Common use of Termination Effect of Termination Clause in Contracts

Termination Effect of Termination. (a) Employee’s employment hereunder shall be terminated prior to the Expiration Date if Employee dies or becomes permanently disabled under circumstances in which he would be entitled to the benefits therefor under the long-term disability insurance coverage referred to in Section 2(b), in which case the Company and Employee shall be released from all further obligations and liabilities hereunder (except as provided in this Section 3, for obligations accrued but not yet paid, for those set forth in Section 5, for liability arising from any breach of this Agreement occurring prior to such termination and except that Employee and his beneficiaries shall be entitled to receive all disability and other benefits payable upon his death or disability). (b) If Employee’s employment hereunder is terminated by the Company without his consent or for any reason specified in Section 3(a) (each a “Termination Event”), then the Company shall be obligated for a period of time equal to the balance of the term of this Employment Agreement as set forth in Section 1 remaining as of such Termination Event (the “Severance Period”) to continue to make the full salary payments to Employee required by Section 2(a)(i). The Company shall also continue to provide to Employee during such Severance Period all health, medical, disability and insurance coverage provided for in Section 2(b). (c) For purposes hereof, during the Severance Period Employee shall be deemed to be in service and shall continue to accrue benefits under any retirement plan of the Company and any supplemental retirement benefits agreement in effect between the Company and Employee immediately prior to the Severance Period. All such payments shall be made without reference to or deduction for any subsequent employment obtained or obtainable by Employee. In the event that Employee would be ineligible to participate in or be covered by any noncash benefit plan or program by reason of such termination of his employment, the Company shall provide substantially similar benefits or coverage through other sources. (d) During the Severance Period the Company shall continue to make all payments of their portion of the premiums for the life insurance in effect with respect to Employee’s life. Employee shall also be entitled to receive or exercise during the Severance Period all other benefits and rights available under any benefit plans or programs to terminated or discharged employees. (e) Notwithstanding any of the other provisions of this Employment Agreement to the contrary, in the event that the Employee is convicted in a court of competent jurisdiction, or the Employee pleads guilty or makes a plea of nolo contendere of any felony crime, the Employee’s employment with the Company shall be terminated and all of the Employee’s rights to any and all compensation and benefits provided under and pursuant to the terms of this Employment Agreement, except to the extent protected by law, shall terminate.

Termination Effect of Termination. (a) Employee’s 's employment hereunder shall be terminated prior to the Expiration Date if Employee dies or becomes permanently disabled under circumstances in which he would be entitled to the benefits therefor under the long-term disability insurance coverage referred to in Section 2(b), in which case the Company Companies and Employee shall be released from all further obligations and liabilities hereunder (except as provided in this Section 34, for obligations accrued but not yet paid, for those set forth in Section 56, for liability arising from any breach of this Agreement occurring prior to such termination and except that Employee and his beneficiaries shall be entitled to receive all disability and other benefits payable upon his death or disability). (b) If Employee’s 's employment hereunder is terminated by any of the Company Companies without his consent or for any reason specified in Section 3(a4(a) or for his failure to consent under Section 13 (each a “"Termination Event”"), then the Company Companies shall be obligated for a period of time equal to the longer of (A) the balance of the three (3) year term of this Employment Agreement as set forth in Section 1 remaining as of such Termination Event and (B) one (1) year from the date of such Termination Event (the “"Severance Period”") to continue to (i) make the full salary payments to Employee required by Section 2(a)(i). The Company shall also continue to 2 and (ii) provide to Employee during such Severance Period all health, medical, disability and insurance coverage provided for in Section 2(b). (c) For purposes hereof, during the Severance Period Employee shall be deemed to be in service and shall continue to accrue benefits under any retirement plan of the Company Companies and any supplemental retirement benefits agreement in effect between the Company Companies and Employee immediately prior to the Severance Period. All such payments shall be made without reference to or deduction for any subsequent employment obtained or obtainable by Employee. In the event that Employee would be ineligible to participate in or be covered by any noncash benefit plan or program by reason of such termination of his employment, one or more of the Company Companies shall provide substantially similar benefits or coverage through other sources. (d) During the Severance Period the Company Companies shall continue to make all payments of their portion of the premiums for the life insurance in effect with respect to Employee’s 's life. Employee shall also be entitled to receive or exercise during the Severance Period all other benefits and rights available under any benefit plans or programs to terminated or discharged employees. (e) Notwithstanding any of the other provisions of this Employment Agreement to the contrary, in the event that the Employee is convicted in a court of competent jurisdiction, or the Employee pleads guilty or makes a plea of nolo contendere of any felony crime, the Employee’s employment with the Company shall be terminated and all of the Employee’s rights to any and all compensation and benefits provided under and pursuant to the terms of this Employment Agreement, except to the extent protected by law, shall terminate.

