Termination With Severance Pay Clause Samples

Termination With Severance Pay. If this Agreement is terminated pursuant to Paragraph 5(a)(6), Employer shall pay Executive severance pay in the amount of twelve (12) months of his Annual Base Salary, less applicable tax withholding, to be distributed through salary continuation, at Employer’s option. The receipt of such severance pay shall be contingent upon Executive’s execution of a general release of all claims against Employer and its affiliates, of a form and substance acceptable to Employer. Employer shall have no further obligation to Executive, except as otherwise provided by law or by the Equity Agreements. Employer shall continue to have all other rights available hereunder (including, without limitation, all rights under Paragraphs 7-11) at law or in equity.

Termination With Severance Pay. If this Agreement is terminated pursuant to Section 5(a)(4), then in addition to payment in full of the Note, Employer shall pay Executive severance pay in the amount of the lesser of: (i) the salary due for the remainder of the Term or (ii) twelve (12) months of his Annual Base Salary, less applicable tax withholding, to be distributed through salary continuation, at Employer’s option. The receipt of such severance pay shall be contingent upon Executive’s execution of a general release of all claims against Employer and its affiliates, of a form and substance acceptable to Employer. Employer shall have no further obligation to Executive, except as otherwise provided by law or by the Seller Note. Employer shall continue to have all other rights available hereunder (including, without limitation, all rights under Sections 7-11) at law or in equity.

Termination With Severance Pay. The Company may at any time terminate Executive's employment without cause or reason, by delivery to Executive of a Termination Notice. Subject to section 2.3, and provided Executive is not in breach of any of his obligations hereunder, Executive shall be entitled to Severance Pay upon execution of a general release of the Westell Companies in the form of Exhibit B hereto, if, during the Term, (i) the Company terminates Executive's employment without Cause or (ii) the Executive resigns his position for Good Reason. The Executive's employment shall not be deemed to have been terminated if, in connection with a sale of assets and/or business of the Company, the Executive is offered employment by the purchaser for at the least the same equivalent total cash compensation (base salary plus cash short term incentives) which does not require (without Executive's written approval) changes described in clauses (ii) or (iii) of the definition of "Good Reason, " including but not limited to any subordination of his duties set forth on Exhibit A. Notwithstanding the foregoing, unless such purchaser assumes the Company's obligations under this Agreement, the Company shall remain liable to Executive for Severance Pay upon a subsequent termination of the Executive in accordance with this section 2.1, within 12 months following the sale.

Termination With Severance Pay. Executive shall not be entitled to any further compensation from the Company or any Affiliate after termination of the Employment as permitted by this Section 5(b), except (A) unpaid salary installments through the end of the week in which the Employment terminates, (B) any bonus accrued through the date of termination under the terms of applicable bonus plans, (C) any unused vacation or sick pay earned to the date of termination, (D) any vested benefits accrued before the termination of Employment under the terms of any written Company policy or benefit program, (E) an amount equal to the cash surrender value of any split-dollar life insurance policies that the Company has obtained for Executive that is allocable to the portion paid by Executive, and (F) any Severance Pay to which Executive is entitled under this subsection 5(b).