Payment of Compensation on Termination Clause Samples

The 'Payment of Compensation on Termination' clause defines the employer's obligation to pay the employee certain compensation if the employment relationship ends under specified circumstances. Typically, this clause outlines the types of payments due, such as severance, accrued salary, or unused vacation, and may specify the timing and method of payment. Its core practical function is to ensure that both parties understand the financial consequences of termination, thereby reducing disputes and providing financial security to the departing employee.
Payment of Compensation on Termination. 5.5.1 Upon termination of Executive's employment prior to the expiration of this Agreement, if such termination is pursuant to Section 4.1, 4.2, 4.3, 4.5, 4.6, or 4.7 hereof, Executive shall be entitled to any Annual Salary, Bonus Compensation, and vacation accrued but unpaid through the date of termination of employment (the "Accrued Obligations"), payable on the date of termination. Executive shall also be entitled to exercise any vested options for a period of 90 days following the termination of his employment hereunder, or as provided by the terms of grant of the options, if longer, but in no event beyond their remaining terms. 5.5.2 Upon termination of Executive's employment prior to the expiration of this Agreement, if such termination is pursuant to Section 4.4 hereof prior to a change in control, Executive shall be entitled to the Accrued Obligations, payable on the date of termination. In addition, Executive shall be paid $300,000 in cash (or by wire transfer) within 30 days of said termination. Executive shall also be entitled to exercise any vested options for a period of 90 days following the termination of his employment hereunder or as provided by the terms of grant of the options, if longer, but in no event beyond their remaining terms. 5.5.3 If, on or following a change in control, (i) Executive's employment is terminated during the Term by the Company pursuant to Section 4.4, or (ii) Executive has any adverse change in his status, title, duties, responsibilities, or authority, as determined in good faith by Executive, and Executive terminates his employment at any time thereafter during the Term pursuant to Section 4.5, Executive shall be entitled to receive (w) the Accrued Obligations, payable within five days of the date of such termination, (x) the Noncompete Payment (as defined in Section 9.3A below), payable within five days of the date of such termination, (y) exercise any vested stock options for a period of 180 days following the termination of employment hereunder or as provided by the terms of grant of the options, if longer, but in no event beyond their remaining terms, and (z) for the 12-month COBRA period following such termination, the Company shall provide Executive and his eligible family members with continued coverage under the Company's group health plan(s) at a monthly premium rate equal to that charged by the Company to its active employees for similar coverage. Notwithstanding anything in this Agreement to the contra...
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Payment of Compensation on Termination. 5.5.1 Upon termination of Consultant's services prior to the expiration of this Agreement, if such termination is pursuant to Section 4.1, 4.2, 4.5, 4.6, or 4.7 hereof, Consultant shall be entitled to his Annual Fee and Bonus Compensation, earned but unpaid through the date of termination of agreement, payable on the date of termination. Consultant shall also be entitled to exercise any vested options for a period of One (1) Year following the termination of his agreement hereunder. 5.5.2 Upon termination of Consultant's agreement prior to the expiration of this Agreement, if such termination is pursuant to Section 4.4 hereof, Consultant shall be entitled to any Annual Fee, Bonus Compensation, earned but unpaid through the date of termination of employment, payable on the date of termination. In addition, in case of termination pursuant to Section 4.4, the payment of $1,000,000 in cash if terminated prior to the first anniversary of the Effective Date, and $2,500,000 in cash if terminated pursuant to Section 4.4 after the first anniversary of the Effective Date, which additional payments shall be made in quarterly installments. Consultant shall also be entitled to exercise any vested options for a period of one year following the termination of this agreement hereunder. The provisions of this Section 5.5.2 shall apply throughout the Term of this Agreement, including any period of extension in accordance with the provisions of Section 2 above. 5.5.3 In the event that Consultant is not serving as the Chairman of the Board and Strategic Consultant during the term of this Agreement or is terminated as a result of a Change of Control (as hereafter defined), Consultant shall be entitled to any Annual Fee and Bonus Compensation earned but unpaid through the date of termination of this contract, payable on the date of termination. Upon termination as a result of a Change of Control, Consultant shall also be entitled to receive the payment set forth in Section 5.5.
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Payment of Compensation on Termination. 5.5.1 Upon termination of Executive's employment prior to the expiration of this Agreement, if such termination is pursuant to Section 4.1, 4.2, 4.5, 4.6, or 4.7 hereof, Executive shall be entitled to any Annual Salary, Bonus Compensation, and vacation accrued but unpaid through the date of termination of employment, payable on the date of termination. Executive shall also be entitled to exercise any vested options for a period of One (1) Year following the termination of his employment hereunder. 5.5.2 Upon termination of Executive's employment prior to the expiration of this Agreement, if such termination is pursuant to Section 4.4 hereof, Executive shall be entitled to any Annual Salary, Bonus Compensation, and vacation accrued but unpaid through the date of termination of employment, payable on the date of termination. Executive shall also be entitled to compensation in an amount equal to the greater of (i) Executive's Annual Salary for one year and (ii) Executive's Annual Salary for the period from the date of termination through the remaining Term of this Agreement. Executive shall also be entitled to exercise any vested options for a period of one year following the termination of his employment hereunder. The provisions of this Section 5.5.2 shall apply throughout the Term of this Agreement, including any period of extension in accordance with the provisions of Section 2 above. 5.5.3 In the event that Executive is not serving as the Chief Financial Officer during the term of this Agreement or is terminated as a result of a Change of Control (as hereafter defined), Executive shall be entitled to any Annual Salary, Bonus Compensation, and vacation accrued but unpaid through the date of termination of employment, payable on the date of termination. Upon termination as a result of a Change of Control, Executive shall also be entitled to receive the payment set forth in Section 5.5.