Termination Effect of Termination. (a) Employee’s employment hereunder shall be terminated prior to the Expiration Date if Employee dies or becomes permanently disabled under circumstances in which he would be entitled to the benefits therefor under the long-term disability insurance coverage referred to in Section 2(b2(d), in which case the Company IBC and Employee shall be released from all further obligations and liabilities hereunder (except as provided in this Section 3, for obligations accrued but not yet paid, for those set forth in Section 56, for liability arising from any breach of this Agreement occurring prior to such termination and except that Employee and his beneficiaries shall be entitled to receive all disability and other benefits payable upon his death or disability). (b) If Employee’s employment hereunder is terminated by the Company without his consent or for any reason specified in Section 3(a) (each a “Termination Event”), then then, within the 30 day period following such Termination Event, the Company shall be obligated make a lump sum payment to Employee in an amount equal to the sum of the remaining salary payments that Employee would have earned if he had continued working for a the Company for the period of time equal to the balance of the term of this Employment Agreement as set forth in Section 1 remaining as of such Termination Event (the “Severance Period”) to continue to make the full salary payments to Employee required by Section 2(a)(i). The Company shall also continue to provide to Employee during such Severance Period all health, medical, disability and insurance coverage provided for in Section 2(b2(d). (c) For purposes hereof, during the Severance Period Employee shall be deemed to be in service and shall continue to accrue benefits under any retirement plan of the Company and any supplemental retirement benefits agreement in effect between the Company and Employee immediately prior to the Severance Period. All such payments shall be made without reference to or deduction for any subsequent employment obtained or obtainable by Employee. In the event that Employee would be ineligible to participate in or be covered by any noncash benefit plan or program by reason of such termination of his employment, the Company shall provide substantially similar benefits or coverage through other sources. (d) During the Severance Period the Company shall continue to make all payments of their its portion of the premiums for the life insurance in effect with respect to Employee’s life. Employee shall also be entitled to receive or exercise during the Severance Period all other benefits and rights available under any benefit plans or programs to terminated or discharged employees. (e) Notwithstanding any amounts having been paid to Employee under Section 4, if, prior to the second anniversary of the Effective Time, Employee’s employment hereunder is terminated (i) by the Company without cause or (ii) by the Employee for good reason, (either such type of termination hereinafter referred to as an “Early Termination”), the Company, subject to the condition stated below, shall pay to Employee, in a lump sum, One Hundred Thousand dollars ($100,000) to compensate Employee for moving expenses and other relocating expenses related to Employee’s move from the Kansas City metropolitan area. Employee shall be eligible to receive the payment provided for under this Section 3(e) only if during the 18-month period following the Early Termination, Employee relocates his permanent residence more than 60 miles outside of the Kansas City metropolitan area. In the event Employee is eligible to receive the payment provided for under this Section 3(e), the Company shall pay Employee no later than 60 days following the date of such relocation. For purposes of this Section 3(e), Employee shall have been terminated by the Company for cause if such termination is a result of Employee’s willful misconduct that is materially injurious to the financial condition of the Company or the Employee’s failure to perform his duties, as communicated to Employee with reasonable specificity by the Company’s Chief Executive Officer or IBC’s Board of Directors, after express notice of such failure to perform and a 30-day opportunity to cure such failure. For purposes of this Section 3(e), Employee shall have terminated his employment for good reason if such termination is because of any material breach by the Company of any material term, condition or covenant contained in this Agreement, with express notice of such failure to perform and a 30-day opportunity to cure such failure. (f) Notwithstanding any of the other provisions of this Employment Agreement to the contrary, in the event that the Employee is convicted in a court of competent jurisdiction, or the Employee pleads guilty or makes a plea of nolo contendere of any felony crime, the Employee’s employment with the Company shall be terminated and all of the Employee’s rights to any and all compensation and benefits provided under and pursuant to the terms of this Employment Agreement, except to the extent protected by law, shall terminate.