Severance Upon an Event of Termination Sample Clauses

The 'Severance Upon an Event of Termination' clause defines the compensation or benefits an employee is entitled to receive if their employment is terminated under specified circumstances. Typically, this clause outlines the conditions that trigger severance, such as involuntary termination without cause, and details the type and amount of severance pay, continuation of benefits, or other post-employment entitlements. Its core practical function is to provide financial security to the employee in the event of job loss while also clarifying the employer's obligations, thereby reducing potential disputes over termination terms.
Severance Upon an Event of Termination. Upon the occurrence of an event of termination under Section 7(a), the Company shall, subject to the provisions of Section 9 below, monthly for the duration of the Severance Period (as defined below) pay Executive or, in the event of Executive's subsequent death, his beneficiary or beneficiaries or his estate, as the case may be, as severance pay and liquidated damages the monthly Base Salary paid to Executive at the time of termination of his employment (the "Severance Payments"). In addition, following an event of termination under Section 7(a), the Company shall continue to provide the health and welfare insurance benefits provided to Executive under Section 5 hereof as of immediately prior to his date of termination for a period of twelve (12) months following the date of termination (provided that Executive continues to make all required employee contributions) and shall compensate Executive for Executive's loss of pension benefits by providing Executive with a lump sum payment equal to the difference, computed on the basis of actuarial present values as of Executive's date of termination (using actuarial assumptions in effect for the Company's defined benefit plan as of the date of termination) between (1) the aggregate benefits Executive would have been entitled to receive under the Company's qualified and nonqualified defined benefit pension plans (the "Retirement Plans"), had Executive's employment continued under this Agreement for the Severance Period and (2) the aggregate benefit Executive is actually entitled to receive under the Retirement Plans as of the date of termination. For purposes of this Agreement, the "Severance Period" shall commence on the date of termination of Executive's employment with the Company and expire upon the earlier of (i) twenty-four (24) months from the date of termination and (ii) nine (9) months following the date on which the term of this Agreement (as in effect as of Executive's date of termination) would have otherwise expired; provided, that in no event shall the Severance Period be longer than eighteen (18) months in the event of a termination of employment pursuant to Section 7(a)(ii) E. hereof. The Severance Payments shall commence on the last day of the month in which the event of termination occurs; provided, that the first such payment shall be reduced by the amount of any Base Salary received by Executive for the portion of such month prior to the event of termination. Notwithstanding the foregoing, the...
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Severance Upon an Event of Termination. Upon the occurrence of an Event of Termination under Section 8(a) subject to the provisions of Sections 9, 10 and 11 below, the Company shall, for the greater of (i) a period of twelve (12) months following the date of employment termination or (ii) the period remaining in the Initial Term, pay Employee or, in the event of Employee’s subsequent death, his beneficiary or beneficiaries or his estate, as the case may be, as severance pay and liquidated damages (the “Severance Payments”), the monthly Base Salary paid to Employee at the time of termination of his employment. The Severance Payments shall commence on the last day of the month in which the Event of Termination occurs; provided, that the first such payment shall be reduced by the amount of any Base Salary received by Employee for the portion of such month prior to the Event of Termination. Notwithstanding the foregoing, the Company’s obligation to provide Severance Payments hereunder shall be terminated upon employment or the performance of consulting services by Employee during the period in which Employee is entitled to receive Severance Payments.
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Severance Upon an Event of Termination 
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Related to Severance Upon an Event of Termination

  • PAYMENTS TO EXECUTIVE UPON AN EVENT OF TERMINATION (a) Upon the occurrence of an Event of Termination (as herein defined) during EXECUTIVE's term of employment under this Agreement, the provisions of this Section shall apply. As used in this Agreement, an "Event of Termination" shall mean and include any one or more of the following: (i) the termination by the BANK of EXECUTIVE's full-time employment hereunder for any reason other than a Change in Control, as defined in Section 5(a) hereof; disability, as defined in Section 6(a) hereof; death; retirement, as defined in Section 7 hereof; or Termination for Cause, as defined in Section 8 hereof; (ii) EXECUTIVE's resignation from the BANK's employ, upon (A) unless consented to by EXECUTIVE, a material change in EXECUTIVE's function, duties, or responsibilities, which change would cause EXECUTIVE's position to become one of lesser responsibility, importance, or scope from the position and attributes thereof described in Sections 1 and 2, above (any such material change shall be deemed a continuing breach of this Agreement), (B) a relocation of EXECUTIVE's principal place of employment by more than 35 miles from its location at the effective date of this Agreement, or a material reduction in the benefits and perquisites to EXECUTIVE from those being provided as of the effective date of this Agreement, (C) the liquidation or dissolution of the BANK, or (D) any material breach of this Agreement by the BANK. Upon the occurrence of any event described in clauses (A), (B), (C) or (D), above, EXECUTIVE shall have the right to elect to terminate his employment under this Agreement by resignation upon not less than sixty (60) days prior written notice given within a reasonable period of time not to exceed, except in case of a continuing breach, four (4) calendar months after the event giving rise to said right to elect.

