TERMINATION OF EMPLOYMENT AND SEVERANCE PAY Sample Clauses

TERMINATION OF EMPLOYMENT AND SEVERANCE PAY. 39.14.1 Termination of employment and severance pay shall be as per the current Employment Standards Act.

TERMINATION OF EMPLOYMENT AND SEVERANCE PAY. Executive's employment under this Agreement may be terminated by either party at any time for any reason; PROVIDED, HOWEVER, that if Executive's employment is terminated by the Company for any reason other than for cause, he shall receive, as severance pay, up to six (6) month's then current salary paid in regular bi-weekly payments (the "Salary Continuation"), subject to reduction as provided in Section 3.1.2. Further, if Executive shall be terminated without cause, receipt of severance payments described in the preceding sentence is conditioned upon execution by Executive and the Company of that mutual Waiver and Release attached hereto as Exhibit A. Further, Executive shall receive severance pay in accordance with this Section 3.1 if Executive shall terminate this Agreement due to a breach thereof by the Company or if Executive is directed by the Company (including, if applicable, any successor) to engage in any act or action constituting fraud or any unlawful conduct relating to the Company or its business as may be determined by application of applicable law. For purposes of this Section 3.1, termination of employment shall include a change of employment such that Executive shall no longer be employed by the Company as a Vice President or as its senior executive responsible for the accounting and finance function of the Company or at a salary less than Executive's current salary.

TERMINATION OF EMPLOYMENT AND SEVERANCE PAY. Executive's employment under this Agreement may be terminated by either party at any time for any reason; provided, however, that if Executive's employment is terminated for any reason other than for cause, he shall receive, as severance pay, one (1) month's current salary for each full and partial year of service. Further, if Executive shall be terminated without cause, receipt of severance payments described in the preceding sentence are conditioned upon execution by Executive and the Company of that mutual Waiver and Release attached hereto as Exhibit A. Further, Executive shall receive severance pay in accordance with this Section 3.1 if Executive shall terminate this Agreement due to a breach thereof by the Company or if Executive is directed by the Company (including, if applicable, any successor) to engage in any act or action constituting fraud or any unlawful conduct relating to the Company or its business as may be determined by application of applicable law.

TERMINATION OF EMPLOYMENT AND SEVERANCE PAY. Executive's employment under this Agreement may be terminated by either party at any time for any reason; provided, however, that if Executive's employment is terminated by the Company for any reason other than for Cause (as such term is defined herein), he shall receive, as severance pay, one (1) year's current salary paid in regular bi-weekly payments (the "Salary Continuation") plus a lump sum payment equal to one (1) years current salary (the "Lump Sum Payment"). The Lump Sum Payment shall be paid to Executive within five (5) business days of Executives termination for any reason other than for cause. Executive and his family shall continue to be covered by Company's health and dental plan for the period of time Executive shall receive Salary Continuation pursuant to the preceding sentence upon the same terms and conditions under which Executive and his family were covered at the time of his termination. Further, if Executive shall be terminated without Cause, receipt of Salary Continuation and the Lump Sum Payment described above is conditioned upon execution by Executive and the Company of that mutual Waiver and Release attached hereto as Exhibit A. Further, Executive shall receive Salary Continuation and the Lump Sum Payment in accordance with this Section 3.1 if Executive shall terminate this Agreement due to a breach thereof by the Company or if Executive is directed by the Company (including, if applicable, any successor) to engage in any act or action constituting fraud or any unlawful conduct relating to the Company or its business as may be determined by application of applicable law. If Executive shall become entitled to receive Salary Continuation pursuant to this Section 3.1; (a) all stock options of SIG and Goran (including any subsidiary of either SIG or Goran) existing as of the date hereof previously granted Executive shall vest in full and become exercisable as of the date of Executive's Termination; and (b) Executive shall have 180 days from the date of Termination of his employment with Company in which to exercise any unexercised stock options previously granted to Executive.

