Termination of Employment by Corporation Without Cause Clause Samples
The 'Termination of Employment by Corporation Without Cause' clause defines the employer's right to end an employee's contract for reasons other than misconduct or breach of contract. Typically, this clause outlines the notice period or severance pay the employee is entitled to if their employment is terminated without cause, and may specify the process for delivering notice or calculating compensation. Its core function is to provide a clear, fair procedure for ending employment in situations where the employee is not at fault, thereby reducing uncertainty and potential disputes for both parties.
Termination of Employment by Corporation Without Cause. The Corporation may terminate the Executive’s employment without Cause (as defined in Section 5.04[4]) at any time during the Term by giving the Executive written notice of its intention to do so. This notice will be effective ninety (90) days after it is given unless the Parties mutually agree to accelerate this termination date (“Involuntary Termination Date”) and the terms of this section will apply regardless of any other event (other than as provided in Section 5.06) that occurs after the delivery of the notice of intent to terminate the Executive without Cause. [1] This Agreement and the Executive’s employment will terminate as of the Involuntary Termination Date. [2] The Corporation will pay or cause to be paid or made available to the Executive: [a] Any unpaid installments of his Base Salary, calculated through the Involuntary Termination Date; [b] The value of any accrued but unused paid-time-off, calculated under the terms of the Corporation’s paid-time-off policy for similar events; [c] Continuation of Base Salary at the rate then in effect for twelve (12) months, paid in accordance with the Corporation’s normal payroll procedures beginning on the Involuntary Termination Date; [d] A lump sum payment (less lawful payroll deductions and taxes) equal to the “target” cash bonus amount most recently established before the Involuntary Termination Date; [e] In addition to the payments described in Section 5.03[2][c], continuation of Base Salary for twenty-four (24) months, paid in accordance with the Corporation’s normal payroll procedures beginning on the Involuntary Termination Date in consideration of the obligations assumed under Article 6. In the event the Executive breaches the obligations contained under Article 6, the obligation to pay continuation of Base Salary under this Section 5.03[2][e] will terminate; [f] In addition to the payment described in Section 5.03[2][d], lump sum payments (less lawful payroll deductions and taxes) within five (5) days after the first and second anniversaries of the Involuntary Termination Date each equal to the “target” cash bonus amount most recently established before the Involuntary Termination Date and also in consideration of the obligations assumed under Article 6. In the event the Executive breaches the obligations contained under Article 6, the obligation to pay the lump sum payments under this Section 5.03[2][f] will terminate;
Termination of Employment by Corporation Without Cause. The Corporation may terminate Executive's employment without Cause (as defined in Section 5.04[4]) at any time during the Term of this Agreement by giving Executive written notice of its intention to do so. This notice will be effective 90 days after it is given unless the Parties mutually agree to accelerate this termination date ("Involuntary Termination Date). If this notice is given after a Change in Control (as defined in Section 5.06[7]) occurs, Section
Termination of Employment by Corporation Without Cause. The Corporation may terminate Executive's employment without Cause (as defined in Section 5.04[4]) at any time during the Term by giving Executive written notice of its intention to do so. This notice will be effective 90 days after it is given unless the Parties mutually agree to accelerate this termination date ("Involuntary Termination Date") or the Corporation withdraws its notice of termination without Cause and, subject to Section 5.06 and to any restrictions imposed under Code Section 409A, the terms of this section will apply regardless of any other event (other than as provided in Section 5.06) that occurs after the delivery of the notice of intent to terminate the Executive without Cause. [1] This Agreement will terminate as of the Involuntary Termination Date; [2] Corporation will pay or cause to be paid or made available to the Executive:
a] Any unpaid installments of his Base Salary, calculated to the end of the payroll period during which his Involuntary Termination Date occurs;
Termination of Employment by Corporation Without Cause. The Corporation may terminate the Executive’s employment without Cause (as defined in Section 5.04[4]) at any time during the Term by giving the Executive written notice of its intention to do so. This notice will be effective 90 days after it is given unless the Parties mutually agree to accelerate this termination date (“Involuntary Termination Date”), and subject to Section 5.06 and to any restrictions imposed under Code §409A, the terms of this section will apply regardless of any other event (other than as provided in Section 5.06) that occurs after the delivery of the notice of intent to terminate the Executive without Cause. [1] This Agreement will terminate as of the Involuntary Termination Date. [2] The Corporation will pay or cause to be paid or made available to the Executive: [a] Any unpaid installments of his Base Salary, calculated to the end of the payroll period during which his Involuntary Termination Date occurs;
Termination of Employment by Corporation Without Cause. In the event that the Employee's employment is terminated by the Corporation without Cause before the Employee has attained age 65, the Corporation shall pay to the Employee the amount of the Employee's Benefit as of his termination of employment, in equal monthly installments over a period of ten (10) years, commencing in the Corporation's sole discretion, either (x) on the last day of the month following the termination of the Employee's employment, or (y) on the last day of the month following the Employee's attainment of age 65, the balance of the Employees Accrued Benefit.