Compensation Following Termination Clause Samples

Compensation Following Termination. (a.) From the date of Employee's termination, whether by Employee or Nucor for any or no reason, Nucor will pay Employee a monthly amount for twenty-four (24) months following Employee's termination. The monthly amount will be computed using the following formula: the amount of Employee's highest base salary level during the prior twelve months multiplied by 3.36 and the product divided by twelve. The payments shall be made at the end of each month following Employee's termination on Nucor's regular monthly payroll date. (b.) In exchange for Nucor's promises in this Section 4 and other good and valuable consideration, Employee agrees to strictly abide by the terms of Sections 10, 11, and 13 of this Agreement. If Employee fails to strictly abide by the terms of Sections 10, 11, and 13 of this Agreement, Nucor may, at its option, do any or all of the following: (i) pursue any legal remedies available to it (including but not limited to injunctive relief, damages, and specific performance), and (ii) declare the monthly payment forfeited with respect to any month during which Employee is in breach of this Agreement. Nucor may declare the monthly payment forfeited if Employee is in breach of this Agreement for any portion of the month at issue, and Employee will not be entitled to a payment for that month. (c.) If Employee is employed by Nucor at the time of Employee's death, Nucor's obligations to make any monthly payments under this Agreement will automatically terminate and Employee's estate and executors will have no rights to payments under this Agreement. If Employee dies during the first twelve months following Employee's termination from employment with Nucor, then Nucor will pay Employee's estate the monthly payments through the end of the twelfth month following Employee's termination. If Employee dies twelve or more months after termination of Employee's employment with Nucor, then Nucor's obligations to make monthly payments under this Agreement will automatically terminate without the necessity of Nucor providing written notice.

Compensation Following Termination. Upon termination, Consultant shall be paid based on the work satisfactorily performed at the time of termination. In no event shall Consultant be entitled to receive more than the amount that would be paid to Consultant for the full performance of the services required by this Agreement. The City shall have the benefit of such work as may have been completed up to the time of such termination.

Compensation Following Termination. (a) If Employee's employment is terminated by Employer for cause, or by Employee other than pursuant to Section 9.4, Employer shall pay Employee/Employee's then current base salary through the date employment is terminated, and Employer shall have no further obligations to Employee under this Employment Agreement. (b) If Employee's employment is terminated by Employer other than for cause, or by Employee pursuant Section 9.4, Employer shall pay Employee Employee's then current base salary through the date employment is terminated and any legal fees and expenses incurred by Employee to enforce Employee's rights under this Employment Agreement. In addition, Employer shall pay Employee as liquidated damages an amount equal to the sum of Employee's then current annual base salary plus the annualized amount of incentive compensation paid to Employee within the last year before the date Employee's employment was terminated, multiplied by the number of full and partial years remaining in the term of this Employment Agreement. (c) If Employee's employment is terminated by Employer other than for cause, or by Employee pursuant Section 9.4, Employer shall pay Employee Employee's then current base salary through the date employment is terminated and any legal fees and expenses incurred by Employee to enforce Employee's rights under this Employment Agreement. In addition, Employer shall pay Employee as liquidated damages an amount equal to the sum of Employee's then current annual base salary plus the annualized amount of incentive compensation paid to Employee within the last year before the date Employee's employment was terminated, multiplied by the greater of (i) the number of full and partial years remaining in the term of this Employment Agreement, or (ii) two years. In addition, all employee benefits according to sections 6 and 7 will be maintained for the greater of: (i) the number of full and partial years remaining in the term of this Employment Agreement, or (ii) two years. If by law any benefit cannot be maintained due to termination of employment, the cash value of said benefit will be paid to Employee in a lump sum payment within 15 days after termination of said benefit.

Compensation Following Termination. If the Company terminates Executive's employment other than For Cause the Company shall pay Executive that portion of her Salary earned through and including the Termination Date or the Resignation Date at the rate of Salary in effect at that time, plus an amount equal to twenty six (26) weeks of her annualized Salary paid as salary continuance in accordance with the then current payroll practices, and conditioned upon Executive's signing, and not revoking, a complete Release of any and all claims. In such case, Company shall pay for six (6) of the eighteen (18) months health and dental insurance continuation coverage to which Executive is entitled under the Consolidated Omnibus Budget Reconciliation Act of 1985, Public Law 99-272, Title X (COBRA).

