Common use of Termination by Company for Other Than Cause Clause in Contracts

Termination by Company for Other Than Cause. If during the term of this Agreement the Company terminates the employment of Employee and such termination is not for Cause, then, subject to the provisions of Section 2.09, the Company shall pay to Employee an amount equal to the monthly portion of Employee’s Minimum Annual Compensation multiplied by the greater of twenty-four (24) or the number of months remaining in the term of this Agreement (the “Severance Period”) until such time as Employee shall become reemployed in a position consistent with Employee’s experience and stature. If Employee obtains such a position but Employee’s annual compensation shall be less than the Minimum Annual Compensation, then the difference shall be paid to Employee for the balance of the Severance Period. Such difference shall be calculated as follows: The difference between Employee’s Minimum Annual Compensation for any year, or lesser period, in which this Agreement would have been in effect and the annualized compensation payable to Employee in his new position during such period shall be payable in the same manner as the Minimum Annual Compensation was paid prior to termination over the period of such reemployment during such period. If the Employee’s employment in a new position shall terminate, then for the purposes of this Paragraph 4.01 Employee shall be entitled to continuation of the Minimum Annual Compensation until he shall again become reemployed, in which case only the difference shall be payable as aforesaid; and so on. [If the Employee’s employment shall terminate as aforesaid or if the Employee’s reemployment in a new position shall terminate, Employee shall use his best efforts to become reemployed as soon as reasonably possible in a position consistent with Employee’s experience and stature.]

Appears in 3 contracts

Samples: Employment Agreement (Premier Energy Corp.), Employment Agreement (Premier Energy Corp.), Employment Agreement (Premier Energy Corp.)

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Termination by Company for Other Than Cause. If during the term of this Agreement Agreement, the Company terminates the employment of Employee and such termination is not for Cause, then, subject to the provisions of Section 2.09, the Company shall pay to Employee an amount equal to the Employees then current monthly portion of Employee’s Minimum Annual Compensation compensation level multiplied by the greater minimum of twenty-four eighteen (2418) or the number of months remaining in the term of this Agreement (the "Severance Period") until such time as Employee shall become reemployed in a position consistent with Employee’s 's experience and stature. If Employee obtains such a position but Employee’s 's annual compensation shall be less than the Minimum Annual Compensationcompensation upon termination, then the difference shall be paid to Employee for the balance of the Severance Period. Such difference shall be calculated as follows: The difference between Employee’s Minimum Annual Compensation for any year, or lesser period, in which this Agreement would have been in effect 's ending biweekly compensation annualized and the annualized compensation payable to Employee in his new position during such period shall be payable in the same manner as the Minimum Annual Compensation Employee was paid prior to termination over the period of such reemployment during such period. If the Employee’s 's employment in a new position shall terminate, then for the purposes of this Paragraph 4.01 Employee shall be entitled to continuation of the Minimum Annual Compensation ending monthly compensation until he shall again become reemployed, in which case only the difference shall be payable as aforesaid; and so on. [If , over the Employee’s employment shall terminate as aforesaid or if time of the Employee’s reemployment in a new position shall terminate, Employee shall use his best efforts to become reemployed as soon as reasonably possible in a position consistent with Employee’s experience and statureSeverance Period.]

Appears in 3 contracts

Samples: Employment Agreement (Didax Inc), Employment Agreement (Didax Inc), Employment Agreement (Didax Inc)

Termination by Company for Other Than Cause. If during the term of this Agreement the Company terminates the employment of Employee and such termination is not for Cause, then, subject to the provisions of Section 2.09, the Company shall pay to Employee an amount equal to the monthly portion of Employee’s 's Minimum Annual Compensation multiplied by the greater of twenty-four (24) or the number of months remaining in the term of this Agreement (the "Severance Period") until such time as Employee shall become reemployed in a position position, in the [State of North Carolina, City of Mebane], consistent with Employee’s 's experience and stature. If Employee obtains such a position but Employee’s 's annual compensation shall be less than the Minimum Annual Compensation, then the difference shall be paid to Employee for the balance of the Severance Period. Such difference shall be calculated as follows: The difference between Employee’s 's Minimum Annual Compensation for any year, or lesser period, in which this Agreement would have been in effect and the annualized compensation payable to Employee in his new position during such period shall be payable in the same manner as the Minimum Annual Compensation was paid prior to termination over the period of such reemployment during such period. If the Employee’s 's employment in a new position shall terminate, then for the purposes of this Paragraph 4.01 Employee shall be entitled to continuation of the Minimum Annual Compensation until he shall again become reemployed, in which case only the difference shall be payable as aforesaid; and so on. [If the Employee’s 's employment shall terminate as aforesaid or if the Employee’s 's reemployment in a new position shall terminate, Employee shall use his best efforts to become reemployed as soon as reasonably possible in a position in the [State of North Carolina, City of Mebane] consistent with Employee’s 's experience and stature.] Subject to the provisions of Section 2.09, the Company shall pay to Employee, in one lump sum as soon as practicable, but in no event later than sixty (60) days after the date of such termination, the Minimum Annual Compensation times the number of years, or portions thereof, remaining in the term of the Agreement [and discounted to present value using a capitalization rate of 10%].

