Common use of Termination by the Company Without Cause or Termination by Executive for Good Reason Clause in Contracts

Termination by the Company Without Cause or Termination by Executive for Good Reason. (a) After the Effective Date, if the Company shall terminate the Executive's employment without Cause, or if the Executive shall terminate his employment for Good Reason, this Agreement shall terminate and the Company shall pay and/or provide to the Executive the sum of the following: (1) Accrued Obligations that the Executive had accrued or earned as of the Date of Termination; (2) 200% of the sum of: (A) the Executive's Reduced Base Salary, plus (B) the Executive's target Annual Bonus (based on Reduced Base Salary) if the Incentive Plan is then in effect for the year in which the Date of Termination occurs, or if the Incentive Plan (as described in Section 4.4 hereof), or any similar annual bonus plan is not then in effect and its suspension or termination constituted a Good Reason basis for the Executive's termination of employment, then the Executive's target Annual Bonus under the Incentive Plan immediately prior to its suspension or termination; provided however, that if the Executive terminates his employment for Good Reason as specified in Section 1.14(e) (relating to the Company's requiring the Executive to be based at any office or location further than a fifty (50) mile radius from the Washington, D.C. metropolitan area), the 200% of Reduced Base Salary and target Annual Bonus shall be reduced to 100% of such Reduced Base Salary and target Annual Bonus.

Appears in 2 contracts

Samples: Employment Agreement (Us Airways Inc), Employment Agreement (Us Airways Inc)

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Termination by the Company Without Cause or Termination by Executive for Good Reason. (a) After the Effective Date, if the Company shall terminate the Executive's employment without Cause, or if the Executive shall terminate his her employment for Good Reason, this Agreement shall terminate and the Company shall pay and/or provide to the Executive the sum of the following: (1) Accrued Obligations that the Executive had accrued or earned as of the Date of Termination; (2) 200% of the sum of: (A) the Executive's Reduced Base Salary, plus (B) the Executive's target Annual Bonus (based on Reduced Base Salary) if the Incentive Plan is then in effect for the year in which the Date of Termination occurs, or if the Incentive Plan (as described in Section 4.4 hereof), or any similar annual bonus plan is not then in effect and its suspension or termination constituted a Good Reason basis for the Executive's termination of employment, then the Executive's target Annual Bonus under the Incentive Plan immediately prior to its suspension or termination; provided however, that if the Executive terminates his her employment for Good Reason as specified in Section 1.14(e) (relating to the Company's requiring the Executive to be based at any office or location further than a fifty (50) mile radius from the Washington, D.C. metropolitan area), the 200% of Reduced Base Salary and target Annual Bonus shall be reduced to 100% of such Reduced Base Salary and target Annual Bonus.

Appears in 1 contract

Samples: Employment Agreement (Us Airways Inc)

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Termination by the Company Without Cause or Termination by Executive for Good Reason. (a) After the Effective Date, if the Company shall terminate the Executive's ’s employment without Cause, or if the Executive shall terminate his employment for Good Reason, this Agreement shall terminate and the Company shall pay and/or provide to the Executive the sum of the following: (1) Accrued Obligations that the Executive had accrued or earned as of the Date of Termination; (2) 200% of the sum of: (A) the Executive's ’s Reduced Base Salary, plus (B) the Executive's ’s target Annual Bonus (based on Reduced Base Salary) if the Incentive Plan is then in effect for the year in which the Date of Termination occurs, or if the Incentive Plan (as described in Section 4.4 hereof), or any similar annual bonus plan is not then in effect and its suspension or termination constituted a Good Reason basis for the Executive's ’s termination of employment, then the Executive's ’s target Annual Bonus under the Incentive Plan immediately prior to its suspension or termination; provided however, that if the Executive terminates his employment for Good Reason as specified in Section 1.14(e) (relating to the Company's ’s requiring the Executive to be based at any office or location further than a fifty (50) mile radius from the Washington, D.C. metropolitan area), the 200% of Reduced Base Salary and target Annual Bonus shall be reduced to 100% of such Reduced Base Salary and target Annual Bonus.

Appears in 1 contract

Samples: Employment Agreement (Us Airways Group Inc)

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