  • Event of Termination As soon as reasonably practicable and in any event within two (2) Business Days after any Responsible Officer of the Borrower obtains knowledge of the occurrence of each Event of Termination or Incipient Event of Termination (if such Incipient Event of Termination is continuing on the date of such notice), the statement of a Responsible Officer of the Borrower setting forth the details of such Event of Termination or Incipient Event of Termination and the action which the Borrower is taking or proposes to take with respect thereto.

  • Termination Upon a Change in Control If Executive’s employment with the Employer is subject to a Termination within a Covered Period, then, in addition to Minimum Benefits, the Employer shall provide Executive the following benefits: (i) On the sixtieth (60th) day following the Termination Date, the Employer shall pay Executive a lump sum payment in an amount equal to the Severance Amount. (ii) Executive (and Executive’s dependents, as may be applicable) shall be entitled to the benefits provided in Section 4(e).

  • Events of Termination Subject to Section 6.4 below, this Agreement will terminate as to a Fund: (a) at the option of any party, with or without cause with respect to the Fund, upon six (6) months advance written notice to the other parties, or, if later, upon receipt of any required exemptive relief from the SEC, unless otherwise agreed to in writing by the parties; or (b) at the option of AVIF upon institution of formal proceedings against LIFE COMPANY or its affiliates by the NASD, the SEC, any state insurance regulator or any other regulatory body regarding LIFE COMPANY's obligations under this Agreement or related to the sale of the Contracts, the operation of each Account, or the purchase of Shares, if, in each case, AVIF reasonably determines that such proceedings, or the facts on which such proceedings would be based, have a material likelihood of imposing material adverse consequences on the Fund with respect to which the Agreement is to be terminated; or (c) at the option of LIFE COMPANY upon institution of formal proceedings against AVIF, its principal underwriter, or its investment adviser by the NASD, the SEC, or any state insurance regulator or any other regulatory body regarding AVIF's obligations under this Agreement or related to the operation or management of AVIF or the purchase of AVIF Shares, if, in each case, LIFE COMPANY reasonably determines that such proceedings, or the facts on which such proceedings would be based, have a material likelihood of imposing material adverse consequences on LIFE COMPANY, or the Subaccount corresponding to the Fund with respect to which the Agreement is to be terminated; or (d) at the option of any Party in the event that (i) the Fund's Shares are not registered and, in all material respects, issued and sold in accordance with any applicable federal or state law, or (ii) such law precludes the use of such Shares as an underlying investment medium of the Contracts issued or to be issued by LIFE COMPANY; or (e) upon termination of the corresponding Subaccount's investment in the Fund pursuant to Section 5 hereof; or (f) at the option of LIFE COMPANY if the Fund ceases to qualify as a RIC under Subchapter M of the Code or under successor or similar provisions, or if LIFE COMPANY reasonably believes that the Fund may fail to so qualify; or (g) at the option of LIFE COMPANY if the Fund fails to comply with Section 817(h) of the Code or with successor or similar provisions, or if LIFE COMPANY reasonably believes that the Fund may fail to so comply; or (h) at the option of AVIF if the Contracts issued by LIFE COMPANY cease to qualify as annuity contracts or life insurance contracts under the Code (other than by reason of the Fund's noncompliance with Section 817(h) or Subchapter M of the Code) or if interests in an Account under the Contracts are not registered, where required, and, in all material respects, are not issued or sold in accordance with any applicable federal or state law; or (i) upon another Party's material breach of any provision of this Agreement.

  • In the Event of Termination After receipt of a notice of termination, except as otherwise directed, the AGENCY shall: a. Remit to the COUNTY, within fourteen (14) calendar days, any advanced funds paid, prorated as of the date of termination. b. Stop working under this Contract on the date of receipt and to the extent specified in the notice of termination. c. Place no further orders or subcontracts to the extent that they relate to the performance of the work, which was terminated. d. Terminate all orders and subcontracts to the extent that they relate to the performance of the work, which was terminated. e. Handle all property as directed by the COUNTY. f. Finalize all necessary up to date reports and documents required under the terms of this Agreement up to the date of termination, up to and including the final expenditure report due at the end of the Contract, if any, without reimbursement beyond that due as of the date of termination for services rendered to the termination date. g. Take any other actions as directed in writing by the COUNTY.