Common use of Termination by the Company Other Than for Cause or by the Executive for Good Reason Clause in Contracts

Termination by the Company Other Than for Cause or by the Executive for Good Reason. If during the Term the Company terminates the Executive’s employment other than for Cause or the Executive terminates his employment for Good Reason, the Executive shall be entitled to: (a) receive payment of the following accrued obligations (the “Accrued Obligations”): (i) the Executive’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 Executive (together with accrued interest or earnings thereon, if any) and any accrued vacation pay that would be payable under the Company’s standard policy, in each case to the extent not theretofore paid; (b) for nine (9) months after the Date of Termination or until the Executive qualifies for comparable medical and dental insurance benefits from another employer, whichever occurs first, the Company shall pay the Executive’s premiums for health insurance benefit continuation for the Executive and his family members, if applicable, that the Company provides to the Executive under the provisions of the federal Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”), to the extent that the Company would have paid such premiums had the Executive remained employed by the Company (such continued payment is hereinafter referred to as “COBRA Continuation”); and (c) an amount as severance pay equal to seventy five percent (75%) of the Executive’s then current annual base salary for the fiscal year in which the Date of Termination occurs, subject to payment as set forth in Sections 5.5 and 5.9 hereof.

Appears in 3 contracts

Samples: Key Executive Severance Agreement (Poniard Pharmaceuticals, Inc.), Key Executive Severance Agreement (Poniard Pharmaceuticals, Inc.), Key Executive Severance Agreement (Poniard Pharmaceuticals, Inc.)

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Termination by the Company Other Than for Cause or by the Executive for Good Reason. If during the Term the Company terminates the Executive’s 's employment other than for Cause or the Executive terminates his her employment for Good Reason, the Executive shall be entitled to: (a) receive payment of the following accrued obligations (the "Accrued Obligations"): (i) the Executive’s '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 Executive (together with accrued interest or earnings thereon, if any) and any accrued vacation pay that would be payable under the Company’s 's standard policy, in each case to the extent not theretofore paid; (b) for nine (9) months after the Date of Termination or until the Executive qualifies for comparable medical and dental insurance benefits from another employer, whichever occurs first, the Company shall pay the Executive’s 's premiums for health insurance benefit continuation for the Executive and his her family members, if applicable, that the Company provides to the Executive under the provisions of the federal Consolidated Omnibus Budget Reconciliation Act of 1985, as amended ("COBRA"), to the extent that the Company would have paid such premiums had the Executive remained employed by the Company (such continued payment is hereinafter referred to as "COBRA Continuation"); and (c) an amount as severance pay equal to seventy five percent (75%) of the Executive’s 's then current annual base salary for the fiscal year in which the Date of Termination occurs, subject to payment and potential reduction as set forth in Sections 5.5 and 5.9 hereof.

Appears in 3 contracts

Samples: Key Executive Severance Agreement (Neorx Corp), Key Executive Severance Agreement (Neorx Corp), Key Executive Severance Agreement (Neorx Corp)

Termination by the Company Other Than for Cause or by the Executive for Good Reason. If during the Term the Company terminates the Executive’s employment other than for Cause or the Executive terminates his her employment for Good Reason, the Executive shall be entitled to: (a) receive payment of the following accrued obligations (the “Accrued Obligations”): (i) the Executive’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 Executive (together with accrued interest or earnings thereon, if any) and any accrued vacation pay that would be payable under the Company’s standard policy, in each case to the extent not theretofore paid; (b) for nine (9) months after the Date of Termination or until the Executive qualifies for comparable medical and dental insurance benefits from another employer, whichever occurs first, the Company shall pay the Executive’s premiums for health insurance benefit continuation for the Executive and his her family members, if applicable, that the Company provides to the Executive under the provisions of the federal Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”), to the extent that the Company would have paid such premiums had the Executive remained employed by the Company (such continued payment is hereinafter referred to as “COBRA Continuation”); and (c) an amount as severance pay equal to seventy five percent (75%) of the Executive’s then current annual base salary for the fiscal year in which the Date of Termination occurs, subject to payment as set forth in Sections 5.5 and 5.9 hereof.