Appears in 2 contracts

Samples: Employment and Stock Purchase Agreement (Hispanamerica Corp), Employment and Stock Purchase Agreement (Hispanamerica Corp)

Termination by Company for Other Than Cause. If during the term of this Agreement the Company terminates the employment of Employee and such termination is not for Cause, then, subject to the provisions of Section 2.092.07, the Company shall pay to Employee an amount equal to the monthly portion of Employee’s 's Minimum Annual Compensation multiplied by the greater of twenty-four (24) or the number of months remaining in the term of this Agreement (the "Severance Period") until such time as Employee shall become reemployed in a position consistent with Employee’s 's experience and stature. If Employee obtains such a position but Employee’s 's annual compensation shall be less than the Minimum Annual Compensation, then the difference shall be paid to Employee for the balance of the Severance Period. Such difference shall be calculated as follows: The difference between Employee’s 's Minimum Annual Compensation for any year, or lesser period, in which this Agreement would have been in effect and the annualized compensation payable to Employee in his new position during such period shall be payable in the same manner as the Minimum Annual Compensation was paid prior to termination over the period of such reemployment during such period. If the Employee’s 's employment in a new position shall terminate, then for the purposes of this Paragraph 4.01 Employee shall be entitled to continuation of the Minimum Annual Compensation until he shall again become reemployed, in which case only the difference shall be payable as aforesaid; and so on. [If the Employee’s 's employment shall terminate as aforesaid or if the Employee’s 's reemployment in a new position shall terminate, Employee shall use his best efforts to become reemployed as soon as reasonably possible in a position consistent with Employee’s 's experience and stature. Subject to the provisions of Section 2.07, the Company shall pay to Employee, in one lump sum as soon as practicable, but in no event later than sixty (60) days after the date of such termination, the Minimum Annual Compensation times the number of years, or portions thereof, remaining in the term of the Agreement.]

Appears in 2 contracts

Samples: Employment and Stock Purchase Agreement (Palomar Enterprises Inc), Employment and Stock Purchase Agreement (Palomar Enterprises Inc)

Termination by Company for Other Than Cause. If during the term of this Agreement the Company terminates the employment of Employee and such termination is not for Cause, then, subject to the provisions of Section 2.09, Cause then the Company shall pay to Employee an amount equal to the monthly portion of Employee’s Minimum Annual Compensation multiplied by the greater of twenty-four twelve (2412) months or the number of months remaining in the term of this Agreement (the “Severance Period”) until such time as Employee shall become reemployed ). If during the term of this Agreement there is a Change of Control resulting in a change of position consistent with of Employee’s experience employment, and stature. If Employee obtains such a position but if Employee’s annual compensation in his new position shall be less than the Minimum Annual Compensation, then the difference shall be paid to Employee for the balance of the Severance Period. Such difference shall be calculated as follows: The difference between Employee’s Minimum Annual Compensation for any year, or lesser period, in which this Agreement would have been in effect and the annualized compensation payable to Employee in his new position during such period shall be payable in the same manner as the Minimum Annual Compensation was paid prior to termination over the period of such reemployment during such period. If the Employee’s employment in a new position shall terminate, then for the purposes of this Paragraph 4.01 paragraph 4.01, Employee shall be entitled to continuation of the Minimum Annual Compensation until the earlier of the conclusion of the Severance Period or the date when he shall again become reemployed, in which case only the difference shall be payable as aforesaid; and so on. [If the Employee’s employment shall terminate as aforesaid or if the Employee’s reemployment in a new position shall terminate, Employee shall use his best efforts to become reemployed as soon as reasonably reasonable possible in a position consistent with Employee’s experience and stature. Any amounts due hereunder shall be paid at such times and in such manner as the Employee had previously been paid his Minimum Annual Compensation. The payments provided herein are in lieu of any other payments due the Employee hereunder, including but not limited to, any claim for breach of contract.]

