Salary and Benefits Upon Termination. In the event of termination of employment, Executive shall receive all regular Base Salary due up to the date of termination, and if it has not previously been paid to Executive, Executive shall be paid any Bonus to which Executive had become entitled under the Bonus Plan prior to the effective date of such termination and the Company shall have no further obligation hereunder from and after the effective date of termination except as may be provided in the Separation and Severance Agreement and the Company shall have all other rights and remedies available under this Agreement or any other agreement and at law or in equity. Executive's stock options with respect to the Company's stock shall be subject to the terms of the EFactor Holdings, Inc. Stock Incentive Plan or any successor plan, which is a separate agreement. In the event of termination, Executive's rights to benefits other than severance shall be governed by the terms of the Company's retirement, insurance and other benefit plans and programs then in effect in accordance with the terms of such plans. Executive's right to severance benefits, if any, shall be governed by the terms of the Separation and Severance Agreement attached hereto as Exhibit B (the "Severance Agreement"); provided, however, the Executive, as the Chief Executive, shall be entitled to de novo review of any material violation of this Severance Agreement, or denial of any claim, or eligibility for any claim thereunder exclusively as provided in the Resolution of Dispute provisions of section 12 of this Employment Agreement. The Severance Agreement is incorporated in this Agreement by reference and is hereby made a part of this Agreement as if fully set forth herein.
Salary and Benefits Upon Termination. Except as specifically provided herein, all salary and other benefits shall terminate as of the effective date of termination if Employee resigns. If involuntarily terminated (except following a Change in Control, as provided for below) and in consideration for the obligations of Employee pursuant to paragraphs 15 and 16 of the Employment Agreement, Employee shall be entitled to a termination or severance salary equal to five (5) years of the annual base salary earned by Employee immediately prior to termination. Employee shall have the option to accelerate payments of the severance salary and receive the full amount upon termination, in Employee's sole discretion. Unless precluded by law, any medical and dental insurance coverage and life insurance coverage and benefits shall continue for thirty (30) days after termination or until Employee is re-employed, whichever shall first occur.
Salary and Benefits Upon Termination. All salary and other benefits shall terminate as of the effective date of termination if Employee resigns. If involuntarily terminated for cause, the salary will continue for the initial five year term of this Agreement. Unless precluded by law, any medical and dental insurance coverage and life insurance coverage and benefits shall continue for thirty (30) days after termination or until Employee is reemployed, whichever shall first occur.
Salary and Benefits Upon Termination. All salary and other benefits shall terminate as of the effective date of termination if Employee resigns. If involuntarily terminated and in consideration for the obligations of Employee pursuant to paragraphs 8 and 9 of the Employment Agreement, Employee shall be entitled to a termination or severance salary equal to five (5) years of the annual base salary earned by Employee immediately prior to termination. Employee shall have the option to accelerate payments of the severance salary and receive the full amount upon termination, in Employee's sole discretion. Employer agrees that all unregistered stock received or to be received by the Employee under any stock option plan provided by Employer shall be registered as soon after the termination date as possible, and in no event later than six (6) months from the date of termination. Employee shall have the right to exercise any stock option within five (5) business days of the date of termination of Employee. Unless precluded by law, any medical and dental insurance coverage and life insurance coverage and benefits shall continue for thirty (30) days after termination or until Employee is shall first occur."
4. A new subparagraph is added to Article 3 as follows:
Salary and Benefits Upon Termination. Except as specifically provided herein, all salary and other benefits shall terminate as of the effective date of termination if Employee resigns. If involuntarily terminated (except following a Change in Control, as provided for below) and in consideration for the obligations of Employee pursuant to paragraphs 15 and 16 of the Employment Agreement, Employee shall be entitled to a termination or severance salary equal to the remainder of the contract at the time of termination. This salary will be paid one-half in cash and one-half in the form of restricted common stock at $1.00 per share. Employee shall have the option to accelerate payments of the severance salary and receive the full amount upon termination, in Employee's sole discretion. Unless precluded by law, any medical and dental insurance coverage and benefits shall continue for thirty (30) days after termination or until Employee is re-employed, whichever shall first occur.
