Severance Upon Termination. If, during the Term, the Executive's employment is terminated by the Company without Cause, or the Executive shall terminate employment for Good Reason prior to a Change in Control of the Company (the date of termination is referred to as the "Termination Date"), then the Company shall pay the Executive in lieu of other damages, an amount (the "Severance Payments") equal to his then current Base Salary payable in installments at the same time the Company pays salary to its other senior executive employees payable over the longer of (i) the balance of the Term or (ii) one year (the period over which the Severance Payments are made is referred to as the "Severance Period"). The Company shall have no liability to make any Severance Payments as provided for in this paragraph unless (i) the Executive executes a General Release in a form substantially as set forth in Exhibit A attached hereto and (ii) the Executive complies with all provisions in Section 8 (Restrictive Covenants). Such amount shall reduce the amount of any other severance payment that otherwise would have been payable to the Executive under any other Company plan, program or arrangement. In addition, the Company shall maintain during the lesser of the balance of the Term immediately prior to such termination or the Severance Period all employee benefit plans and programs which the Executive participated in immediately prior to such termination other than bonus, incentive compensation and similar plans based on performance, provided the Executive's participation is permissible under the general terms and provisions of such plans and applicable law. In the event of a Voluntary Termination, the Executive shall receive only his earned but unpaid Base Salary as of the date of his termination.
Severance Upon Termination. (a) Upon termination of Employee’s employment under this Agreement by the Company without Cause or by Employee for Good Reason (as defined hereunder), then, in lieu of any further salary, bonus, or other payments for periods subsequent to the Date of Termination, the Company shall pay to the Employee severance equal to 6 months base salary at the rate then in effect at the time of Notice of Termination. Such severance payment shall be made according to the Company’s normal payroll process spread out equally over the severance period. Company will also continue, at its cost, the current medical and dental coverage elected by the Employee as of the date of termination for the duration of the severance period. Employee will be required to sign up and elect COBRA benefits in order to be eligible for continued coverage under this Agreement. Violation of this Agreement or the Business Protection Agreement and/or failure to sign the Release and Waiver Agreement shall immediately relieve the Company from its payment obligation under this paragraph and entitle it to recover any amounts paid under this paragraph. This Section 2 shall be read in conjunction with Section 1(d), and entitles the Employee to a maximum of 6 months salary, benefits, or notice under this Agreement. Hence, if an employee is relieved of duties and receives payments or continued benefits during the Notice Period, then such pay shall count as severance for the purposes of determining the amount to be paid under 2(a) and shall count against the total period of continued benefits.
(b) If the Company terminates the Employee’s employment during the term of this Agreement for Cause or if the Employee terminates his employment other than for Good Reason, then the Company shall have no further payment obligations to Employee.
(c) Except as it relates to the receipt of severance and continued benefits (which shall be solely granted under the terms of this Agreement), this Agreement shall not affect any other payments due to Employee under applicable law as a result of the termination of his employment (such as payment of earned wages).
(d) The severance amounts in Section 2(a) will immediately cease in the event that Employee becomes employed at any time during the severance period at a monthly base salary rate equal to or greater than the monthly base salary rate paid by the Company as of the date of termination. In the event the Employee is employed during that severance period at a monthly base sala...
Severance Upon Termination. If, after the effective date of this agreement, Employee is involuntarily terminated without cause by the County at such time as Employee is willing and able to perform assigned duties, or if the county reduces the salary or financial benefits of this contract the County agrees to pay Employee a lump sum severance pay equal to 3 months base salary, plus one month additional for each additional year the employee has been employed under this agreement, beyond the first, to a maximum of 6 months severance pay. The maximum severance pay that may be paid under this agreement is six months. If the Employee is terminated for cause, the County shall have no obligation to provide for or pay severance payment. If the Employee chooses to terminate this agreement or voluntarily resigns, or the Board of County Commissioners eliminates the position through reorganization as defined above, the County shall have no obligation to provide for or pay severance payment.
Severance Upon Termination. If the Company elects to terminate this Agreement without Cause pursuant to Section 5(b) above, the Company shall pay the Executive a severance payment equal to six months of the Executive's then current annual base salary, less applicable taxes and withholdings; provided, however, that any severance payment shall be conditioned upon the Executive signing a severance agreement and release in a form satisfactory to the Company. Any post-termination payments or benefits due and payable to the Executive by operation of law (but not pursuant to any other agreement with the Company) shall be deducted from any amount of severance otherwise payable under this Section 6.
