Common use of Payments Upon Termination Without Cause or Resignation for Good Reason Clause in Contracts

Payments Upon Termination Without Cause or Resignation for Good Reason. In the event that the Executive’s employment is terminated by the Company without Cause or the Executive resigns for Good Reason, then the Company shall pay or provide to the Executive or the Executive’s estate: (i) the Accrued Obligations; (ii) salary continuation during nine (9) month severance period beginning on the Termination Date (or such later date as required by Section 4.5) in accordance with the Company’s normal payroll practices; and (iii) subject to Executive’s election to receive and continuing eligibility for COBRA continuation coverage, the Company shall pay, on an after-tax basis, for up to nine (9) months of COBRA continuation premiums for group health and dental coverage.

Appears in 5 contracts

Sources: Employment Agreement (Vitae Pharmaceuticals, Inc), Employment Agreement (Vitae Pharmaceuticals, Inc), Employment Agreement (Vitae Pharmaceuticals, Inc)