Term and Severance. The term of this Agreement shall be for two (2) years from and after the date of this Agreement. In the event that Employee is terminated during the term of this Agreement with or without cause or in the event that he resigns because of a material change in the scope of his duties then, and in that event, Employee shall be entitled to receive severance pay in an amount equal to his base salary plus his actual bonus for the preceding year or 50% of base salary, whichever is greater. Such severance pay shall be paid for the unexpired term of this Agreement or 12 months, whichever is greater.
Term and Severance. Employee agrees that the employment of Employee will be terminated on July 31, 1998 ("Employee's Last Day Worked"). Effective as of today's date, Employee will resign as an officer and/or director of the Company, RSI and/or their subsidiaries or affiliates and, to the extent applicable, from all committees of which Employee is a member. Employee agrees to sign the attached letter of resignation immediately upon receipt. Until Employee's Last Day Worked, Employee shall continue to receive his current salary. Thereafter, the Company shall continue Employee's current salary payments as severance pay on the fifteenth and last day of each month for a twenty-three (23) month period beginning on the day following Employee's Last Day Worked, unless terminated sooner pursuant to Paragraph 26 (the "Period"). Notwithstanding the foregoing, in the event Employee obtains another position, regardless of whether such position is on a temporary, part-time, full-time or consulting basis, with the Company, RSI, Ryder TRS, Inc. (formerly known as RCTR Holdings, Inc.) or Questor Management Company, or any of their subsidiaries or affiliates, after the Employee's Last Day Worked but prior to the last day of the Period, Employee understands and agrees that all severance payments will cease immediately and that all liabilities and obligations hereunder shall terminate, except as provided in Paragraph 28.
Term and Severance. This Employment Agreement shall not constitute an agreement by the Employer to employ Employee for any specific period of time. Employer does hereby agree that Employee shall be at all times an Employee at will and the employment relationship may be terminated at any time by either Employee or Employer. This Employment Agreement may be terminated by either party for cause at any time upon written notice. "Cause" shall be defined to mean any breach of this Employment Agreement, any willful or intentional act having the effect of injuring the reputation, business or business relationships of Employer, Employer's parent corporation if any, or its affiliates or subsidiaries, or any criminal or fraudulent acts by either party. If during the term of Employee's employment, the employment relationship is terminated for any reason other than for Cause, Employee shall be entitled to a severance payment of one-half of his yearly salary as of the date of termination (less appropriate deductions for federal, state and city income taxes, FICA contributions and any other deductions required by law), but in no event less than Eighty-Seven Thousand Five Hundred Dollars and Zero Cents ($87,500.00). This severance payment is payable at the discretion of Employer either as a lump sum within thirty (30) days of termination or over the six (6) months immediately following termination on a semi-monthly basis.
Term and Severance. Employee agrees that the employment of Employee is terminated as of January 31, 1997 ("Employee's Last Day Worked"). Effective as of today's date, Employee will resign as an officer and/or director of the Company and/or its subsidiaries or affiliates and, to the extent applicable, from all committees of which Employee is a member. Employee agrees to sign the attached letter of resignation immediately upon receipt. The Company shall continue Employee's current salary payments as severance pay on the fifteenth and last day of each month for a two (2) year period beginning on the day following Employee's Last Day Worked, unless terminated sooner pursuant to Paragraph 26 (the "Period"). Notwithstanding the foregoing, in the event Employee obtains another position, regardless of whether such position is on a temporary, part-time, full-time or consulting basis, with the Company, Ryder TRS, Inc. (formerly known as RCTR Holdings, Inc.) or Questor Management Company, or any of their subsidiaries or affiliates, after the execution of this Agreement and Release but prior to the last day of the Period, Employee understands and agrees that all severance payments will cease immediately and that all liabilities and obligations hereunder shall terminate, except as provided in Paragraph 28.
Term and Severance. 2.1 Term. Employment will commence on February 19, 2001. There is no ---- specific term of employment under this Agreement. The Employee is employed at- will, which means that either the Company or the Employee can end the employment relationship at any time, with or without reason or notice.