Appears in 2 contracts

Samples: Key Executive Severance Agreement (Poniard Pharmaceuticals, Inc.), Key Executive Severance Agreement (Poniard Pharmaceuticals, Inc.)

Termination by the Company Other Than for Cause or by the Executive for Good Reason. If during the Term Employment Period the Company terminates the Executive’s 's employment other than for Cause or the Executive terminates his employment for Good Reason, the Executive shall be entitled to: (a) receive payment of the following accrued obligations (the "Accrued Obligations"): (i) the Executive’s then current annual base salary Annual Base Salary through the Date of Termination to the extent not theretofore paid; (ii) the product of (x) the Annual Bonus payable with respect to the fiscal year in which the Date of Termination occurs and (y) a fraction the numerator of which is the number of days in the current fiscal year through the Date of Termination, and the denominator of which is three hundred sixty-five (365); and (iiiii) any compensation previously deferred by the Executive (together with accrued interest or earnings thereon, if any) and any accrued vacation pay that would be payable under the Company’s 's standard policy, in each case to the extent not theretofore paid; (b) an amount as severance pay equal to the Annual Base Salary for nine the fiscal year in which the Date of Termination occurs, subject to payment and potential reduction as set forth in Section 8.5 hereof; (9c) months for one year after the Date of Termination or until the Executive qualifies for comparable medical and dental insurance benefits from another employer, whichever occurs first, the Company shall pay the Executive’s 's premiums for health insurance benefit continuation for the Executive and his family members, if applicable, that which the Company provides to the Executive under the provisions of the federal Consolidated Omnibus Budget Reconciliation Act of 1985, as amended ("COBRA"), to the extent that the Company would have paid such premiums had the Executive remained employed by the Company (such continued payment is hereinafter referred to as "COBRA Continuation"); and (cd) an amount as severance pay equal immediate vesting of all outstanding stock options previously granted to seventy five percent (75%) of the Executive’s then current annual base salary for Executive by the fiscal year in which the Date of Termination occurs, subject to payment as set forth in Sections 5.5 and 5.9 hereofCompany.

Appears in 1 contract

Samples: Change of Control Agreement (Neorx Corp)

Termination by the Company Other Than for Cause or by the Executive for Good Reason. If during the Term Employment Period the Company terminates the Executive’s employment other than for Cause or the Executive terminates his employment for Good Reason, the Executive shall be entitled to: (a) receive payment of the following accrued obligations (the “Accrued Obligations”): (i) the Executive’s then current annual base salary Annual Base Salary through the Date of Termination to the extent not theretofore paid; (ii) the product of (x) the Annual Bonus payable with respect to the fiscal year in which the Date of Termination occurs and (y) a fraction the numerator of which is the number of days in the current fiscal year through the Date of Termination, and the denominator of which is three hundred sixty-five (365); and (iiiii) any compensation previously deferred by the Executive (together with accrued interest or earnings thereon, if any) and any accrued vacation pay that would be payable under the Company’s standard policy, in each case to the extent not theretofore paid; (b) an amount as severance pay equal to the Annual Base Salary for nine the fiscal year in which the Date of Termination occurs, subject to payment and potential reduction as set forth in Section 8.5 hereof; (9c) months for one year after the Date of Termination or until the Executive qualifies for comparable medical and dental insurance benefits from another employer, whichever occurs first, the Company shall pay the Executive’s premiums for health insurance benefit continuation for the Executive and his family members, if applicable, that which the Company provides to the Executive under the provisions of the federal Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”), to the extent that the Company would have paid such premiums had the Executive remained employed by the Company (such continued payment is hereinafter referred to as “COBRA Continuation”); and (cd) an amount as severance pay equal immediate vesting of all outstanding stock options previously granted to seventy five percent (75%) of the Executive’s then current annual base salary for Executive by the fiscal year in which the Date of Termination occurs, subject to payment as set forth in Sections 5.5 and 5.9 hereofCompany.

