Severance Obligation. In the event Executive's employment is -------------------- terminated by Technologies without Cause or Executive resigns from employment with Technologies with Good Reason, following such Termination and upon execution by Executive of a general release in favor of the Company and its Subsidiaries (i) satisfying all applicable requirements of the Older Workers Benefit-Protection Act, including expiration of the applicable revocation period, and (ii) releasing any and all claims against the Company and its Subsidiaries, Technologies shall continue to pay Executive (or his estate) his Base Salary (as in effect on the Termination Date) his bonus (as was paid for the most recent completed bonus period) for a period of 1 year following the Termination Date, payable in accordance with Technologies' normal payroll procedures and cycles and shall be subject to withholding of applicable taxes and governmental charges in accordance with federal and state law and all unvested stock options previously granted to the Executive shall immediately become vested and exercisable. In the event the Executive's employment with Technologies is terminated for any other reason, Technologies shall have no obligation to make any severance or other payment to or on behalf of Executive. Notwithstanding the foregoing, in the event that Executive shall breach any of his obligations under this Agreement, Technologies shall be relieved from and shall have no further obligation to pay Executive any amounts to which Executive would otherwise be entitled pursuant to this Section 4.
Severance Obligation. In the event Executive’s employment is terminated by Technologies without Cause or Executive resigns from employment with Technologies with Good Reason, following such Termination and upon execution by Executive of a general release in favor of the Company and its Subsidiaries (i) satisfying all applicable requirements of the Older Workers Benefit Protection Act, including expiration of the applicable revocation period, and (ii) releasing any and all claims against the Company and its Subsidiaries, Technologies shall pay Executive (or his estate): (i) an amount equal to two (2) times his Base Salary (as in effect on the Termination Date), plus (ii) an amount equal to two (2) times the annual bonus paid or payable to Executive for the most recent completed annual bonus period prior to the Termination Date (with the aggregate amount under clauses (i) and (ii) the “Severance Amount”), with the Severance Amount to be paid to Executive in equal installments over a period of two (2) years immediately following the Termination Date, payable in accordance with Technologies’ normal payroll procedures and cycles commencing with the first payroll cycle after the Termination Date and shall be subject to withholding of applicable taxes and governmental charges in accordance with federal and state law, and all unvested options, restricted stock units or other awards granted in accordance with the Stock Plan (as hereinafter defined) as of the date of this Agreement as well as those granted after the date of this Agreement (“Awards”) shall fully vest, provided that such Awards have not already accelerated under the Stock Plan. None of the above Awards constituting options was granted at less than fair market value. The Awards constituting options shall be exercisable within the shorter of:
Severance Obligation. (i) Seller and Buyer intend that the Closing and the consummation of the Transactions shall not result in a severance of employment of any Continuing Employee, and that each Continuing Employee will have continuous and uninterrupted employment immediately following the Closing, and Buyer shall comply with any requirements under applicable Law to ensure the same. Buyer shall bear any costs related to, and shall indemnify and hold harmless Seller and its Affiliates from and against, any claims made by any Continuing Employee for any statutory or common law, or to the extent set forth on Schedule 4.16(a), contractual, severance or separation benefits and other legally mandated payment obligations (including any compensation payable during any WARN ACT or other mandatory termination notice period), together with any employer’s portion of any employment and payroll Taxes related thereto, in each case, arising out of or in connection with the failure of Buyer or any of its Affiliates to continue the employment of any Continuing Employee following the Closing.
Severance Obligation. (a) On or prior to the Closing Date, Seller or its Affiliates (other than the Acquired Companies) shall have paid to the applicable Employees, or shall have entered into agreements with the applicable Employees committing to pay, the following amounts:
Severance Obligation. In the event Executive's employment is terminated by Technologies without Cause or Executive resigns from employment with Technologies with Good Reason, following such Termination and upon execution by Executive of a general release in favor of the Company and its Subsidiaries (i) satisfying all applicable requirements of the Older Workers Benefit-Protection Act, including expiration of the applicable revocation period, and (ii) releasing any and all claims against the Company and its Subsidiaries, Technologies shall continue to pay Executive (or his estate) his Base Salary (as in effect on the Termination Date) his bonus (as was paid for the most recent completed bonus period) for a period of two (2) years following the Termination Date, payable in accordance with Technologies' normal payroll procedures and cycles and shall be subject to withholding of applicable taxes and governmental charges in accordance with federal and state law and all unvested options, restricted stock units or other awards granted in accordance with the Stock Plan as of the date of this Agreement as well as those granted after the date of this Agreement (“Awards”) shall fully vest, provided that such Awards have not already accelerated under the Stock Plan. None of the above Awards was granted at less than fair market value. The Awards shall be exercisable within the shorter of:
Severance Obligation. Buyer agrees that if any employee of the Company is terminated, other than for cause, during the twelve (12) month period following the Closing, then any such employee shall be entitled, at a minimum, to the severance benefits the Buyer provides to its similarly situated employees consistent with the Buyer's past business practices taking into consideration, among other things, the position of such employee and the length of employment.
Severance Obligation. Company will have the right to terminate Executive’s employment with Company at any time without cause. In the event Executive is terminated without Just Cause or resigns with Good Reason and upon the execution of a full general release and non-disparagement agreement by Executive (“Release”), releasing all claims known or unknown that Executive may have against Company as of the date Executive signs such release, Company shall accelerate the vesting of Executive’s Option Shares to grant the lesser of (A) 500,000 Option Shares which have not previously vested or (B) the number of remaining Option Shares which have not vested.
Severance Obligation. In addition to the terms and conditions of employment offered to Darling, which terms are set forth in a separate instrument, Linvatec has agreed to provide Darling with a Severance Payment, as set forth herein:
Severance Obligation
