Severance Pay Upon Certain Terminations Sample Clauses

Severance Pay Upon Certain Terminations. In the event that Employee’s employment is terminated by the Company without Cause, for death or disability, non-renewal of the Employment Agreement or by Employee with Good Reason, or in connection with a Change In Control (as defined in the Restricted Stock Agreement of even date), the Company shall, pay Executive the equivalent of twelve (12) months Base Salary, and twelve (12) months Target Bonus (nondiscretionary absolute value). Furthermore, any Restricted Stock, not otherwise vested by their terms, which would have vested within the twelve (12) months following termination shall immediately vest and become unrestricted subject to the conditions set forth in this Section 6. Company will pay Employee the severance pay due under this Section 6.7 monthly over twelve (12) months, less applicable withholdings and the amount of any debt then owed by Employee to the Company whether or not such debt is then due or payable (the “Severance Amount”). The Severance Amount does not include any Benefits. Notwithstanding the foregoing, Employee will only be entitled to receive the Severance Amount, other than in the event of death, if Employee signs a separation agreement at the time of termination in a form prepared by and acceptable to the Company that includes adequate provisions for at least the following: (a) Employee’s general release of any and all legal claims against the Company and all affiliated entities and persons; (b) Employee’s return of all of the Company’s property and data; (c) nondisparagement of the Company and any affiliated entities and persons; (d) confidentiality of terms; and (e) acknowledgement of Employee’s continuing contractual obligations to the Company, including Employee’s continuing confidentiality, non-compete, and invention obligations under this Agreement.
Sample 1
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Related to Severance Pay Upon Certain Terminations

  • Payments Upon Certain Terminations (i) If Executive’s employment is terminated by Employer Without Cause or Executive terminates his employment for Good Reason, Employer shall pay or provide to Executive as severance payments and benefits the following:

  • Certain Termination Benefits Unless otherwise specifically provided in this Agreement or otherwise required by law, all compensation and benefits payable to Executive under this Agreement shall terminate on the date of termination of Executive’s employment under this Agreement. Notwithstanding the foregoing, in the event of termination of Executive’s employment with the Company pursuant to Section 5(c) or Section 5(d) above, the Company shall provide to Executive the following termination benefits (“Termination Benefits”):

  • Certain Terminations The termination of any Proceeding or of any claim, issue, or matter therein by judgment, order, settlement, or conviction, or upon a plea of nolo contendere or its equivalent, shall not (except as otherwise expressly provided in this Agreement) of itself create a presumption that Indemnitee did not act in good faith and in a manner which Indemnitee reasonably believed to be in or not opposed to the best interests of the Company or, with respect to any criminal action or Proceeding, that Indemnitee had reasonable cause to believe that Indemnitee’s conduct was unlawful.

  • Certain Terminations of Employment (a) In the event of the termination of your Employment (determined as described in Section 1.2.20 of the Plan) for any reason, all terms and conditions of this Award Agreement shall continue to apply.

  • Payments Upon Termination of Employment (a) If Executive’s employment with the Company is terminated by reason of:

  • Severance Compensation upon Termination Subject to the provisions of Section 10 hereof, in the event of the Employee’s Termination upon a Change of Control, the Company shall pay to the Employee, within fifteen (15) days after the Termination Date (or as soon as possible thereafter in the event that the procedures set forth in paragraph (b) of Section 11 hereof cannot be completed within fifteen (15) days) an amount in cash equal to three (3) times the sum of the Employee’s Base Salary in effect either immediately prior to the Separation from Service or immediately prior to the Change of Control, whichever is higher.

  • Severance Compensation upon Termination of Employment If the Company shall terminate the Executive’s employment other than pursuant to Section 5(a), (b) or (c) or if the Executive shall terminate his employment for Good Reason, then the Company shall pay to the Executive as severance pay in a lump sum, in cash, on the fifth day following the Date of Termination, an amount equal to three (3) times the average of the aggregate annual compensation paid to the Executive during the three (3) fiscal years of the Company immediately preceding the Change of Control by the Company subject to United States income taxes (or, such fewer number of fiscal years if the Executive has not been employed by the Company during each of the preceding three (3) fiscal years).

  • PAYMENTS AND BENEFITS UPON TERMINATION (a) If within eighteen (18) months after a Change in Control, the Company terminates Employee's employment other than by reason of Employee's death, Disability, Retirement or for Cause, or if Employee terminates Employee's employment for Good Reason, then the Employee shall be entitled to the following payments and benefits:

  • Certain Benefits Upon Termination Executive’s employment shall be terminated upon the earlier of (i) the voluntary resignation of Executive with or without Good Reason; (ii) Executive’s death or permanent disability; or (iii) upon the termination of Executive’s employment by LTC for any reason at any time. In the event of such termination, the below provisions of this Section 6 shall apply, and in the event of a Change in Control, whether or not Executive’s employment is terminated thereby, Section 6(b) shall apply.

  • Compensation Upon Termination of Employment If the Executive’s employment hereunder is terminated, in accordance with the provisions of Article III hereof, and except for any other rights or benefits specifically provided for herein to be effective following the Executive’s period of employment, the Company will provide compensation and benefits to the Executive only as follows:

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