Without Cause by Employer; Material Breach by Employer Sample Clauses

Without Cause by Employer; Material Breach by Employer. In the event that the Employment Period is terminated by Employer pursuant to Section 3.2.4 or by Executive pursuant to Section 3.2.5, Executive shall Executive shall be entitled to receive the following:
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Without Cause by Employer; Material Breach by Employer. In the event that the Executive's employment is terminated by Employer pursuant to Section 3.2.5 hereof or by Executive pursuant to Section 3.2.6 hereof, in addition to the amounts set forth in Section 3.3.1, Employer shall pay to Executive, following the Date of Termination, twelve (12) months of the Base Salary, or of any higher annual compensation rate then in effect (the "Severance Amount"). The Severance Amount shall be paid in twelve (12) monthly installments after the Date of Termination (the first of which shall be paid in the next full payroll cycle after the Date of Termination), each in an amount of $24,166.67, or any higher monthly compensation rate then in effect (the "Monthly Severance Amount"). In addition, an additional bonus shall be paid to Executive at end of the period during which the Monthly Severance Amount is due and payable, in the amount of $72,500.
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Without Cause by Employer; Material Breach by Employer. In the event that the Executive's employment is terminated by Employer pursuant to Section 3.2.4 hereof or by Executive pursuant to Section 3.2.5 hereof, Executive shall be entitled to the following payments: (i) Base Salary through the date the Executive's employment is terminated; and (ii) a pro-rata portion of any amounts Executive would be entitled to under the MICP, if any, accrued on or prior to date Executive's employment is terminated for any reason hereunder. (iii) continuing payments of Base Salary, payable in accordance with the regular payroll practices of Employer, for six (6) months following the date of termination of Executive's employment.
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Without Cause by Employer; Material Breach by Employer. In the event that the Employment Term is terminated by Employer pursuant to Section 3.2.5 or by Executive pursuant to Section 3.2.6, Employer shall pay to Executive severance in an amount equal to two (2) times his Base Amount (the “Severance Amount”). For purposes hereof, “Base Amount” shall mean the sum of the Base Salary in effect on the date of termination, and if Executive’s termination is not a result of, in whole or in part, Executive’s Poor Performance, the amount of Executive’s last annual cash bonus for the most recently-completed fiscal year, if any, pursuant to Section 2.2.1. Employer shall pay the Severance Amount in installments, and shall first determine the amount of each installment payment if the Severance Amount were paid in equal semi-monthly installments for two (2) years (the “Installment Payment”) commencing on the forty-fifth (45th) day after the date of termination. If Executive is a “specified employee” as defined under Treas. Reg. §1.409A-1 as of the date of termination, Executive’s installment payments under the applicable schedule above from the forty-fifth (45th) day after the date of termination through the end of the sixth (6th) month after the date of termination shall be reduced in accordance with Section 5.13 of this Agreement to the extent such installment payments in the aggregate would exceed the maximum amount payable under Treas. Reg. §1.409A-1(b)(9)(iii) and such excess amounts shall be withheld and accumulated and paid to Executive on the first (1st) day of the seventh (7th) month after the date of termination (the “Severance Delayed Payment Date”), or such earlier date as may be permissible under Section 5.13 and the requirements of Code Section 409A. From the Severance Delayed Payment Date through the end of two (2) years after the forty-fifth (45th) day after the date of termination, Employer shall pay the Installment Payments semimonthly. Payment of the Severance Amount is subject to Executive’s continued compliance with the terms of Section 4. Employer shall also pay any annual bonus earned but unpaid as of the date of termination for any previously completed fiscal year in accordance with the terms of the bonus, and such employee benefits as to which Executive may be entitled under the employee benefit plans of the Employer.
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Without Cause by Employer; Material Breach by Employer. In the event that Executive's employment is terminated by Employer pursuant to Section 3.1.4 hereof or by Executive pursuant to Section 3.1.5 hereof, Executive shall be entitled to the following payments and benefits: (1) Base Salary through the date Executive's employment is terminated; (2) Any additional compensation (including compensation pursuant to Section 2.2 hereof, reimbursements pursuant to Section 2.4.1 hereof and benefits pursuant to Section 2.4.2 hereof), prorated to the date Executive's employment is terminated hereunder; (3) Continuing payments of Base Salary, payable in accordance with the regular payroll practices of Employer, for 12 months following the date of termination of Executive's employment: and (4) Immediate full vesting of the option shares described in Section
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Without Cause by Employer; Material Breach by Employer. In the event that the Employment Term is terminated by Employer pursuant to Section 3.2.5 hereof or by Executive pursuant to Section 3.2.6 hereof, Employer shall pay to Executive, subject to Executive's continued compliance with the terms of Section 4 hereof, an amount equal to the Severance Amount. For purposes hereof, "Severance Amount" shall mean the full annual Base Salary amount in effect at such applicable time. Any payments made in accordance with this Section 3.3.2 shall be made in twelve (12) equal monthly installments from the Date of Termination in accordance with Employer's regular payroll practices.
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Without Cause by Employer; Material Breach by Employer. In the event that the Executive's employment is terminated by Employer pursuant to Section 3.2.4 or by Executive pursuant to Section 3.2.5, Executive shall be entitled to the following payments: (i) Base Salary earned but not paid through the date the Executive's employment is terminated; (ii) A pro-rated portion of the Bonus, if any, earned on or prior to such termination date but not yet paid to Executive; and (iii) continuing payments of Base Salary and of Bonus until the expiration of the Employment Period, and for this purpose, the Bonus shall be calculated based on the higher of (a) the actual Gross Profit during the remainder of the Term, or (b) the Gross Profit during the 12 months immediately preceding the date of termination.
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Without Cause by Employer; Material Breach by Employer. In the event that Executive's employment is terminated by Employer pursuant to Section 3.1.4 hereof or by Executive pursuant to Section 3.1.5 hereof, Executive shall be entitled to the following payments and benefits: (a) Base Salary through the date Executive's employment is terminated; (b) Any additional compensation (including compensation pursuant to Section 2.2 hereof, reimbursements pursuant to Section 2.4.1 hereof and benefits
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Without Cause by Employer; Material Breach by Employer. In the event that the Employment Period is terminated by Employer pursuant to Section 3.2.4 hereof or by Executive pursuant to Section 3.2.5 hereof, Executive shall be entitled to the following payments: (i) Base Salary through the Termination Date; (ii) a pro-rata portion of any amounts Executive would be entitled to under the MICP, if any, accrued on or prior to the Termination Date; and (iii) continuing payments of Base Salary, payable in accordance with regular payroll practices of Employer, for the greater of: [X] twelve (12) months or [Y] the remaining portion of the Employment Period, as it may be extended as provided in Section 3.1 hereof.
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Related to Without Cause by Employer; Material Breach by Employer

