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

Termination by the Company for Other than Cause. If the Company terminates Manager’s employment for any reason other than Cause, the Company shall pay Manager the following: (a) An amount equal to Manager’s monthly base salary in effect at the time of such termination of employment for a period of twelve (12) months thereafter. Such amount shall be paid to Manager periodically in accordance with the Company’s customary payroll practices for management employees. (b) The base salary and accrued but unused paid vacation time earned through the date of termination and any incentive compensation earned for the preceding fiscal year that is not yet paid. (c) Continued coverage for Manager and/or Manager’s family under the Company’s health plan pursuant to Title I, Part 6 of the Employee Retirement Income Security Act of 1974 (“COBRA”) and for such purpose the date of Manager’s termination of employment shall be considered the date of the “qualifying event” as such term is defined by COBRA. During the period beginning on the date of such termination and ending at the end of the period described in Section 4.01(a), Manager shall be charged for such coverage in the amount that he would have paid for such coverage had he remained employed by the Company, and for the duration of the COBRA period, Manager shall be charged for such coverage in accordance with the provisions of COBRA.

Appears in 11 contracts

Samples: Employment Agreement (First Mid Illinois Bancshares Inc), Employment Agreement (First Mid Illinois Bancshares Inc), Employment Agreement (First Mid Illinois Bancshares Inc)

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Termination by the Company for Other than Cause. If the Company terminates ManagerExecutive’s employment for any reason other than Cause, the Company shall pay Manager Executive the following: (a) An amount equal to ManagerExecutive’s monthly base salary in effect at the time of such termination of employment for a period of twelve (12) months thereafter. Such amount shall be paid to Manager Executive periodically in accordance with the Company’s customary payroll practices for management executive employees. (b) The base salary and accrued but unused paid vacation time earned through the date of termination and any incentive compensation earned for the preceding proceeding fiscal year that is not yet paid. (c) Continued coverage for Manager executive and/or ManagerExecutive’s family under the Company’s health plan pursuant to Title I, Part 6 of the Employee Retirement Income Security Act of 1974 (“COBRA”) and for such purpose the date of ManagerExecutive’s termination of employment shall be considered the date of the “qualifying event” as such term is defined by COBRA. During the twelve month period beginning on the date of such termination and ending at termination, the end of the period described in Section 4.01(a), Manager Executive shall be charged for such coverage in the amount that he would have paid for such coverage had he remained employed by the Company, and for the duration of the COBRA period, Manager the Executive shall be charged for such coverage in accordance with the provisions of COBRA.

Appears in 3 contracts

Samples: Employment Agreement (First Mid Illinois Bancshares Inc), Employment Agreement (First Mid Illinois Bancshares Inc), Employment Agreement (First Mid Illinois Bancshares Inc)

Termination by the Company for Other than Cause. If the Company terminates ManagerExecutive’s employment for any reason other than Cause, the Company shall pay Manager Executive the following: (a) An amount equal to ManagerExecutive’s monthly base salary in effect at the time of such termination of employment for a period of twelve (12) months thereafter. Such amount shall be paid to Manager Executive periodically in accordance with the Company’s customary payroll practices for management executive employees. (b) The base salary and accrued but unused paid vacation time earned through the date of termination and any incentive compensation earned for the preceding fiscal year that is not yet paid. (c) Continued coverage for Manager Executive and/or ManagerExecutive’s family under the Company’s health plan pursuant to Title I, Part 6 of the Employee Retirement Income Security Act of 1974 (“COBRA”) and for such purpose the date of ManagerExecutive’s termination of employment shall be considered the date of the “qualifying event” as such term is defined by COBRA. During the twelve month period beginning on the date of such termination and ending at termination, the end of the period described in Section 4.01(a), Manager Executive shall be charged for such coverage in the amount that he would have paid for such coverage had he remained employed by the Company, and for the duration of the COBRA period, Manager the Executive shall be charged for such coverage in accordance with the provisions of COBRA.

Appears in 2 contracts

Samples: Employment Agreement (First Mid Illinois Bancshares Inc), Employment Agreement (First Mid Illinois Bancshares Inc)

Termination by the Company for Other than Cause. If the Company terminates Manager’s employment for any reason other than Cause, the Company shall pay Manager the following: (a) An amount equal to Manager’s monthly base salary in effect at the time of such termination of employment for a period of twelve (12) 12 months thereafter. Such amount shall be paid to Manager periodically in accordance with the Company’s customary payroll practices for management employees. (b) The base salary and accrued but unused paid vacation time earned through the date of termination and any incentive compensation earned for the preceding fiscal year that is not yet paid. (c) Continued coverage for Manager and/or Manager’s family under the Company’s health plan pursuant to Title I, Part 6 of the Employee Retirement Income Security Act of 1974 (“COBRA”) and for such purpose the date of Manager’s termination of employment shall be considered the date of the “qualifying event” as such term is defined by COBRA. During the period beginning on the date of such termination and ending at the end of the period described in Section 4.01(a), Manager shall be charged for such coverage in the amount that he would have paid for such coverage had he remained employed by the Company, and for the duration of the COBRA period, Manager shall be charged for such coverage in accordance with the provisions of COBRA.

