TERMINATION BY THE COMPANY OTHER THAN FOR CAUSE OR BY THE EMPLOYEE FOR GOOD REASON. If during the Employment Period the Company terminates the Employee's employment other than for Cause or the Employee terminates his employment for Good Reason, the Employee shall be entitled to: (a) receive payment of the following accrued obligations (the "Accrued Obligations"): (i) the Employee's Annual Base Salary through the Date of Termination to the extent not theretofore paid; and (ii) any compensation previously deferred by the Employee (together with accrued interest or earnings thereon, if any) and any accrued vacation pay which would be payable under the Company's standard policy, in each case to the extent not theretofore paid; (b) for 18 months after the Date of Termination, Employee's premiums for health insurance benefit continuation for Employee and his family members, if applicable, which the Company provides to the Employee under the provisions of the federal Comprehensive Omnibus Budget Reconciliation Act of 1986, as amended ("COBRA"), to the extent that the Company would have paid such premiums had the Employee remained employed by the Company; and (c) an amount as severance pay equal to one and one-half times the Annual Base Salary for the fiscal year in which the Date of Termination occurs, plus a percentage of such Annual Base Salary equal to the percentage paid under the Company's Executive Incentive Plan (or any successor plan) for the prior fiscal year (the "Severance Obligation").
Appears in 3 contracts
Samples: Employment Agreement (Wall Data Inc), Employment Agreement (Wall Data Inc), Employment Agreement (Wall Data Inc)
TERMINATION BY THE COMPANY OTHER THAN FOR CAUSE OR BY THE EMPLOYEE FOR GOOD REASON. If during the Employment Period the Company terminates the Employee's employment other than for Cause or the Employee terminates his employment for Good Reason, the Employee shall be entitled to:
(a) receive payment of the following accrued obligations (the "Accrued Obligations"):
(i) the Employee's Annual Base Salary through the Date of Termination to the extent not theretofore paid; and
(ii) any compensation previously deferred by the Employee (together with accrued interest or earnings thereon, if any) and any accrued vacation pay which would be payable under the Company's standard policy, in each case to the extent not theretofore paid;
(b) for 18 months after the Date of Termination, Employee's premiums for health insurance benefit continuation for Employee and his family members, if applicable, which the Company provides to the Employee under the provisions of the federal Comprehensive Omnibus Budget Reconciliation Act of 1986, as amended ("COBRA"), to the extent that the Company would have paid such premiums had the Employee remained employed by the Company; and
(c) an amount as severance pay equal to one two and one-half times the Annual Base Salary for the fiscal year in which the Date of Termination occurs, plus a percentage of such Annual Base Salary equal to the percentage paid under the Company's Executive Incentive Plan (or any successor plan) for the prior fiscal year (the "Severance Obligation").
Appears in 2 contracts
Samples: Employment Agreement (Wall Data Inc), Employment Agreement (Wall Data Inc)
TERMINATION BY THE COMPANY OTHER THAN FOR CAUSE OR BY THE EMPLOYEE FOR GOOD REASON. If during the Employment Period Term the Company terminates the Employee's ’s employment other than for Cause or the Employee terminates his employment for Good Reason, the Employee shall be entitled to:
(a) receive payment of the following accrued obligations (the "“Accrued Obligations"”):
(i) the Employee's Annual Base Salary ’s then current annual base salary through the Date of Termination to the extent not theretofore paid; and
(ii) any compensation previously deferred by the Employee (together with accrued interest or earnings thereon, if any) and any accrued vacation pay which that would be payable under the Company's ’s standard policy, in each case to the extent not theretofore paid;
(b) for 18 six (6) months after the Date of TerminationTermination or until the Employee qualifies for comparable medical and dental insurance benefits from another employer, whichever occurs first, the Company shall pay the Employee's ’s premiums for health insurance benefit continuation for the Employee and his family members, if applicable, which that the Company provides to the Employee under the provisions of the federal Comprehensive Consolidated Omnibus Budget Reconciliation Act of 19861985, as amended ("“COBRA"”), to the extent that the Company would have paid such premiums had the Employee remained employed by the CompanyCompany (such continued payment is hereinafter referred to as “COBRA Continuation”); and
(c) an amount as severance pay equal to one and one-half times fifty percent (50%) of the Annual Base Salary Employee’s then current annual base salary for the fiscal year in which the Date of Termination occurs, plus a percentage of such Annual Base Salary equal subject to the percentage paid under the Company's Executive Incentive Plan (or any successor plan) for the prior fiscal year (the "Severance Obligation")payment as set forth in Sections 5.5 and 5.9 hereof.
Appears in 1 contract
Samples: Key Employee Severance Agreement (Poniard Pharmaceuticals, Inc.)
TERMINATION BY THE COMPANY OTHER THAN FOR CAUSE OR BY THE EMPLOYEE FOR GOOD REASON. If during the Employment Period Term the Company terminates the Employee's ’s employment other than for Cause or the Employee terminates his the Employee’s employment for Good Reason, the Employee shall be entitled to:
(a) receive payment of the following accrued obligations (the "“Accrued Obligations"”):
(i) the Employee's Annual Base Salary ’s then current annual base salary through the Date of Termination to the extent not theretofore paid; and;
(ii) any compensation previously deferred by the Employee (together with accrued interest or earnings thereon, if any); and
(iii) and any accrued vacation pay which that would be payable under the Company's ’s standard policy, in each case to the extent not theretofore paid;
(b) have the Company pay for 18 six (6) months after the Date of TerminationTermination or until the Employee qualifies for comparable medical and dental insurance benefits from another employer, whichever occurs first, the Employee's ’s premiums for health insurance benefit continuation for the Employee and his the Employee’s family members, if applicable, which that the Company provides to the Employee under the provisions of the federal Comprehensive Consolidated Omnibus Budget Reconciliation Act of 19861985, as amended ("“COBRA"”), to the extent that the Company would have paid such premiums had the Employee remained employed by the CompanyCompany (such continued payment is hereinafter referred to as “COBRA Continuation”); and
(c) an amount as severance pay equal to one and one-half times fifty percent (50%) of the Annual Base Salary Employee’s then current annual base salary for the fiscal year in which the Date of Termination occurs, plus a percentage of such Annual Base Salary equal subject to the percentage paid under the Company's Executive Incentive Plan (or any successor plan) for the prior fiscal year (the "Severance Obligation")payment as set forth in Sections 5.5 and 5.9 hereof.
Appears in 1 contract
Samples: Key Employee Severance Agreement (Poniard Pharmaceuticals, Inc.)