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Payment of Compensation on Termination. 5.5.1 Upon termination of Consultant's services prior to the expiration of this Agreement, if such termination is pursuant to Section 4.1, 4.6, or 4.7 hereof, Consultant shall be entitled to his Consulting Fees and Location Fees earned but unpaid through the date of termination of agreement, payable on the date of termination. In addition, Consultant shall be entitled to have ORRI's assigned to him in accordance with section 5.3 and Location Fees paid in accordance with Section 5.2 for a period of one calendar year from the effective date of such termination. 5.5.2 Upon termination of Consultant's agreement prior to the expiration of this Agreement, if such termination is pursuant to Section 4.3 or 4.5 hereof, Consultant shall be entitled only to any Consulting Fees, Location Fees and Orrin's under Sections 5.1, 5.2 and 5.3 earned but unpaid or assigned through the date of termination. 5.5.3 In the event that Consultant is terminated pursuant to section 4.4 or is terminated following a Change of Control (as hereafter defined), Consultant shall be entitled to any Consulting Fee earned but unpaid through the date of termination of this contract, payable on the date of termination. Upon termination as a result of a Change of Control, Consultant shall also be entitled to be paid Location Fees under section 5.2 and assigned ORRI's under section 5.3 through the remaining Term hereof and, in the case of termination following a Charge of Control, for a period of one year after conclusion of the Term hereof. 5.5.4 For all purposes of this Agreement, a "change of control" shall mean and shall be deemed to have occurred if: (i) there shall be consummated (X) any consolidation or merger of the Company with another corporation or entity and as a result of such consolidation or merger less than 50% of the outstanding voting securities of the surviving or resulting, corporation or entity shall be owned, directly or indirectly, in the aggregate by the stockholders of the Company, other than "affiliates," as defined in the Securities Exchange Act of 1934, as amended (the "Exchange Act"), of any party to such consolidation or merger, as the same shall have existed immediately prior to such consolidation or merger, or (Y) any sale, lease, exchange or other transfer (or in one transaction or a series of related transactions) of all, or substantially all, of the assets of the Company; (ii) the stockholders of the Company shall have approved any plan or proposal for the liquida...
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Payment of Compensation on Termination. 5.5.1 Upon termination of Executive's employment prior to the expiration of this Agreement, if such termination is pursuant to Section 4.1, 4.2, 4.3, 4.5, 4.6, or 4.7 hereof, Executive shall be entitled to any Annual Salary, Bonus Compensation, and vacation accrued but unpaid through the date of termination of employment (the "Accrued Obligations"), payable on the date of termination. Executive shall also be entitled to exercise any vested options for a period of 90 days following the termination of his employment hereunder, or as provided by the terms of grant of the options, if longer, but in no event beyond their remaining terms. 5.5.2 Upon termination of Executive's employment prior to the expiration of this Agreement, if such termination is pursuant to Section 4.4 hereof prior to a change in control, Executive shall be entitled to the Accrued Obligations, payable on the date of termination. In addition, Executive shall be paid $500,000 in cash (or by wire transfer) within 30 days of said termination. Executive shall also be entitled to exercise any vested options for a period of 90 days following the termination of his employment hereunder or as provided by the terms of grant of the options, if longer, but in no event beyond their remaining terms.
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Payment of Compensation on Termination. 6.5.1 Upon termination of Executive's employment prior to the expiration of this Agreement, if such termination is pursuant to Section 3.1, 3.2, 3.5, 3.6, or 3.7 hereof, Executive shall be entitled to any Annual Salary and vacation accrued but unpaid through the date of termination of employment, payable on the date of termination. 6.5.2 Upon termination of Executive's employment prior to the expiration of this Agreement, if such termination is pursuant to Section 3.4 hereof, Executive shall be entitled to any Annual Salary and vacation accrued but unpaid through the date of termination of employment, payable on the date of termination, and payments of Annual Salary for the number of months remaining in the Term of this Agreement prior to such termination, payable in semi-monthly installments on the then prevailing pay days of the Company to the estate of Executive for such number of months. Executive shall have no obligation to mitigate his damages.
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Payment of Compensation on Termination 
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Related to Payment of Compensation on Termination

  • Compensation on Termination An Employee whose services have been terminated for any cause and who within three (3) months of separation is diagnosed by a physician as having tuberculosis, shall be entitled to the above compensation and the salary rate shall be based on the salary he was receiving at the time his services were terminated. The benefits of this provision may be extended for an additional three (3) months, provided that the former Employee concerned submits a x-ray plate taken within three (3) months after the termination of employment.

