TERMINATION OF EMPLOYMENT WITH SEVERANCE PAY AND BENEFITS Sample Clauses

TERMINATION OF EMPLOYMENT WITH SEVERANCE PAY AND BENEFITS. (1) If Executive's employment is terminated for any of the reasons stated below in 7(b)(2) as Qualifying Reasons, Executive shall receive severance pay equal to two (2) years of Executive's then current annual base salary plus one and one half (1 1/2) times Executive's short-term cash bonus paid, or if not yet paid, declared by the board for the prior calendar year's performance. Executive shall also receive $4,000 to be applied toward disability, life or other insurance coverages that will cease upon termination. For a period of twenty-four (24) months after termination, or until benefits of a subsequent employer are available, whichever is sooner, APAC will pay Executive's COBRA premiums, or, after COBRA expires, premiums for comparable health, dental, and vision insurance. The benefits provided in accordance with this paragraph shall be secondary to any comparable benefits available to Executive. In addition to the above, APAC shall provide Executive six (6) months outplacement consultation services following termination, up to $15,000. Benefits under this paragraph 7(b)(1) will be capped at the "excess parachute payment" level as defined in Sec. 280G of the Internal Revenue Code [26 USC Sec. 280G]. Benefits are due and payable in full upon termination. Payments due to severance shall be conditioned upon Executive signing a release of claims against APAC in the form and content acceptable to APAC or its relevant affiliates.
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Related to TERMINATION OF EMPLOYMENT WITH SEVERANCE PAY AND BENEFITS

  • Termination of Employment with Severance Benefits (a) The Executive shall be entitled to the severance benefits described in section 9(b) in the event that:

  • Termination of Employment and Severance Benefits The Executive’s employment hereunder shall terminate under the following circumstances:

  • Termination of Employment Severance Your immediate supervisor or the Company's Board of Directors may terminate your employment, with or without cause, at any time by giving you written notice of your termination, such termination of employment to be effective on the date specified in the notice. You also may terminate your employment with the Company at any time. The effective date of termination (the "Effective Date") shall be the last day of your employment with the Company, as specified in a notice by you, or if you are terminated by the Company, the date that is specified by the Company in its notice to you. The following subsections set forth your rights to severance in the event of the termination of your employment in certain circumstances by either the Company or you. Section 5 also sets forth certain restrictions on your activities if your employment with the Company is terminated, whether by the Company or you. That section shall survive any termination of this Agreement or your employment with the Company.

  • Severance Compensation upon Termination of Employment If the Company shall terminate the Executive’s employment other than pursuant to Section 5(a), (b) or (c) or if the Executive shall terminate his employment for Good Reason, then the Company shall pay to the Executive as severance pay in a lump sum, in cash, on the fifth day following the Date of Termination, an amount equal to three (3) times the average of the aggregate annual compensation paid to the Executive during the three (3) fiscal years of the Company immediately preceding the Change of Control by the Company subject to United States income taxes (or, such fewer number of fiscal years if the Executive has not been employed by the Company during each of the preceding three (3) fiscal years).

  • Severance Pay and Benefits Upon Termination by the Company without Cause or by the Executive for

  • Compensation and Benefits Upon Termination of Employment (a) If the Company shall terminate the Executive's employment after a Change in Control other than pursuant to Section 3(b), 3(c) or 3(d) and Section 3(f), or if the Executive shall terminate his employment for Good Reason, then the Company shall pay to the Executive, as severance compensation and in consideration of the Executive's adherence to the terms of Section 5 hereof, the following:

  • Separation Pay and Benefits Specifically in consideration of your signing this Agreement and subject to the limitations, obligations, and other provisions contained in this Agreement, the Company agrees as follows:

  • 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:

  • Severance Pay In the event that your employment is terminated by the Company, except for “Cause” as defined below, you will be eligible to receive the following:

  • Compensation Upon Termination of Employment If the Executive’s employment hereunder is terminated, in accordance with the provisions of Article III hereof, and except for any other rights or benefits specifically provided for herein to be effective following the Executive’s period of employment, the Company will provide compensation and benefits to the Executive only as follows:

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