Common use of Termination by the Company Without Just Cause Clause in Contracts

Termination by the Company Without Just Cause. If the Company terminates this Agreement prior to its expiration (including extensions as provided in Section 1.b.) for any reason other than for Just Cause or the death or Disability (as defined in Section 7.e.) of the Employee, the Company shall: (i) Within thirty (30) days of the Termination Date, pay to the Employee a lump sum severance payment equal to three (3) times the sum of: a) the Employee’s highest Base Salary during the previous two years of employment immediately preceding the Termination Date, plus b) the highest Bonus paid to the Employee for a year within the same two year period of employment immediately preceding the Termination Date, (ii) Pay to the Employee any unpaid expense reimbursement upon presentation by the Employee of an accounting of such expenses in accordance with normal Company practices, but no later than March 15 of the year following the year of termination, (iii) Immediately vest any unvested Company stock options and restricted stock (excluding all LTIP shares), (iv) Pay any deferred income or Retirement Compensation (under Section 4.c.) or other benefit payments due under this or any other agreements or plans, provided such payments shall be made under the schedule originally contemplated in the agreement under which they were granted, (v) Make any other payments or provide any benefits earned under this or any other employment agreement or plan, including the Company’s Long-Term Incentive Plan, and (vi) Continue coverage of the Employee and any dependents covered at the time of termination under the Company’s group health plans at the Company’s cost for a period equal to the lesser of (i) 18 months or (ii) such period as the Employee is eligible to participate in another employer’s health plan.

Appears in 1 contract

Samples: Employment Agreement (Petroleum Development Corp)

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Termination by the Company Without Just Cause. If the Company terminates this Agreement prior to its expiration (including extensions as provided in Section 1.b.) for any reason other than for Just Cause or the death or Disability (as defined in Section 7.e.) of the Employee, the Company shall: (i) Within thirty (30) days of the Termination Date, pay to the Employee a lump sum severance payment equal to three (3) times the sum of: a) the Employee’s 's highest Base Salary during the previous two years of employment immediately preceding the Termination Date, plus b) the highest Bonus paid or payable to the Employee for a year within the same two year period of employment immediately preceding the Termination Date, (ii) Pay to the Employee any unpaid expense reimbursement upon presentation by the Employee of an accounting of such expenses in accordance with normal Company practices, but no later than March 15 of the year following the year of termination, (iii) Immediately vest any unvested Company stock options and restricted stock (excluding all LTIP shares, including the 2007 and 2008 LTIP shares), (iv) Pay any deferred income or Retirement Compensation (under Section 4.c.) or other benefit payments due under this or any other agreements or plans, provided such payments shall will be made under the schedule originally contemplated in the agreement under which they were granted, (v) Make any other payments or provide any benefits earned under this or any other employment agreement or plan, including the Company’s Long-Term Incentive Plan, and (vi) Continue coverage of the Employee and any dependents covered at the time of termination under the Company’s group health plans at the Company’s cost for a period equal to the lesser of (i) 18 months or (ii) such period as the Employee is eligible to participate in another employer’s health plan.

Appears in 1 contract

Samples: Employment Agreement (Petroleum Development Corp)

Termination by the Company Without Just Cause. If the Company terminates this Agreement prior to its expiration (including extensions as provided in Section 1.b.) for any reason other than for Just Cause or the death or Disability (as defined in Section 7.e.) of the Employee, the Company shall: (i) Within thirty forty (3040) days of after the Termination Date, pay to the Employee a lump sum severance payment equal to three (3) times the sum of: a) the Employee’s highest Base Salary during the previous two years of employment immediately preceding the Termination Date, plus b) the highest Bonus paid or payable to the Employee for a year within the same two year period of employment immediately preceding the Termination Date, (ii) Pay to the Employee any unpaid expense reimbursement upon presentation by the Employee of an accounting of such expenses in accordance with normal Company practices, but no later than March 15 of the year following the year of termination, (iii) Immediately vest any unvested Company stock options options, SARs, and restricted stock (excluding all LTIP sharesshares which provide otherwise as part of such grant), (iv) Pay any deferred income or Retirement Compensation (under Section 4.c.) or other benefit payments due under this or any other agreements or plans, provided such payments shall be made under the schedule originally contemplated in the agreement under which they were granted, (v) Make any other payments or provide any benefits earned under this or any other employment agreement or plan, including the Company’s Longlong-Term Incentive Planterm incentive plan, and (vi) Continue coverage of the Employee and any dependents covered at the time of termination under the Company’s group health plans at the Company’s cost for a period equal to the lesser of (i) 18 months or (ii) such period as the Employee is eligible to participate in another employer’s health plan.

Appears in 1 contract

Samples: Employment Agreement (Petroleum Development Corp)

Termination by the Company Without Just Cause. If the Company terminates this Agreement prior to its expiration (including extensions as provided in Section 1.b.) for any reason other than for Just Cause or the death or Disability (as defined in Section 7.e.) of the Employee, the Company shall: (i) Within thirty (30) days of after the Termination Date, pay to the Employee a lump sum severance payment equal to three (3) times the sum of: a) the Employee’s 's highest Base Salary during the previous two years of employment immediately preceding the Termination Date, plus b) the highest Bonus paid or payable to the Employee for a year within the same two year period of employment immediately preceding the Termination Date, (ii) Pay to the Employee any unpaid expense reimbursement upon presentation by the Employee of an accounting of such expenses in accordance with normal Company practices, but no later than March 15 of the year following the year of termination, (iii) Immediately vest any unvested Company stock options and restricted stock (excluding all LTIP shares), (iv) Pay any deferred income or Retirement Compensation (under Section 4.c.) or other benefit payments due under this or any other agreements or plans, provided such payments shall be made under the schedule originally contemplated in the agreement under which they were granted, (v) Make any other payments or provide any benefits earned under this or any other employment agreement or plan, including the Company’s Long-Term Incentive Plan, and (vi) Continue coverage of the Employee and any dependents covered at the time of termination under the Company’s group health plans at the Company’s cost for a period equal to the lesser of (i) 18 months or (ii) such period as the Employee is eligible to participate in another employer’s health plan.

