Termination Other Than Due Cause, Death, Disability or Resignation Sample Clauses

Termination Other Than Due Cause, Death, Disability or Resignation. In the event that Executive’s employment is terminated for reasons other than Due Cause, or resignation, then all Stock Options scheduled to vest within one year of the date of such termination shall vest immediately and the Company shall pay as severance compensation to Executive six (6) months salary compensation at his then annual salary compensation rate, including bonus earned as of the termination date. Any severance compensation paid to Executive shall be paid ratably over the remaining payment period following termination. Any bonus compensation earned as of the termination date shall be paid to Executive pursuant to the bonus payment schedule set forth in Section 4.2 herein.
Sample 1Sample 2See All (8)
AutoNDA by SimpleDocs
Termination Other Than Due Cause, Death, Disability or Resignation. In the event that the Employment Period is terminated for reasons other than Due Cause, death, becoming Permanently Disabled, or Executive’s resignation under Section 8(d) or 8(e), then all Stock Options then held by Executive and scheduled to vest within one (1) year of the date of such termination shall vest immediately and be exercisable at any time within one (1) year after the date of such termination. Any Stock Options which are not exercised within one (1) year following such termination date shall thereupon expire, terminate and be of no further force or effect. Upon any termination under this Section 8(f), the Company shall pay as severance compensation to Executive (i) six (6) months’ salary compensation at his then annual salary compensation rate, plus (ii) any bonus earned as of the termination date, and (iii) any accrued vacation. Such severance compensation shall be paid to Executive as follows: (x) the six (6) months’ salary compensation shall be payable in installments in accordance with the Company’s regular payroll; (y) any bonus shall be payable in accordance with the applicable terms governing such bonus; and (z) accrued vacation shall be paid on termination.
Sample 1Sample 2
Termination Other Than Due Cause, Death, Disability or Resignation. In the event that the Employment Period is terminated (i) by the Company for reasons other than Due Cause, death, becoming Permanently Disabled, or (ii) by the Executive pursuant to his resignation under Section 6(d), the Company shall pay as severance compensation to Executive (i) six (6) months’ of his Salary at his then annual salary compensation rate, plus (ii) any pro-rated bonus earned as of the termination date. The Executive shall also be entitled to any accrued salary and vacation as of the date his employment terminates. The severance compensation shall be paid to Executive in installments in accordance with the Company’s regular payroll; provided the Executive signs an agreement acceptable to the Company that (i) waives any rights the Executive may otherwise have against the Company, and (ii) releases the Company from actions, suits, claims, proceedings and demands related to the period of employment and/or the termination of employment. Any bonus shall be payable in accordance with Section 4 or any other applicable bonus plan; and accrued vacation shall be paid on termination. During the period that Executive is receiving severance payments he shall be entitled to participate in the benefit plans and programs maintained by the Company for other employees of the Company, subject to the terms of such plans and programs.
Sample 1
Termination Other Than Due Cause, Death, Disability or Resignation. In the event that Executive’s employment is terminated for reasons other than Due Cause, death, Permanent Total Disability or resignation, then all Stock grants not fully vested are immediately vested. The Company shall pay severance compensation, to Executive equal to twelve months salary compensation at his then annual salary compensation rate. Any severance compensation paid to Executive shall be paid ratably over the remaining payment period following termination.
Sample 1
Termination Other Than Due Cause, Death, Disability or Resignation. In the event that Xx. Xxxxxx'x employment is terminated for reasons other than Due Cause, death, Permanent Total Disability or resignation, then all Stock Options scheduled to vest within one year of the date of such termination shall vest immediately and the Company shall pay as severance compensation to Xx. Xxxxxx the greater of (i) the balance due under the terms of this Agreement or (ii) six (6) months salary compensation at his then annual salary compensation rate, including bonus earned as of the termination date. Any severance compensation paid to Xx. Xxxxxx shall be paid ratably over the remaining payment period following termination. Any bonus compensation earned as of the termination date shall be paid to Xx. Xxxxxx pursuant to the bonus payment schedule set forth in Section 4.2 herein.
Sample 1

Related to Termination Other Than Due Cause, Death, Disability or Resignation

  • Termination for Cause, or Termination Upon Death, Disability or Resignation from the Company Without Good Reason If Executive’s employment shall terminate as a result of Executive’s death pursuant to Section 3(a)(i) or Disability pursuant to Section 3(a)(ii), pursuant to Section 3(a)(iii) for Cause, or pursuant to Section 3(a)(vi) for Executive’s resignation from the Company without Good Reason, then Executive shall not be entitled to any severance payments or benefits, except as provided in Section 3(c).