Appears in 2 contracts

Samples: Employment Agreement (Drugmax Inc), Employment Agreement (Drugmax Inc)

Termination by Company for Other Than Cause. If during the term of this Restated Agreement the Company terminates the employment of Employee Executive and such termination is not for Cause, then, subject to the provisions of Section 2.09, the Company shall pay to Employee Executive an amount equal to the monthly portion of Employee’s Executive's Minimum Annual Compensation (C$63,000.00) multiplied by the greater of twenty-four twelve (2412) or the number of months remaining in the term of this Restated Agreement (the "Severance Period") until such time as Employee Executive shall become reemployed in a position consistent with Employee’s Executive's experience and stature. If Employee Executive obtains such a position but Employee’s Executive's annual compensation shall be less than the Minimum Annual Compensation, then the difference shall be paid to Employee Executive for the balance of the Severance Period. Such difference shall be calculated as follows: The difference between Employee’s Executive's Minimum Annual Compensation for any year, or lesser period, in which this Restated Agreement would have been in effect and the annualized compensation payable to Employee Executive in his new position during such period shall be payable in the same manner as the Minimum Annual Compensation was paid prior to termination over the period of such reemployment during such period. If the Employee’s Executive's employment in a new position shall terminate, then for the purposes of this Paragraph 4.01 Employee 8(A) Executive shall be entitled to continuation of the Minimum Annual Compensation until he shall again become reemployed, in which case only the difference shall be payable as aforesaid; and so on. [If the Employee’s Executive's employment shall terminate as aforesaid or if the Employee’s Executive's reemployment in a new position shall terminate, Employee Executive shall use his best efforts to become reemployed as soon as reasonably possible in a position consistent with Employee’s Executive's experience and stature. The Company will start paying the executive compensation payments no later than 30 days after the date of termination. The Company will also pay the executive, the executiv s accumulated unused vacation no later than 30 days after the date of termination.]

Appears in 1 contract

Samples: Employment Agreement (Glas-Aire Industries Group LTD)

Termination by Company for Other Than Cause. If during the term of this Restated Agreement the Company terminates the employment of Employee Executive and such termination is not for Cause, then, subject to the provisions of Section 2.09, the Company shall pay to Employee Executive an amount equal to the monthly portion of Employee’s Executive's Minimum Annual Compensation (C$80,000.00) multiplied by the greater of twenty-four twelve (2412) or the number of months remaining in the term of this Restated Agreement (the "Severance Period") until such time as Employee Executive shall become reemployed in a position consistent with Employee’s Executive's experience and stature. If Employee Executive obtains such a position but Employee’s Executive's annual compensation shall be less than the Minimum Annual Compensation, then the difference shall be paid to Employee Executive for the balance of the Severance Period. Such difference shall be calculated as follows: The difference between Employee’s Executive's Minimum Annual Compensation for any year, or lesser period, in which this Restated Agreement would have been in effect and the annualized compensation payable to Employee Executive in his new position during such period shall be payable in the same manner as the Minimum Annual Compensation was paid prior to termination over the period of such reemployment during such period. If the Employee’s Executive's employment in a new position shall terminate, then for the purposes of this Paragraph 4.01 Employee 8(A) Executive shall be entitled to continuation of the Minimum Annual Compensation until he shall again become reemployed, in which case only the difference shall be payable as aforesaid; and so on. [If the Employee’s Executive's employment shall terminate as aforesaid or if the Employee’s Executive's reemployment in a new position shall terminate, Employee Executive shall use his best efforts to become reemployed as soon as reasonably possible in a position consistent with Employee’s Executive's experience and stature. The Company will start paying the executive compensation payments no later than 30 days after the date of termination. The Company will also pay the executive, the executiv s accumulated unused vacation no later than 30 days after the date of termination.]

Appears in 1 contract

Samples: Employment Agreement (Glas-Aire Industries Group LTD)