Appears in 1 contract

Samples: Employment Agreement (Petroleum Development Corp)

Termination by the Company Without Just Cause. If the Company terminates this Agreement prior to its expiration (including extensions as provided in Section 1.b.) for any reason other than for Just Cause or the death or Disability (as defined in Section 7.e.) of the Employee, the Company shall: (i) Within thirty (30) days of after the Termination Date, pay to the Employee a lump sum severance payment equal to three (3) times the sum of: a) the Employee’s highest Base Salary during the previous two years of employment immediately preceding the Termination Date, plus b) the highest Bonus paid or payable to the Employee for a year within the same two year period of employment immediately preceding the Termination Date, (ii) Pay to the Employee any unpaid expense reimbursement upon presentation by the Employee of an accounting of such expenses in accordance with normal Company practices, but no later than March 15 of the year following the year of termination, (iii) Immediately vest any unvested Company stock options and restricted stock (excluding all LTIP sharesshares which provide otherwise as part of such grant), (iv) Pay any deferred income or Retirement Compensation (under Section 4.c.) or other benefit payments due under this or any other agreements or plans, provided such payments shall be made under the schedule originally contemplated in the agreement under which they were granted, (v) Make any other payments or provide any benefits earned under this or any other employment agreement or plan, including the Company’s Long-Term Incentive Plan, and (vi) Continue coverage of the Employee and any dependents covered at the time of termination under the Company’s group health plans at the Company’s cost for a period equal to the lesser of (i) 18 months or (ii) such period as the Employee is eligible to participate in another employer’s health plan.

Appears in 1 contract

Samples: Employment Agreement (Petroleum Development Corp)

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Termination by the Company Without Just Cause. If the Company terminates this Agreement prior to its expiration (including extensions as provided in Section 1.b.) for any reason other than for Just Cause or the death or Disability (as defined in Section 7.e.) of the Employee, the Company shall: (i) Within thirty forty (3040) days of after the Termination Date, pay to the Employee a lump sum severance payment equal to three (3) times the sum of: a) the Employee’s 's highest Base Salary during the previous two years of employment immediately preceding the Termination Date, plus b) the highest Bonus paid or payable to the Employee for a year within the same two year period of employment immediately preceding the Termination Date, (ii) Pay to the Employee any unpaid expense reimbursement upon presentation by the Employee of an accounting of such expenses in accordance with normal Company practices, but no later than March 15 of the year following the year of termination, (iii) Immediately vest any unvested Company stock options options, SARs, and restricted stock (excluding all LTIP shares), (iv) Pay any deferred income or Retirement Compensation (under Section 4.c.) or other benefit payments due under this or any other agreements or plans, provided such payments shall be made under the schedule originally contemplated in the agreement under which they were granted, (v) Make any other payments or provide any benefits earned under this or any other employment agreement or plan, including the Company’s Longlong-Term Incentive Planterm incentive plan, and (vi) Continue coverage of the Employee and any dependents covered at the time of termination under the Company’s group health plans at the Company’s cost for a period equal to the lesser of (i) 18 months or (ii) such period as the Employee is eligible to participate in another employer’s health plan.

Appears in 1 contract

Samples: Employment Agreement (Petroleum Development Corp)

Termination by the Company Without Just Cause. If the Company terminates this Agreement prior to its expiration (including extensions as provided in Section 1.b.) June 30, 2013 for any reason other than for Just Cause or the death or Disability (as defined in Section 7.e.) of the Employee, the Company shall: (i) Within thirty Pay to the Employee, within forty (3040) days of after the Termination Date, pay to the Employee a lump sum severance payment equal to three (3) times the sum of: a) amount of the Employee’s highest then Base Salary during the previous two years of employment immediately preceding remaining to be paid to Employee from the Termination Date until the Ending Date plus, as soon as practicable when determined (but no later than March 15 of the year following the year of termination), the amount of Bonus that Employee would have been paid had Employee been employed through the Ending Date, plus b) the highest Bonus paid to the Employee for a year within the same two year period of employment immediately preceding the Termination Date,; (ii) Pay to the Employee any unpaid expense reimbursement upon presentation by the Employee of an accounting of such expenses in accordance with normal Company policies and practices, but no later than March 15 of the year following the year of termination,; (iii) Immediately vest any unvested Company stock options options, SARs, and restricted stock (excluding all LTIP sharesshares which shall be governed by the terms of the LTIP award documents),; (iv) Pay any deferred income or Retirement Compensation (under Section 4.c.) or other benefit payments due under this or any other agreements or plans, provided such payments shall be made under the schedule originally contemplated in the agreement under which they were granted, (v) Make any other payments or provide any benefits earned under this or any other employment agreement or plan, including the Company’s Long's long-Term Incentive Plan, term incentive plan; and (viv) Continue coverage of the Employee and any dependents covered at the time of termination under the Company’s 's group health plans at the Company’s 's cost for a period equal to the lesser of (iA) 18 eighteen (18) months or (iiB) such period as the Employee is eligible to participate in another employer’s 's health plan.

Appears in 1 contract

Samples: Employment Agreement (Petroleum Development Corp)

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