Termination and Compensation Clause Samples
Termination and Compensation. The Officer's employment under this Agreement may be terminated by either party at any time and for any reason, voluntary or involuntary, with or without cause, upon prior written notice to the other party. The date such notice is received by the other party shall be deemed the "Termination Date." Upon receipt by the Officer of a written notice of termination from the Company, and upon the Company's request, the Officer will resign immediately as an Officer. Upon termination of the Officer's employment during the term of this Agreement, the Officer shall be entitled to the following compensation and benefits, depending upon the applicable circumstances:
(a) If the Officer's employment with the Company is terminated by the Company for "Cause" (as defined in paragraph 6 herein) or by the Officer other than for "Good Reason" (as defined in paragraph 7 herein), the Company shall pay the Officer's base salary through the Termination Date (less applicable withholdings and authorized deductions), and the Company shall have no further obligations to the Officer under this Agreement.
(b) If the Officer's employment with the Company is terminated by the Company other than for "Cause" (as defined in paragraph 6 herein) or the death of the Officer, or if the Officer's employment with the Company is voluntarily terminated by the Officer for "Good Reason" (as defined in paragraph 7 herein), then the Officer shall be entitled to the Officer's base salary through the Termination Date, plus (i) any benefits, incentives or bonuses which pursuant to the terms of any compensation or benefit plan have been earned or become payable as of the Termination Date, but which have not yet been paid to the Officer, and (ii) severance compensation in one lump sum payment of twelve (12) months base salary (less applicable withholdings and authorized deductions) as of the Termination Date, plus an amount equal to a pro rata portion of any bonus or incentive award that the Officer may have been entitled to receive in respect of the fiscal year in which the Officer's Termination Date occurs had the Officer continued in employment until the end of such fiscal year (less applicable withholdings and authorized deductions). The Officer's benefits thereafter shall be determined in accordance with the Company's employee benefit plans and other applicable programs and practices in effect as of the Termination Date.
(c) In the event of the Officer's death, the Officer's employment shall be deemed t...
Termination and Compensation. In the event of termination on the basis of (non-attributable) failure, compensation cannot be claimed as a consequence of that failure. What is possible in such cases, is for damages to be compensated because termination takes place (and performances have to be undone) instead of performance (article 6:277 Dutch Civil Code). In this case, insofar as the failure cannot be attributed to the debtor (for example in the event of force majeure) the debtor is only obligated to compensate the damages insofar as he gains an advantage from the failure that he would not have had otherwise. An example of this is an insurance payment to the debtor as a consequence of the crisis (see article 6:277 in conjunction with 6:78 Civil Code). If the ratio of the value of the cancelled obligations has been changed, it could also lead to correction (see above in relation to article 6:278 Civil Code).
Termination and Compensation. 15.1 The right to build, operate & transfer (BOT) licence granted by PQA to the Company, pursuant to Article 3.1 of this Agreement shall, only be terminable in accordance with the specific provisions of this Agreement contained in Article 13.5 and 18.26. Prima facie, the termination of this Agreement is not foreseen. However, if such an event does occur the matter of compensation will be settled according to the rules as provided hereinafter.
15.2 If either provisions of Articles 13.5 or 18.26 become applicable or the parties mutually agree to terminate prior to successful commissioning and commencement of operation of the facility, the compensation amount payable to the Company shall be the sum of all the Company costs, lenders pre-payment fees, and outstanding commitments incurred in connection with the project by the Company, including but not limited to mobilization, demobilization and pre-contract costs plus a fee in the amount of a percentage of said costs and outstanding commitments to be mutually agreed. Such fee shall not be payable if termination occurs pursuant to Article 18.
Termination and Compensation. A distinct feature of a HA in comparison to a general commercial fishing license, is that Canada has committed to issue all the commercial fishing licenses listed in the HA to Maa-nulth First Nations. If this commitment is terminated in the future in certain circumstances, then Canada will pay compensation to the Maa-nulth First Nations for termination of that license. There is a limit on the total number of commercial licenses that can be compensated under the HA.
