Severance Upon an Event of Termination Sample Clauses

Severance Upon an Event of Termination. Upon the occurrence of an event of termination under Section 7(a), the Company shall, subject to the provisions of Section 9 below, monthly for the duration of the Severance Period (as defined below) pay Executive or, in the event of Executive's subsequent death, his beneficiary or beneficiaries or his estate, as the case may be, as severance pay and liquidated damages the monthly Base Salary paid to Executive at the time of termination of his employment (the "Severance Payments"). In addition, following an event of termination under Section 7(a), the Company shall continue to provide the health and welfare insurance benefits provided to Executive under Section 5 hereof as of immediately prior to his date of termination for a period of twelve (12) months following the date of termination (provided that Executive continues to make all required employee contributions) and shall compensate Executive for Executive's loss of pension benefits by providing Executive with a lump sum payment equal to the difference, computed on the basis of actuarial present values as of Executive's date of termination (using actuarial assumptions in effect for the Company's defined benefit plan as of the date of termination) between (1) the aggregate benefits Executive would have been entitled to receive under the Company's qualified and nonqualified defined benefit pension plans (the "Retirement Plans"), had Executive's employment continued under this Agreement for the Severance Period and (2) the aggregate benefit Executive is actually entitled to receive under the Retirement Plans as of the date of termination. For purposes of this Agreement, the "Severance Period" shall commence on the date of termination of Executive's employment with the Company and expire upon the earlier of (i) twenty-four (24) months from the date of termination and (ii) nine (9) months following the date on which the term of this Agreement (as in effect as of Executive's date of termination) would have otherwise expired; provided, that in no event shall the Severance Period be longer than eighteen (18) months in the event of a termination of employment pursuant to Section 7(a)(ii) E. hereof. The Severance Payments shall commence on the last day of the month in which the event of termination occurs; provided, that the first such payment shall be reduced by the amount of any Base Salary received by Executive for the portion of such month prior to the event of termination. Notwithstanding the foregoing, the...
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Severance Upon an Event of Termination. Upon the occurrence of an Event of Termination under Section 8(a) subject to the provisions of Sections 9, 10 and 11 below, the Company shall, for the greater of (i) a period of twelve (12) months following the date of employment termination or (ii) the period remaining in the Initial Term, pay Employee or, in the event of Employee’s subsequent death, his beneficiary or beneficiaries or his estate, as the case may be, as severance pay and liquidated damages (the “Severance Payments”), the monthly Base Salary paid to Employee at the time of termination of his employment. The Severance Payments shall commence on the last day of the month in which the Event of Termination occurs; provided, that the first such payment shall be reduced by the amount of any Base Salary received by Employee for the portion of such month prior to the Event of Termination. Notwithstanding the foregoing, the Company’s obligation to provide Severance Payments hereunder shall be terminated upon employment or the performance of consulting services by Employee during the period in which Employee is entitled to receive Severance Payments.
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Severance Upon an Event of Termination 
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Related to Severance Upon an Event of Termination

  • PAYMENTS TO EXECUTIVE UPON AN EVENT OF TERMINATION (a) Upon the occurrence of an Event of Termination (as herein defined) during the Executive's term of employment under this Agreement, the provisions of this Section shall apply. As used in this Agreement, an "

  • Event of Termination As soon as reasonably practicable and in any event within two (2) Business Days after any Responsible Officer of the Borrower obtains knowledge of the occurrence of each Event of Termination or Incipient Event of Termination (if such Incipient Event of Termination is continuing on the date of such notice), the statement of a Responsible Officer of the Borrower setting forth the details of such Event of Termination or Incipient Event of Termination and the action which the Borrower is taking or proposes to take with respect thereto.

  • Rights in Event of Termination of Employment Absent Change in Control (a) In the event that Executive's employment is involuntarily terminated by HMS without Cause and no Change in Control shall have occurred as of the date of such termination, upon execution of a mutual release, HMS will provide Executive with the following pay and benefits: (i) a payment in an amount equal to the greater of: that portion of the Executive’s Agreed Compensation for the then existing Employment Period that has not been paid to Executive as of the date his employment terminates, or 1.0 times the Executive’s Agreed Compensation. Such amount shall be payable in twelve (12) equal monthly installments; and (ii) subject to plan terms, Executive’s continued participation in HMS's employee benefit plans for twelve (12) months or until Executive secures substantially similar benefits through other employment, whichever shall first occur. If Executive is no longer eligible to participate in an employee benefit plan because he is no longer an employee, HMS will pay Executive the amount of money that it would have cost HMS to provide the benefits to Executive. However, in the payments described herein, when added to all other amounts or benefits provided to or on behalf of the Executive in connection with his termination of employment, would result in the imposition of an excise tax under Code Section 4999, such payments shall be retroactively (if necessary) reduced to the extent necessary to avoid such imposition. Upon written notice to Executive, together with calculations of HMS's independent auditors, Executive shall remit to HMS the amount of the reduction plus such interest as may be necessary to avoid the imposition of such excise tax. Notwithstanding the foregoing or any other provision of this Agreement to the contrary, if any portion of the amount herein payable to the Executive is determined to be non-deductible pursuant to the regulations promulgated under Section 280G of the Code, then HMS shall be required only to pay to Executive the amount determined to be deductible under Section 280G.

  • Termination Upon a Change in Control If Executive’s employment is subject to a Termination within a Covered Period, then, in addition to Minimum Benefits, the Company shall provide Executive the following benefits:

  • Events of Termination Subject to Section 6.4 below, this Agreement will terminate as to a Fund:

  • In the Event of Termination In the event of termination of this Agreement:

  • Notice of Termination Events or Unmatured Termination Events A statement of the chief financial officer or chief accounting officer of the Seller setting forth details of any Termination Event or Unmatured Termination Event and the action which the Seller proposes to take with respect thereto.

  • Termination Upon a Change of Control If Executive’s employment by the Employer, or any Affiliate or successor of the Employer, shall be subject to a Termination within a Covered Period, then, in addition to Minimum Payments, the Employer shall provide Executive the following benefits:

  • LIABILITIES IN EVENT OF TERMINATION Except as provided in Section 7.8 hereof, the termination of this Agreement will in no way limit any obligation or liability of any party based on or arising from a breach or default by such party with respect to any of its representations, warranties, covenants or agreements contained in this Agreement including, but not limited to, legal and audit costs and out of pocket expenses.

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

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