Compensation After Termination Clause Samples
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Compensation After Termination a. If (i) the Company terminates Employee’s employment during the Employment Period pursuant to Section 4.1.a, 4.1.b, or 4.1.c hereof, (ii) either party terminates this Agreement pursuant to Article 2 hereof or (iii) Employee voluntarily terminates this Agreement pursuant to Section 4.1.d hereof, then the Employment Agreement and Employee’s employment with the Company shall terminate and the Company shall have no further obligations hereunder or otherwise with respect to Employee’s employment from and after the termination or expiration date, except that the Company shall pay Employee’s Base Salary accrued through the date of termination or expiration and shall provide such benefits as are required by applicable law. Notwithstanding the foregoing, if the Company terminates Employee pursuant to Section 4.1.a or 4.1.b, the Company will pay to Employee a pro rata share of any incentive compensation earned by Employee during the year in which such termination occurs, such incentive compensation to be determined and payable in the same manner and at the same time as it would have been had Employee’s employment not been terminated pursuant to Section 4.1.a or 4.1.b.
b. If the Company terminates the Employee’s employment pursuant to Section 4.1.d hereof, then the Company shall have no further obligations hereunder or otherwise with respect to Employee’s employment from and after the termination date, except that, subject to receiving a signed separation agreement and general release of claims from Employee substantially in the form set out in attached Exhibit 1 to this Agreement, modified as necessary so as to be fully enforceable under current applicable law, Company shall pay Employee’s Base Salary through the end of the then current Employment Period and shall provide benefits as are required by applicable law. However, any payments under this Section 4.2.b. payable after termination of employment may be delayed as may be required by Section 7.12 hereof. Provided, however, if the termination of Employee’s employment results in compensation and benefits being provided to Employee pursuant to the Severance Agreement of even date herewith, Employee shall receive no compensation under this Section 4.2, except for Base Salary and benefits accrued through the date of termination or as are otherwise required by applicable law.
Compensation After Termination. (a) If the Company determines that the Employee has incurred a Disability, the Company agrees to continue to pay Employee his current Base Salary beginning on the date of determination of Disability, and ending one year thereafter, provided that the Company may cease making payments within such year if Employee becomes eligible to receive and begins receiving long-term disability payments from the applicable insurer in an amount equal to Employee’s after-tax Base Salary per month on the same basis as he was immediately before incurrence of the Disability, and provided, further, that if allowed by the terms of the applicable long-term disability policy, the amount payable by the Company within such year, the amount payable by the Company shall be reduced by the amount payable under the applicable long-term disability policy such that the aggregate amount received by Employee shall equal the Employee’s after-tax Base Salary per month on the same basis as he was immediately before incurrence of the Disability. Nothing in this Section 2.6(a) is to be construed as a reason to delay the commencement or reduce the amount of long-term disability benefits payable from the Company’s insurance carrier. The Employment Period may be terminated pursuant to Section 1.4 after the Company’s determination of the Disability.
(b) If the Employment Period is terminated by the Company without Cause, Employee shall be entitled to receive as severance pay (in addition to the payment of the Base Salary through the date of termination as well as a prorated Senior Management Plan Bonus) an amount equal to the greater of (i) his current Base Salary for a period equal to twelve (12) months and (ii) Employee’s current Base Salary for the remainder of the Employment Period. In addition, all unvested stock options, shares of restricted stock and other equity awards held by Employee shall accelerate and vest in full as of the date of termination. Since the Employee is a “specified employee” under Section 409A of the Internal Revenue Code of 1986, as amended (“Code”), amounts that are deferred compensation are not payable to the Employee until six months after his date of termination. Notwithstanding the preceding sentence and as an exception to the six-month delay otherwise required by Section 409A of the Code, amounts due under this Section 2.6(b) will be payable in regular installments in accordance with the Company’s general payroll practices for salaried employees until the March 15th...
Compensation After Termination. 11.3.1 In the event of termination for the convenience of the Owner, the Designer shall be paid that portion of its fees and expenses that it has earned to the date of termination, plus five percent (5%) of its compensation for Basic Services earned to date or of its unearned compensation for Basic Services, whichever is less, less any costs or expenses incurred or anticipated to be unearned by the Owner due to errors or omissions of the Designer.
11.3.2 In the event of termination by reason of a material breach of the Agreement by the Owner, the Designer shall be entitled to the same compensation as it would have received had the Owner terminated the Agreement for convenience, and the Designer expressly agrees that said compensation is fair and appropriate as liquidated damages for any and all costs and damages it might incur as a result of such termination.
11.3.3 In the event of termination by reason of a material breach of the Agreement by the Designer, the Designer shall be paid that portion of its fees and expenses that it has earned to the date of termination, less any costs or expenses incurred or anticipated to be incurred by the Owner due to errors or omissions of the Designer or by reason of the Designer's breach of this Agreement.
11.3.4 Should this Agreement be terminated, the Designer as provided under this Article 11, the Owner shall be granted, at no additional cost, ownership of all documents, drawings, and electronic data bases relating to the Project, including the ownership and use of all drawings, specifications, documents and materials relating to the Project prepared by or in the possession of the Designer. The Designer shall turn over to the Owner within seven (7) days and in good unaltered condition reproducibles of all original drawings, specifications, documents, electronic data bases and materials. In the event of such termination, and should the Owner use such drawings for completion of the Project, the Owner shall be responsible for any cost, expense, damage or claim arising out of the loss of life, personal injury or damage to tangible property occasioned wholly or in part by any act or omission by the Owner, its Contractor(s), agents or employees in connection with Owner's use of such drawings, plans, specifications, renderings, models and other work provided as part of Basic Services and Additional Services. The Designer specifically agrees to incorporate the provisions of this paragraph in all contracts for the services of...
Compensation After Termination. GA shall not be entitled to any compensation after the Termination Date of this Agreement, except for:
Compensation After Termination. (a) If the Employment Period is terminated (i) by the Company without Cause; (ii) by reason of Employee's Disability; or (iii) through expiration of the Employment Period or death of Employee, then, (1) all shares of the Company's capital stock beneficially owned by the Employee may, at the Company's election, be repurchased by the Company for cash equal to the fair market value thereof at the effective date of termination (with the cash payment in full made promptly after a termination pursuant to this Section 2.6(a)(i) or 2.6(a)(iii) and with the cash payment made in three equal consecutive annual installments beginning on the date of termination pursuant to this Section 2.6(a)(ii)); (2) except as otherwise provided in the specific terms of the option agreement or grant, all unvested options to purchase stock of the Company held by Employee shall cease and terminate as of the date of termination, and all vested but unexercised options to purchase stock of the Company held by Employee may, at the Company's election, be repurchased by the Company (according to the same payment terms as apply to shares of the Company's capital stock) for an amount constituting the excess of fair market value of the shares subject to the options over the exercise price of the options, if any, and if there is no such excess, then such options may be repurchased by the Company for one hundred dollars ($100) in the aggregate; whereupon, the Company shall have no further obligations hereunder or otherwise with respect to Employee's employment from and after the termination or expiration date (except for the unpaid installments and payment of Employee's current Base Salary accrued through the date of termination or expiration) and the Company shall continue to have all other rights available hereunder (including without limitation, all rights under Sections 3 and 4 at law or in equity). For purposes of this Agreement, "fair market value" of shares of the Company's capital stock shall be determined as follows:
i. If the Company's stock is listed on a national securities exchange, the fair market value shall be the average of the highest and lowest selling price of a share of stock on such exchange on the date of termination, or if there were no sales on such date, then on the next prior business day on which there were sales.
ii. If the stock is traded other than on a national securities exchange, the fair market value shall be the average between the closing bid and asked price o...
