Termination Package Sample Clauses

Termination Package. Subject to the terms of this Agreement, Company shall provide to Executive the following package (the “Termination Package”) if Executive becomes eligible pursuant to section 3.a. above:

Termination Package. In the event of a Change of Control (as defined below), the Employee, upon voluntarily executing a Release furnished by the Company, will receive two (2) years salary and bonus (calculated based on the average of the last two year's bonus award) if not offered an equivalent job (as defined below) with the purchaser or subsequent operator of Nuevo's assets. Vested stock options will be exercisable for up to 365 days from termination. In addition the company will pay COBRA insurance premiums for eighteen months on behalf of the employee's current plan election.

Termination Package. 1. In the event that MS shall terminate Xxxxxx for any reason, other than on account of an act of moral turpitude by him or on account of a serious, intentional breach of this agreement subject to Xxxxxx’x execution of a Release of all claims against MS surrounding his employment and termination, MS shall pay Xxxxxx his then current annual Base Salary through the effective date of such termination, plus a payment in an amount equivalent to his, then current, annual Base Salary but in no event less than his initial annual Base Salary. This amount will be payable in twelve (12) equal monthly installments (“Termination Package”). 2. In the event MS is acquired by or merged into another corporation or entity and Xxxxxx is terminated within one (1) year of such acquisition or merger, Xxxxxx is entitled to receive a sum equal to twice his then annual Base Salary in a lump sum. If Xxxxxx’x employment is terminated after one (1) year of, but before the expiration of the second year from such acquisition or merger, Xxxxxx is entitled to receive a sum equal to his then annual Base Salary in a lump sum. There shall be no entitlement under this sub-clause if Xxxxxx’x employment is terminated after the expiration of two (2) years from the acquisition or merger date.

Termination Package. Seller will provide a termination package for each terminated employee in accordance with its company policies and procedures that will include the following: (i) Final paycheck. A check reflecting hours worked for Seller through the Closing Date plus any vacation earned but not used since April 1, 1996, less appropriate taxes and other withholdings. The final check will be reduced for any amounts owed by the employee. Since Seller and Buyer have agreed to maintain the continuity of the payroll cycle, depending on where the Closing Date falls in the payroll cycle, the payroll amount due to each employee will be split into two separate checks to reflect the hours worked by the employee for the Buyer and Seller (Seller's checks to be adjusted as discussed above). No later than two business days prior to the date that the payroll checks will be issued by the Buyer to the employees after the Closing Date, Seller will transfer funds to its payroll bank account sufficient to cover Seller's paychecks. A detail payroll register and other supporting documentation as reasonably requested by Seller will be sent to Seller, for approval, prior to the funding of Seller's portion of the payroll.