INVOLUNTARY TERMINATION WITHOUT CAUSE OR DISABILITY Clause Samples

The "Involuntary Termination Without Cause or Disability" clause defines the terms under which an employer may terminate an employee's employment for reasons other than misconduct (cause) or the employee's inability to work due to disability. Typically, this clause outlines the notice period, severance pay, and any benefits the employee is entitled to receive if their employment is ended for business reasons, restructuring, or other non-disciplinary grounds. Its core function is to provide clarity and fairness in situations where an employee is let go through no fault of their own, ensuring both parties understand their rights and obligations in such circumstances.
INVOLUNTARY TERMINATION WITHOUT CAUSE OR DISABILITY. In the event that, during the term of this Agreement, the Corporation terminates Executive's employment for any reason other than Cause or Disability, and such termination does not occur within six months after a Change in Control, then the Executive shall be entitled to receive the following payments and benefits: 1) Severance (2x payment): The Corporation shall pay to the Executive following the date of the employment termination and over the succeeding 24 months, in accordance with standard payroll procedures, an amount equal to the following: (i) Two hundred percent (200%) of the Executive's Base Compensation in effect on the date of the employment termination; plus (ii) Two hundred percent (200%) of the Executive's annual incentive bonus earned on a quarterly basis as of the date of the termination, assuming the Executive was employed on the last day of the quarter in which termination of employment occurred. Any other provision of this Agreement or of the Corporation's Incentive Bonus Plan notwithstanding, after the amount described in this Subsection (a) has been paid to the Executive, the Executive shall have no further interest in such Plan. 2) Two years of Life Insurance and Health Plan Coverage: The coverage described in this Subsection (b) shall be provided for a "Continuation Period' beginning on the date when the employment termination is effective and ending on the earlier of (1) 24 months after the date when the employment termination is effective or (2) the date of the Executive's death. During the Continuation Period, the Executive (and, where applicable, the Employee's dependents) shall be entitled to continue participation in the group term life insurance plan and in the health care plan for employees maintained by the Corporation as if the Executive were still an employee of the Corporation. The coverage provided under this Subsection (b) shall run concurrently with and shall be offset against any continuation coverage under Part 6 of Title I of the Employee Retirement Income Security Act of 1974, as amended. Where applicable, the Executive's compensation for purposes of such plans shall be deemed to be equal to the Executive's compensation (as defined in such plans) in effect on the date of the employment termination. To the extent that the Corporation finds it undesirable to cover the Executive under the group life insurance and health plans of the Corporation, the Corporation shall provide the Executive (at its own expense) with the...
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INVOLUNTARY TERMINATION WITHOUT CAUSE OR DISABILITY. In the event that NWL terminates the Executive’s employment with NWL for any reason other than as described in Sections 3(b) or 3(c) above, and such termination does not occur within three years after a Change in Control, then, after executing the release of claims described in Section 6(d), the Executive shall be entitled to receive the following payments and benefits:
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INVOLUNTARY TERMINATION WITHOUT CAUSE OR DISABILITY. In the event that, during the term of this Agreement, the Corporation or Employing Entity terminates the Employee's employment with the AirTouch Group for any reason other than Cause or Disability, and such termination does not occur within three years after a Change in Control, then, after executing the release of claims described in Section 7(e), the Employee shall be entitled to receive the following payments and benefits: (a) Severance (1-1/2 x payment). The Corporation shall pay to the Employee in a lump sum, not less than 31 days nor more than 120 days following the date of the employment termination, an amount equal to the following: (1) One and one-half times the Employee's Base Compensation in effect on the date of the employment termination; plus (2) 150% of the target Team Award under the AirTouch Communications Short-Term Incentive Plan, for the Employee's position as of the date of the termination. Any other provision of this Agreement or of the AirTouch Communications Short-Term Incentive Plan notwithstanding, after the amount described in this Subsection (a) has been paid to the Employee, the Employee shall have no further