Termination and Severance Payment. (a) The Trust and Officer shall have the right to terminate this Agreement at any time, for any reason, without any prior notice to the other. This Agreement shall automatically terminate upon the disability or the death of the Officer. In the event of the termination of this Agreement either (i) by action of the Trust or as a result of the Officer's death or disability either before or after the conclusion of the Liquidation Process or (ii) by action of the Officer after a material change in the Officer's duties (as described in (b) below), the Trust shall pay to the Officer (or his estate in the event of his death) a severance payment equal to $184,000 within fifteen (15) days after the event giving rise to the payment obligation. For purposes of this Agreement, "disability" shall mean the inability of the Officer to carry out his duties hereunder by reason of any medically determinable physical or mental impairment which can be expected to result in death or which can be expected to last for a continuous period of not less than six months.
Termination and Severance Payment. Subject to Section 4(B) immediately below, if the Employer terminates this Agreement and Employee's employment for any reason, then the Employer shall pay Employee the unpaid Base Salary and benefits earned and accrued through the date of termination, plus all unreimbursed expenses through such date, plus the Employer shall pay, as severance, an amount equal to the product obtained by multiplying Employee's Base Salary in effect on the date of termination, by one-half (1/2). Fifty percent (50%) of such severance amount, less applicable withholdings, shall be made within thirty (30) days following the termination of this Employee's employment and the balance shall be paid, less applicable withholdings, in six (6) equal monthly installments, with the first installment due and payable within ninety (90) days following the termination of Employee's employment. No interest shall be paid on the severance amounts set forth in this paragraph.
Termination and Severance Payment. MANAGER acknowledges and agrees that he will serve at the pleasure of the ASSEMBLY and that he may be removed at any time by the ASSEMBLY with or without cause. In the event he is terminated by the ASSEMBLY, or the ASSEMBLY requests his resignation, the Borough agrees to pay him a lump sum cash payment equal to the value of 100% of his accrued leave, less required deductions, including taxes, plus three (3) months’ salary. This right to severance payment shall not apply in the event of his death or physical or menta l inability to perform his duties as Borough Manager, if he is convicted of an unlaw ful act in the discharge of his duties or a crime involving dishonesty, or if he voluntar i ly resigns not at the request of the ASSEMBLY.
Termination and Severance Payment. Subject to Sections 4B and 5 below, if the Employer terminates Employee's employment, Employer shall pay Employee the unpaid Annual Base Salary and benefits earned and accrued through the date of termination, plus all unreimbursed expenses through such date, plus the Employer shall pay, as severance, an amount equal to Employee's Annual Base Salary at the rate in effect on the date of termination. Such severance amount, less applicable withholdings, shall be paid in a single lump sum within thirty (30) days following the termination of Employee's employment. No interest shall be paid on the severance amounts set forth in this paragraph. This Section 4A shall not apply in the event that Section 4 B applies or Section 5 applies.
Termination and Severance Payment. The employment may be terminated with a notice period of …. months by the Company and with a notice period of …. months by the MD. If the employment is terminated by the Com- pany, the Company shall have the right to immediately relieve the MD of his/her position. The MD is not obliged to perform any other work during the notice period other than such work that follows from his/her employment as managing director. During the notice period, the MD is entitled to all employment benefits according to this agreement. If the MD is relieved from work during the notice period, the MD shall be entitled to take another employment. Any compensation that the MD receives from such new employ- ment shall not be deducted from the MD’s salary and benefits from the Company. In case of termination by the Company, the MD is entitled to severance payment correspon- ding to …. month’s salary. Monthly salary means the fixed monthly gross salary applicable at the date of termination of the employment. The severance payment shall be paid as a lump sum no later than one month after the termination of the employment.
Termination and Severance Payment. (a) The Trust and Officer shall have the right to terminate this Agreement at any time, for any reason, without any prior notice to the other although it is currently intended by the parties that the Officer shall continue to be employed by the Trust under this Agreement throughout the Liquidation Process. This Agreement shall automatically terminate upon the disability (as described in section 2(e)(v) of Exhibit B) or the death of the Officer. In the event of the termination of this Agreement either (i) by action of the Trust or as a result of the Officer's death or disability either before or after the conclusion of the Liquidation Process or (ii) by action of the Officer after a material change in the Officer's duties (as described in (b) below), the Trust shall pay to the Officer (or his estate in the event of his death) a severance payment equal to $546,000 within fifteen (15) days after the event giving rise to the payment obligation.
(b) For purposes of this Agreement, the parties acknowledge that the Officer's duties will be changing in some respect from the duties he previously performed as President as a result of the Liquidation Process and such changes shall not be considered a "material change" for purposes of (a) above provided, however, that any change of duties which results in the Officer no longer functioning as President and chief executive officer of the Trust or any relocation of the Officer from the greater Cleveland area without his consent shall be considered a "material change."
(c) In the event the Officer is accused by the Trust of appropriating $25,000 or more of the Trust's funds or property for his personal betterment, the Trust may immediately terminate the Officer and withhold the severance payment described in (a) above pending the adjudication of the allegation. In the event the Officer is subsequently convicted in a court of law of embezzling $25,000 or more from the Trust, the Trust shall have no obligation to pay any severance payment. If, however, the Officer is not convicted of embezzlement, the Trust shall immediately pay to the Officer the severance payment and reimburse him for legal fees and related expenses.