Termination by Company for Other Than Cause. If during the term of this Agreement the Company terminates the employment of Employee and such termination is not for Cause, then, subject to the provisions of Section 2.09hereof, the Company shall pay to Employee an amount equal to the monthly portion of the Employee’s 's Minimum Annual Compensation multiplied by thirty six (36). To the greater of twenty-four extent that Employee is not fully vested in retirement Benefits from any pension, profit sharing or any other retirement plan or program (24whether tax qualified or not) maintained by the Company, the Company or the number of months remaining in successor to the term of this Agreement (the “Severance Period”) until such time as Company shall pay directly to Employee shall become reemployed in a position consistent with Employee’s experience and stature. If Employee obtains such a position but Employee’s annual compensation shall be less than the Minimum Annual Compensation, then the difference shall be between the amounts which would have been paid to Employee for had he been fully vested on the balance date that his employment terminated and the amounts actually paid or payable to Employee pursuant to such plans or programs. In addition, the Company shall pay to Employee the remaining payments of the Severance Period. Such difference shall be calculated as follows: The difference between Employee’s Minimum Annual Compensation under Section 3.1 relating to periods during which Employee was employed by the Company, payments of vacation accrued pursuant to Section 3.4 but not yet paid, and reimbursement of prior expenses under Section 3.4. The Company shall also continue to provide, for any yeara period of three (3) years following Employee's termination, or lesser periodEmployee (and Employee's dependents, if applicable) with the same level of medical, dental, accident, disability and life insurance benefits upon substantially the same terms and conditions (including contributions required by Employee for such benefits) as existed immediately prior to Employee's termination; provided, that, if Employee cannot continue to participate in the Company plans providing such benefits, the Company shall otherwise provide such benefits on the same after-tax basis as if continued participation had been permitted. Notwithstanding the foregoing, in which this Agreement would have been in effect the event Employee becomes reemployed with another employer and becomes eligible to receive welfare benefits from such employer, the annualized compensation payable to Employee in his new position during such period welfare benefits described herein shall be payable in the same manner as the Minimum Annual Compensation was paid prior secondary to termination over such benefits during the period of such reemployment during such period. If Employee's eligibility, but only to the Employee’s employment in a new position shall terminate, then extent that the Company reimburses Employee for any increased cost and provides any additional benefits necessary to give Employee the purposes of this Paragraph 4.01 Employee shall be entitled to continuation of the Minimum Annual Compensation until he shall again become reemployed, in which case only the difference shall be payable as aforesaid; and so on. [If the Employee’s employment shall terminate as aforesaid or if the Employee’s reemployment in a new position shall terminate, Employee shall use his best efforts to become reemployed as soon as reasonably possible in a position consistent with Employee’s experience and staturebenefits provided hereunder.]

Appears in 1 contract

Samples: Employment Agreement (Intracel Corp)

Termination by Company for Other Than Cause. If during the term of this Agreement the Company terminates the employment of Employee and such termination is not for Cause, then, subject to the provisions of Section 2.09, the Company shall pay to Employee an amount equal to the monthly portion of Employee’s 's Minimum Annual Compensation multiplied by the greater of twenty-four (24) or the number of months remaining in the term of this Agreement (the "Severance Period") until such time as Employee shall become reemployed in a position position, in the [State of South Carolina, City of _Charleston], consistent with Employee’s 's experience and stature. If Employee obtains such a position but Employee’s 's annual compensation shall be less than the Minimum Annual Compensation, then the difference shall be paid to Employee for the balance of the Severance Period. Such difference shall be calculated as follows: The difference between Employee’s 's Minimum Annual Compensation for any year, or lesser period, in which this Agreement would have been in effect and the annualized compensation payable to Employee in his new position during such period shall be payable in the same manner as the Minimum Annual Compensation was paid prior to termination over the period of such reemployment during such period. If the Employee’s 's employment in a new position shall terminate, then for the purposes of this Paragraph 4.01 Employee shall be entitled to continuation of the Minimum Annual Compensation until he shall again become reemployed, in which case only the difference shall be payable as aforesaid; and so on. [If the Employee’s 's employment shall terminate as aforesaid or if the Employee’s 's reemployment in a new position shall terminate, Employee shall use his best efforts to become reemployed as soon as reasonably possible in a position in the [State of South Carolina, City of Charleston] consistent with Employee’s 's experience and stature.] Subject to the provisions of Section 2.09, the Company shall pay to Employee, in one lump sum as soon as practicable, but in no event later than sixty (60) days after the date of such termination, the Minimum Annual Compensation times the number of years, or portions thereof, remaining in the term of the Agreement [and discounted to present value using a capitalization rate of 10%].