Severance Upon Termination. If your employment with the Company terminates for any reason other than your death or disability, resignation by you without Good Reason (as defined below), or termination by the Company for Cause (as defined below), and if you execute (without revocation) a release and separation agreement satisfactory to the Company, substantially in the form attached as Exhibit I, as may be modified to comply with applicable law, within 30 days following such termination of employment (the “Release”), you will be entitled to the following benefits: • You will receive salary continuance for 26 weeks, payable in accordance with the normal payroll cycle of the Company, commencing with the first payroll following termination of employment, provided, however if you fail to return the Release in a timely manner the salary payments shall cease and the salary previously paid following the termination of your employment must be repaid to the Company. • You (and your eligible dependents) will have the right to elect to continue your medical insurance benefits in accordance with federal Consolidated Omnibus Reconciliation Act of 1985 (“COBRA”). If you elect this continuation coverage and submit proof of such election to the Company’s head of Human Resources or leading Administrative Professional, for the portion of the COBRA period during which you are entitled to salary continuation, the Company shall continue to pay or reimburse a monthly amount equal to the Company’s portion of the monthly premium cost of your (and your “qualified beneficiaries” within the meaning of Section 4980B(g)(1)(A) of the Internal Revenue Code of 1986) participation in the Company’s group medical and dental plans (“COBRA Premiums”); provided, however, that entitlement to continued medical insurance premium benefits under this section shall cease upon your becoming covered by a plan providing similar or better benefits coverage from a new employer. Your are required to notify the Company immediately if you become eligible for coverage under another medical or dental plan. Notwithstanding the foregoing, if the Company determines that it cannot provide the COBRA benefits set forth in the first sentence of this paragraph without violating applicable law (including, without limitation, Section 2716 of the Public Health Service Act), then Company will, in lieu thereof, provide to you during the remainder of the COBRA Continuation Period, a taxable monthly payment in an amount equal to the COBRA Premiums. If ...
Severance Upon Termination. The Company agrees that if Associate’s employment is involuntarily terminated without Cause or the Associate resigns for Good Reason (both as defined in Exhibit A), Associate will continue to receive an amount equal to his base salary (in accordance with the Company’s regular payroll practices) for a period of one (1) year (“Severance Payment”) from the date on which his employment is terminated (the “Termination Date”). In addition, subject to the Associate executing and not revoking a general waiver and release of all claims that the Associate may have against the Company and its affiliates, which release shall be in a form provided by the Company (the “Release”) by the 10th day following the Termination Date and the expiration of any revocation period applicable to the Release (the day following the last day of this period, the “Release Effective Date”) within 60 days after the Termination Date, the Company will pay an amount equal to Associate’s base salary (in accordance with our regular payroll practices) for a period of one (1) year following the date on which the Severance Payment has ended. The payments provided for in this paragraph will be in lieu of, and not in addition to, the payments described in Section 5 of your Confidentiality, Non-Competition and Intellectual Property Agreement. The Severance Payment and additional year of severance described herein will not be reduced if you obtain other employment so long as such employment does not violate your obligations under the attached Confidentiality, Non-Competition and Intellectual Property Agreement.
Severance Upon Termination. As to a termination pursuant to Section 4.1(a) hereof, if Executive terminates this Agreement without Cause, or the Company terminates this Agreement with Cause, Executive shall not be entitled to any severance payment upon termination of this Agreement. If Executive terminates this Agreement with Cause-Change in Control, the Company shall pay to Executive within ten (10) days after termination a severance payment equal to one (1) week's salary for each year of employment of Executive plus all accrued benefits including vacation compensation. If Executive terminates this Agreement with Cause (other than Cause-Change in Control) or the Company terminates this Agreement without Cause, the Company shall pay to Executive within ten (10) days after termination a severance payment equal to the full amount of compensation which would have otherwise been paid to such Executive for the remaining portion of the Term.
Severance Upon Termination. In the event that Employee is terminated by the Company during the Term of this Agreement, then the Company will pay to Employee a sum of money, IN LIEU OF any and all severance pay and related compensation such Employee is entitled to receive under the policies then in effect by the Company, in an amount equal to twenty-four (24) months of Employee’s salary. The salary used to compute this Severance will be the greater of either the Employee’s salary at the time of the termination or Employee’s salary as of the date of this Agreement. The payment of Severance will become due to Employee from the Company upon the Employee’s involuntarily termination, in connection with, among other things, a layoff, operations closing or workforce reduction.
Severance Upon Termination. (a) Upon termination of Employee’s employment under this Agreement by the Company without Cause, then, in lieu of any further salary, bonus, or other payments for periods subsequent to the Date of Termination, the Company shall pay to the Employee severance equal to six months average monthly annual base salary1. Such severance payment shall be made according to the Company’s normal payroll process spread out equally over the severance period. Violation of this Agreement or the Business Protection Agreement and/or failure to sign the Release and Waiver Agreement shall immediately relieve the Company from its payment obligation under this paragraph and entitle it to recover any amounts paid under this paragraph. This Section 8 shall be read in conjunction with Section 7(b), and entitles the employee to a maximum of six months salary, benefits, or notice under this Agreement.
(b) If the Company terminates the Employee’s employment during the term of this Agreement for Cause or if the Employee terminates his employment , then the Company shall have no further payment obligations to Employee.
(c) Except as it relates to the receipt of severance (which shall be solely granted under the terms of this Agreement), this Agreement shall not affect any payments due to Employee under applicable law as a result of the termination of his employment (such as payment of earned wages).
1 The average annual monthly base salary shall be calculated using the average of the cash compensation received by Employee in the six months prior to the Date of Termination.
(d) In the event that Employee is discharged without cause as defined herein, Company shall provide the following relocation benefits to Employee: packaging and shipment of household goods from Colorado to Germany, and airfare for Employee and his family from Colorado to Germany.
Severance Upon Termination. If Executive’s employment with the Corporation is terminated due to either (i) a Covered Termination which occurs within twelve (12) months following a Change in Control, or (ii) a Determined Termination, and Executive executes and does not revoke a Release as described in Section 3(d) below, then Executive shall be entitled to the following severance benefits:
