Common use of Voluntary Termination by EDGEN Clause in Contracts

Voluntary Termination by EDGEN. If EDGEN voluntarily terminates the Executive’s employment hereunder pursuant to Section 4.4 hereof, EDGEN shall have no further obligations hereunder after the Termination Date, except (a) the payment for the greater of either the 12-month period immediately following the Termination Date or the remainder of the Employment Term of the Annual Base Salary (as in effect during the year of such termination) payable in accordance with EDGEN’s customary payroll practices; (b) the payment of the premiums, co-payments and deductible expenses due by the Executive for EDGEN-sponsored medical and health benefits (or the reimbursement of COBRA premiums), but only to the extent permitted by such policies or plans, or as otherwise required by law; provided, however, if the Executive becomes eligible for coverage under any other medical and health policy after termination of employment, or is, or becomes covered by any other medical and health policy, EDGEN’s obligation to pay the premiums, co-payments and deductible expenses due by the Executive for EDGEN-sponsored medical and health benefits shall cease immediately; and (c) the payment of any Annual Bonus accrued and unpaid on the Termination Date for the year prior to the year in which the Executive’s termination occurs and the payment of the Annual Bonus due pursuant to Section 3.2 hereof for the year in which such termination occurs, payable on the same date as such Annual Bonus would have been payable for such year pursuant to Section 3.2 hereof had the Employment Term not been so terminated, provided, however, the Annual Bonus for the year in which such termination occurs, shall be pro rated, based on the number of days the Executive was employed (less any Disability Period) over 365 days.