interest in such Short-Term Incentive Plan. (b) Eighteen Months of Life Insurance and Health Plan Coverage. The coverage described in this Subsection (b) shall be provided for a "Continuation Period" beginning on the date when the employment termination is effective and ending on the earlier of (1) the 18-month anniversary of the date when the employment termination is effective or (2) the date of the Employee's death. During the Continuation Period, the Employee (and, where applicable, the Employee's dependents) shall be entitled to continue participation in the basic and supplemental group term life insurance plan and in the health care plan for employees maintained by the Employing Entity as if the Employee were still an employee of the Employing Entity, but only if the Employee does not elect any
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INVOLUNTARY TERMINATION WITHOUT CAUSE OR DISABILITY or Voluntary ---------------------------------------------------------------- Termination for Good Reason --------------------------- In the event that, during the term of this Agreement, (i) the Company terminates Executive's employment for any reason other than Cause, Death or Disability, as hereinafter defined, or (ii) Executive terminates his employment for Good Reason, as hereinafter defined, then Executive shall be entitled to receive the following payments and benefits: (1) Severance --------- The Company shall pay to Executive following the date of the employment termination and over the succeeding twenty-four (24) months, in accordance with standard payroll procedures, an amount equal to the following: (A) Two hundred percent (200%) of the Executive's Base Salary in effect on the date of the employment termination; plus (B) Two hundred percent (200%) of the Executive's Incentive Compensation for the fiscal year in which the employment was terminated.
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INVOLUNTARY TERMINATION WITHOUT CAUSE OR DISABILITY. In the event that, during the term of this Agreement, the Corporation or Employing Entity terminates the Employee's employment with the AirTouch Group for any reason other than Cause or Disability, and such termination does not occur within three years after a Change in Control, then, after executing the release of claims described in Section 7(e), the Employee shall be entitled to receive the following payments and benefits:
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INVOLUNTARY TERMINATION WITHOUT CAUSE OR DISABILITY. In the event the Executive’s employment is involuntarily terminated before the tenth (10th) anniversary of this Agreement, (i) by the Bank other than for Cause, or (ii) due to the Disability of Executive, the Bank agrees to pay the Executive (or his designated beneficiary), a monthly benefit in an amount equal to the product of the Monthly Benefit Payment specified in Paragraph 4 above, multiplied by a fraction, the numerator of which shall be the number of full months the Executive has been employed by the Bank since the inception of this Agreement, and the denominator of which shall be one hundred twenty (120). Payments shall commence the first day of the first month following the tenth (10th) anniversary of this Agreement and shall continue monthly thereafter for a period of One Hundred Twenty (120) months. For the purposes of this Agreement, Executive will be considered disabled if: (i) He is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months, or (ii) He is, by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months, receiving income replacement benefits for a period of not less than three (3) months under an accident and health plan covering employees of Participant’s Employer.
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INVOLUNTARY TERMINATION WITHOUT CAUSE OR DISABILITY. In the event that, during the term of this Agreement, the Corporation terminates Executive’s employment for any reason other than Cause or Disability, or, such termination does not occur in accordance with paragraph 2.01 (2) after a Change in Control, then the Executive shall be entitled to receive the following payments and benefits: (a) Severance (2x payment): The Corporation shall pay to the Executive following the date of the employment termination and over the succeeding 24 months, in accordance with standard payroll procedures, an amount equal to the following: (1) Two hundred percent (200%) of the Executive’s Base Compensation in effect on the date of the employment termination; Plus (3) Two hundred percent (200%) of the Executive’s annual incentive bonus earned on a quarterly basis as of the date of the termination, assuming the Executive was employed on the last day of the quarter in which termination of employment occurred. Any other provision of this Agreement or of the Corporation’s Incentive Bonus Plan notwithstanding, after the amount described in this Subsection (a) has been paid to the Executive, the Executive shall have no further interest in such Plan.
