Common use of Termination by Either Party; General Provisions Clause in Contracts

Termination by Either Party; General Provisions. Either the Company or Employee may terminate this Agreement and Employee's employment hereunder at any time during the term of this Agreement by delivery of written notice by the terminating party to the other party at least thirty (30) days prior to the effective date of such termination as set forth in such notice; provided that notice under this Section 10(a) shall only be effective to terminate this Agreement in situations not governed by Section 10(e) of this Agreement. Within thirty (30) days after such termination is effective, in addition to any other payments or benefits provided in this Section 10, the Company shall pay to Employee an amount equal to the sum of (i) Employee's unpaid Annual Base Salary prorated through the date of termination of this Agreement at the rate in effect at the time of such termination, (ii) vacation pay earned pursuant to the policies of the Company then in effect but not taken to the date of such termination, and (iii) all other amounts previously deferred by Employee or earned by Employee as reflected in the books and records of the Company but not paid as of such date under all Company incentive or deferred compensation plans or programs.

Appears in 2 contracts

Samples: Employment Agreement (Encompass Services Corp), Employment Agreement (Encompass Services Corp)

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Termination by Either Party; General Provisions. Either the Company EFT or Employee may terminate this Agreement and Employee's employment hereunder at any time during the term of this Agreement by delivery of written notice by the terminating party to the other party at least thirty sixty (3060) days prior to the effective date of such termination as set forth in such notice; provided that notice under this Section 10(a) shall only be effective to terminate this Agreement in situations not governed by Section 10(e) of this his Agreement. Within thirty (30) days after such termination is effective, in addition to any other payments or benefits provided in this Section 10, the Company EFT shall pay to Employee an amount equal to the sum of (i) Employee's unpaid Annual Base Salary prorated through the date of termination of this Agreement at the rate in effect at the time of such termination, (ii) vacation pay earned pursuant to the policies of the Company EFT then in effect but not taken to the date of such termination, and (iii) all other amounts previously deferred by Employee or earned by Employee as reflected in the books and records of the Company EFT but not paid as of such date under all Company the Company's incentive or deferred compensation plans or programs.

Appears in 1 contract

Samples: Employment Agreement (EFT Holdings, Inc.)

Termination by Either Party; General Provisions. Either the Company EFT or Employee may terminate this Agreement and Employee's employment hereunder at any time during the term of this Agreement by delivery of written notice by the terminating party to the other party at least thirty sixty (3060) days prior to the effective date of such termination as set forth in such notice; provided that notice under this Section 10(a) shall only be effective to terminate this Agreement in situations not governed by Section 10(e) of this Agreement. his Agreement Within thirty (30) days after such termination is effective, in addition to any other payments or benefits provided in this Section 10, the Company EFT shall pay to Employee an amount equal to the sum of (i) Employee's unpaid Annual Base Salary prorated through the date of termination of this Agreement at the rate in effect at the time of such termination, (ii) vacation pay earned pursuant to the policies of the Company EFT then in effect but not taken to the date of such termination, and (iii) all other amounts previously deferred by Employee or earned by Employee as reflected in the books and records of the Company EFT but not paid as of such date under all Company the Company's incentive or deferred compensation plans or programs.

Appears in 1 contract

Samples: Employment Agreement (EFT Holdings, Inc.)

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Termination by Either Party; General Provisions. Either the Company or Employee may terminate this Agreement and Employee's employment hereunder at any time during the term of this Agreement by delivery of written notice by the terminating party to the other party at least thirty sixty (3060) days prior to the effective date of such termination as set forth in such notice; provided that notice under this Section 10(a) shall only be effective to terminate this Agreement in situations not governed by Section 10(e) of this his Agreement. Within thirty (30) days after such termination is effective, in addition to any other payments or benefits provided in this Section 10, the Company shall pay to Employee an amount equal to the sum of (i) Employee's unpaid Annual Base Salary prorated through the date of termination of this Agreement at the rate in effect at the time of such termination, (ii) vacation pay earned pursuant to the policies of the Company then in effect but not taken to the date of such termination, and (iii) all other amounts previously deferred by Employee or earned by Employee as reflected in the books and records of the Company but not paid as of such date under all Company incentive or deferred compensation plans or programs.

Appears in 1 contract

Samples: Employment Agreement (Encompass Services Corp)

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