Appears in 1 contract

Samples: Employment and Stock Purchase Agreement (Hispanamerica Corp)

Termination by Company for Other Than Cause. If during the term of this Agreement the Company terminates the employment of Employee and such termination is not for Cause, then, subject to the provisions of Section 2.09, Cause then the Company shall pay to Employee an amount equal to the monthly portion of Employee’s Minimum Annual Compensation multiplied by the greater of twenty-four twelve (2412) or the number of months remaining in the term of this Agreement (the “Severance Period”) until such time as Employee shall become reemployed ). If during the term of this Agreement there is a Change of Control resulting in a change of position consistent with of Employee’s experience employment, and stature. If Employee obtains such a position but if Employee’s annual compensation in his new position shall be less than the Minimum Annual Compensation, then the difference shall be paid to Employee for the balance of the Severance Period. Such difference shall be calculated as follows: The difference between Employee’s Minimum Annual Compensation for any year, or lesser period, in which this Agreement would have been in effect and the annualized compensation payable to Employee in his new position during such period shall be payable in the same manner as the Minimum Annual Compensation was paid prior to termination over the period of such reemployment during such period. If the Employee’s employment in a new position shall terminate, then for the purposes of this Paragraph 4.01 paragraph 4.01, Employee shall be entitled to continuation of the Minimum Annual Compensation until the earlier of the conclusion of the Severance Period or the date when he shall again become reemployed, in which case only the difference shall be payable as aforesaid; and so on. [If the Employee’s employment shall terminate as aforesaid or if the Employee’s reemployment in a new position shall terminate, Employee shall use his best efforts to become reemployed as soon as reasonably reasonable possible in a position consistent with Employee’s experience and stature. Any amounts due hereunder shall be paid at such times and in such manner as the Employee had previously been paid his Minimum Annual Compensation. The payments provided herein are in lieu of any other payments due the Employee hereunder, including but not limited to, any claim for breach of contract.]

Appears in 1 contract

Samples: Employment Agreement (Drugmax Inc)

Termination by Company for Other Than Cause. If during the term of this Agreement Agreement, the Company terminates the employment of Employee and such termination is not for Cause, then, subject to the provisions of Section 2.09, the Company shall pay to Employee an amount equal to the Employees then current monthly portion of Employee’s Minimum Annual Compensation compensation level multiplied by the greater minimum of twenty-four eighteen (2418) or the number of months remaining in the term of this Agreement (the "Severance Period") until such time as Employee shall become reemployed in a position consistent with Employee’s 's experience and stature. If Employee obtains such a position but Employee’s 's annual compensation shall be less than the Minimum Annual Compensationcompensation upon termination, then the difference shall be paid to Employee for the balance of the Severance Period. Such difference shall be calculated as follows: The difference between Employee’s Minimum Annual Compensation for any year, or lesser period, in which this Agreement would have been in effect 's ending biweekly compensation annualized and the annualized compensation payable to Employee in his new position during such period shall be payable in the same manner as the Minimum Annual Compensation Employee was paid prior to termination over the period of such reemployment during such period. If the Employee’s 's employment in a new position shall terminate, then for the purposes of this Paragraph 4.01 Employee shall be entitled to continuation of the Minimum Annual Compensation ending monthly compensation until he shall again become reemployed, in which case only the difference shall be payable as aforesaid; and so on. [If the Employee’s employment shall terminate as aforesaid or if the Employee’s reemployment in a new position shall terminate, Employee shall use his best efforts to become reemployed as soon as reasonably possible in a position consistent with Employee’s experience and stature.]only

Appears in 1 contract

Samples: Employment Agreement (Didax Inc)

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Termination by Company for Other Than Cause. If during the term of this Agreement the Company terminates the employment of Employee and such termination is not for Cause, then, subject to the provisions of Section 2.09, the Company shall pay to Employee an amount equal to the monthly portion of Employee’s 's Minimum Annual Compensation multiplied by the greater of twenty-twenty- four (24) or the number of months remaining in the term of this Agreement (the "Severance Period") until such time as Employee shall become reemployed in a position position, in the Dallas metroplex area, consistent with Employee’s 's experience and stature. If Employee obtains such a position but Employee’s 's annual compensation shall be less than the Minimum Annual Compensation, then the difference shall be paid to Employee for the balance of the Severance Period. Such difference shall be calculated as follows: The difference between Employee’s 's Minimum Annual Compensation for any year, or lesser period, in which this Agreement would have been in effect and the annualized compensation payable to Employee in his new position during such period shall be payable in the same manner as the Minimum Annual Compensation was paid prior to termination over the period of such reemployment during such period. If the Employee’s 's employment in a new position shall terminate, then for the purposes of this Paragraph 4.01 Employee shall be entitled to continuation of the Minimum Annual Compensation until he shall again become reemployed, in which case only the difference shall be payable as aforesaid; and so on. [If the Employee’s 's employment shall terminate as aforesaid or if the Employee’s 's reemployment in a new position shall terminate, Employee shall use his best efforts to become reemployed as soon as reasonably possible in a position in the Dallas Metroplex consistent with Employee’s 's experience and stature. The Company shall pay to Employee, such compensation set forth in this paragraph 4.01 under the same terms as the Minimum Annual Compensation shall be paid under paragraph 3.01, up to a maximum of two (2) years.]

