Termination and Severance Benefits Sample Clauses
Termination and Severance Benefits. The Release does not affect your vested rights and eligibility for benefits under the Company 40l(k) Plan, or any other employee benefit plan covered by ERISA (other than a severance plan). Eligibility for benefits under these plans is determined by the applicable plan documents. The Release does not affect your right to reimbursement of expenses incurred but not reimbursed prior to the date you sign the Release, subject to the Company’s expense reimbursement policies. In particular, this Release shall not affect your right to the payment provided in Sections 5, 6 and 7 of the Employment Agreement.
Termination and Severance Benefits. Either you or the Company may at any time terminate your employment with the Company and the Subsidiary after giving two weeks’ notice to the other party, provided that the parties discharge their respective obligations as set forth in this Section 8 and elsewhere in this Agreement.
Termination and Severance Benefits. The Release does not affect your vested rights and eligibility for benefits under the Company 401(k) Plan, or any other employee benefit plan covered by ERISA (other than a severance plan). Eligibility for benefits under these plans is determined by the applicable plan documents. The Release does not affect your right to reimbursement of expenses incurred but not reimbursed prior to the date you sign the Release, subject to the Company’s expense reimbursement policies. In addition, this Release does not affect your right to post-retirement medical coverage as applicable. In particular, this Agreement and the Release shall not affect your right to the payment provided in Section 4, 5 or 6 of the Agreement, as the case may be, and Section 7 thereof, or the Executive Release as set forth below.
Termination and Severance Benefits. A. This Agreement may be terminated: (i) by Employer for Cause or resignation by Employee without “Good Reason” (as defined below), or due to Employee’s death or “Disability” (as defined below), (ii) by Employer without Cause, (iii) Resignation by Employee for Good Reason; or (iv) upon any “Change of Control” (as defined below); provided, that, within 12 months of the Change of Control event: (A) the Employer terminates the Employee's employment, fails to obtain an agreement from any successor to the Employer to assume and agree to perform this Agreement in the same manner and to the same extent that the Employer would be required to perform if no succession had taken place, or changes his title as Chief Financial Officer & Chief Operating Officer, or (B) the Employee terminates his employment, or (C) at the end of a Term after the Employer provides the Employee with notice of non-renewal.
Termination and Severance Benefits. (a) Executive's employment under this Employment Agreement shall immediately terminate and all rights, benefits and obligations hereunder shall cease in the event of Executive's death except for benefits accrued but unpaid for any period prior to his death, including, but not limited to, any Performance Bonus or other benefit provided for under Paragraph 4 of this Agreement, and except as provided in Paragraphs 4(d) and 7(c).
(b) In the event that a reputable medical doctor ("Consulting Physician") selected by the Board of Trustees of the Company and engaged at the expense of the Company determines that Executive, by reason of physical or mental disability, is and has been unable to perform substantially his usual and customary duties under this Agreement for a period of ninety (90) consecutive days or on hundred twenty (120) days in the aggregate in any twelve (12) month period ("Disability"), Executive's employment under this Employment Agreement shall be terminated and all benefits and obligations hereunder shall cease except for benefits accrued but unpaid for any period prior to the beginning of such Disability, including, but not limited to, any Performance Bonus or other benefit provided for under Paragraph 4 of this Agreement, and except as provided in Paragraphs 4(d) and 7(c).
(c) Upon termination of Executive's employment under this Agreement resulting from his death or Disability, the Company shall continue to pay the Executive's salary to the estate of the Executive (in the event of death) or to the Executive (in the event of Disability) for a period of twelve (12) months from the date of termination (the "Severance Period"). In the event of the Executive's Disability, Executive shall also receive, during the Severance Period, those fringe benefits, perquisites and coverages described in Paragraphs 5 and 6. The amount of any payments to be paid to Executive as a result of Disability shall be reduced by any payments received by the Executive from any disability or other policies paid for by the Company.
(d) The Company shall have the right to terminate Executive's employment under this Agreement for Cause. "Cause" means an act or omission: (i) causing material injury to the Company or any affiliates of the Company and involving financial gain or benefit to the Executive, his family or his affiliates; (ii) involving repeated material breach of the Executive's obligations; (iii) which is a material failure of the Executive to perform his duties or...
