Common use of Special Benefit in the Event of Termination Without Cause or Resignation for Good Cause Clause in Contracts

Special Benefit in the Event of Termination Without Cause or Resignation for Good Cause. Employee shall also be entitled to the special benefit described below in the event of the occurrence of either of the following events (individually or collectively, a "Termination Event"): (a) The termination of employment of Employee by Employer without "cause" as cause is defined in Section 9(c) hereof; or (b) Employee resigns "for good reason" as defined in Section 10 F. hereof. The special benefit payable upon the occurrence of a Termination Event shall be the sum of the following components: (a) Employee's Base Compensation then in effect for the remainder of the Term; and (b) The greater of (i) the bonus paid or payable to Employee with respect to last fiscal year of Employer completed prior to the occurrence of the Termination Event or (ii) the average of the bonuses paid to Employee over the three (3) fiscal years of Employer ending with last fiscal year of Employer completed prior to the occurrence of the Termination Event; and (c) Employee's accrued but unused vacation days. If a Change in Control has occurred prior to a Termination Event, Employee shall also be entitled to a benefit under this Section 10 B. with the reduced Term described above.

Appears in 2 contracts

Samples: Employment Agreement (U S Physical Therapy Inc /Nv), Employment Agreement (U S Physical Therapy Inc /Nv)

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Special Benefit in the Event of Termination Without Cause or Resignation for Good Cause. Employee shall be also be entitled to the special benefit described below in the event of the occurrence of either of the following events (individually or collectively, a "Termination Event"): (a) The termination of employment of Employee by Employer without "cause" as cause is defined in Section 9(c) hereof; or (b) Employee resigns "for good reason" as defined in Section 10 F. hereof. The special benefit payable upon the occurrence of a Termination Event shall be the sum of the following components: (a) Employee's Base Compensation then in effect for the remainder of the Term; and (b) The greater of (i) the bonus paid or payable to Employee with respect to last fiscal year of Employer completed prior to the occurrence of the Termination Event or and (ii) the average of the bonuses paid to Employee over the three (3) fiscal years of Employer ending with last fiscal year of Employer completed prior to the occurrence of the Termination Event; and (c) Employee's accrued but unused vacation days. If a Change in Control has occurred prior to a Termination Event, Employee shall also be entitled to a benefit under this Section 10 B. B., with the reduced Term described above.

Appears in 1 contract

Samples: Employment Agreement (U S Physical Therapy Inc /Nv)

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Special Benefit in the Event of Termination Without Cause or Resignation for Good Cause. Employee shall also be entitled to the special benefit described below in the event of the occurrence of either of the following events (individually or collectively, a "Termination Event"): (a) The termination of employment of Employee by Employer without "cause" as cause is defined in Section 9(c8(c) hereof; or (b) Employee resigns "for good reason" as defined in Section 10 9 F. hereof. The special benefit payable upon the occurrence of a Termination Event shall be the sum of the following components: (a) Employee's Base Compensation then in effect for the remainder of the Term; and (b) The greater of (i) the bonus paid or payable to Employee with respect to last fiscal year of Employer completed prior to the occurrence of the Termination Event or (ii) the average of the bonuses paid to Employee over the three (3) fiscal years of Employer ending with last fiscal year of Employer completed prior to the occurrence of the Termination Event; and (c) Employee's accrued but unused vacation days. If a Change in Control has occurred prior to a Termination Event, Employee shall also be entitled to a benefit under this Section 10 9 B. with the reduced Term described above.

Appears in 1 contract

Samples: Employment Agreement (U S Physical Therapy Inc /Nv)

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