Termination by the Employer without Cause; or by the Executive for Good Reason. (a) In the event the Employer terminates Executive’s employment under this Agreement without Cause or the Executive terminates Executive’s employment for Good Reason: (i) Executive shall be entitled to receive the Accrued Amounts; and (ii) subject to Executive’s compliance with Article III of this Agreement and Executive’s execution of a release of claims in favor of the Company Group and each of their respective officers and directors in a form provided by the Employer (the “Release”) and such Release becoming effective within 60 days following the Termination Date (such 60 day period, the “Release Execution Period”), the Executive shall be entitled to receive for 12 months following the Termination Date (the applicable period, the “Severance Period”) (A) (1) the continuation of Executive’s Base Salary, as in effect on the Termination Date and (2) an amount equal to the Executive’s target annual bonus as set by the Compensation Committee for the year in which the Termination Date occurs, and (B) an amount, if any, by which the Employer was subsidizing medical and dental insurance coverage for Executive and his eligible dependents immediately prior to Executive’s Termination Date, and in each case, amounts owed to the Executive will be payable in equal installments during the Severance Period in accordance with the Employer’s normal payroll practices, but no less frequently than monthly, commencing with the first ordinary Employer payroll date following the Release Execution Period; provided that the first installment payment shall include all amounts that would otherwise have been paid to Executive during the period beginning on the Termination Date and ending on the first payment date if no delay associated with the Release Execution Period had been imposed. The Employer shall provide Executive with the Release within five business days after the Termination Date. The parties agree that time is of the essence and each party agrees to work to complete the Release so that the prescribed time periods for execution and revocation of the Release under the Age Discrimination in Employment Act will lapse before the last day of the Release Execution Period.
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Samples: Employment Agreement (Chuy's Holdings, Inc.), Employment Agreement (Chuy's Holdings, Inc.), Employment Agreement (Chuy's Holdings, Inc.)
Termination by the Employer without Cause; or by the Executive for Good Reason. (a) In the event the Employer terminates Executive’s employment under this Agreement without Cause or the Executive terminates Executive’s employment for Good Reason:
(i) Executive shall be entitled to receive the Accrued Amounts; and
(ii) subject to Executive’s compliance with Article III of this Agreement and Executive’s execution of a release of claims in favor of the Company Group and each of their respective officers and directors in a form provided by the Employer (the “Release”) and such Release becoming effective within 60 days following the Termination Date (such 60 day period, the “Release Execution Period”), the Executive shall be entitled to receive for 12 months two years following the Termination Date (the applicable period, the “Severance Period”) (A) (1) the continuation of Executive’s Base Salary, as in effect on the Termination Date and (2) an amount equal to the Executive’s target annual bonus as set by the Compensation Committee for the year in which the Termination Date occurs, and (B) an amount, if any, by which the Employer was subsidizing medical and dental insurance coverage for Executive and his eligible dependents immediately prior to Executive’s Termination Date, and in each case, amounts owed to the Executive will be payable in equal installments during the Severance Period in accordance with the Employer’s normal payroll practices, but no less frequently than monthly, commencing with the first ordinary Employer payroll date following the Release Execution Period; provided that the first installment payment shall include all amounts that would otherwise have been paid to Executive during the period beginning on the Termination Date and ending on the first payment date if no delay associated with the Release Execution Period had been imposed. The Employer shall provide Executive with the Release within five business days after the Termination Date. The parties agree that time is of the essence and each party agrees to work to complete the Release so that the prescribed time periods for execution and revocation of the Release under the Age Discrimination in Employment Act will lapse before the last day of the Release Execution Period.
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Termination by the Employer without Cause; or by the Executive for Good Reason. (a) In the event the Employer terminates Executive’s employment under this Agreement without Cause or the Executive terminates Executive’s employment for Good Reason:
(i) Executive shall be entitled to receive the Accrued Amounts; and
(ii) subject to Executive’s compliance with Article III of this Agreement and Executive’s execution of a release of claims in favor of the Company Group and each of their respective officers and directors in a form provided by the Employer (the “Release”) and such Release becoming effective within 60 days following the Termination Date (such 60 day period, the “Release Execution Period”), the Executive shall be entitled to receive for 12 months following the Termination Date (the applicable period, the “Severance Period”) (A) (1) the continuation of Executive’s Base Salary, as in effect on the Termination Date and (2) an amount equal to the Executive’s target annual bonus as set by the Compensation Committee for the year in which the Termination Date occurs, and (B) an amount, if any, by which the Employer was subsidizing medical and dental insurance coverage for Executive and his eligible dependents immediately prior to Executive’s Termination Date, and in each case, amounts owed to the Executive will be payable in equal installments during the Severance Period in accordance with the Employer’s normal payroll practices, but no less frequently than monthly, commencing with the first ordinary Employer payroll date following the Release Execution Period; provided that the first installment payment shall include all amounts that would otherwise have been paid to Executive during the period beginning on the Termination Date and ending on the first payment date if no delay associated with the Release Execution Period had been imposed. The Employer shall provide Executive with the Release within five business days after the Termination Date. The parties agree that time is of the essence and each party agrees to work to complete the Release so that the prescribed time periods for execution and revocation of the Release under the Age Discrimination in Employment Act will lapse before the last day of the Release Execution Period.
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