Compensation After Termination. Upon termination of this agreement, payments under this section shall cease; provided, however, that so long as Associate-Licensee is not in default of any provision of this Agreement, Associate-Licensee shall be entitled to payments for periods or partial periods that occurred prior to the date of termination and for which Associate-Licensee has not yet been paid. Associate-Licensee authorizes Broker to deduct from any commissions due at termination of this Agreement all financial obligations owed to Broker that are imposed by terms of this Agreement. Furthermore, in the event Associate-Licensee leaves and has transactions pending that require further work normally rendered by the Associate-Licensee, Broker shall make arrangements for Broker or another Licensee in the company to perform the required work, and the Broker or Licensee assigned shall be compensated for completing the details of pending transactions and such compensation shall be deducted from the terminated associate-licensee’s share of the commission. Broker has full
Compensation After Termination. 12.3.1 In the event of termination for the convenience of the TOWN, the FIRM shall be paid that portion of its fees that it has earned to the date of termination less any costs or expenses incurred or anticipated to be unearned by the TOWN due to errors or omissions of the FIRM. Upon receiving notice of termination, FIRM shall immediately and expeditiously terminate any ongoing Services and Additional Services or amendment thereto and inform FIRM’s Consultants of the termination of this Agreement, so as to minimize the costs and expenses sustained prior to the effective date of the termination.
12.3.2 In the event of termination by reason of a material breach of the Agreement by the TOWN, FIRM shall be entitled to the same compensation as it would have received had the TOWN terminated the Agreement for convenience, and FIRM expressly agrees that said compensation is fair and appropriate as liquidated damages for any and all costs and damages it might incur as a result of such termination.
12.3.3 In the event of termination by reason of a material breach of the Agreement by the FIRM, FIRM shall be paid that portion of its fees and expenses that it has earned to the date of termination, less any costs or expenses incurred or anticipated to be incurred by the TOWN due to errors or omissions of the FIRM or by reason of the FIRM’s breach of this Agreement.
12.3.4 Should this Agreement be terminated, for whatever reason, FIRM shall, at the request of the TOWN, expend such additional effort as may be necessary, at its cost and expense, to provide to the TOWN professionally certified and sealed drawings, and such other information and materials as may have been accumulated by the FIRM in the performance of this Agreement or Written Amendment, whether completed or in process.
Compensation After Termination. In the event the Company terminates the Executive's employment with the Company or Executive voluntarily terminates his employment, he shall be entitled to one month of his annual compensation following his date of termination, plus any accrued but unused vacation time. In addition, he shall be entitled to those stock options which have vested as of the effective date of the termination.
Compensation After Termination. (i) If the Term of Employment is terminated (i) by Bank for cause or due to the death or disability of Executive, (ii) by Executive or (iii) through expiration of the Term of Employment, Bank shall have no further obligations hereunder or otherwise with respect to Executive's employment from and after the termination or expiration date (except payment of Executive's Base Salary accrued through the date of termination or expiration) and Bank shall continue to have all other rights available hereunder.
(ii) If the Term of Employment is terminated by the Bank without cause, Executive shall be entitled to receive as severance pay (in addition to the payment of the Base Salary through the date of termination) an amount equal to Executive's Base Salary, payable within thirty (30) days of the end of the Term of Employment; provided, however, if the severance payment to Executive would cause Bank to contravene any law, regulation or policy applicable to Bank, Bank and Executive agree that such severance payment shall be made to the extent permitted by law, regulation and policy, and the remainder of such severance payment shall be made from time to time at the earliest time permitted by law, regulation and policy. After the 30th day following the end of the Term of Employment, the outstanding severance payment shall, until paid, bear interest per annum at the prime lending rate as published in the Southwest Edition of The Wall Street Journal on the 31st day following the end of the Term of Employment. In addition to the severance payment, Bank shall reimburse Executive in the maximum amount of $10,000.00 for reasonable expenses incurred by Executive in relocating from San Diego County, California upon receipt of evidence thereof. Except as otherwise specifically provided herein, Bank shall have no other obligations hereunder or otherwise with respect to Executive's employment from and after the termination or expiration date, and Bank shall continue to have all other rights available hereunder.
(iii) No termination under Section 4 shall terminate or adversely affect any rights of Executive then vested under any disability or other benefit program of Bank.
Compensation After Termination. If this Agreement is terminated by your death or by your total and permanent disability, you or your beneficiary shall receive compensation as provide in the Compensation Section of this Agreement on business written prior to termination. Unless otherwise designated in writing on the face page of this Agreement, your beneficiary shall be your spouse, if then living, otherwise, your estate. If this agreement is terminated for any