Term and Severance. The term of this Agreement shall be for two (2) years from and after the Effective Date. In the event that Employee is terminated during the term of this Agreement with or without cause or in the event that he resigns because of a material change in the scope of his duties or because of a change in control of Corporation then, and in that event, Employee shall be entitled to receive severance pay in an amount equal to his base salary plus his actual bonus for the preceding
Term and Severance. THE TERM OF THIS AGREEMENT SHALL BE FOR TWO (2) YEARS FROM AND AFTER THE EFFECTIVE DATE. IN THE EVENT THAT EMPLOYEE IS TERMINATED DURING THE TERM OF THIS AGREEMENT WITH OR WITHOUT CAUSE OR IN THE EVENT THAT HE RESIGNS BECAUSE OF A MATERIAL CHANGE IN THE SCOPE OF HIS DUTIES OR BECAUSE OF A CHANGE IN CONTROL OF CORPORATION THEN, AND IN THAT EVENT, EMPLOYEE SHALL BE ENTITLED TO RECEIVE SEVERANCE PAY IN AN AMOUNT EQUAL TO HIS BASE SALARY PLUS HIS ACTUAL BONUS FOR THE PRECEDING YEAR OR AN IMPUTED BONUS OF 50% OF BASE SALARY IF HE IS DISCHARGED OR SUFFERS A MATERIAL CHANGE IN DUTY PRIOR TO A BONUS BEING ESTABLISHED FOR THE PRIOR YEAR. SUCH SEVERANCE PAY SHALL BE PAID FOR THE UNEXPIRED TERM OF THIS AGREEMENT OR 12 MONTHS, WHICHEVER IS GREATER. WHEREVER USED IN THIS AGREEMENT, THE TERM "CHANGE IN CONTROL: SHALL HAVE THE MEANING ASCRIBED TO IT IN SECTION 1.7 OF CORPORATION'S 2001 EQUITY PARTICIPATION PLAN (THE "PLAN"), WHICH PLAN IS HEREBY INCORPORATED HEREIN BY REFERENCE FOR THIS PURPOSE.
Term and Severance. The term of your Chief Executive Officer and Chairman of the Board positions shall be until February 21, 2021 which is the same as your Prior Agreement as is the rest of this section. If your employment or Chairman positions are terminated because of your death or Disability, the Company’s only obligation to you shall be to pay your earned, but unpaid, salary (as of the date of termination) and provide you, if eligible, with the option to elect health coverage under the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”); provided that upon termination of your employment due to death, your estate also shall be entitled to receive a single lump sum payment equal to three (3) months of your compensation, payable within 30 days of your death. Upon termination of your employment for Cause (as defined below) you shall be paid any accrued and unpaid base salary and benefits through the date of termination and shall have no further rights to any compensation or any other benefits under the Agreement or otherwise.
Term and Severance. The term of your consulting arrangement shall be a period of five (5) years from the Start Date. If your consulting arrangement is terminated because of your death or Disability, the Company’s only obligation to you shall be to pay your earned, but unpaid, consulting fee (as of the date of termination) and provide you, if eligible, with the option to elect health coverage under the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”); provided that upon termination of your consulting arrangement due to death, your estate also shall be entitled to receive a single lump sum payment equal to three (3) months of your consulting fee, payable within 30 days of your death. Upon termination of your employment for Cause (as defined below) you shall be paid any accrued and unpaid base salary and benefits through the date of termination and shall have no further rights to any compensation or any other benefits under the Agreement or otherwise.
Term and Severance. The initial term of Employee's employment under this Agreement shall be a period of three (3) years (the "Initial Term") commencing on February 12, 2001, unless sooner terminated in accordance with the other provisions of this Agreement. At the end of the Initial Term, this Agreement shall automatically renew for successive periods of one year (each a "Renewal Term" and together with the Initial Term, the "Term") unless either party provides written notice of termination to the other party at least six (6) months prior to the end of the then current Initial or Renewal Term. In such event, this Agreement shall terminate at the end of the then current Initial or Renewal Term, and following the end of such then current Initial or Renewal Term, Employee shall be entitled to a severance payment equal to half his then current annual Salary (as defined in Section 3.1), payable over a six-month period after the termination date, in the same periodic installments that payment of Salary are being made at the time.