  • Termination by Employer for Cause Employer may terminate Employee’s employment hereunder for “Cause” upon notice to Employee. “Cause” for this purpose shall mean any of the following:

  • Termination by Employer (i) Employer may terminate this Agreement upon written notice for Cause. For purposes hereof, "Cause" shall mean (A) engaging by the Employee in conduct that constitutes activity in competition with Employer; (B) the conviction of Employee for the commission of a felony; and/or (C) the habitual abuse of alcohol or controlled substances. Notwithstanding anything to the contrary in this Section 10(a)(i), Employer may not terminate Employee's employment under this Agreement for Cause unless Employee shall have first received notice from the Board advising Employee of the specific acts or omissions alleged to constitute Cause, and such acts or omissions continue after Employee shall have had a reasonable opportunity (at least 10 days from the date Employee receives the notice from the Board) to correct the acts or omissions so complained of. In no event shall alleged incompetence of Employee in the performance of Employee's duties be deemed grounds for termination for Cause.

  • Termination by Employee In the event Employee terminates this Agreement, the Company shall be obligated to pay Employee that pro-rata portion of his current semi-monthly Base Salary payment, as adjusted for any increase thereto, which is earned but unpaid as of the Termination Date, any earned but unpaid incentive compensation, any accrued but unpaid paid time off (“PTO”) due to him through the Termination Date and any unreimbursed expenses. Employee will not be entitled to, nor will he receive, any type of severance payment, unless he has Good Reason, as defined below, to terminate this Agreement. If Employee has Good Reason then he shall receive the severance outlined in subsection (B)(ii)(b) below addressing Termination by the Company without Cause, subject to its requirements for receipt of such payment. If Employee terminates Employee’s employment pursuant to this subsection (B)(i), then the Company, at its option, may require Employee to cease providing services during the thirty (30) day notice period required therein; provided, however, for purposes of calculating payment upon termination under this Agreement, Employee shall be treated as if he was employed during such thirty (30) day period. “Good Reason” shall mean (1) a material involuntary reduction in Employee’s duties, authority, reporting responsibility or function by the Company, (2) a material reduction in Employee’s compensation package other than as mutually agreed, (3) Employee’s involuntary relocation to a principal place of work more than thirty (30) miles from Charlotte, North Carolina or (4) a material breach by the Company of its obligations hereunder, provided that, upon the occurrence of any of these acts or omissions, Employee gives the Company notice of his belief that he has Good Reason to terminate this Agreement and the Company fails to cure within thirty (30) business days of receipt of Employee’s notice.

  • Termination by Employee for Good Reason Employee may terminate his employment hereunder for "Good Reason." As used herein, "Good Reason" shall mean the continuance of any of the following after ten (10) days' prior written notice by Employee to the Company, specifying the basis for such Employee's having Good Reason to terminate this Agreement:

  • Termination by Employee with Good Reason Employee may terminate his employment with Good Reason by providing the Company thirty (30) days’ written notice setting forth with reasonable specificity the event that constitutes Good Reason, which written notice, to be effective, must be provided to the Company within sixty (60) days of the occurrence of such event. During such thirty (30) day notice period, the Company shall have a cure right (if curable), and if not cured within such period, Employee’s termination will be effective upon the date immediately following the expiration of the thirty (30) day notice period, and Employee shall be entitled to the same payments and benefits as provided in Section 8(d) above for a termination without Cause, it being agreed that Employee’s right to any such payments and benefits shall be subject to the same terms and conditions as described in Section 8(d) above. Following such termination of Employee’s employment by Employee with Good Reason, except as set forth in this Section 8(e), Employee shall have no further rights to any compensation or any other benefits under this Agreement.

  • Termination by Employee without Good Reason Employee may terminate Employee’s employment without Good Reason by providing the Company sixty (60) days’ written notice of such termination. In the event of a termination of employment by Employee under this Section 8(f), Employee shall be entitled only to the Accrued Obligations, and any equity awards or equity-related awards that are not vested as of the date of termination shall be cancelled. In the event of termination of Employee’s employment under this Section 8(f), the Company may, in its sole and absolute discretion, by written notice accelerate such date of termination without changing the characterization of such termination as a termination by Employee without Good Reason. Following such termination of Employee’s employment by Employee without Good Reason, except as set forth in this Section 8(f), Employee shall have no further rights to any compensation or any other benefits under this Agreement.

  • Termination by Executive with Good Reason Executive may terminate his employment with Good Reason by providing the Company thirty (30) days’ written notice setting forth in reasonable specificity the event that constitutes Good Reason, which written notice, to be effective, must be provided to the Company within ninety (90) days of Executives knowledge of occurrence of such event. During such thirty (30) day notice period, the Company shall have a cure right, and if not cured within such period, Executive’s termination will be effective upon the expiration of such cure period, and Executive shall be entitled to the same payments and benefits as provided in Section 8(d) hereof for a termination by the Company without Cause, subject to the same conditions on payment and benefits as described in Section 8(d) hereof. Following such termination of Executive’s employment by Executive with Good Reason, except as set forth in this Section 8(e), Executive shall have no further rights to any compensation or any other benefits under this Agreement. For the avoidance of doubt, Executive’s sole and exclusive remedy upon a termination of employment with Good Reason shall be receipt of the Severance Benefits.

  • Termination by the Company for Cause or by Executive Without Good Reason If the Company terminates the Executive’s employment for Cause or the Executive terminates his employment without Good Reason, the Executive shall have no rights or claims against the Company except to receive the payments and benefits described in Section 6(a).

  • Voluntary Termination by Employee Subject to Section 12 hereof, the Employee may voluntarily terminate employment with the Bank during the term of this Agreement, upon at least 90 days' prior written notice to the Board of Directors, in which case the Employee shall receive only his compensation, vested rights and employee benefits up to the date of his termination (unless such termination occurs pursuant to Section 10(d) hereof or within the Protected Period, in Section 12(a) hereof, in which event the benefits and compensation provided for in Sections 10(d) or 12, as applicable, shall apply).

  • Notice of Termination by Employer (a) In order to terminate the employment of an employee the employer must give to the employee the following notice: Period of Service Period of Notice

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