Severance and Termination Clause Samples

The Severance and Termination clause defines the conditions and procedures under which an agreement may be ended by either party. It typically outlines the notice requirements, grounds for termination (such as breach or insolvency), and any obligations that survive termination, like payment of outstanding amounts or return of confidential information. This clause ensures both parties understand their rights and responsibilities if the relationship ends, providing a clear process for winding down the agreement and minimizing disputes.
Severance and Termination. Voluntary Termination, Termination for Cause, Termination for Death or Disability. In the case of a termination of the Employee’s employment hereunder for Death or Disability in accordance with Section 1.5.1 above, or the Employee’s Voluntary termination of employment hereunder in accordance with Section 1.5.2 above, or a termination of the Employee’s employment hereunder for Cause in accordance with Section 1.5.3 above, (i) the Employee shall not be entitled to receive payment of, and the Company shall have no obligation to pay, any severance or similar compensation attributable to such termination, other than Base Salary earned but unpaid as of the termination date, and payment related to accrued but unused vacation, and (ii) the Company’s obligations under this Agreement shall immediately cease.
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Severance and Termination. 14.01 If any permanent employee's position with the employer is terminated by the employer after satisfactory completion of the probationary period, then that employee will receive severance pay equivalent to two weeks basic salary for each completed year of service with a minimum payment of three weeks basic salary after six months service. Service beyond a complete year will qualify for part of two weeks pay on a pro rata basis. The maximum severance pay is 48 weeks salary. 14.02 An employee will not qualify for severance pay if he/she is dismissed for gross misconduct, just cause or leaves voluntarily. 14.03 All employees will be provided with not less than one weeks notice of termination of employment except in the case of gross misconduct where termination is immediate. In turn, employees are expected to provide at least one weeks notice before resigning. Subject to the provisions of The Employment Standards Code, Section 58, 2b) – i), in the event an employee fails to provide notice as required a recovery of notice not given to a maximum of one week will be permitted. This will only apply to employees who have completed their probationary period. 14.04 If an employee's position has been eliminated by a change in technology and that employee is offered the opportunity to leave the employer and chooses to do so, rather than retrain for another job within the company, then that employee will also receive termination pay as described in 14.01. 14.05 Employees receiving severance pay as described in 14.01 who wish to return to employment with the employer must repay the full amount of their severance pay, less one (1) week for each week, which has elapsed since they ceased employment with the employer. 14.06 The provisions of this Article includes and are not in addition to the terms of the Employment Standards Code. The provisions of this Article are the only obligation of the Red Deer Advocate for notice or pay in lieu of notice of termination.
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Severance and Termination. In the case of a termination of Executive’s employment hereunder for any reason including and without limitation, termination without Cause, (i) Executive shall not be entitled to receive payment of, and the Company shall have no obligation to pay, any severance or similar compensation attributable to such termination, other than Base Salary earned but unpaid, accrued but unused vacation, vested benefits under any employee benefit plan, and any unreimbursed expenses incurred by Executive as of the termination date, and (ii) the Company’s obligations under this Agreement shall immediately cease.
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Severance and Termination. Obligations Section 4.1(i)..................................
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Severance and Termination. 14.01 If any permanent employee's position with the employer is terminated by the employer after satisfactory completion of the probationary period, then that employee will receive termination pay equivalent to two week's basic salary for each completed year of service with a minimum payment of three weeks basic salary after six months service. Service beyond a complete year will qualify for part of two week's pay on a pro rata basis. The maximum termination pay is 44 weeks salary effective on the date of ratification. Effective March 1, 2013, the maximum termination pay is 44 weeks salary. 14.02 An employee will not qualify for termination pay if he/she is dismissed for gross misconduct, just cause or leaves voluntarily. 14.03 All employees will be provided with not less than one week's notice of termination of employment except in the case of gross misconduct where termination is immediate. In turn, employees are expected to provide at least one week's notice before resigning. Subject to the provisions of The Employment Standards Code, Section 58, 2b) – i), in the event an employee fails to provide notice as required a recovery of notice not given to a maximum of one week will be permitted. This will only apply to employees who have completed their probationary period. 14.04 If an employee's position has been eliminated by a change in technology and that employee is offered the opportunity to leave the employer and chooses to do so, rather than retrain for another job within the company, then that employee will also receive termination pay as described in 14.01. 14.05 Employees receiving severance pay as described in 14.01 who wish to return to employment with the employer must repay the full amount of their severance pay, less one (1) week for each week, which has elapsed since they ceased employment with the employer.
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Severance and Termination 
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Related to Severance and Termination

  • Termination and Termination Benefits Notwithstanding the provisions of Section 3, the Executive's employment under this Agreement shall terminate under the following circumstances set forth in this Section 6.