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INVOLUNTARY TERMINATION WITHOUT CAUSE OR DISABILITY. In the event that, during the term of this Agreement, the Corporation terminates Executive’s employment for any reason other than Cause or Disability, or, such termination does not occur in accordance with paragraph 2.01 (2) after a Change in Control, then the Executive shall be entitled to receive the following payments and benefits: (a) Severance (2x payment): The Corporation shall pay to the Executive following the date of the employment termination and over the succeeding 24 months, in accordance with standard payroll procedures, an amount equal to the following: (1) Two hundred percent (200%) of the Executive’s Base Compensation in effect on the date of the employment termination; Plus (2) Two hundred percent (200%) of the Executive’s annual incentive bonus earned on a quarterly basis as of the date of the termination, assuming the Executive was employed on the last day of the quarter in which termination of employment occurred. Any other provision of this Agreement or of the Corporation’s Incentive Bonus Plan notwithstanding, after the amount described in this Subsection (a) has been paid to the Executive, the Executive shall have no further interest in such Plan. No Mitigation: The Executive shall not be required to mitigate the amount of any payment or benefit contemplated by this section, nor shall any such payment or benefit be reduced by any earnings or benefits that the Executive may receive from any other source.
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Related to INVOLUNTARY TERMINATION WITHOUT CAUSE OR DISABILITY

  • Involuntary Termination Without Cause In the event of the Participant’s involuntary Termination by the Company without Cause, the vested portion of the Option shall remain exercisable until the earlier of (i) ninety (90) days from the date of such Termination, and (ii) the expiration of the stated term of the Option pursuant to Section 3(d) hereof.

  • Termination for Cause or Voluntary Termination If the Executive’s employment terminates pursuant to Section 6(c) [For Cause] or Section 6

  • Termination Without Cause; Termination for Good Reason Subject to Section 6(b) below, upon termination of the Employee’s employment with the Company by the Company without Cause (as defined in Section 5(f) below) or by the Employee for Good Reason (as defined in Section 5(f) below), other than as a result of death or Disability, the Company shall pay to or provide the Employee the following: (1) any unpaid base salary the Employee has earned through the date of termination, (2) any unpaid annual bonus that the Employee has earned with respect to a year ending prior to such termination, (3) 12 months of the Employee’s then current base salary paid on the Company’s normal payroll dates, (4) the pro-rated portion (based on the number of days in the year completed through the date of termination) of the Employee’s target bonus for the year of termination (paid on the normal date for the payment of the bonus), such amount to be paid only if the Employee has met his pro-rated objective performance targets through the date of termination, (5) an amount equal to the Employee’s target bonus for the year of termination, (6) the costs of COBRA continuation coverage for the Employee and his dependents from the date the Employee’s employment terminates through the earlier of (A) the first anniversary of such termination and (B) the date on which the Employee becomes entitled to health coverage of a similar type from another employer, plus/less (7) any positive/negative accrued vacation days. In addition to the foregoing, upon a termination of the Employee’s employment described in this Section 5(b), any stock options, stock appreciation rights, performance shares, restricted stock, share rights and all other similar types of equity incentives held by the Employee immediately prior to the termination of the Employee’s employment that, but for the termination of the Employee’s employment, would have become vested and, if applicable, exercisable by the first anniversary of the date of his termination of employment, will become immediately vested and, if applicable, exercisable. No amount shall be payable and no benefits shall be provided pursuant to this Section 5(b) until the Employee has executed a release and waiver agreement (substantially in the form attached hereto as Schedule C) releasing and waiving any claims against the Company and in which the Company releases and waives claims against the Employee and if the Employee is serving as a Director of the Company a valid and effective resignation from the Board unless the Employee beneficially owns, directly or indirectly, 5% or more of the Company’s Common Stock.

