Termination Without Cause by SRA Sample Clauses
The 'Termination Without Cause by SRA' clause grants the SRA the right to end the agreement at its discretion, without needing to provide a specific reason. Typically, this clause outlines the required notice period the SRA must give before termination and may specify any obligations, such as final payments or return of materials, that arise upon termination. Its core function is to provide flexibility for the SRA to exit the contract if circumstances change, thereby managing risk and ensuring the SRA is not locked into an unfavorable or unnecessary agreement.
Termination Without Cause by SRA. If SRA terminates the Employee’s employment for any reason other than those set forth in the preceding subsection, such Termination shall constitute “Termination Without Cause.”
Termination Without Cause by SRA. If the Employee’s employment with SRA should terminate under Section 2(b) above, then subject to Section 3(c) and 3
Termination Without Cause by SRA. If the Employee’s employment with SRA should terminate under Section 2(b) above, then subject to Section 3(d) the Employee shall receive:
(i) a cash severance payment equal to the sum of Employee’s annual base salary as of the Termination Date, to be paid in equal installments, less applicable withholding elections and taxes, consistent with the payroll cycle in effect at the time of separation starting on the first payroll date following the twenty-first day following the Effective Date of the Release (as defined below in Section 3(d)) and continuing thereafter for 12 months;
(ii) an amount equal to the pro-rated portion of the target amount of the Individual Incentive Compensation (“IIC”) bonus for the year of termination, pro-rated to reflect the time period of Employee’s service during the bonus performance period, to be paid out in a lump sum at the same time IIC bonuses are paid out to the general population of IIC participants, but no later than 2½ months after the end of the calendar year in which such IIC bonuses become payable;
(iii) an amount equal to the target amount of the IIC bonus for the full fiscal year in which termination occurs at an individual metric of 1.0, to be paid out within thirty (30) days following the Effective Date of the Release (as defined below in Section 3(d))
(iv) up to six (6) months of executive-level outplacement with an outplacement vendor of SRA’s choosing; and
(v) if the Employee elects and remains eligible for health, dental and vision insurance coverage in accordance with the Consolidated Omnibus Budget and Reconciliation Act of 1986, as amended (“COBRA”), the employer portion of cost (based on the Employee’s level of health, vision and dental insurance coverages as of the Termination Date) of COBRA premiums for up to twelve (12) months, to be paid directly by SRA.
Termination Without Cause by SRA. If the Employee’s employment with SRA should terminate under Section 2(b) above, then subject to Section 3(c) and 3(d) the Employee shall receive:
(i) a cash severance payment equal to the sum of Employee’s annual base salary as of the Termination Date, to be paid in equal installments, less applicable withholding elections and taxes, consistent with the payroll cycle in effect at the time of separation starting on the first payroll date following the twenty-first day following the Effective Date of the Release (as defined below in Section 3(d)) and continuing thereafter for 12 months;
(ii) an amount equal to the pro-rated portion of the Individual Incentive Compensation (“IIC”) bonus for the year of termination, to be based on an individual performance metric determined by SRA in its sole discretion and an SRA metric determined in accordance with standard practices, pro-rated to reflect the time period of Employee’s service during the bonus performance period, to be paid out in a lump sum at the same time IIC bonuses are paid out to the general population of IIC participants, but no later than 2½ months after the end of the calendar year in which such IIC bonuses become payable;
(iii) up to six (6) months of executive-level outplacement with an outplacement vendor of SRA’s choosing; and
(iv) if the Employee elects and remains eligible for health, dental and vision insurance coverage in accordance with the Consolidated Omnibus Budget and Reconciliation Act of 1986, as amended (“COBRA”), the employer portion of cost (based on the Employee’s level of health, vision and dental insurance coverages as of the Termination Date) of COBRA premiums for up to twelve (12) months, to be paid directly by SRA.
Termination Without Cause by SRA. SRA may terminate the Employee’s employment with SRA for any reason other than those set forth in the preceding subsection, including a determination that he is not meeting the expectations of the Board (in its sole discretion), by providing the Employee with at least ninety (90) days’ notice of termination.