TERMINATION OF EMPLOYMENT AND SEVERANCE PAY. A. Except as provided in paragraph B of this section, in the event Employee is terminated or resigns upon request of Employer, and during such time that Employee is willing and able to perform Employee’s duties under this Agreement, Employer agrees to pay Employee a severance package as described in paragraph C of this section. B. The following reasons shall constitute grounds to terminate this Agreement without payment of the severance package provided in paragraph C. of this Agreement: 1. A willful breach of this Agreement or the willful neglect by Employee to perform the duties Employee is required to perform under this Agreement; or 2. Conviction of a criminal act which because of Employee’s position directly brings discredit upon Employer, for example: minor theft of City property, breach of Employer’s conflict of interest rules, breach of the New Mexico Governmental Conduct Act, and other similar criminal acts which, whether felonious or not, would discredit Employer or jeopardize the public’s trust and confidence for Employer; or 3. Employee’s gross negligence, or willful and continued failure to substantially perform assigned duties; or willfully engaging in conduct materially injurious to the Employer, monetarily or otherwise; or 4. Conviction of any felony offense. C. Except as provided in paragraph B of this section, in the event Employee is terminated or resigns upon request of Employer, and during such time Employee is willing and able to perform Employee’s duties under this Agreement, then in that event Employer agrees to pay Employee a lump sum cash severance payment equal to six (6) months of base salary on the condition that the Employee signs a separation agreement and release which includes a full release of all claims related to Employee’s employment. Employee will be compensated for all unused and accrued vacation. Employer agrees to provide the employee a lump sum payment equal to the Employer portion of Medical coverage for six (6) months under the Consolidated Omnibus Budget Reconciliation Act (COBRA) should the Employee elect COBRA coverage. Sick leave accrued to that date shall be paid out in accordance with City work rules applicable to non-union employees. The benefits provided, as a part of termination, shall not include the continued accrual of leave benefits beyond the date of termination. The six (6) months’ base salary shall be paid under the conditions referenced herein and shall be paid without regard to whether the Emplo...

TERMINATION OF EMPLOYMENT AND SEVERANCE PAY. Executive's ------------------------------------------------ employment under this Agreement may be terminated by either party at any time for any reason; provided, however, that if Executive's employment is terminated -------- ------- by the Company for any reason other than for Cause (as such term is defined herein), Executive shall receive, as severance pay an amount equal to salary plus bonus as set forth herein. Executive shall receive one (1) years current salary paid in regular bi-weekly payments (the "Salary Continuation") plus a lump sum payment equal to one (1) years current salary (the "Lump Sum Payment") plus, for a period of two (2) years following the date of termination, an annual amount equal to the average of the bonus amounts earned by the Executive for the two (2) year period preceding the date of termination. The Lump Sum Payment shall be paid to Executive within five (5) business days of Executive's termination for any reason other than for Cause. Executive and his family shall continue to be covered by Company's health and dental plan for the period of two years for the date of termination of employment upon the same terms and conditions under which Executive and his family were covered at the time of his termination. Further, if Executive shall be terminated without Cause, receipt of Salary Continuation and the Lump Sum Payment described above is conditioned upon execution by Executive and the Company of a mutual waiver and release agreement substantially in the form of Exhibit A attached hereto. Further, Executive shall receive Salary Continuation and the Lump Sum Payment in accordance with this Section 3.1 if Executive shall terminate this Agreement due to a breach thereof by the Company or if Executive is directed by the Company (including, if applicable, any successor) to engage in any act or action constituting fraud or any unlawful conduct relating to the Company or its business as may be determined by application of applicable law. If Executive shall become entitled to receive Salary Continuation pursuant to this Section 3.1; (a) all stock options of SIG and Goran (including any subsidiary of either SIG or Goran) existing as of the date hereof previously granted Executive shall vest in full and become exercisable as of the date of Executive's termination; and (b) Executive shall have not less than one hundred eighty (180) days from the date of termination of his employment with Company in which to exercise any unexercised stoc...