Appears in 1 contract

Samples: Employment and Stock Option Agreement (Rhino Enterprises Group Inc)

Termination by Company for Other Than Cause. If Paragraph 13 of the Agreement is deleted and in lieu thereof, the following shall be inserted: Effective as of the date that the employment of Employee terminates without Cause, this Agreement, except as set forth in this Section 13 and in Sections 7 through 10, shall terminate and no further payment of compensation described in Section 5 (except for such remaining payments of the Minimum Annual Compensation relating to periods during which Employee was employed by the Company and any Incentive Compensation as provided in Section 3 hereof then earned as of the date of such termination) shall be made to Employee, In addition, if during the term of this Agreement Agreement, the Company terminates the employment of Employee and such termination is not for Cause, then, subject to the provisions then for a period of Section 2.09, the Company shall pay to Employee an amount equal to the monthly portion of Employee’s Minimum Annual Compensation multiplied by the greater of twenty-four (24) or the number of months remaining in the term of this Agreement one year (the “Severance Period”) until the Company shall pay Employee an amount equal to Employee’s then Minimum Annual Compensation at such time times and in such manner as the Employee had previously been paid his Minimum Annual Compensation. In addition, if during the term of this Agreement, there is a Change in Control and Employee is terminated or not offered a position that is at least the same as or better than Employee’s then current job description, compensation and benefits, with a provision for severance in the event of termination without Cause that is at least as favorable as that contained in this Agreement, then the Employee shall be deemed to have been terminated without Cause for purposes of this Agreement and the Company shall pay Employee an amount equal to his then Minimum Annual Compensation in a lump-sum within thirty (30) days of the Change of Control and all stock options granted to the Employee shall become reemployed fully vested as of such date; provided however, that if on a Change in Control, the Employee accepts a position consistent with Employee’s experience and stature. If Employee obtains such a position but Employee’s annual compensation shall be less than the Minimum Annual Compensationposition, then notwithstanding the difference shall be paid to Employee for the balance of the Severance Period. Such difference shall be calculated as follows: The difference between Employee’s Minimum Annual Compensation for any year, or lesser period, in which this Agreement would have been in effect and the annualized compensation payable to Employee in his new position during such period shall be payable in the same manner as the Minimum Annual Compensation was paid prior to termination over the period of such reemployment during such period. If the Employee’s employment in a new position shall terminate, then for the purposes last two paragraphs of this Paragraph 4.01 Employee shall be entitled to continuation of the Minimum Annual Compensation until he shall again become reemployed, in which case only the difference shall be payable as aforesaid; and so on. [If the Employee’s employment shall terminate as aforesaid or if the Employee’s reemployment in a new position shall terminate, Employee shall use his best efforts to become reemployed as soon as reasonably possible in a position consistent with Employee’s experience and stature.]Paragraph

Appears in 1 contract

Samples: Employment Agreement (Drugmax Inc)

Termination by Company for Other Than Cause. If during the term of this Agreement the Company terminates the employment of Employee and such termination is not for Cause, then, subject to the provisions of Section 2.09, the Company shall pay to Employee an amount equal to the monthly portion of Employee’s 's Minimum Annual Compensation multiplied by the greater of twenty-four (24) or the number of months remaining in the term of this Agreement (the "Severance Period") until such time as Employee shall become reemployed in a position consistent with Employee’s 's experience and stature. If Employee obtains such a position but Employee’s 's annual compensation shall be less than the Minimum Annual Compensation, then the difference shall be paid to Employee for the balance of the Severance Period. Such difference shall be calculated as follows: The difference between Employee’s 's Minimum Annual Compensation for any year, or lesser period, in which this Agreement would have been in effect and the annualized compensation payable to Employee in his new position during such period shall be payable in the same manner as the Minimum Annual Compensation was paid prior to termination over the period of such reemployment during such period. If the Employee’s 's employment in a new position shall terminate, then for the purposes of this Paragraph 4.01 Employee shall be entitled to continuation of the Minimum Annual Compensation until he shall again become reemployed, in which case only the difference shall be payable as aforesaid; and so on. [If the Employee’s 's employment shall terminate as aforesaid or if the Employee’s 's reemployment in a new position shall terminate, Employee shall use his best efforts to become reemployed as soon as reasonably possible in a position consistent with Employee’s 's experience and stature.] Subject to the provisions of Section 2.09, the Company shall pay to Employee, in one lump sum as soon as practicable, but in no event later than sixty (60) days after the date of such termination, the Minimum Annual Compensation times the number of years, or portions thereof, remaining in the term of the Agreement [and discounted to present value using a capitalization rate of 10%].

