
(1) NVI terminates Executive's employment, either with or without cause at any time, for any reason, including but not limited to Executive's voluntary or involuntary inability or failure to perform his duties hereunder; or
(2) Executive terminates his employment for any of the following reasons: (a) a change of job duties, title or responsibility from those described in paragraph 4.; (b) Executive is removed from, or not re- elected to the Board of Directors, or is removed as Chairman of the Board of Directors; (c) there is a change in the organizational structure of NVI, i.e., who Executive reports to or who reports to him; (d) NVI for any reason decreases the salary, benefits or compensation to Executive; (e) Executive is required to travel more than fifty (50) miles from his principal residence to the principal offices of NVI; or (f) there is an acquisition or merger of NVI.
b. Executive shall not have Termination Benefits if he voluntarily terminates his employment for any reason other than as set forth above.
c. Executive's Termination Benefits are as follows:
(1) NVI shall continue to pay Executive his compensation for a period of forty-eight (48) months from the date of termination of employment. Compensation shall be defined as his then current base salary plus annual incentive bonus. Annual incentive bonus shall be defined the average of the prior two (2) years annual bonus actually awarded.
(2) NVI shall continue to pay and/or provide to Executive all Health, medical, disability, life insurance, health club and other benefits described in paragraphs 8 and 10., for a period of forty-eight (48) months from the date of termination of employment.
(3) NVI shall continue to pay and/or provide to Executive the car allowance/automobile described in paragraph 7., for a period of forty-eight (48) months from the date of termination.
(4) NVI shall forgive any outstanding loans, plus any accrued interest, granted to the Executive during his employment with NVI. NVI shall release Executive from any requirement to repay either the loans or the accrued interest and shall release any liens it may have placed on Executive's stock options or any other personal or real property. Any note signed by Executive covering these loans shall be returned to him marked "Paid in Full", signed by a duly appointed ...
Rights on Termination of Employment a. Executive shall have the rights and benefits described below (hereinafter "Termination Benefits"), in the event Executive's employment is terminated as follows:
(1) ORTEL terminates Executive's employment without Cause (as defined below) at anytime;
(2) Executive terminates his employment for any of the following reasons: (a) a change of job duties, title or responsibility from those described in paragraph 3; (b) Executive is removed from, or not re-elected to the Board of Directors, or is removed as Chairman of the Board of Directors; (c) there is a change in the organizational structure of ORTEL, i.e., who Executive reports to or who reports to him; (d) ORTEL for any reason decreases the salary, benefits or compensation to Executive; (e) Executive is required to travel more than fifty (50) miles from his principal residence to the principal offices of ORTEL as a result of the relocation of the principal offices of ORTEL; or (f) there is a Reorganization (as defined below); or
(3) Executive's death or disability; for the purposes of this Section 11(a)(3), Executive shall be deemed to be disabled if in the opinion of the Board of Directors, as confirmed by competent medical advice, Executive is physically or mentally incapacitated to such a degree as to be unable to perform his duties for an EXHIBIT 10.20 ------------- extended period of time.
b. Executive shall not have Termination Benefits if he voluntarily terminates his employment for any reason other than set forth above or if he is terminated for Cause. Termination of Executive's employment shall be for "Cause" in the event of the occurrence of any of the following: (a) any intentional action or intentional failure to act by Executive which was performed in bad faith and to the material detriment of the Company; (b) Executive intentionally refuses or intentionally fails to act in accordance with any lawful and proper direction or order of the Board; (c) Executive willfully and habitually neglects the duties of employment; or
Rights on Termination of Employment. If Xx. Xx Xxxxxxxx employment is terminated without “cause,” if his employment is terminated due to his “disability” or if he resigns for “good reason” (each term as defined in his agreement), subject to his executing a release in our favor, Xx. Xx Xxxxxxxx shall be entitled to:
Rights on Termination of Employment. 4.5-1. In the event of the termination of a participant's employment prior to retirement, the participant is entitled to a return of his/her own contributions, if any, held in the trust fund created by the Trust Plan with interest compounded annually. The interest rate applied shall be equal to the interest annually determined pursuant to the Omnibus Budget Reconciliation Act of 1989 and/or any successor statute.
4.5-2. A participant who completes or has completed, immediately prior to his termination of employment other than by death, at least five (5) years of service with the Company, with any fraction of a year calculated as a full year, shall be eligible to receive retirement income commencing on his normal retirement date or an actuarially reduced benefit commencing on the first of any month following attainment of age fifty-five (55) (subject to the provisions of Sections 4.4-1 through 4.4- 3 above).
Rights on Termination of Employment. If your employment with LifeCell is terminated prior to the Bonus Payment Date by LifeCell without Cause, you shall be paid the Stay Bonus and, if earned, the Success Bonus, on the Bonus Payment Date. Any payment made pursuant to this Agreement will be in addition to rather than in lieu of any payment you are entitled to receive under another severance, retention or any similar plan or agreement of or with LifeCell. If your employment with LifeCell is terminated for Cause prior to the Bonus Payment Date, you shall forfeit the right to receive any payment pursuant to this Agreement.
Rights on Termination of Employment. Except as expressly provided in this Plan, the Company will not be required or be liable to make any payments under this Agreement subsequent to the Executive's Termination of Employment with the Company.