Termination and Compensation. (a) Termination by the Company and Compensation In the event that that the Company elects to terminate Employee's employment for any reason other than termination for Cause as defined in Paragraph 2(a) below, then, and in that event, the Company shall pay to Employee, on the termination date, the following compensation: (i) a lump sum payment equal to 6 months salary, (ii) a pro-rata percentage of any bonus to which Employee would have been eligible to receive for the year in which termination occurs, and (iii) Company shall continue the payment of premiums for hospitalization and major medical insurance for the lesser period of either six months or the date on which Employee secures full time employment that affords equivalent medical coverage. In the event of a termination for Cause (as defined in Paragraph 2(a) below), Employee shall not be entitled to any of the above compensation or any other benefits provided for herein, and shall not be entitled to severance pay.
Termination and Compensation. Effective on the Effective Date, ▇▇▇▇▇▇▇▇▇▇▇'▇ term as an officer or director of ILC, and his employment by ILC, shall end without further notice. In consideration for such termination and ▇▇▇▇▇▇▇▇▇▇▇'▇ acceptance thereof, the Company shall pay ▇▇▇▇▇▇▇▇▇▇▇ or his estate, and ▇▇▇▇▇▇▇▇▇▇▇ shall accept from the Company, as consideration and in full satisfaction for termination of the Employment Contract and ▇▇▇▇▇▇▇▇▇▇▇'▇ full observance and performance of all of the provisions hereof, the total amount of $1,100,000 payable as follows:
a. $300,000 on the date of the execution hereof;
b. $300,000 on the first anniversary date hereof; and
c. $166,666 on each of the third, fourth and fifth anniversary dates hereof. ▇▇▇▇▇▇▇▇▇▇▇ acknowledges and agrees that he shall not be eligible for any other payments whatsoever, whether as an employee or otherwise, and that he will not participate in any of the Company's bonus or benefit programs in effect from time to time.
Termination and Compensation. Any Party may, on giving 120 days notice to the other Parties,
Termination and Compensation. In the event that Employer elects to terminate Employee from employment prior to the expiration of a five (5) year initial term, or renewal term, of this Agreement for any reason other than termination for cause as expressly provided for in Paragraph 9, then, and in that event, Employer shall pay to Employee, on the effective date of such termination, the following compensation: (1) a lump sum payment equal to one year's gross annual base salary, (2) a lump sum payment equal to three months automobile allowance, and (3) shall continue the payment of premiums for hospitalization and major medical insurance for the lesser period of either twelve (12) months or the date on which Employee secures full time employment that affords equivalent medical coverage.
Termination and Compensation. In the event that the Company elects to ---------------------------- terminate this Agreement prior to the expiration of initial term, or renewal term, of this Agreement for any reason other than termination for Cause as expressly provided for in Paragraph 11(d), or if Consultant terminates this Agreement pursuant to Sections 12(a) or 12(b), then, and in that event, the Company shall pay to Consultant, on the Termination Date, an amount equal to the unpaid balance of the initial retainer plus any outstanding business expenses. Separately, if Consultant shall resign as a member of the Board of Directors, then the Company shall continue providing hospitalization and medical insurance as before for six months, and thereafter Consultant, as a former director, shall be entitled to continuing coverage as any other employee terminated for any reason other than for cause. In the event of a termination for Cause pursuant to paragraph 11(d) or if Consultant terminates pursuant to 12(c), this Agreement shall be wholly terminated and Consultant shall not be entitled to any further compensation or any other benefits provided for herein. However, any of the provisions of this Agreement relating to activities and conduct after the termination of the consulting relationship between the Company and Consultant shall remain in full force and effect and fully enforceable.
Termination and Compensation. The Agreement shall terminate upon: