Extended Severance Term definition
Examples of Extended Severance Term in a sentence
For purposes of this Agreement, “Extended Severance Payments” means, to the extent applicable, the monthly cash severance at the Base Salary rate, less standard withholdings and deductions, to be paid during the applicable Extended Severance Term.
For the avoidance of doubt, vesting of any grants under the Incentive Plan or any other stock, stock option or other incentive awards shall cease upon the date of any termination of Executive’s employment, and shall not continue to vest for the remainder of any Noncompetition Period, Non-Solicitation Period or during any applicable Basic Severance Term or Extended Severance Term.
If the Company elects to pay such severance pay during any Extended Severance Term, the Employee shall be bound under the noncompetition provisions of Section 9 of the Supplemental Agreement and any comparable provision of any amended or successor agreement (the “Noncompete Provisions”) for such Extended Severance Term.
The Company shall give the Employee written notice of its election to pay additional severance pay, and the time period for the Extended Severance Term, under this provision within 10 business days following the Employee’s termination.
Notwithstanding anything to the contrary in this Section 7 or in the AHC Agreement, Employee's obligations to comply with Section 4 of the AHC Agreement shall continue for the Initial Severance Term and the Extended Severance Term, as applicable, only, and employee will not be required to comply with Section 4 of the AHC agreement after the expiration of the initial severance term and the extended severance term, if applicable.
If Employee has not accepted employment upon the termination of the Initial Severance Term, then the Company will pay any COBRA premiums, in their entirety, during the Extended Severance Term.