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.
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 or poor performance, he shall receive, as severance pay salary continuation, at the salary rate in effect at the time of termination, until the end of the Term, (the "Severance Payments"). 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 3.2 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. Should Executive fail to adequately perform his duties as Executive Vice President of Superior, Executive shall receive written notification of such performance issues and shall have ninety (90) days to rectify such problem. Notwithstanding any other provision of this Agreement, if Executive (a) shall be terminated for poor performance (which shall be determined by the Chief Executive Officer of the Company and concurred in by a majority of the Board of Directors of Superior); or (b) provided a Notice of Non-Renewal, then Executive shall receive, as severance pay, salary continuation until the earlier to occur of: (a) one (1) year from the date of Executive's termination, or (b) Executive shall commence employment with a firm or entity other than the Company or its Affiliates such that his base salary is at or greater than the existing base salary pursuant to this Agreement. It is expressly understood and agreed that the amount of any payment to Executive required pursuant to this Section 3.2 shall be reduced (but not below zero) by any compensation received by Executive during the period called for in this Section 3.2.
TERMINATION OF EMPLOYMENT AND SEVERANCE PAY. Solely in the event that the Companies terminate Xxxxx'x 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'x 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 12 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'x 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'x 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. (A) It is understood and agreed that EMPLOYEE’s employment with NCTD shall be on an at-will basis, and that the BOARD may terminate this AGREEMENT at any time, with or without notice, as determined by the affirmative votes of a majority of the members of the BOARD at a meeting of the BOARD.
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. The Executive’s employment hereunder shall terminate under the following circumstances:
