Severance Package Sample Clauses

Severance Package. The Severance Package will consist of the following: (i) a severance payment equal to: (A) eighteen (18) months of Executive’s Base Salary then in effect on the date of termination of employment (Base Salary shall be determined without regard to any reduction thereof which would constitute “Good Reason” as defined in Section 7.4(b)), plus (B) a payment equal to the greater of (1) one times the annual Target Bonus as in effect or (2) the average of the Target Bonus amounts earned by Executive with the Company with respect to the preceding two annual periods, with the payments contemplated in (A) and (B) payable equally over an eighteen (18) month period (the “CIC Severance Period”). These payments will be made on the Company’s ordinary payroll dates beginning with the Company’s first regularly scheduled payday occurring 60 days following the Executive’s employment termination date and will be subject to standard payroll deductions and withholdings; (ii) accelerated vesting in full of all unvested time-based stock options, restricted stock, restricted stock units or other stock-based compensation award previously granted to Executive as of the date of the Executive’s termination of employment so that each such option, share of restricted stock, restricted stock unit and other stock-based compensation award held by the Executive shall be immediately exercisable and/or fully vested as of such date; provided, however, that such acceleration of vesting and/or exercisability shall not apply to any stock-based compensation award where such acceleration would result in plan disqualification or would otherwise be contrary to applicable law (e.g., an employee stock purchase plan intended to qualify under Section 423 of the Code) and to the extent that the vesting of any restricted stock, restricted stock units and/or other stock-based compensation award is based on the achievement of performance metrics, the vesting of such awards shall be determined based on the terms of such awards and not this Section 7.4(a)(ii); and (iii) if Executive was covered under the Company’s group health plan as of the date of Executive’s Termination Upon a Change in Control, Company agrees to pay the premiums required to continue Executive’s group health care coverage for the twelve (12) month period following Executive’s termination, under the applicable provisions of COBRA, provided that Executive timely elects to continue and remains eligible for these benefits under COBRA and the ter...

Severance Package. The Severance Package shall consist of the following: (i) a severance payment equal to: (a) the greater of one and one-half (1-1/2) times Executive's Base Salary then in effect on the date of termination or the balance of Executive's Base Salary due for the remainder of the current term, payable in accordance with Company's regular payroll cycle; plus (b) one and one-half (1-1/2) times the average cash bonus paid to Executive for each of the years completed under the terms of this Agreement, payable no later than February 15 of the calendar year following Executive's termination; (ii) accelerated vesting of all unvested portions of Executive's stock options; and (iii) continuation of group health insurance benefits on the same terms as during Executive's employment for the remainder of the current term (the "Continuation Period"), provided Company's insurance carrier allows for such benefits continuation. In the event Company's insurance carrier does not allow such coverage continuation, Company agrees to pay the premiums required to continue Executive's group health care coverage for the Continuation Period, under the applicable provisions of the Consolidated Omnibus Budget Reconciliation Act of 1985 ("COBRA"), provided that Executive elects to continue and remains eligible for these benefits under COBRA, and does not obtain health coverage through another employer during this period.

Severance Package. Laid off employees who are eligible may receive the following severance package:

Severance Package. The Severance Package will consist of the following: (i) a severance payment payable in one lump sum within thirty (30) days following the date of Executive’s termination of employment and equal to: (a) the greater of two (2) times Executive’s Base Salary then in effect on the date of termination or the balance of Executive’s Base Salary due for the remainder of the current term (in each case, Base Salary shall be determined without regard to any reduction thereof which would constitute “Good Reason” as defined in Section 7.4(c)), plus (b) the greater of two (2) times (i) the average cash bonus paid to Executive for each of the years completed under the terms of this Agreement or (ii) Executive’s annual bonus target; (ii) full vesting of all unvested portions of Executive’s equity awards and the ability to exercise stock options for a period of three (3) years from the date of termination of employment; provided that such extension does not cause the option exercise period to be extended beyond the expiration of the option term; and (iii) continuation of group health insurance benefits on the same terms as during Executive’s employment for the greater of (a) the remainder of the current term, or (b) two (2) years (the “Continuation Period”); provided Company’s insurance carrier allows for such benefits continuation. In the event Company’s insurance carrier does not allow such coverage continuation, Company agrees to pay the premiums required to continue Executive’s group health care coverage for the Continuation Period, under the applicable provisions of the Consolidated Omnibus Budget Reconciliation Act of 1985 (“COBRA”), provided that Executive elects to continue and remains eligible for these benefits under COBRA, and does not obtain health coverage through another employer during this period.