Appears in 1 contract

Samples: Employment and Stock Purchase Agreement (Premier Energy Corp.)

Termination by Company for Other Than Cause. If during the term of this Agreement the Company terminates the employment of Employee and such termination is not for Cause, then, subject to the provisions of Section 2.09hereof, the Company shall pay to Employee an amount equal to the monthly portion of the Employee’s 's Minimum Annual Compensation multiplied by thirty-six (36). To the greater of twenty-four extent that Employee is not fully vested in retirement Benefits from any pension, profit sharing or any other retirement plan or program (24whether tax qualified or not) maintained by the Company, the Company or the number of months remaining in successor to the term of this Agreement (the “Severance Period”) until such time as Company shall pay directly to Employee shall become reemployed in a position consistent with Employee’s experience and stature. If Employee obtains such a position but Employee’s annual compensation shall be less than the Minimum Annual Compensation, then the difference shall be between the amounts which would have been paid to Employee for had he been fully vested on the balance date that his employment terminated and the amounts actually paid or payable to Employee pursuant to such plans or programs. In addition, the Company shall pay to Employee the remaining payments of the Severance Period. Such difference shall be calculated as follows: The difference between Employee’s Minimum Annual Compensation under Section 3.1 relating to periods during which Employee was employed by the Company, payments of vacation accrued pursuant to Section 3.4 but not yet paid, and reimbursement of prior expenses under Section 3.4. The Company shall also continue to provide, for any yeara period of three (3) years following Employee's termination, or lesser periodEmployee (and Employee's dependents, if applicable) with the same level of medical, dental, accident, disability and life insurance benefits upon substantially the same terms and conditions (including contributions required by Employee for such benefits) as existed immediately prior to Employee's termination; provided, that, if Employee cannot continue to participate in the Company plans providing such benefits, the Company shall otherwise provide such benefits on the same after-tax basis as if continued participation had been permitted. Notwithstanding the foregoing, in which this Agreement would have been in effect the event Employee becomes reemployed with another employer and becomes eligible to receive welfare benefits from such employer, the annualized compensation payable to Employee in his new position during such period welfare benefits described herein shall be payable in the same manner as the Minimum Annual Compensation was paid prior secondary to termination over such benefits during the period of such reemployment during such period. If Employee's eligibility, but only to the Employee’s employment in a new position shall terminate, then extent that the Company reimburses Employee for any increased cost and provides any additional benefits necessary to give Employee the purposes of this Paragraph 4.01 Employee shall be entitled to continuation of the Minimum Annual Compensation until he shall again become reemployed, in which case only the difference shall be payable as aforesaid; and so on. [If the Employee’s employment shall terminate as aforesaid or if the Employee’s reemployment in a new position shall terminate, Employee shall use his best efforts to become reemployed as soon as reasonably possible in a position consistent with Employee’s experience and staturebenefits provided hereunder.]

Appears in 1 contract

Samples: Employment Agreement (Intracel Corp)

Termination by Company for Other Than Cause. If during the term of this Restated Agreement the Company terminates the employment of Employee Executive and such termination is not for Cause, then, subject to the provisions of Section 2.09, the Company shall pay to Employee Executive an amount equal to the monthly portion of Employee’s Executive's Minimum Annual Compensation (C$120,000.00) multiplied by the greater of twenty-four eighteen (2418) or the number of months remaining in the term of this Restated Agreement (the "Severance Period") until such time as Employee Executive shall become reemployed in a position consistent with Employee’s Executive's experience and stature. If Employee Executive obtains such a position but Employee’s Executive's annual compensation shall be less than the Minimum Annual Compensation, then the difference shall be paid to Employee Executive for the balance of the Severance Period. Such difference shall be calculated as follows: The difference between Employee’s Executive's Minimum Annual Compensation for any year, or lesser period, in which this Restated Agreement would have been in effect and the annualized compensation payable to Employee Executive in his new position during such period shall be payable in the same manner as the Minimum Annual Compensation was paid prior to termination over the period of such reemployment during such period. If the Employee’s Executive's employment in a new position shall terminate, then for the purposes of this Paragraph 4.01 Employee 8(A) Executive shall be entitled to continuation of the Minimum Annual Compensation until he shall again become reemployed, in which case only the difference shall be payable as aforesaid; and so on. [If the Employee’s Executive's employment shall terminate as aforesaid or if the Employee’s Executive's reemployment in a new position shall terminate, Employee Executive shall use his best efforts to become reemployed as soon as reasonably possible in a position consistent with Employee’s Executive's experience and stature. The Company will start paying the executive compensation payments no later than 30 days after the date of termination. The Company will also pay the executive, the executiv s accumulated unused vacation no later than 30 days after the date of termination.]