Appears in 2 contracts

Samples: Employment Agreement (First Mid Illinois Bancshares Inc), Employment Agreement (First Mid Illinois Bancshares Inc)

Termination by the Company for Other than Cause. If the Company terminates ManagerExecutive’s employment for any reason other than Cause, the Company shall pay Manager Executive the following: (a) An amount equal to ManagerExecutive’s monthly base salary in effect at the time of such termination of employment for a period of twelve (12) months thereafter. Such amount shall be paid to Manager Executive periodically in accordance with the Company’s customary payroll practices for management executive employees. (b) The base salary and accrued but by unused paid vacation time earned through the date of termination and any incentive compensation earned for the preceding fiscal year that is not yet paid. (c) Continued coverage for Manager Executive and/or ManagerExecutive’s family under the Company’s health plan pursuant to Title I, Part 6 of the Employee Retirement Income Security Act of 1974 (“COBRA”) and for such purpose the date of ManagerExecutive’s termination of employment shall be considered the date of the “qualifying event” as such term is defined by COBRA. During the twelve month period beginning on the date of such termination and ending at termination, the end of the period described in Section 4.01(a), Manager Executive shall be charged for such coverage in the amount that he would have paid for such coverage had he remained employed by the Company, and for the duration of the COBRA period, Manager the Executive shall be charged for such coverage in accordance with the provisions of COBRA.

Appears in 2 contracts

Samples: Employment Agreement (First Mid Illinois Bancshares Inc), Employment Agreement (First Mid Illinois Bancshares Inc)

Termination by the Company for Other than Cause. If the Company terminates Manager’s employment for any reason other than Cause, the Company shall pay Manager the following: (a) An amount equal to Manager’s monthly base salary in effect at the time of such termination of employment for a period of twelve six (126) months thereafter. Such amount shall be paid to Manager periodically in accordance with the Company’s customary payroll practices for management employees. (b) The base salary and accrued but unused paid vacation time earned through the date of termination and any incentive compensation earned for the preceding fiscal year that is not yet paid. (c) Continued coverage for Manager and/or Manager’s family under the Company’s health plan pursuant to Title I, Part 6 of the Employee Retirement Income Security Act of 1974 (“COBRA”) and for such purpose the date of Manager’s termination of employment shall be considered the date of the “qualifying event” as such term is defined by COBRA. During the period beginning on the date of such termination and ending at the end of the period described in Section 4.01(a), Manager shall be charged for such coverage in the amount that he would have paid for such coverage had he remained employed by the Company, and for the duration of the COBRA period, Manager shall be charged for such coverage in accordance with the provisions of COBRA.

Appears in 1 contract

Samples: Employment Agreement (First Mid Illinois Bancshares Inc)

Termination by the Company for Other than Cause. If the Company terminates ManagerExecutive’s employment for any reason other than Cause, the Company shall pay Manager Executive the following: (a) An amount equal to ManagerExecutive’s monthly base salary in effect at the time of such termination of employment for a period of twelve (12) months thereafter. Such amount shall be paid to Manager Executive periodically in accordance with the Company’s customary payroll practices for management executive employees. (b) The base salary and accrued but unused paid vacation time earned through the date of termination and any incentive compensation earned for the preceding proceeding fiscal year that is not yet paid. (c) Continued coverage for Manager executive and/or ManagerExecutive’s family under the Company’s health plan pursuant to Title I, Part 6 of the Employee Retirement Income Security Act of 1974 (“COBRA”) and for such purpose the date of ManagerExecutive’s termination of employment shall be considered the date of the “qualifying event” as such term is defined by COBRA. During the twelve month period beginning on the date of such termination and ending at termination, the end of the period described in Section 4.01(a), Manager Executive shall be charged for such coverage in the amount that he would have paid for such coverage had he remained employed by the Company, and for the duration of the COBRA period, Manager the Executive shall be charged for such coverage in accordance with the provisions of COBRA.