  • Release and Termination (a) Upon any sale, transfer or other disposition or removal from the Designated Pool of any Pool Aircraft (or Owner Subsidiary or Intermediate Lessee) or other item of Collateral in accordance with the terms of the Loan Documents, including the Pledged Equity Interest in each Owner Subsidiary or Intermediate Lessee that owns or leases such Pool Aircraft, or if applicable, Irish Subsidiary Holdco or CA Subsidiary Holdco (in each case, upon a removal of such Transaction Party in accordance with Sections 2.10 or 5.04 of the Credit Agreement), such Collateral will be deemed released from the Lien hereof (and related guarantees will be deemed released in accordance with Section 7.11 of the Credit Agreement), and the Collateral Agent will, at the relevant Grantor’s expense, execute and deliver to the Grantor of such item of Collateral such documents as such Grantor shall reasonably request and provide to the Collateral Agent to evidence the release of such item of Collateral from the assignment and security interest granted hereby and to evidence the release of any related guaranty, and to the extent that (A) the Collateral Agent’s consent is required for any deregistration of the interests in such released Collateral from the International Registry or any other registry or (B) the Collateral Agent is required to initiate any such deregistration, the Collateral Agent shall ensure that such consent or such initiation of such deregistration is effected. Any amounts released from the Collateral Account by the Collateral Agent in accordance with the terms of the Loan Documents shall be deemed released from the Lien hereof. (b) Upon the payment in full in cash of the Secured Obligations then outstanding, the pledge, assignment and security interest granted by Section 2.01 hereof shall terminate, the Collateral Agent shall cease to be a party to this agreement, and all provisions of this Agreement (except for this Section 8.06(b)) relating to the Secured Obligations, the Secured Parties or the Collateral Agent shall cease to be of any effect insofar as they relate to the Secured Obligations, the Secured Parties or the Collateral Agent. Upon any such termination, the Collateral Agent will, at the relevant Grantor’s expense, execute and deliver to each relevant Grantor such documents as such Grantor shall prepare and reasonably request to evidence such termination. (c) If, prior to the termination of this Agreement, the Collateral Agent ceases to be the Collateral Agent in accordance with the definition of “Collateral Agent” in Section 1.01, all certificates, instruments or other documents being held by the Collateral Agent at such time shall, within five (5) Business Days from the date on which it ceases to be the Collateral Agent, be delivered to the successor Collateral Agent.

  • Termination and Termination Pay Subject to Section 12 of this Agreement, Executive’s employment under this Agreement may be terminated in the following circumstances:

  • Renewal and Termination A. This Agreement shall become effective on the date written below and shall continue in effect for one (1) year thereafter, unless sooner terminated as hereinafter provided and shall continue in effect thereafter for periods not exceeding one (1) year so long as such continuation is approved at least annually (i) by a vote of a majority of the outstanding voting securities of the Fund or by a vote of the Board of Trustees of the Trust, and (ii) by a vote of a majority of the Trustees of the Trust who are not parties to the Agreement (other than as Trustees of the Trust) or “interested persons” of any such party, cast in person at a meeting called for the purpose of voting on the Agreement. B. This Agreement: (i) may at any time be terminated without the payment of any penalty either by vote of the Board of Trustees of the Trust or by vote of a majority of the outstanding voting securities of the Fund on sixty (60) days’ written notice to the Adviser; (ii) shall immediately terminate with respect to the Fund in the event of its assignment; and (iii) may be terminated by the Adviser on sixty (60) days’ written notice to the Fund. C. As used in this Paragraph the terms “assignment,” “interested person” and “vote of a majority of the outstanding voting securities” shall have the meanings set forth for such terms in the 1940 Act. D. Any notice under this Agreement shall be given in writing addressed and delivered, or mailed post-paid, to the other party at any office of such party.

  • Continuance and Termination This Agreement shall remain in full force and effect for one year from the date hereof, and is renewable annually thereafter by specific approval of the Directors or by vote of a majority of the outstanding voting securities of the Fund. Any such renewal shall be approved by the vote of a majority of the Directors who are not interested persons under the ICA, cast in person at a meeting called for the purpose of voting on such renewal. This Agreement may be terminated without penalty at any time by the Investment Manager or the Sub-Adviser upon 60 days written notice, and will automatically terminate in the event of (i) its "assignment" by either party to this Agreement, as such term is defined in the ICA, subject to such exemptions as may be granted by the Securities and Exchange Commission by rule, regulation or order, or (ii) upon termination of the Management Agreement, provided the Sub-Adviser has received prior written notice thereof.