SEVERANCE PAY UPON TERMINATION Sample Clauses
The "Severance Pay Upon Termination" clause defines the employer's obligation to provide compensation to an employee if their employment is ended under certain conditions, such as layoffs or termination without cause. Typically, this clause outlines the amount of severance pay, the method of calculation (such as based on length of service or salary), and any conditions that must be met to qualify for the payment. Its core practical function is to offer financial support to employees during the transition period after losing their job, while also clarifying the employer's responsibilities and reducing the risk of disputes over post-termination compensation.
SEVERANCE PAY UPON TERMINATION. In the event Officer's employment is ------------------------------ terminated by Rushmore, except for "cause" and except for Officer's death or total disability, Rushmore shall pay to Officer as severance pay the sum of three years' Base Compensation at the then existing rate, plus any sums due in respect of increases in Base Compensation pursuant to Paragraph 3(a) hereof. Such payment shall be made in thirty-sixty (36) equal monthly installments. Termination for "cause" shall mean termination by Rushmore for any of the following reasons:
SEVERANCE PAY UPON TERMINATION. 9.2.1 Upon termination pursuant to Mango's death or permanent disability, Mango will be entitled to receive all compensation and benefits through the date of termination.
9.2.2 In the event of termination resulting from a felony conviction pertaining to Mango's employment, Mango will only be entitled to receive his base salary through the date of termination.
9.2.3 If Mango gives notice to terminate this Agreement within the first six (6) months, then Mango will only be entitled to receive his base compensation through the date of termination. If Mango terminates this Agreement after the first six (6) months, then Mango will be entitled to receive his base salary through the date of termination and securities prorated through the date of termination.
9.2.4 If Mango is terminated within the first six (6) months, he shall receive all compensation and benefits through the first six (6) months. If Mango is terminated in the second six (6) months, he shall receive all compensation and benefits through one (1) month following termination. If Mango is terminated anytime following the second six (6) months, he shall receive all compensation and benefits through three (3) months following termination.
SEVERANCE PAY UPON TERMINATION. Paragraph 6.
a. is hereby amended to read as follows:
"a. If Davi▇ ▇▇▇▇▇ ▇▇▇minates the employment of Miha▇▇▇▇▇▇ ▇▇▇ any reason prior to the end of the current term of employment as provided in paragraph 1 above, Davi▇ ▇▇▇▇▇ ▇▇▇ll remain fully liable to Miha▇▇▇▇▇▇ ▇▇▇ payment of the Base Compensation specified in paragraph 2.a. then being received plus all benefits provided under paragraph 4 for the remainder of his employment under this Agreement without regard to or the cause of such termination (other than termination by reason of death or disability and except as may be provided in paragraph 4.d. with respect to outplacement services); provided, however, that without regard to the amount of time remaining under the current term of employment, the payment of Base Compensation and benefits to Miha▇▇▇▇▇▇ ▇▇▇ll in no event be for a period of less than twelve (12) months."
SEVERANCE PAY UPON TERMINATION. 9.2.1. Upon termination pursuant to ▇▇▇▇'▇ death or permanent disability, ▇▇▇▇ will be entitled to receive all compensation and benefits through the date of termination.
9.2.2. In the event of termination resulting from a felony conviction pertaining to ▇▇▇▇'▇ employment, ▇▇▇▇ will only be entitled to receive his base salary through the date of termination.
9.2.3. If ▇▇▇▇ gives notice to terminate this Agreement within the first six (6) months, then ▇▇▇▇ will only be entitled to receive his base compensation through the date of termination. If ▇▇▇▇ terminates this Agreement after the first six (6) months, then ▇▇▇▇ will be entitled to receive his base salary through the date of termination and any securities prorated through the date of termination.
