Severance and Consulting Arrangements Sample Clauses

Severance and Consulting Arrangements. (a) In the case of any person listed on Schedule 5 hereto, such person shall be entitled to severance as provided below, if such person is not offered employment by the Surviving Corporation, Parent or any of their Subsidiaries in Houston at such person's current base salary as of the Effective Time or is terminated by the Surviving Corporation, Parent or any of their Subsidiaries prior to January 1, 1999. In the case of
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Severance and Consulting Arrangements. (a) In the case of any person listed on Schedule 5 hereto, such person shall be entitled to severance as provided below, if such person is not offered employment by the Surviving Corporation, Parent or any of their Subsidiaries in Houston at such person's current base salary as of the Effective Time or is terminated by the Surviving Corporation, Parent or any of their Subsidiaries prior to January 1, 1999. In the case of any person listed on Schedule 6 hereto, such person shall be entitled to severance as provided below, if (i) such person is not employed by Offshore or any of its Subsidiaries in Houston as of the Effective Time, unless such person is offered employment by the Surviving Corporation, Parent or any of their Subsidiaries in Houston at such person's current base salary as of the Effective Time or (ii) such person is employed by the Surviving Corporation, Parent or any of their Subsidiaries at such person's current base salary as of the Effective Time and is terminated by the Surviving Corporation, Parent or any of their Subsidiaries prior to January 1, 1999. Any person entitled to severance as provided in this paragraph shall receive a lump sum cash payment equal to six months' base salary based upon such person's current monthly base salary paid to such employee as of the date of termination. Until January 1, 1999, none of Offshore and its Subsidiaries listed shall employ or enter into any consulting arrangement with any employee listed on Schedule 5. (b) Certain individuals listed on Schedule 7 hereto may enter into agreements to provide certain consulting services to the Company and Offshore for a period of six months after the Effective Time. The Company and Offshore shall each pay one half of the costs of such consulting agreements.
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Related to Severance and Consulting Arrangements

  • Employment and Consulting Agreements Xxxxxxx X. Xxxx and Xxxx X. Xxxxxx shall have executed and delivered employment agreements with BRI, and Xxxxxx Xxxx shall have executed and delivered a Consulting Agreement with BRI.

  • Consulting Arrangement At the Company’s option, the Company and Employee will enter into a consulting arrangement for a period of six (6) months from the date of such termination the “Consulting Period”), which arrangement will provide for (A) payment by the Company based upon a full-time monthly rate equal to 100% of Employee’s monthly base salary as of the date of such termination and (B) such other terms of service as shall be negotiated in good faith by the Company and Employee; provided, however, that if the Company determines not to enter into the negotiation of a consulting arrangement, or the Company and Employee cannot, following good-faith negotiation, agree upon the terms of such consulting arrangement, then promptly following such determination or the termination of such negotiations, as the case may be, Employee will be paid a lump-sum amount of cash equal to six (6) months of Employee’s base salary as of the date of such termination, less applicable withholding; provided further, however, that if during the Consulting Period Employee engages in Competition or breaches the covenants in Section 6 or in the separation agreement and release of claims, all payments pursuant to this subsection will immediately cease.

  • Severance Arrangements Grant or pay, or enter into any Contract providing for the granting of any severance, retention or termination pay, or the acceleration of vesting or other benefits, to any Person (other than payments or acceleration that have been disclosed to Acquirer and are set forth on Schedule 4.2(q) of the Company Disclosure Letter);

  • Severance Agreement Any payments of compensation made pursuant to Articles 4 and 5 are contingent on Executive executing the Company’s standard severance agreement, including a general release of the Company, its owners, partners, stockholders, directors, officers, employees, independent contractors, agents, attorneys, representatives, predecessors, successors and assigns, parents, subsidiaries, affiliated entities and related entities, and on Executive’s continued compliance with Section 6. Executive must execute the standard severance agreement and release within 45 days of being provided with the document to sign or the severance agreement offer will expire.

  • Consulting Agreements Buyer shall have entered into the Consulting Agreements with the Shareholders.

  • Prior Employment Agreements The Executive represents that he/she has not executed any agreement with any previous employer which may impose restrictions on Executive’s employment with the Employer.

  • Employment Agreements Each of the persons listed on Schedule 9.12 shall have been afforded the opportunity to enter into an employment agreement substantially in the form of Annex VIII hereto.

  • Severance Plan The term “Severance Plan” shall mean the Assured Guaranty Ltd. Executive Severance Plan.

  • Conditions of Employment It is a term and condition of employment and of the obligations and rights occurring under this Agreement, that an employee: i) properly use and maintain all appropriate protective clothing and tools and equipment supplied by the Company for specified circumstances; and ii) use any technology and perform any duties which are within the limits of the employee's skill, competence and training: and iii) Understand that termination of employment will be based on job requirements and skills and that the principle of "last on - first off' will not apply. It is the needs and requirements of the Company, together with the efforts, skills and abilities of the employee which will be the determining factors regarding the retrenchment of employees. However, where efforts, skills and abilities are equal then seniority shall take precedence; and iv) maintain commitment to, and comply with the Company's directions (consistent with the objectives of the Agreement) with respect to, safety, quality, site cleanliness and waste management; and v) provide and maintain an adequate kit of tools in accordance with Parent Award requirements; and vi) be committed to the objectives in Clause 4 of this Agreement All new employees (other than casuals) will be engaged on the basis of a 3-month probationary period, which shall count as service. The Company reserves the right to terminate a probationary employee at any time during this 3 month period subject to a week's notice or payment in lieu thereof. The Company's right to employ persons on a specified task and/or specified period basis is acknowledged.

  • Separation Compensation In exchange for your agreement to the general release and waiver of claims and covenant not to sue set forth below and your other promises herein, the Company agrees to provide you with the following:

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