  • Effect of Termination on Compensation In the event of the termination of this Agreement prior to the completion of the term of employment specified in Article 1, the Employee shall be entitled to the compensation earned by the Employee prior to the effective date of termination as provided for in this Agreement, computed pro rata up to and including that date. Except as otherwise provided in this Agreement, the Employee shall be entitled to no further compensation after the date of termination.

  • Payment of Compensation Consultant shall submit to City a monthly itemized statement which indicates work completed and hours of Services rendered by Consultant. The statement shall describe the amount of Services and supplies provided since the initial commencement date, or since the start of the subsequent billing periods, as appropriate, through the date of the statement. City shall, within 30 days of receiving such statement, review the statement and pay all approved charges thereon.

  • Compensation Upon Termination (i) If Executive's employment is terminated by the Company pursuant to subsection 5(f), or if Executive shall terminate his employment pursuant to subsection 5(d)(i), 5(d)(ii) or 5(d)(iii), then the Company shall pay to Executive, within 30 days of such termination (or, if there is a dispute regarding such termination, within 30 days of the date such dispute is resolved) the following amounts, and in lieu of any further salary and bonus or other incentive compensation payments to Executive for periods subsequent to the date of termination, an amount (the "Severance Payment") equal to the aggregate salary payments (based on the Base Salary in effect on the termination date) that would have been paid to Executive from the date of termination to the end of the Term then in effect, plus the bonus that would have been payable to Executive for the bonus year in which such termination occurs (which shall not be discounted to take into account present value), and the Executive shall be entitled to continue to participate in all Company Benefit Plans on the same basis as the Company's executive employees through the end of the fiscal year in which such termination occurs; provided, that if (A) (i) the period from the date of Executive's termination for reasons described in this Section 6(a)(i) to the end of the Term then in effect (the "Severance Period") is less than two years or (ii) the Company gives notice under Section 2 that the term will not be beyond the last year of the term then in effect (the last day of such term is referred to as the "Nonrenewal Date") and (B) Executive is not engaged in regular employment (whether as an employee or as a self-employed person) at the end of the Severance Period or at the Nonrenewal Date, then at the end of the Severance Period, or on the Nonrenewal Date as the case may be the Company shall begin making additional monthly severance payments ("Supplemental Severance Payments") to Executive (based on Executive's Base Salary at the time of termination, payable in arrears, pro rated for the months in which such payments begin and end and otherwise calculated and paid in accordance with the Company's payroll practices for its executive employees) until the earlier of (1) if clause (A)(i) of this proviso applies, the second anniversary of the date of such Executive's termination, or if clause (A)(ii) of this proviso applies, the first anniversary of the Nonrenewal Date and (2) the date that the Executive finds regular employment, whether as an employee or as a self-employed person, provided that the Company may at any time, in the discretion of the Company's chief executive officer, elect not to pay, or elect to discontinue payment of any, Supplemental Severance Payments, if at the time of such election, ▇▇▇▇▇▇▇ ▇▇▇▇▇▇ is the Chief Executive Officer of the Company. If ▇▇▇▇▇▇▇ ▇▇▇▇▇▇ is not then Chief Executive Officer, such election shall be made by ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ so long as Vestar Equity Partners, L.P., together with its general partner and their respective affiliates, own, or have the power to vote or direct the voting of, shares of the capital stock of the Company sufficient to elect a majority of the Company's Board of Directors. The provision in clause (A)(ii) of the foregoing proviso relating to continuing payments after the Nonrenewal Date on account of the Company's failure to extend the Term shall not be applicable if Executive's employment is terminated prior to the Nonrenewal Date. (ii) If Executive's employment terminates for any reason other than pursuant to subparagraph 5(f), 5(d)(i), 5(d)(ii) or 5(d)(iii), Executive shall receive compensation and benefits through the end of the calendar month in which termination occurs (or, if earlier, the end of the Term then in effect) and shall thereafter receive no other compensation or, except as required by law, any benefits of any kind whatsoever; it being understood that no bonus shall be payable for the year in which such termination occurs. (iii) Any sums due pursuant to the provisions of this subsection 6(a) shall be reduced by any sums payable to Executive pursuant to any severance or termination pay program maintained by the Company. (b) Executive shall not be required to mitigate the amount of any payment provided for in this Section 6 by seeking other employment or otherwise.

  • Vacation Pay on Termination An employee whose employment is terminated shall receive vacation pay at the appropriate percentage of the wages or salary earned during the period of entitlement in accordance with the employee's years of service.