Termination of Employment Following Substantial Event Sample Clauses

Termination of Employment Following Substantial Event. If, (i) during any time within 24 months following a Substantial Event the Company shall terminate Employee’s employment other than for Cause or the death, disability or retirement of Employee, or (ii) at any time within 24 months following a Substantial Event, Employee shall terminate the Term for Good Reason, then, and without further action by the Board of Directors or any committee thereof, the Company shall, within 10 days of such termination, make a lump sum payment to Employee equal to 36 months of the monthly Base Salary then being received by Employee, shall maintain in full force and effect, for a period of 3 years commencing on the date of such termination, all Plans relating to medical, dental, accident and disability insurance then if effect, at the same levels and coverages as Employee was receiving on the date immediately prior to the Substantial Event, and shall continue Employee’s automobile allowance for a period of 36 months in the same amount as immediately prior to termination. In addition, Employee shall be paid a pro rata portion (based on the date of termination) of the bonus that would have been payable to Employee under the Company’s bonus plan in effect for such year, but for the termination of Employee’s employment. In making the determination as to the amount of bonus for which Employee is eligible, the Company, and members of its Board of Directors and/or management charged with making such determination shall calculate the amount of such bonus as if Employee had achieved all subjective performance standards applicable to such determination but otherwise based on the actual operating performance and financial condition of the Company. Any such bonus payable under this Section 5(b) shall be payable at the time of and in accordance with the terms and conditions governing the payment of bonuses to other members of the Company’s senior management employees.
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Related to Termination of Employment Following Substantial Event

  • Termination of Employment Following a Change in Control Notwithstanding the provisions of Section 6.3 hereof to the contrary, if the Employee’s employment by the Company is terminated by the Company in accordance with the terms of Section 4 of the Termination Agreement and the Employee is entitled to benefits provided in Section 5 of the Termination Agreement, the Company shall pay to the Employee, in a lump sum in cash within 30 days after the Date of Termination, the aggregate of the Employee’s Base Salary (as in effect on the Date of Termination) through the Date of Termination, if not theretofore paid, and, in the case of compensation previously deferred by the Employee, all amounts of such compensation previously deferred shall be paid in accordance with the plan documents governing such deferral. Except with respect to the obligations set for forth in the Termination Agreement, notwithstanding any provisions herein to the contrary, all other obligations of the Company and rights of the Employee hereunder shall terminate effective as of the Date of Termination.

  • Termination of Employment Following Change in Control (a) If a Change in Control (as defined in Section 5(b) of this Agreement) shall occur and if thereafter at any time during the term of this Agreement there shall be:

  • Termination of Employment for Cause If Optionee’s employment with the Bancorp or a subsidiary corporation is terminated for cause, this option shall expire thirty (30) days from the date of such termination. Termination for cause shall include, but not be limited to, termination for malfeasance or gross misfeasance in the performance of duties or conviction of a crime involving moral turpitude, and, in any event, the determination of the Board of Directors with respect thereto shall be final and conclusive.

  • Termination of Employment Change of Control (a) In the event of the Participant’s death prior to the termination of his Continuous Service, any unvested Stock Units shall immediately vest and the underlying Unit Shares shall be immediately delivered to the Participant’s beneficiary or beneficiaries.

  • Constructive Termination of Employment If the Executive so elects, a termination by the Company without Cause under Section 6(d) shall be deemed to have occurred upon the occurrence of one or more of the following events without the express written consent of the Executive:

  • Term; Termination of Employment The term of this Agreement (the “Term”) begins on the Effective Date and will end, along with Executive’s employment with the Company, on the earliest to occur of the following events.

  • Involuntary Termination of Employment If the Executive exercises his withdrawal rights pursuant to Subsection 2.2, and the Executive's employment with the Bank is involuntarily terminated for any reason including termination due to disability of the Executive, but excluding termination for Cause, or termination following a Change in Control, within thirty (30) days of such involuntary termination of employment, the Bank shall be required to record a final Phantom Contribution in an amount equal to: (i) the full Phantom Contribution required for the Plan Year in which such involuntary termination occurs, if not yet made, plus (ii) the present value (computed using a discount rate equal to the Interest Factor) of all remaining Phantom Contributions.

  • Termination of Employment Period The employment of the Employee by the Company pursuant to this Agreement shall terminate upon the occurrence of any of the following:

  • Compensation Following Termination of Employment In the event that Executive's employment hereunder is terminated, Executive shall be entitled to the following compensation and benefits upon such termination:

  • Voluntary Termination of Employment If during the Employment Term, Executive terminates his employment under circumstances other than those specified elsewhere in this Section 8, Executive shall be entitled to the payments and benefits specified in Section 8(a).

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