(d) In consideration for the Officer's continued employment under this Agreement and the payments and benefits provided hereunder, and particularly, the severance payment provided hereunder and as a condition precedent to receiving such payment, the Officer shall sign and deliver to the Trust a Release of Cla...
Termination and Severance Payment. 6.1 Termination Upon the occurrence of an event of termination (as hereinafter defined) during the period of Ao's employment under this Contract, the provisions of this Paragraph 6 shall apply for consequence relating to the financials obligations of the parties hereto. As used in this Contract an "event of termination" shall mean and include any one or more of the following:
(i) The termination by The Company of Ao's employment under this Contract hereunder due to "cause" as defined in (iii) herein below; and in which event, The Company shall be entitled to discontinue all it obligations under this Contract.
(ii) Ao's resignation from The Company or the related company which he has been seconded to pursuant to the provisions of this paragraph, upon material breach of this Contract by the Company and such breach continues for at least ninety (90) days following written notification by Ao. Upon the occurrence of the event described above, Ao shall have the right to elect to terminate his employment under this Contract by resignation upon not less than thirty (30) days prior written notice given within a reasonable period of time not to exceed, except in case of continuing breach, four (4) calendar months after the event giving rise to said right to elect, and in which event, The Company shall be obligated to pay to Ao, within 30 days from the date of termination of Ao’s employment with The Company, an amount equals to last drawn monthly basic salary multiplied by the remaining months of the unexpired period of this Contract.
(iii) Termination by The Company for "cause" shall mean Ao's termination by action of The Company because of dishonesty, gross neglect of duties hereunder, conviction of a felony, engaging directly or indirectly in any competing business of CARDTREND or it subsidiaries or associated companies or affiliates, or willful misconduct.
(iv) Termination by action of The Company without “cause”, and in which event, The Company shall be obligated to pay to Ao, within 7 days from the date of termination of Ao’s employment with The Company, an amount equals to the last drawn monthly basic salary multiplied by the remaining months of the unexpired period of this Contract.
(v) Ao’s resignation from The Company or the company which he has been seconded to with whatever reason other than that stated in Clause 6 (ii) above or medical reason, and in which event, Ao shall be obligated to pay to the Company as follows:
(a) If the termination of the Ao’s e...
Termination and Severance Payment. (a) The Trust and Officer shall have the right to terminate this Agreement at any time, for any reason, without any prior notice to the other. This Agreement shall automatically terminate upon the disability or the death of the Officer. In the event of the termination of this Agreement either (i) by action of the Trust or as a result of the Officer's death or disability either before or after the conclusion of the Liquidation Process or (ii) by action of the Officer after a material change in the Officer's duties (as described in (b) below), the Trust shall pay to the Officer (or his estate in the event of his death) a severance payment equal to $121,250 provided however that such amount shall be increased for employment with the Trust after July 1, 1996 pursuant but in applying such formula to such service, fractional years shall be counted (rounded to the closest month of service.) Such severance payment shall be made within fifteen (15) days after the event giving rise to the payment obligation. For purposes of this Agreement, "disability" shall mean the inability of the Officer to carry out his duties hereunder by reason of any medically determinable physical or mental impairment which can be expected to result in death or which can be expected to last for a continuous period of not less than six months.
Termination and Severance Payment. 16.1. The Employee hereby waives the employment protection and other rights according to chapter 15 of the WEA against severance payment as set out in section 16.2 and 16.3 below, cf. the WEA section 15-16 (2). Each of the Company and the Employee may terminate the Contract without cause upon four (4) weeks’ notice. Termination shall be notified in writing, and the notice period shall be calculated from and including the first calendar day following the issuance of such notice.
16.2. The Employee shall be entitled to a contractual severance indemnity (Norw. “sluttvederlag”) of one (1) year Base Salary as detailed under sections 4.1 to 4.4 of this Contract applicable at the date of notice of termination, in case the Contract is terminated by the Employer with notice (the “Severance Payment"). The Severance Payment also covers the CEO’s waiver of rights pursuant to the WEA chapter 14 A regarding restrictive covenants, cf. clause 13 above. If the Employer gives notice of termination, the Severance Payment shall be as follows, based on the time between the Commencement Date and the termination of Employee’s employment with the Company: All Severance Payment amounts set forth above shall be the equivalent of the number of months of Base Salary as detailed under sections 4.1 to 4.4 of this Contract applicable at the date of notice of termination. No Severance Payment shall be paid if the Employee terminates the employment, retires, reaches the Company’s retirement age or shows gross breach of duty which can justify termination of the Contract with immediate effect according to the WEA section 15-14 or other applicable law.
16.3. The Severance Payment shall be calculated on the basis of the monthly Base Salary that the Employee receives at the time the termination is notified in writing. Payment of the Severance Payment shall take place monthly in accordance with the regular salary procedures of the Employer. The Severance Payment does not constitute pensionable income and does not give right to the accrual of any holiday allowance. Taxes shall be deducted from the Severance Payment and the amount shall be reported to the tax authorities as regular salary in accordance with applicable regulations.
16.4. Upon termination of employment, the Employee shall return to the Employer upon first request of the latter and at the latest on the Employee’s last day of active service all property in his possession, custody or control belonging to the Employer, FREYR Battery or...
Termination and Severance Payment