  • Termination Without Cause or Termination for Good Reason In the event (x) the Executive's employment hereunder is terminated by the Company without Cause, other than due to Disability or death, or (y) the Executive terminates his employment for Good Reason hereunder at his initiative within 60 days following the occurrence of a Good Reason which has not been cured by the Company within 20 calendar days of receipt of notice thereof from the Executive, the Executive shall be entitled to the following benefits: (i) Base Salary through the date of termination; (ii) a Pro-Rata annual incentive award for the year of termination, based on the target bonus for such year, payable promptly following such termination; (iii) a lump sum payment in an amount equal to two times the Executive's Base Salary, determined as provided in the last sentence of this Section 14(d), payable promptly following such termination; (iv) a lump sum payment in an amount equal to two times the Executive's target annual incentive award for the year of termination, payable promptly following such termination; (v) all outstanding stock options shall become fully vested and exercisable and shall remain exercisable for a period equal to the lesser of five years and the remainder of their originally scheduled terms; (vi) two additional years of service for the purpose of determining the supplemental pension benefit pursuant to Section 10; provided, however, that the total number of years of service taken into account in determining such benefit shall in no event exceed ten (10); and (vii) continued participation in all medical, dental, vision and hospitalization insurance coverage and benefits and in all other employee and senior-level executive welfare benefit plans, programs and arrangements in which he was participating on the date of the termination of his employment, on the same terms and conditions as if he had remained employed by the Company, for a period equal to 24 months following the termination of his employment; provided, however, that if the Executive becomes re-employed with another employer and is eligible to receive medical or other welfare benefits under another employer-provided plan, the medical and other welfare benefits described above shall be secondary to those provided under such other plan during such applicable period of eligibility, provided that, to the extent that the Company's plans, programs and arrangements do not permit such continuation of the Executive's participation following his termination, the Company shall provide the Executive, no less frequently than quarterly in advance with an amount which, after taxes, is sufficient for him to purchase equivalent benefits. For purposes of Section 14(d)(iv) above, Base Salary shall be determined by the Base Salary at the annualized rate in effect on the date of termination of the Executive's employment, provided however, if, prior to the termination of the Executive's employment pursuant to this Section 14(d), the Base Salary has been reduced without the Executive's consent, the Base Salary in effect on the date of termination of the Executive's employment shall be deemed to be the Base Salary as in effect prior to such reduction.

  • Termination Without Cause or for Good Reason If the Executive’s employment with the Company is terminated by the Company (other than for Cause, Disability or Death) or by the Executive for Good Reason within 24 months following the Change in Control Date, then the Executive shall be entitled to the following benefits: (i) the Company shall pay to the Executive the following amounts: (1) in a lump sum, in cash, within 30 days after the Date of Termination, the sum of (A) the Executive’s base salary through the Date of Termination, (B) a pro rata current year bonus amount (calculated by dividing the number of full and partial months of the current fiscal year in which the Executive is employed through the Date of Termination by 12, and multiplying this fraction by the highest annual bonus payment amount paid to Executive in the preceding three years), and (C) any accrued vacation pay, in each case to the extent not previously paid (the sum of the amounts described in clauses (A), (B), and (C) shall be hereinafter referred to as the “Accrued Obligations”); and (2) in a lump sum, in cash, within 30 days after the Date of Termination, the sum of (A) three times the Executive’s highest annual base salary at the Company during the three-year period prior to the Change in Control Date and (B) three times the Executive’s highest annual bonus amount at the Company during the three-year period prior to the Change in Control Date; (ii) for 36 months after the Date of Termination, or such longer period as may be provided by the terms of the appropriate plan, program, practice or policy, each month the Company shall continue to provide benefits to the Executive and the Executive’s family at least equal to those which would have been provided to them if the Executive’s employment had not been terminated, in accordance with the applicable Benefit Plans in effect on the Measurement Date or, if more favorable to the Executive and his or her family, in effect generally at any time thereafter with respect to other peer executives of the Company and its affiliated companies; provided, however, that if the Executive becomes reemployed with another employer and is eligible to receive a particular type of benefits (e.g., health insurance benefits) from such employer on terms at least as favorable to the Executive and his or her family as those being provided by the Company, then the Company shall no longer be required to provide those particular benefits to the Executive and his or her family; and (iii) to the extent not previously paid or provided, the Company shall timely pay or provide to the Executive any other amounts or benefits required to be paid or provided or which the Executive is eligible to receive following the Executive’s termination of employment under any plan, program, policy, practice, contract or agreement of the Company and its affiliated companies (such other amounts and benefits shall be hereinafter referred to as the “Other Benefits”).