Appears in 1 contract

Samples: Employment Agreement (First Mid Illinois Bancshares Inc)

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Termination by the Company for Other than Cause. If the Company terminates ManagerExecutive’s employment for any reason other than Cause, the Company shall pay Manager Executive the following: (a) An amount equal to ManagerExecutive’s monthly base salary in effect at the time of such termination of employment for a period of twelve (12) 12 months thereafter. Such amount shall be paid to Manager Executive periodically in accordance with the Company’s customary payroll practices for management employees. (b) The base salary and accrued but unused paid vacation time earned through the date of termination and any incentive compensation earned for the preceding fiscal year that is not yet paid. (c) Continued coverage for Manager Executive and/or ManagerExecutive’s family under the Company’s health plan pursuant to Title I, Part 6 of the Employee Retirement Income Security Act of 1974 (“COBRA”) and for such purpose the date of ManagerExecutive’s termination of employment shall be considered the date of the “qualifying event” as such term is defined by COBRA. During the 12 month period beginning on the date of such termination and ending at termination, the end of the period described in Section 4.01(a), Manager Executive shall be charged for such coverage in the amount that he would have paid for such coverage had he remained employed by the Company, and for the duration of the COBRA period, Manager the Executive shall be charged for such coverage in accordance with the provisions of COBRA.

Appears in 1 contract

Samples: Employment Agreement (First Mid Illinois Bancshares Inc)

Termination by the Company for Other than Cause. If the Company terminates Manager’s employment for any reason other than Cause, the Company shall pay Manager the following: (a) An amount equal to Manager’s monthly base salary in effect at the time of such termination of employment for a period of twelve (12) months thereafter. Such amount shall be paid to Manager periodically in accordance with the Company’s customary payroll practices for management employees. (b) The base salary and accrued but unused paid vacation time earned through the date of termination and any incentive compensation earned for the preceding fiscal year that is not yet paid. (c) Continued coverage for Manager and/or Manager’s family under the Company’s health plan pursuant to Title I, Part 6 of the Employee Retirement Income Security Act of 1974 (“COBRA”) and for such purpose the date of Manager’s termination of employment shall be considered the date of the “qualifying event” as such term is defined by COBRA. During the period beginning on the date of such termination and ending at the end of the period described in Section 4.01(a), Manager shall be charged for such coverage in the amount that he she would have paid for such coverage had he she remained employed by the Company, and for the duration of the COBRA period, Manager shall be charged for such coverage in accordance with the provisions of COBRA.

Appears in 1 contract

Samples: Employment Agreement (First Mid Illinois Bancshares Inc)

Termination by the Company for Other than Cause. If the Company terminates Manager’s employment for any reason other than Cause, the Company shall pay Manager the following: (a) An amount equal to Manager’s monthly base salary in effect at the time of such termination of employment for a period of twelve (12) months thereafter. Such amount shall be paid to Manager periodically in accordance with the Company’s customary payroll practices for management employees. (b) The base salary and accrued but unused paid vacation time earned through the date of termination and any incentive compensation earned for the preceding fiscal year that is not yet paid. (c) Continued coverage for Manager and/or Manager’s family under the Company’s health plan pursuant to Title I, Part 6 of the Employee Retirement Income Security Act of 1974 (“COBRA”) and for such purpose the date of Manager’s termination of employment shall be considered the date of the “qualifying event” as such term is defined by COBRA. During the period beginning on the date of such termination and ending at the end of the period described in Section 4.01(a), Manager shall be charged for such coverage in the amount that he she would have paid for such coverage had he she remained employed by the Company, and for the duration of the COBRA period, Manager shall be charged for such coverage in accordance with the provisions of COBRA.

Appears in 1 contract

Samples: Employment Agreement (First Mid Illinois Bancshares Inc)

Termination by the Company for Other than Cause. If the Company terminates ManagerExecutive’s employment for any reason other than Cause, the Company shall pay Manager Executive the following: (a) An amount equal to ManagerExecutive’s monthly base salary in effect at the time of such termination of employment for a period of twelve (12) months thereafter. Such amount shall be paid to Manager Executive periodically in accordance with the Company’s customary payroll practices for management employees. (b) The base salary and accrued but unused paid vacation time earned through the date of termination and any incentive compensation earned for the preceding fiscal year that is not yet paid. (c) Continued coverage for Manager Executive and/or ManagerExecutive’s family under the Company’s health plan pursuant to Title I, Part 6 of the Employee Retirement Income Security Act of 1974 (“COBRA”) and for such purpose the date of ManagerExecutive’s termination of employment shall be considered the date of the “qualifying event” as such term is defined by COBRA. During the twelve month period beginning on the date of such termination and ending at termination, the end of the period described in Section 4.01(a), Manager Executive shall be charged for such coverage in the amount that he would have paid for such coverage had he remained employed by the Company, and for the duration of the COBRA period, Manager the Executive shall be charged for such coverage in accordance with the provisions of COBRA.

Appears in 1 contract

Samples: Employment Agreement (First Mid Illinois Bancshares Inc)

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