Compensation Following Termination. (a) Subject to the terms and conditions of this Agreement, upon a Termination Following Change in Control, as defined in Section 4, which occurs during the term of this Agreement, the Executive shall be entitled to (i) a lump sum payment, within fifteen (15) days following the date of such termination, in an amount equal to the highest annual level of total taxable compensation paid to the Executive by the Company (including any and all bonus amounts, transfers of stock and other property or other items recognized as "annualized includable compensation" under Code Section 280G(d)(1) and reported on Form W-2) during the three calendar years ended immediately prior to such termination, (ii) the immediate vesting of and an extended period of at least 180 days following the date of such termination in which to exercise all previously granted but unvested and/or unexercised options to acquire securities from the Company which were outstanding on the date of the termination (any of the Company's Stock Option Agreements with the Executive shall hereby be deemed to be amended to modify any provisions inconsistent with the vesting and extended exercise period terms herein stated), and (iii) continuing health coverage for the Executive and his family for a period of twelve (12) months following the date of such termination, at the level, benefits and cost commensurate with that which the Executive enjoyed with the Company immediately prior to such Change in Control. This continuing health coverage shall apply to the Company's obligation to provide the Executive with COBRA continuation coverage through 608 Section 601 et. seq. of the Employee Retirement Income Security Act of 1974, as amended. (b) The executive shall not be required to mitigate the amount of any payment provided for in this Section 6 by seeking other employment or otherwise, nor shall the amount of any payment or benefit provided for in this Section 6 be reduced by any amounts to which the Executive shall be entitled by law (nor shall payment hereunder be deemed in lieu of such amounts), by any compensation earned by the Executive as a result of employment by 88 - another employer or by retirement benefits after the date of termination or voluntary termination, or otherwise. (c) Anything to the contrary notwithstanding, all payments required to be made by the Company hereunder to the Executive or his estate or beneficiaries shall be subject to the withholding of such amounts, if any, relating to tax ...

Compensation Following Termination a. In the event that this Agreement is terminated by reason of Executive's death, Executive's estate or legal representative shall be entitled to receive the following: 1. Payment of benefits under the life insurance policy purchased by the Company on Executive's behalf, if any; 2. Payments of benefits under the LTPIP and the AIP set forth in Sections 3.1(e) and 3.1(f), respectively, which will be deemed to have accrued as of the date of Executive's death; and 3. Executive's legal representative shall be permitted to exercise any vested and unexercised options under the 1989 Stock Option Plan set forth in Section 3.1(g) and shall be permitted to exercise any other vested and unexercised options granted under any other stock option plans of the Company ("Prior Stock Option Plans") in accordance with their terms for a period of one year following Executive's death. The 1989 Stock Option Plan and the Prior Stock Option Plans shall together be referred to herein as the "Stock Option Plans." b. In the event that Executive is terminated because of an incapacity or disability, the Company shall provide Executive with the following: 1. Payment of benefits under the disability insurance policy maintained by the Company on Executive's behalf, if any; 2. Payment of benefits under the LTPIP and the AIP set forth in Sections 3.1(e) and 3.1(f), respectively, which will be deemed to have accrued as of the effective date of such termination; 3. The right to exercise any vested and unexercised options under the Stock Option Plans in accordance with the terms stated therein; and 4. Payment of the automobile allowance as provided under Section 3.1(c) for a period of 24 months following the effective date of such termination. c. In the event this Agreement is terminated because of Executive's habitual neglect or gross misconduct pursuant to Section 2.2(c) or because of Executive's voluntary termination, the Company shall be relieved from any and all further or future obligations to compensate Executive; provided, however, that Executive shall be able to exercise any vested and unexercised awards under the Stock Option Plans in accordance with the terms set forth therein. d. In the event that the Company terminates Executive, for any reason other than Executive's incapacity or disability or misconduct as described in Sections 2.2(b) and 2.2(c), respectively, Executive shall be entitled to the following severance compensation: 1. Executive's then current annual salary under Sec...

Compensation Following Termination. Except as provided in this Section 4, Executive will not be entitled to any payments or benefits from the Company as a result of the termination of Executive’s employment, regardless of the reason for such termination.

Compensation Following Termination. Except as otherwise expressly set forth herein, including without limitation, as set forth in Section 7(d) and Section 7(i), no compensation shall be paid pursuant to this Agreement subsequent to any termination of Executive’s employment with the Bank.

Compensation Following Termination. In the event that Employee's employment hereunder is terminated, Employee shall be entitled only to the following compensation and benefits upon such termination: