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:
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. 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. 43 Termination 43 Effect of Termination 44 Expenses and Expense Reimbursement 45 Termination Fees 45
Termination and Compensation. Either party may cancel this Agreement prior to the "termination date" by providing the other with twelve (12) months advance written notice.
Termination and Compensation. The Agreement shall terminate upon:
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. Effective on the Effective Date, Xxxxxxxxxxx'x term as an officer or director of ILC, and his employment by ILC, shall end without further notice. In consideration for such termination and Xxxxxxxxxxx'x acceptance thereof, the Company shall pay Xxxxxxxxxxx or his estate, and Xxxxxxxxxxx shall accept from the Company, as consideration and in full satisfaction for termination of the Employment Contract and Xxxxxxxxxxx'x full observance and performance of all of the provisions hereof, the total amount of $1,100,000 payable as follows:
Termination and Compensation. 94. Any Party may, on giving 120 days notice to the other Parties,
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.