Appears in 1 contract

Samples: Change of Control Agreement (Neorx Corp)

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Termination by the Company Other Than for Cause or by the Executive for Good Reason. If during the Term the Company terminates the Executive’s employment other than for Cause or the Executive terminates his employment for Good Reason, the Executive shall be entitled to: (a) receive payment of the following accrued obligations (the “Accrued Obligations”): (i) the Executive’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 Executive (together with accrued interest or earnings thereon, if any) and any accrued vacation pay that would be payable under the Company’s standard policy, in each case to the extent not theretofore paid; (b) for nine (9) months one year after the Date of Termination or until the Executive qualifies for comparable medical and dental insurance benefits from another employer, whichever occurs first, the Company shall pay the Executive’s premiums for health insurance benefit continuation for the Executive and his family members, if applicable, that the Company provides to the Executive under the provisions of the federal Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”), to the extent that the Company would have paid such premiums had the Executive remained employed by the Company (such continued payment is hereinafter referred to as “COBRA Continuation”); and (c) an amount as severance pay equal to seventy five one hundred percent (75100%) of the Executive’s then current annual base salary for the fiscal year in which the Date of Termination occurs, subject to payment and potential reduction as set forth in Sections 5.5 and 5.9 hereof.

Appears in 1 contract

Samples: Key Executive Severance Agreement (Neorx Corp)

Termination by the Company Other Than for Cause or by the Executive for Good Reason. If during the Term the Company terminates the Executive’s 's employment other than for Cause or the Executive terminates his her employment for Good Reason, the Executive shall be entitled to: (a) receive payment of the following accrued obligations (the "Accrued Obligations"): (i) the Executive’s '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 Executive (together with accrued interest or earnings thereon, if any) and any accrued vacation pay that would be payable under the Company’s 's standard policy, in each case to the extent not theretofore paid; (b) for nine (9) months one year after the Date of Termination or until the Executive qualifies for comparable medical and dental insurance benefits from another employer, whichever occurs first, the Company shall pay the Executive’s 's premiums for health insurance benefit continuation for the Executive and his her family members, if applicable, that the Company provides to the Executive under the provisions of the federal Consolidated Omnibus Budget Reconciliation Act of 1985, as amended ("COBRA"), to the extent that the Company would have paid such premiums had the Executive remained employed by the Company (such continued payment is hereinafter referred to as "COBRA Continuation"); and (c) an amount as severance pay equal to seventy five one hundred percent (75100%) of the Executive’s 's then current annual base salary for the fiscal year in which the Date of Termination occurs, subject to payment and potential reduction as set forth in Sections 5.5 and 5.9 hereof.

Appears in 1 contract

Samples: Key Executive Severance Agreement (Neorx Corp)

Termination by the Company Other Than for Cause or by the Executive for Good Reason. If during the Term the Company terminates the Executive’s employment other than for Cause or the Executive terminates his employment for Good Reason, the Executive shall be entitled to: (a) receive payment of the following accrued obligations (the “Accrued Obligations”): (i) the Executive’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 Executive (together with accrued interest or earnings thereon, if any) and any accrued vacation pay that would be payable under the Company’s standard policy, in each case to the extent not theretofore paid; (b) for nine (9) six months after the Date of Termination or until the Executive qualifies for comparable medical and dental insurance benefits from another employer, whichever occurs first, the Company shall pay the Executive’s premiums for health insurance benefit continuation for the Executive and his family members, if applicable, that the Company provides to the Executive under the provisions of the federal Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”), to the extent that the Company would have paid such premiums had the Executive remained employed by the Company (such continued payment is hereinafter referred to as “COBRA Continuation”); and (c) an amount as severance pay equal to seventy five fifty percent (7550%) of the Executive’s then current annual base salary for the fiscal year in which the Date of Termination occurs, subject to payment and potential reduction as set forth in Sections Section 5.5 and 5.9 hereof.

Appears in 1 contract

Samples: Key Executive Severance Agreement (Neorx Corp)

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