9.2.4. If ▇▇▇▇ is terminated by Lorcom within the first six (6) months, he shall receive all compensation and benefits through the first six (6) months. If ▇▇▇▇ is terminated in the second six (6) months, he shall receive all compensation and benefits through one (1) month following termination. If ▇▇▇▇ is terminated anytime following the second six (6) months, he shall receive all compensation and benefits through three (3) months following termination.
SEVERANCE PAY UPON TERMINATION. Amounts due under this Section 5.5 are in the nature of severance payments considered to be reasonable by the Company and are not in the nature of a penalty, provided that such payments shall be Executive's exclusive remedy relating to the termination of his employment hereunder.
(a) FOR CAUSE/VOLUNTARY TERMINATION/DEATH/END OF TERM. In the event of termination of Executive's employment (i) by the Company for Cause, (ii) by Executive other than for Good Reason, (iii) by reason of Executive's death, or (iv) by reason of either party's election not to extend the Term as provided in Section 2.1 hereof, the Company shall pay to Executive (or his beneficiary in the event of his death), any base annual salary and any annual bonus earned (for a full fiscal year or prorated for a partial fiscal year) but not paid to Executive prior to the effective date of such termination, and Executive shall be entitled to other additional
SEVERANCE PAY UPON TERMINATION. 9.2.1 Upon termination pursuant to Doiban's death or permanent disability, Doiban will be entitled to receive all compensation and benefits through the date of termination.
9.2.2 In the event of termination resulting from a felony conviction pertaining to Doiban's employment, Doiban will only be entitled to receive his base salary through the date of termination.
9.2.3 If Doiban gives notice to terminate this Agreement within the first six (6) months, then Doiban will only be entitled to receive his base compensation through the date of termination. If Doiban terminates this Agreement after the first six (6) months, then Doiban will be entitled to receive his base salary through the date of termination and any securities prorated through the date of termination.
9.2.4 If Doiban is terminated by Lorcom within the first six (6) months, he shall receive all compensation and benefits through the first six (6) months. If Doiban is terminated in the second six (6) months, he shall receive all compensation and benefits through one (1) month following termination. If Doiban is terminated anytime following the second six (6) months, he shall receive all compensation and benefits through three (3) months following termination.
SEVERANCE PAY UPON TERMINATION. Amounts due under this Section 5.5 are in the nature of severance payments considered to be reasonable by the Company and are not in the nature of a penalty, provided that such payments shall be Executive's exclusive remedy relating to the termination of his employment hereunder.
SEVERANCE PAY UPON TERMINATION. Amounts due under this Section 5.5 are in the nature of severance payments considered to be reasonable by the Company and are not in the nature of a penalty, provided that such payments shall be Executive's exclusive remedy relating to the termination of his employment hereunder.
(a) FOR CAUSE/VOLUNTARY TERMINATION/END OF TERM. In the event of termination of Executive's employment (i) by the Company for Cause, (ii) by Executive other than for Good Reason, or (iii) by reason of either party's election not to extend the Term as provided in Section 2.1 hereof, the Company shall pay to Executive any annual Base Salary and any Annual Cash Bonus earned (for a full fiscal year or prorated for a partial fiscal year) but not paid to Executive prior to the effective date of such termination, and Executive shall be entitled to other additional benefits in accordance with the benefit plans of the Company. In addition, Executive and his spouse shall be entitled to continued participation in all medical, dental and hospitalization coverage as set forth in Section 5.5(e) hereof.
SEVERANCE PAY UPON TERMINATION. Amounts due under this Section 5.5 are in the nature of severance payments considered to be reasonable by the Company and are not in the nature of a penalty, provided that such payments shall be Executive's exclusive remedy relating to the termination of his employment hereunder.
(a) FOR CAUSE/VOLUNTARY TERMINATION/END OF TERM. In the event of termination of Executive's employment (i) by the Company for Cause, (ii) by Executive other than for Good Reason or as provided in Section 1.5, or (iii) by reason of either party's election not to extend the Term or any Renewal Term as provided in Section 2.1 hereof, the Company