  • Termination for Any Reason Except Death, Disability or Cause If Optionee is Terminated for any reason except Optionee’s death, Disability or Cause, then this Option, to the extent (and only to the extent) that it is vested in accordance with the schedule set forth in Section 2.1 of this Agreement on the date of Termination, may be exercised by Optionee no later than three (3) months after the date of Termination, but in any event no later than the Expiration Date.

  • Termination by Death or Disability In the event of the Executive’s death or total disability (as defined in Section 22(e)(3) of the Internal Revenue Code of 1986, as amended) during the Term, the Term and Executive’s employment shall terminate on the date of death or total disability. In the event of such termination, the Company’s sole obligations hereunder to the Executive (or the Executive’s estate) shall be for unpaid Base Salary, accrued but unpaid bonus and benefits (then owed or accrued and owed in the future), a pro-rata bonus for the year of termination based on the Executive’s target bonus for such year and the portion of such year in which the Executive was employed, and reimbursement of expenses pursuant to the terms hereon through the effective date of termination, each of which shall be paid within 10 days following the date of the Executive’s termination, and any unvested portion of any Equity Grants shall immediately be forfeited as of the termination date without any further action of the Parties.

  • TERMINATION FOR DISABILITY OR DEATH (a) Termination of Executive’s employment based on “Disability” shall be construed to comply with Section 409A of the Internal Revenue Code and shall be deemed to have occurred if: (i) Executive is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be expected to result in death, or last for a continuous period of not less than 12 months; (ii) by reason of any medically determinable physical or mental impairment that can be expected to result in death, or last for a continuous period of not less than 12 months, Executive is receiving income replacement benefits for a period of not less than three months under an accident and health plan covering employees of the Bank or the Company; or (iii) Executive is determined to be totally disabled by the Social Security Administration. The provisions of Sections 6(b) and (c) shall apply upon the termination of the Executive’s employment based on Disability. Upon the determination that Executive has suffered a Disability, disability payments hereunder shall commence within thirty (30) days.

  • Good Reason; Other Than for Cause, Death or Disability If, during the Employment Period, the Company shall terminate the Executive's employment other than for Cause or Disability or the Executive shall terminate employment for Good Reason:

  • Termination Due to Death, Disability or Retirement In the event the Optionee’s employment or other service with the Company and all Subsidiaries is terminated by reason of death, Disability or Retirement, this Option will remain exercisable, to the extent exercisable as of the date of such termination, for a period of one year after such termination (but in no event after the Time of Termination).

  • Termination for Cause; Resignation Without Good Reason; Death or Disability (i) The Company may terminate Executive’s employment with the Company at any time for Cause. Further, Executive may resign at any time without Good Reason. Executive’s employment with the Company may also be terminated due to Executive’s death or disability.

  • Termination of Employment Due to Death, Disability, or Retirement If the Optionee’s termination of employment is due to death, Disability, or Retirement (termination on or after age 65), or if Optionee terminates employment after age 55, the following shall apply:

  • Termination for Death or Disability If the Employee's employment is terminated by death or because of disability pursuant to Section 4.3, the Company shall pay to the estate of the Employee or to the Employee, as the case may be, all sums which would otherwise be payable to the Employee under Section 3 up to the end of the month in which the termination of his employment because of death or disability occurs.

  • By Death or Disability Executive’s employment and this Agreement shall terminate upon Executive’s Disability or death. For purposes of this Agreement, “Disability” shall mean Executive's inability, due to physical or mental incapacity, to perform the essential functions of Executive's job, with or without reasonable accommodation, for one hundred eighty (180) days out of any three hundred sixty-five (365) day period; provided however, in the event that the Company temporarily replaces the Executive, or transfers the Executive's duties or responsibilities to another individual on account of the Executive's inability to perform such duties due to a mental or physical incapacity which is, or is reasonably expected to become, a Disability, then the Executive's employment shall not be deemed terminated by the Company. Any question as to the existence of the Executive's Disability as to which the Executive and the Company cannot agree shall be determined in writing by a qualified independent physician mutually acceptable to the Executive and the Company. If the Executive and the Company cannot agree as to a qualified independent physician, each shall appoint such a physician and those two physicians shall select a third who shall make such determination in writing. The determination of Disability made in writing to the Company and the Executive shall be final and conclusive for all purposes of this Agreement. The Company shall give Executive written notice of termination for Disability and the termination shall be effective as of the date specified in such notice.

Time is Money Join Law Insider Premium to draft better contracts faster.