Common use of Severance Payments in the Case of a Termination Without Cause Pursuant to Clause 1 Clause in Contracts

Severance Payments in the Case of a Termination Without Cause Pursuant to Clause 1. 4(v). If Employee’s employment is terminated by Employer pursuant to clause (v) of Section 1.4 (termination without cause), then, subject to the Change in Control Agreement, Employee shall be entitled to severance pay equal to one times the Base Salary (as hereinafter defined) in effect as of the date of termination of employment payable in accordance with Employer’s regular payroll practices. Severance payments shall be reduced by any compensation that Employee earns during the twelve (12) months following such termination of employment. Severance payments shall be subject to any applicable tax withholding. Employee agrees to notify Employer of the amounts of such compensation earned. Notwithstanding anything to the contrary herein, no severance payments shall be made unless Employee executes a general release in favor of Employer and its affiliates, substantially in the form attached hereto as Exhibit A, satisfactory to Employer and such release is effective and irrevocable.

Appears in 2 contracts

Samples: Employment Agreement (First Solar, Inc.), Employment Agreement (First Solar, Inc.)

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Severance Payments in the Case of a Termination Without Cause Pursuant to Clause 1. 4(v). If Employee’s employment is terminated by Employer pursuant to clause (v) of Section 1.4 (termination without cause), then, subject to the Change in Control Agreement, Employee shall be entitled to severance pay equal to one times the Base Salary (as hereinafter defined) in effect as of the date of termination of employment payable in accordance with Employer’s regular payroll practices. Severance payments shall be reduced by any compensation that Employee earns during the twelve (12) months following such termination of employment. Severance payments shall be subject to any applicable tax withholding. Employee agrees to notify Employer of the amounts of such compensation earned. Notwithstanding anything to the contrary herein, no severance payments shall be made unless Employee executes a general release in favor of Employer and its affiliates, substantially affiliates in the a form attached hereto as Exhibit A, satisfactory to Employer and such release is effective and irrevocable.. First Solar, Inc. Confidential Page 2 of 6

Appears in 1 contract

Samples: Employment Agreement (First Solar, Inc.)

Severance Payments in the Case of a Termination Without Cause Pursuant to Clause 1. 4(v). If Employee’s employment is terminated by Employer pursuant to clause (v) of Section 1.4 (termination without cause), then, subject to the Change in Control Agreement, Employee shall be entitled to severance pay equal to one two (2) times the Base Salary (as hereinafter defined) in effect as of the date of termination of employment payable in accordance with Employer’s regular payroll practices. Severance payments shall be reduced by any compensation that Employee earns during the twelve (12) 24 months following such termination of employment. Severance payments shall be subject to any applicable tax withholding. Employee agrees to notify Employer of the amounts of such compensation earned. Notwithstanding anything to the contrary herein, no severance payments shall be made unless Employee executes a general release in favor of Employer and its affiliates, affiliates substantially in the form attached hereto as Exhibit A, A satisfactory to Employer and such release is effective and irrevocable.

Appears in 1 contract

Samples: Employment Agreement (First Solar, Inc.)

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Severance Payments in the Case of a Termination Without Cause Pursuant to Clause 1. 4(v). If Employee’s employment is terminated by Employer pursuant to clause (v) of Section 1.4 (termination without cause), then, subject to the Change in Control Agreement, Employee shall be entitled to severance pay equal to one times the Base Salary (as hereinafter defined) in effect as of the date of termination of employment payable in accordance with Employer’s regular payroll practices. Severance payments shall be reduced by any compensation that Employee earns during the twelve (12) months following such termination of employment. Severance payments shall be subject to any applicable tax withholding. Employee agrees to notify Employer of the amounts of such compensation earned. Notwithstanding anything to the contrary herein, no severance payments shall be made unless Employee executes a general release in favor of Employer and its affiliates, substantially affiliates in the a form attached hereto as Exhibit A, satisfactory to Employer and such release is effective and irrevocable.

Appears in 1 contract

Samples: Employment Agreement (First Solar, Inc.)

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