Common use of Termination Without Cause by the Company or Resignation for Good Reason by the Executive Clause in Contracts

Termination Without Cause by the Company or Resignation for Good Reason by the Executive. In the event that during the Term the Executive’s employment is terminated without Cause by the Company (other than due to Disability) or the Executive resigns for Good Reason and Section 6(d) below does not apply, the Executive shall be entitled to: (i) an amount equal to the Base Salary which would have been paid the Executive from the Date of Termination through the expiration of the Term (without regard to its earlier termination hereunder) if he had remained employed, but in no event more than 2 times or less than 1 times Base Salary, payable in a cash lump sum to the Executive as soon as practicable following the Date of Termination (but in no event later than 60 days following such date); (ii) immediate vesting as of the Date of Termination of 50% of any restricted stock (other than Career Shares) that remains unvested as of the Date of Termination; (iii) with respect to any stock options granted on or after August 11, 2005 which are vested and outstanding as of the Date of Termination, continued exercisability for 12 months following the Date of Termination or the remainder of the option term, if shorter; and (iv) continued participation for the Executive and his eligible dependents in the Company’s welfare benefit plans in which he and his eligible dependents were participating immediately prior to the Date of Termination until the earlier of (a) the end of the applicable Term (without regard to its earlier termination hereunder), but in no event more than 24 months or less than 12 months following the Date of Termination, or (b) the date, or dates, the Executive receives equivalent coverage under the plans and programs of a subsequent employer.

Appears in 1 contract

Samples: Employment Agreement (Warnaco Group Inc /De/)

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Termination Without Cause by the Company or Resignation for Good Reason by the Executive. In the event that during the Term the Executive’s employment is terminated without Cause by the Company (other than due to Disability) or the Executive resigns for Good Reason and Section 6(d) below does not apply, the Executive shall be entitled to: (i) an amount equal to the Base Salary which would have been paid the Executive from the Date of Termination through the expiration of the Term (without regard to its earlier termination hereunder) if he she had remained employed, but in no event more than 2 times or less than 1 one times Base Salary, payable in a cash lump sum to the Executive as soon as practicable following the Date of Termination (but in no event later than 60 days following such date); (ii) immediate vesting as of the Date of Termination of 50% of any restricted stock (other than Career Shares) that remains unvested as of the Date of Termination; (iii) with respect to any stock options granted on or after August 11September 12, 2005 which are vested and outstanding as of the Date of Termination, continued exercisability for 12 months following the Date of Termination or the remainder of the option term, if shorter; and (iv) continued participation for the Executive and his her eligible dependents in the Company’s welfare benefit plans in which he she and his her eligible dependents were participating immediately prior to the Date of Termination until the earlier of (a) the end of the applicable Term (without regard to its earlier termination hereunder), but in no event more than 24 months or less than 12 months following the Date of Termination, or (b) the date, or dates, the Executive receives equivalent coverage under the plans and programs of a subsequent employer.

Appears in 1 contract

Samples: Employment Agreement (Warnaco Group Inc /De/)

Termination Without Cause by the Company or Resignation for Good Reason by the Executive. In the event that during the Term the Executive’s employment is terminated without Cause by the Company (other than due to Disability) or the Executive resigns for Good Reason and Section 6(d) below does not apply, the Executive shall be entitled to: (i) an amount equal to the payment of Base Salary which would have been paid as salary continuation for the Executive from the Date of Termination through the expiration remainder of the applicable Term (without regard to its earlier termination hereunder) if he had remained employed), but in no event more than 2 times or less than 1 times Base Salary, payable in a cash lump sum to the Executive as soon as practicable 12 months following the Date of Termination (but in no event later than 60 days following such date)Termination; (ii) immediate vesting as of the Date of Termination of 50% of any restricted stock (other than Career Shares) that remains unvested as of the Date of Termination; (iii) with respect to any stock options granted on or after August 11, 2005 which are vested and outstanding as of the Date of Termination, continued exercisability for 12 months following the Date of Termination or the remainder of the option term, if shorter; and (iv) continued participation for the Executive and his her eligible dependents in the Company’s welfare benefit plans in which he she and his her eligible dependents were participating immediately prior to the Date of Termination until the earlier of (a) the end of the applicable Term (without regard to its earlier termination hereunder), but in no event more than 24 months or less than 12 months following the Date of Termination, or (b) the date, or dates, the Executive receives equivalent coverage under the plans and programs of a subsequent employer.