Severance Package. In exchange for the promises set forth herein, Company agrees to provide Employee with the following payments and benefits (“Severance Package”), to which Employee is not otherwise entitled. Employee acknowledges and agrees that this Severance Package constitutes adequate legal consideration for the promises and representations made by Employee in this Separation Agreement.

Severance Package. In exchange for the promises set forth herein and in compliance with the requirements set forth in the Employment Agreement, Company agrees to provide Employee with the payments and benefits set forth in Section 4 of the Employment Agreement (“Severance Package”), to which Employee is not otherwise entitled, absent entering into this Agreement. Employee acknowledges and agrees that this Severance Package constitutes adequate legal consideration for the promises and representations made by Employee in this Agreement. Employee acknowledges and agrees that if Employee violates the terms of this Agreement or the continuing obligations under the Employment Agreement including, but not limited to those pertaining to post-employment restrictions, Company may terminate any payments and the provision of benefits described herein, and seek such other damages or remedies as may be appropriate.

Severance Package. Executive shall receive a Severance Package from ParkerVision if the following occurs:

Severance Package. If the Executive’s employment is terminated by the Company pursuant to subsection 8.2 or if the Executive resigns pursuant to subsection 8.3.2, the Executive shall be entitled to receive: (a) (i) a severance payment equivalent to one and a half (1.5) times the sum of the Base Salary then in effect on the date of termination; and (ii) payments by the Company of the premiums required to continue the Executive’s group health care coverage for one (1) year, under the applicable provisions of the Consolidated Omnibus Budget Reconciliation Act of 1985 (“COBRA”), provided that the Executive elects to continue and remains eligible for these benefits under COBRA, and does not become eligible for health coverage through another employer during this period, and provided, further, however, that the Executive’s continued participation is permissible under the terms and provisions of such plans and programs, and the Company’s payment of COBRA premiums does not violate the nondiscrimination rules of the Patient Protection and Affordable Care Act of 2010. Subject to the separation agreement, as described in subsection 8.2.2 below, becoming effective and irrevocable in accordance with its terms, commencing on the first payroll date next following or coincident with the 60th day following the termination of employment, (i) the severance payments will be paid in substantially equal installments in accordance with the Company’s standard payroll practices over a period of twelve (12) consecutive months, and (ii) COBRA payments will be paid in installments in accordance with the Company’s standard payroll practices over a period of twelve (12) consecutive months provided that at the first payment date next following or coincident with the 60th day following the termination of employment, the Executive shall receive COBRA payments relating to such 60 day period (or longer, as the case may be) that elapsed since the termination of employment; and (b) outplacement services by qualified consultants selected by the Company, at the Company’s expense, in an amount not to exceed $10,000. The expenses for outplacement services shall be paid by the Company directly to the entity providing such services to the Executive promptly following the Company’s receipt of appropriate invoices documenting such expenses. All outstanding equity awards shall be treated in accordance with the documentation governing such awards.

Severance Package. In exchange for the promises set forth herein and in compliance with the requirements set forth in the Employment Agreement, Company agrees to provide Employee with the payments and benefits set forth in Section 4 of the Employment Agreement (“Severance Package”), to which Employee is not otherwise entitled, absent entering into this Agreement. Employee acknowledges and agrees that this Severance Package constitutes adequate legal consideration for the promises and representations made by Employee in this Agreement. Employee acknowledges and agrees that if Employee violates the terms of this Agreement or the continuing obligations under the Employment Agreement including, but not limited to those pertaining to post-employment restrictions, Company may terminate any payments and the provision of benefits described herein, and seek such other damages or remedies as may be appropriate. Company acknowledges and agrees that if Company violates the terms of this Agreement or the continuing obligations under the Employment Agreement including, but not limited to those pertaining to post-employment restrictions, Employee may cease to perform any of his/her obligations described herein, and seek such other damages or remedies as may be appropriate.