Termination of Employment by Company Without Cause. In the event of Employee’s Termination of Employment by the Company without Cause, the then-outstanding Restricted Shares not vested at the date of such Termination of Employment will become fully vested on the date on which the Release Agreement becomes effective in accordance with its terms; provided, however, that if the Release Agreement is not executed by Employee or is revoked prior to becoming effective, the portion of the then-outstanding Restricted Shares not vested on the date of such Termination of Employment will be forfeited.
Termination of Employment by Company Without Cause. The Company may terminate this Agreement and Employee’s employment without cause and for any reason that it deems sufficient in its sole discretion, at any time during the Employment Term, by providing at least sixty (60) days’ prior written notice (the “Notice Period”), or salary payment in lieu of such prior notice, or any combination of prior notice and salary payment that equals sixty (60) days. In the event of the termination of this Agreement and Employee’s employment by the Company pursuant to this Section 4.1(b), Employee will be entitled to the following:
Termination of Employment by Company Without Cause. The Company --------------------------------------------------- may terminate Employee's employment with the Company at any time upon written notice, with or without cause. Provided, however, that if the Company terminates Employee's employment without cause, the Company shall pay to Employee Severance Compensation, as calculated in accordance with Paragraph 9. Severance Compensation, to the extent Employee elects to receive it in cash, shall be paid in three (3) equal annual installments commencing thirty (30) days from the date on which Employee received notice of his termination of employment.
Termination of Employment by Company Without Cause. 8.1. Company shall have no right to terminate Employee's employment hereunder without cause. If Company shall breach this provision, then, in addition to the rights specified in this Section 8, at Employee's sole option, (1) Company shall continue to pay to Employee wages and bonuses and to provide benefits all as in effect at the date of such breach for a period of five (5) years, or (2) Employee may bring suit against Company for damages including, without limitation, all legal fees, costs and disbursements incurred by Employee in pursuit of his rights hereunder.
8.2. If Company shall terminate Employee's employment other than for cause, Employee may, at his sole election, require Company to purchase all or any portion of his Membership Interests in Company at any time within five (5) years after such termination. If Employee shall so elect, Company shall buy and Employee shall sell Employee's Class A Membership Interests for the Buyout Amount specified in Section 9 below multiplied by the percentage of Membership Interest determined to be sold by Employee (the "Buyout Price").
8.2.1. Payments of the Buyout Price shall begin 90 days following the later of (i) the date of Employee's election to sell any portion or all of his Membership Interest, or (ii) the date the Buy Out Price has been fixed and shall be made in monthly installments as follows until the entire Buyout Price is paid in full. The amount of the first and second monthly installments shall be $50,000 each. Thereafter, the amount of each installment shall be the greater of: (i) 80% of the monthly salary being paid to Employee on the date of his termination, or (ii) 1/12th of 10% of the Company's net income before taxes calculated in accordance with generally accepted accounting principles (GAAP) consistently followed as determined by the Company's firm of independent certified public accountants. If the payment shall be determined under subprovision (ii), net income shall be estimated based upon internally prepared quarterly statements adjusted within thirty days following receipt of the Company's annual audited financial statements. If, after a termination of Employee's employment by the Company without cause, the Company shall close a public offering of its securities, then the payment under provision (ii) above shall increase to 1/12th of 30% of the Company's net income before taxes as referred to above. In addition, if Xxxxxx Xxxxxx shall sell all or substantially all of his interest in t...
Termination of Employment by Company Without Cause. 8.1 In the event this Agreement is terminated by the Company without cause under Section 3.1 (iii) hereof during the Initial Term or any Extended Term, as defined in Section 3.1 above, in addition to any right to notice described herein, the Employee shall have the right to receive amounts equal to the Gross Salary and to receive reimbursement for the purchase of benefits equal to those set forth in Section 4.2 for the following periods, which shall be the sole remedy available to the Employee as a result of such termination. Employee's employment shall be deemed terminated upon the expiration of the notice period given with respect to such termination.
(i) in the event termination is effective during 1996 - 2 months; (ii) in the event termination is effective during 1997 - 10 months; and (iii) in the event termination is effective after January 1, 1998 - 12 months.
8.2 Employee's rights pursuant to this section 8 shall apply only in the event this Agreement is terminated by the Company without cause under Section 3.1 (iii). For purposes of this section, termination by the Company without cause shall be deemed to include termination of this Agreement by the Employee due to: (1) the disposing of all or substantially all of the Company's property, business or assets; or
Termination of Employment by Company Without Cause. The Company may terminate Employee’s employment with the Company at any time upon written notice, with or without cause. Provided, however, that if the Company terminates Employee’s employment without cause, the Company shall pay to Employee Severance Compensation, as calculated in accordance with Paragraph 9. Severance Compensation shall be paid in the form of a lump sum payment within thirty (30) days from the date on which Employee received notice of his termination of employment.
2. Paragraph 7 of the Agreement is amended and restated in its entirety to provide as follows:
Termination of Employment by Company Without Cause. If BLSI terminates Executive's employment during the Employment Period for reasons other than Cause, Executive shall, subject to his prior execution of a general release of claims in favor of BLSI, receive six (6) months of base salary continuation, payable in accordance with the regular payroll practices of the Company. For purposes of this Agreement, "Cause" shall mean: (i) dishonesty by Executive in the performance of his duties; (ii) commission of a felony or plea of nolo contendere to a felony charge; (iii) gross neglect of duties or persistently unsatisfactory performance of such duties which, in the reasonable judgment of the Board, remains unrectified following written notice to the Executive specifying same; (iv) material breach by Executive of any of the terms of this Agreement; and/or (v) any other conduct by Executive that is materially harmful to the business or interests of BLSI.
Termination of Employment by Company Without Cause. If the employment of the Participant with the Company and its affiliates or subsidiaries is terminated by the Company without Cause, vesting of Units shall be determined in accordance with the chart set forth on the Signature Page of this Agreement but based on the highest share price that has been sustained for a period of at least 20 consecutive trading days during the six-month period preceding such termination of employment. Share price shall be based on the composite closing price on the New York Stock Exchange as reported in The Wall Street Journal. The Company shall issue to Participant a number of shares of Stock equal to the aggregate number of vested Units in accordance with the provisions of Section 3. Any Units that remain subject to vesting conditions after application of the special vesting provision of this Section 7 shall be void and no shares shall be issued. For purposes hereof, "Cause" shall mean (i) conduct by Participant constituting a material act of misconduct in connection with the performance of his duties; (ii) criminal or civil conviction of a Participant, a plea of nolo contendere by Participant or conduct by Participant that would reasonably be expected to result in injury to the reputation of the Company if he were retained in his position with the Company, or (iii) non-performance by Participant of his duties (other than by reason of Participant's physical or mental illness, incapacity or Disability) which has continued for more than 30 days following written notice of such non-performance.
Termination of Employment by Company Without Cause. If a Termination of Employment is initiated by the Company other than for Cause, Employee shall be entitled to continued payment of Base Salary for a period of 12 months following the Termination of Employment, subject to Section 5(e) below.
Termination of Employment by Company Without Cause. The Company may terminate this Agreement and Employee’s employment without cause and for any reason that it deems sufficient in its sole discretion, at any time during the Employment Term, without notice.
1. Monies Owing as of Last Day of Work. The Employee will be paid all salary and bonuses for services performed through Employee’s last day of employment as provided for herein or as set forth in Company’s policies, unless otherwise required by relevant state or federal law.