Appears in 1 contract

Samples: Employment Agreement (Warnaco Group Inc /De/)

Termination Without Cause by the Company or Resignation for Good Reason by the Executive. In the event that during the Term the Executive’s employment is terminated without Cause by the Company (other than due to Disability) or the Executive resigns for Good Reason and Section 6(d5(d) below does not apply, subject to Section 14(c) hereof, the Executive shall be entitled to: (i) payment of Base Salary through the Date of Termination, payable on the first regularly scheduled payroll date following the Date of Termination; (ii) payment of an amount equal to the Base Salary which would have been paid the Executive from the Date of Termination through the expiration of the Term (without regard to its earlier termination hereunder) if he had remained employed, but in no event more than 2 times or less than 1 one times Base Salary, payable in a cash lump sum to the Executive you as soon as practicable following the Date of Termination (but in no event later than 60 days following such date); (ii) immediate vesting as of the Date of Termination of 50% of any restricted stock (other than Career Shares) that remains unvested as of the Date of Termination; (iii) with respect to any stock options granted on or after August 11, 2005 the Effective Date and which are vested and outstanding as of the Date of Termination, continued exercisability for 12 6 months following the Date of Termination or the remainder of the option term, if shorter; and; (iv) continued participation for the Executive and his her eligible dependents in the Company’s welfare benefit medical and dental plans in which he she and his her eligible dependents were participating immediately prior to the Date of Termination until the earlier of (a) the end of the applicable Term (without regard to its earlier termination hereunder), but in no event more than 24 months or less than 12 months following the Date of Termination, or and (b) the date, or dates, the Executive receives equivalent coverage under the plans and or programs of a subsequent employer; and (v) any amount due the Executive as of the Date of Termination that remains unpaid by the Company (without duplication of any payment or entitlement hereunder), payable on the first regularly scheduled payroll date following the Date of Termination or, if later, in accordance with the applicable plan or policy.

Appears in 1 contract

Samples: Employment Agreement (Warnaco Group Inc /De/)

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Termination Without Cause by the Company or Resignation for Good Reason by the Executive. In the event that during the Term the Executive’s 's employment is terminated without Cause by the Company (other than upon death or due to Disability) or the Executive resigns for Good Reason and Section 6(d) below does not apply(other than due to Disability), the Executive shall be entitled to: (i) an amount equal to the Base Salary which would have been paid the Executive from through the Date of Termination through Termination; (ii) any unpaid bonus earned with respect to any fiscal year preceding the expiration Date of Termination; (iii) payment of Base Salary as salary continuation for the remainder of the applicable Term (without regard to its earlier termination hereunder) if he had remained employed), but in no event more than 2 times or less than 1 times Base Salary, payable 12 months; (iv) a prorata bonus for the fiscal year in a cash lump sum to the Executive as soon as practicable following which the Date of Termination occurs (but in no event later than 60 determined by multiplying the amount the Executive would have received had employment continued through the end of such fiscal year by a fraction, the numerator of which is the number of days following during such datefiscal year that the Executive is employed by the Company and the denominator of which is 365), payable when bonuses for such fiscal year are paid to other Company executives; (iiv) immediate vesting as of the Date of Termination of 50% of any restricted stock (other than Career Shares) the Restricted Stock that remains unvested as of the Date of Termination; (iiivi) with respect to any stock options granted on or after August 11, 2005 which are that portion of the Option that has vested and outstanding as of the Date of Termination, continued exercisability Termination remaining exercisable for 12 months two years following the Date of Termination or the remainder of the option term, if shorter; andTermination; (ivvii) continued participation for the Executive and his eligible dependents in the Company’s 's welfare benefit plans in which he and his eligible dependents were participating immediately prior to the Date of Termination until the earlier of (a) the end of the applicable Term (without regard to its earlier termination hereunder), but in no event more than 24 months or less than 12 months following the Date of Terminationmonths, or (b) the date, or dates, the Executive receives equivalent coverage under the plans and programs of a subsequent employer; (viii) any amounts earned, accrued or owing to the Executive but not yet paid under Section 8 above; and (ix) except as otherwise provided in Section 9(f) below, additional entitlements, if any, in accordance with applicable plans and programs of the Company.

Appears in 1 contract

Samples: Employment Agreement (Warnaco Group Inc /De/)

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