Salary and Benefits Upon Termination. In the event of termination of employment, Executive shall receive all regular Base Salary due up to the date of termination, any accrued but unused vacation (if and to the extent consistent with the Company’s policies), any incurred but unreimbursed business expenses, and if it has not previously been paid to Executive, Executive shall be paid any Bonus due to Executive for any fiscal year ending prior to the effective date of such termination, any rights under any benefit or equity plan, program or practice and his rights to indemnification and directors and officers liability insurance (the “Accrued Amounts and Rights”). In the event such termination is as a result of death, Disability, termination without Cause or termination for Good Reason, Executive shall be entitled to a pro rata Bonus for the year of termination based on actual results for the year with respect to the Company performance factors and on the contribution he made with respect to his individual performance factors during the portion of the year during which Executive was employed, payable when bonuses to other senior executives are paid. Executive’s right to severance benefits, if any, shall be governed by the terms of the Separation and Severance Agreement attached hereto as Exhibit C (the “Severance Agreement”); provided, however, the Resolution of Dispute provisions of Section 12 of this Agreement shall also apply to the Severance Agreement. The Severance Agreement is incorporated in this Agreement by reference and is hereby made a part of this Agreement as if fully set forth herein.
Salary and Benefits Upon Termination. In the event of termination of employment, Executive shall receive all regular Base Salary due up to the date of termination, any accrued but unused vacation (if and to the extent consistent with the Company’s policies), any incurred but unreimbursed business expenses, and if it has not previously been paid to Executive, Executive shall be paid any Bonus due to Executive for any fiscal year ending prior to the effective date of such termination, any rights under any benefit or equity plan, program or practice and his rights to indemnification and directors and officers liability insurance (the “Accrued Amounts and Rights”). Executive’s right to severance benefits, if any, shall be governed by the terms of the Separation and Severance Agreement attached hereto as Exhibit B (the “Severance Agreement”); provided, however, the Resolution of Dispute provisions of Section 12 of this Agreement shall also apply to the Severance Agreement. The Severance Agreement is incorporated in this Agreement by reference and is hereby made a part of this Agreement as if fully set forth herein.
Salary and Benefits Upon Termination. Upon any termination of the employment of Employee, the Employee shall be entitled only to the following salary and benefits:
(a) If the termination is for any reason other than death or disability, including, without limitation, by CSC for cause or by Employee for good reason, CSC will pay the Employee within five (5) days after the date of termination any unpaid salary prorated to the date of termination, the amount of any accrued annual vacation pay to which he may be entitled under CSC's vacation plan and benefits, with such compensation and benefits (if any) paid only through the date termination occurs.
(b) In the event of the Employee's death or disability, the following provisions will apply:
(i) Upon his death, the Employee's estate will be entitled to receive the amount set forth in Section 4(a) and the benefits set forth in any plans of CSC then in effect and applicable under the circumstances. The Employee or his estate shall be entitled to no other compensation or benefits in the event of death.
(ii) Upon termination on account of disability, Employee will be entitled to receive the amount set forth in Section 4(a) and the benefits set forth in any plans of CSC then in effect and applicable under the circumstances. The Employee or his personal representative shall be entitled to no other compensation or benefits in the event of disability.
(c) In the event the termination is by CSC for cause or by Employee for good reason, or in the event of any breach of this Agreement by either party, the parties respectively reserve any rights and remedies they may have at law or equity, in addition to and not in lieu of the payments called for in this Section 4. For all other terminations (other than for cause or good reason or in the event of a breach), the amounts set forth above in this Section 4 shall be paid and received in complete discharge of any other obligation of CSC to Employee or Employee to CSC resulting from termination of his employment.
Salary and Benefits Upon Termination. All salary and other benefits shall terminate as of the effective date of termination if Employee resigns. If involuntarily terminated and in consideration for the obligations of Employee pursuant to paragraphs 8 and 9 of the Employment Agreement, Employee shall been titled to a termination or severance salary equal to five (5) years of the annual base salary earned by Employee immediately prior to termination. Employee shall have the option to accelerate payments of the severance salary and receive the full amount upon termination, in Employee's sole discretion. Employer agrees that all unregistered stock received or to be received by the Employee under any stock option plan provided by Employer shall be registered as soon after the termination date as possible, and in no event later than six (6) months from the date of termination. Employee shall have the right to exercise any stock option within five
Salary and Benefits Upon Termination