Appears in 1 contract

Samples: Employment Agreement (Glas-Aire Industries Group LTD)

Termination by Company for Other Than Cause. If during the term of this Agreement the Company terminates the employment of Employee and such termination is not for Cause, then, subject to the provisions of Section 2.09, Cause then the Company shall pay to Employee an amount equal to the monthly portion of Employee’s Minimum Annual Compensation multiplied by the greater of twenty-four twelve (2412) or the number of months remaining in the term of this Agreement (the “Severance Period”) until such time as Employee shall become reemployed ). If during the term of this Agreement there is a Change of Control resulting in a change of position consistent with of Employee’s experience employment, and stature. If Employee obtains such a position but if Employee’s annual compensation in his new position shall be less than the Minimum Annual Compensation, then the difference shall be paid to Employee for the balance of the Severance Period. Such difference shall be calculated as follows: The difference between Employee’s Minimum Annual Compensation for any year, or lesser period, in which this Agreement would have been in effect and the annualized compensation payable to Employee in his new position during such period shall be payable in the same manner as the Minimum Annual Compensation was paid prior to termination over the period of such reemployment during such period. If the Employee’s employment in a new position shall terminateterminate or if the Employee is reassigned to a location more than fifty (50) miles from Farmington, Connecticut, then for the purposes of this Paragraph 4.01 paragraph 4.01, Employee shall be entitled to continuation of the Minimum Annual Compensation until the earlier of the conclusion of the Severance Period or the date when he shall again become reemployed, in which case only the difference shall be payable as aforesaid; and so on. [If the Employee’s employment shall terminate as aforesaid or if the Employee’s reemployment in a new position shall terminate, Employee shall use his best efforts to become reemployed as soon as reasonably reasonable possible in a position consistent with Employee’s experience and stature. Any amounts due hereunder shall be paid at such times and in such manner as the Employee had previously been paid his Minimum Annual Compensation. The payments provided herein are in lieu of any other payments due the Employee hereunder, including but not limited to, any claim for breach of contract.]

Appears in 1 contract

Samples: Employment Agreement (Familymeds Group, Inc.)

Termination by Company for Other Than Cause. If during the term of this Agreement the Company terminates the employment of Employee and such termination is not for Cause, then, subject to the provisions of Section 2.09, the Company shall pay to Employee an amount equal to the monthly portion of Employee’s 's Minimum Annual Compensation multiplied by the greater of twenty-four (24) or the number of months remaining in the term of this Agreement (the "Severance Period") until such time as Employee shall become reemployed in a position position, in the Dallas metroplex area, consistent with Employee’s 's experience and stature. If Employee obtains such a position but Employee’s 's annual compensation shall be less than the Minimum Annual Compensation, then the difference shall be paid to Employee for the balance of the Severance Period. Such difference shall be calculated as follows: The difference between Employee’s 's Minimum Annual Compensation for any year, or lesser period, in which this Agreement would have been in effect and the annualized compensation payable to Employee in his new position during such period shall be payable in the same manner as the Minimum Annual Compensation was paid prior to termination over the period of such reemployment during such period. If the Employee’s 's employment in a new position shall terminate, then for the purposes of this Paragraph 4.01 Employee shall be entitled to continuation of the Minimum Annual Compensation until he shall again become reemployed, in which case only the difference shall be payable as aforesaid; and so on. [If the Employee’s 's employment shall terminate as aforesaid or if the Employee’s 's reemployment in a new position shall terminate, Employee shall use his best efforts to become reemployed as soon as reasonably possible in a position in the Dallas Metroplex consistent with Employee’s 's experience and stature. The Company shall pay to Employee, such compensation set forth in this paragraph 4.01 under the same terms as the Minimum Annual Compensation shall be paid under paragraph 3.01, up to a maximum of two (2) years.]

Appears in 1 contract

Samples: Employment and Stock Option Agreement (Rhino Enterprises Group Inc)

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