Termination and Severance Benefits. (a) If NMK shall die during the term of employment under this Agreement, the compensation provided in Paragraph 4 of this Agreement shall be paid in such installments as would be required under Paragraph 4 of this Agreement to the person designated from time to time in writing by NMK and, if not so designated, to NMK's estate, until the fifth anniversary of the Effective Time. The person designated by NMK and, if not so designated, NMK's estate, shall also receive any accrued but unpaid bonus, award or other benefit and, to the extent not inconsistent with any plan under which shares of stock of the Company or options therefor have been granted to NMK, all options and restricted stock awards shall vest and be immediately exercisable and no longer subject to restrictions.
(b) NMK may terminate this Agreement for "Good Reason" if any of the following events occurs:
Termination and Severance Benefits. The death of Executive shall automatically terminate the Company's obligations under this Agreement; provided however, that: (i) the Company shall pay to Executive's estate Executive's Base Compensation and accrued benefits through the date of termination; and (ii) any unvested Plan Options granted under this Agreement will upon such termination become fully vested and immediately exercisable for a period of one (1) year and any post-retirement benefits shall be paid to Executive's estate
Termination and Severance Benefits. (a) NaviCyte and you each retain the right to terminate this Agreement with or without Cause at any time. In the event of a termination without Cause, you shall be entitled to the following severance benefits:
(i) Continuation of your then current rate of Base Salary in paragraph 1 for a period not to exceed two years from the Effective Date. For example, if you were terminated without Cause 20 months after the Effective Date, you would be entitled to an additional four months of salary continuation. The severance pay will be paid in semi-monthly installments, unless the parties mutually agree otherwise;
(ii) Immediate vesting of the option referred to in paragraph 3 (which, except to the extent already vested, shall thereupon become a non-qualifying stock option) for a period not to exceed the longer of thirty (30) days from the date of termination or two years from the Effective Date; and,
(iii) If you elect continuation of your health insurance under a law known as COBRA, NaviCyte shall make the premium payments for you for a period of 12 months from your date of termination, unless you qualify for other comparable coverage prior to the end of the 12 months. You shall not be entitled to any other unvested benefits of employment, except to the extent expressly set forth herein.
(b) In the event of termination of this Agreement for Cause, you shall not be entitled to severance or any other unvested benefits. Cause for the purposes of this Agreement shall mean (i) your failure to achieve minimum goals (as distinguished from bonus
Termination and Severance Benefits. (a) Upon termination without Cause at any time during the Term, Employee shall receive, as a consulting fee: (i)an amount equal to two times (2x) Employee's then annual base salary plus (ii) an amount equal to any unpaid Retention Payments referred to in Section 5(B)(ii) and (iii), as applicable, payable over time as the payments would otherwise become due.
(b) Upon termination for Cause at any time during the Term, Employee shall be entitled to payment of his Base Salary pursuant to Section 5(A) hereof through the date of termination, and shall not be entitled to any unpaid Retention Payments pursuant to Section 5(B) hereof or unpaid amounts as set forth in Section 7 hereof.
Termination and Severance Benefits. You are required to give 3 months’ notice and the Company is required to give you 6 months’ notice to terminate your employment. Notice by the employee must be submitted in writing. The Company reserves the option in its absolute discretion to terminate employment by making a payment in lieu of all or part of the notice period. The payment will be based solely on the actual salary level payable when the option is exercised and will be subject to deductions for income tax and National Insurance contributions (NIC) in any jurisdiction as appropriate. The Company may pay any sums due in equal monthly instalments until the date on which the notice referred to in this clause 7 would have expired if notice had been given. You are eligible to receive certain entitlements under the Iron Mountain Severance Program No. 1 (as amended by the Company from time to time) (the “Plan”) upon termination of your employment. Details of the Plan will be provided to you separately. Where severance benefits are payable under the Plan, and in the event that the Company requires you to work throughout the 6 month or 3 month notice period, as applicable, payment under the Plan would begin upon actual termination of employment. In this case, benefits under the Plan will be the only benefits which you will be entitled to receive on termination and shall be deemed to be inclusive of, and not in addition to, your statutory entitlements on termination under UK law. In the event that the Company elects to make you a payment in lieu of all or part of your notice period, payment under the Plan would be offset by the amount of any payment in lieu of your notice period that you receive. For example, if you are paid in lieu of three months’ notice, your entitlements under the Plan would be reduced by the sum of three months’ base salary. You will at any time upon request, and in any event upon the termination of your employment, return to the Company all company property in your possession or under your control including computer hardware, documents, disks and tapes. On leaving the Company you will also be required to advise your Manager of all access codes and passwords within your knowledge, which relate to your employment with the Company.