TERMINATION OF EMPLOYMENT AND SEVERANCE PAY. Solely in the event that the Companies terminate Xxxxx' employment without Cause prior to December 31, 2002, or the later extended Term of Employment under this Agreement, at a time when he is fully willing and able to perform his duties as an employee of the Companies (and in no other circumstances, e.g., Xxxxx' voluntary termination, disability, or death), Trinity shall, subject to the limitation at Section 6(d) hereof, be required to pay to Xxxxx, as "Xxxxxxxxx Pay", an amount equal to his Salary for 6 months at the rate then in effect pursuant to Section 2 above. However, nothing contained herein shall be construed to require the Companies to Continue to employ Xxxxx for any particular period of time, and the Companies shall be entitled to terminate Xxxxx' employment at any time with or without Cause, subject to the provision of the immediately preceding sentence and Sections 7 and 8 hereof, if applicable. If Xxxxx' employment is terminated without Cause as stated above, Xxxxx would have two years from the date of his termination to exercise all grants of stock options which have been granted him under the 1998 Stock Option Plan. Xxxxx shall have the right to terminate his employment upon 60 days' written notice to the Companies.

TERMINATION OF EMPLOYMENT AND SEVERANCE PAY. Executive's employment under this Agreement may be terminated by the Company at any time for any reason; provided, however, that if Executive's employment is terminated for any reason other than for cause, he shall receive, as severance pay, an amount equal to his salary for a period of one (1) year from the date of termination of employment. Further, if Executive shall be terminated without cause, receipt of severance payments are conditioned upon execution by Executive and the Company of that mutual Agreement of Release and Waiver attached hereto as Exhibit B.

TERMINATION OF EMPLOYMENT AND SEVERANCE PAY. Section 3(C) is amended in the following manner (underline is new text and strikethrough is deleted text): Except as provided in paragraph B of this section, in the event Employee is terminated or resigns upon request of Employer, and during such time Employee is willing and able to perform Employee’s duties under this Agreement, then in that event Employer agrees to pay Employee a lump sum cash severance payment equal to: (a) six (6) months of base salary; and (b) one (1) week of base salary for every full year of cumulative service with the Employer. Payment shall be made on the condition that the Employee signs a separation agreement and release which includes a full release of all claims related to Employee’s employment. Employee will be compensated for all unused and accrued vacation. Employer agrees to provide the employee a lump sum payment equal to the Employer portion of Medical coverage for a period equal to that used to calculate the total lump sum cash severance payment six (6) months under the Consolidated Omnibus Budget Reconciliation Act (COBRA) should the Employee elect COBRA coverage. Sick leave accrued to that date shall be paid out in accordance with City work rules applicable to non-union employees with fifteen (15) years of experience that separate (voluntarily, termination, or requested resignation) from the City. The benefits provided, as a part of termination, shall not include the continued accrual of leave benefits beyond the date of termination. The six (6) months’ base salary and one (1) week of base salary for every full year of cumulative service shall be paid under the conditions referenced herein and shall be paid without regard to whether the Employee has secured other employment. The six (6) months’ base salary and one (1) week of base salary for every full year of cumulative service shall not be considered eligible for PERA contributions or as any form of PERA service credit. All amounts set forth in the above paragraph shall be subject to applicable withholdings including federal, state and local taxes.

TERMINATION OF EMPLOYMENT AND SEVERANCE PAY. Executive's employment under this Agreement may be terminated by the Company at any time for any reason; provided, however, that if Executive's employment is terminated for any reason other than for cause prior to February 14, 1999, he shall receive, as severance pay, an amount equal to his salary which would have been otherwise payable from the date of termination of employment to August 13, 1999. If Executive's employment is terminated subsequent to February 13, 1999 for any reason other than for cause, he shall receive, as severance pay, an amount equal to six (6) month's current salary. Further, if Executive shall be terminated without cause, receipt of severance payments are conditioned upon execution by Executive and the Company of that mutual Agreement of Release and Waiver attached hereto as Exhibit A. Further, Executive shall receive severance pay in accordance with this Section 3.1 if Executive shall terminate this Agreement due to a breach thereof by the Company or if Executive is directed by the Company (including, if applicable, any successor) to engage in any act or action constituting fraud or any unlawful conduct relating to the Company or its business as may be determined by application of applicable law. The Chief Executive Officer of the Company may, in his sole and absolute discretion, provide Executive notice of the Company's intent to terminate this Agreement as of a future date. In such event, Executive shall receive the right to remain employed by the Company for a period of six (6) months, in lieu of severance payments pursuant to this Section 3.1.