Severance Fee. LICENSEE may elect to end sales of any or all of the End Products at its sole discretion with a severance fee (“Severance Fee”) set forth in Exhibit C. If LICENSEE elects to end sales of any of the End Products, then any other licensing provision benefits for the LICENSEE with respect to those End Products shall also end at that time. Notwithstanding the foregoing, for a period of 6 months after such election is made, LICENSEE shall be permitted to sell-off those End Products using the Technology in an attempt to sell all finished goods inventories pertaining to the Technology.
Severance Fee. Either party may terminate this Agreement by giving the other party thirty (30) days’ advance written notice of its intent to terminate, except that Company may terminate this Agreement at any time without notice for Cause. If Company terminates this Agreement for reasons other than Cause or due to the death or Disability of Employee, or if Employee terminates this Agreement for Good Reason, Company shall pay Employee, within thirty (30) days of the effective date of such termination, a “Severance Fee,” as additional compensation, as set forth below:
(a) If the termination occurs on or before
(i) the first (1st) anniversary hereof, the Severance Fee shall be equal to one (1) year's Base Salary;
(ii) the date that is thirteen (13) months from the date hereof, the Severance Fee shall be equal to eleven-twelfths (11/12) of one (1) year’s Base Salary;
(iii) the date that is fourteen (14) months from the date hereof, the Severance Fee shall be equal to ten-twelfths (10/12) of one (1) year’s Base Salary;
(iv) the date that is fifteen (15) months from the date hereof, the Severance Fee shall be equal to nine-twelfths (9/12) of one (1) year’s Base Salary;
(v) the date that is sixteen (16) months from the date hereof, the Severance Fee shall be equal to eight-twelfths (8/12) of one (1) year’s Base Salary; or
(vi) the date that is seventeen (17) months from the date hereof, the Severance Fee shall be equal to seven-twelfths (7/12) of one (1) year’s Base Salary.
(b) If the termination occurs after the date that is seventeen (17) months from the date hereof, the Severance Fee shall be equal to one-half (1/2) of one (1) year’s Base Salary. If Company terminates this Agreement for Cause or if Employee terminates this Agreement other than for Good Reason or as set forth in Section 6.2 below, Employee shall have no right to the Severance Fee or salary continuation of any kind.
Severance Fee. Upon termination of the Employment Agreement by the Employer without Cause (as defined below), the Employee will be entitled to receive a termi- nation fee equal to twelve (12) gross monthly salaries as stated in clause
Severance Fee. If this Agreement is terminated by MCM without cause pursuant to Section 19(a) prior to December 31, 1996, MCM shall pay KIS, on the effective date of such termination, a severance fee equal to two times the base (without regard to work orders) monthly charges being paid to KIS pursuant to Section 3 immediately prior to said effective date.
Severance Fee. In the event this Agreement is terminated for any reason other than the Company's termination of this Agreement for the reasons set forth in Sections 4(b) or 4(c), the Company shall pay to CECO a severance fee ("Severance Fee") equal to $600,000. The Severance Fee shall be paid by the Company to CECO within 30 days of the termination of this Agreement.
Severance Fee. LICENSEE may elect to end sales of the Powder Products at its sole discretion with the payment of a severance fee (“Severance Fee”) as set forth in Exhibit C. If LICENSEE elects to end sales of the Powder Products, then any other licensing provision benefits for the LICENSEE with respect to the Powder Products also end at that time. Notwithstanding the foregoing, for a period of 6 months after such election is made, LICENSEE shall be permitted to sell Powder Products using the Technology in an attempt to sell all finished goods inventories pertaining to the Technology.
Severance Fee. On March 1, 2000 and June 1, 2000 the Company shall pay to Granville two cash severance payments in equal installments of $50,000 each for a total of $100,000.00. Granville shall be responsible for the payment of all federal, state and local payroll or other employment taxes with respect to such severance payments. In addition there are currently outstanding expenses and a charge due to both to Granville and the company in which it is agreed that upon confirmation of these charges both parties will remedy and due balances on or before Mach 31 2000.
Severance Fee. The Company shall pay to Xxxxxx a cash severance payment equal to $40,000.00, payable in three (3) monthly installments of $13,333.33, commencing April 30, 2000 and continuing on the last day of each of May and June, 2000. Xxxxxx shall be responsible for the payment of all federal, state and local payroll or other employment taxes with respect to such severance payments.
Severance Fee. LICENSEE may elect to end sales of a Product Line at its sole discretion with a severance fee (“Severance Fee”) set forth in Exhibit C. If LICENSEE elects to end sales of any Product Line, then any other licensing provision benefits with respect to that Product Line also end at that time.
Severance Fee. Consultant hereby expressly agrees to release and waive his right to, and releases and discharges Company from its obligation to pay, the severance fee provided for in Section 10.01(a) of the Consulting Agreement.
