Termination of Employee for any Other Reason. The Employer shall have the right to terminate Employee's employment at any time at will for any reason upon ten (10) days prior written notice to Employee. If Employee's employment is terminated by the Employer during the Employment Term for any reason other than the reason set forth in Sections 5.01, 5.02 or 5.03 above, the Employer shall continue to pay to Employee for a period of one (1) year, an amount equal to one hundred percent (100%) of her then current Base Salary in installments on the same dates as the Employer makes payroll payments under its customary practice. Employee shall only be entitled to receive the Bonus pursuant to the Annual Incentive Plan for the year in which such termination occurs prorated and accrued to the date of termination. In such case Employee shall not be entitled to receive, unless otherwise required by law, any subsequent Other Benefits.
Appears in 2 contracts
Samples: Employment Agreement, Employment Agreement (Richardson Electronics LTD/De)
Termination of Employee for any Other Reason. The Employer shall have the right to terminate Employee's employment at any time at will for any reason upon ten (10) days prior written notice to Employee. If Employee's employment is terminated by the Employer during the Employment Term for any reason other than the reason set forth in Sections 5.01, 5.02 or 5.03 above, the Employer shall continue to pay to Employee for a period of one (1) year, an amount equal to one hundred percent (100%) of her his then current Base Salary in installments on the same dates as the Employer makes payroll payments under its customary practice. Employee shall only be entitled to receive the Bonus pursuant to the Annual Incentive Plan for the year in which such termination occurs prorated and accrued to the date of termination. In such case Employee shall not be entitled to receive, unless otherwise required by law, any subsequent Other Benefits.
Appears in 1 contract
Samples: Employment Agreement (Richardson Electronics LTD/De)
Termination of Employee for any Other Reason. The Employer shall have the right to terminate Employee's employment at any time at will for any reason upon ten (10) days prior written notice to Employee. If Employee's employment is terminated by the Employer during the Employment Term for any reason other than the reason set forth in Sections 5.01, 5.02 or 5.03 above, the Employer shall continue to pay to Employee for a period of one six (16) yearmonths, an amount equal to one hundred percent (100%) of her his then current Base Salary in installments on the same dates as the Employer makes make payroll payments under its customary practice. Employee shall only be entitled to receive the Bonus bonus pursuant to the Annual Incentive Plan for the year in which such termination occurs prorated and accrued to the date of termination. In such case Employee shall not be entitled to receive, unless otherwise required by law, any subsequent Other Benefits.
Appears in 1 contract
Samples: Employment Agreement (Richardson Electronics LTD/De)
Termination of Employee for any Other Reason. The Employer shall have the right to terminate Employee's ’s employment at any time at will for any reason upon ten (10) days prior written notice to Employee. If Employee's ’s employment is terminated by the Employer during the Employment Term for any reason other than the reason set forth in Sections 5.01, 5.02 or 5.03 above, the Employer shall continue to pay to Employee for a period of one (1) year, an amount equal to one hundred percent (100%) of her then current Base Salary in installments on the same dates as the Employer makes payroll payments under its customary practice. Employee shall only be entitled to receive the Bonus pursuant to the Annual Incentive Plan for the year in which such termination occurs prorated and accrued to the date of termination. In such case Employee shall not be entitled to receive, unless otherwise required by law, any subsequent Other Benefits.
Appears in 1 contract
Samples: Employment Agreement (Richardson Electronics LTD/De)
Termination of Employee for any Other Reason. The Employer shall have the right to terminate Employee's ’s employment at any time at will for any reason upon ten (10) days prior written notice to Employee. If Employee's ’s employment is terminated by the Employer during the Employment Term for any reason other than the reason set forth in Sections 5.01, 5.02 or 5.03 above, the Employer shall continue to pay to Employee for a period of one (1) year, an amount equal to one hundred percent (100%) of her his then current Base Salary in installments on the same dates as the Employer makes payroll payments under its customary practice. Employee shall only be entitled to receive the Bonus pursuant to the Annual Incentive Plan for the year in which such termination occurs prorated and accrued to the date of termination. In such case Employee shall not be entitled to receive, unless otherwise required by law, any subsequent Other Benefits.
Appears in 1 contract
Samples: Employment Agreement (Richardson Electronics LTD/De)