Termination and Severance Payments Sample Clauses

Termination and Severance Payments. (a) Employee’s employment under this Agreement may be terminated prior to the end of the Term only as follows: (i) upon the death of Employee; (ii) by Employer upon the Disability (as defined in subsection 26(d)) of Employee for a period of one hundred and eighty (180) days; (iii) by Employer for Cause (as defined in subsection 26(b)) upon delivery of a Notice of Termination (as defined in subsection 26(g)) to Employee; (iv) by Employer without Cause upon delivery of a Notice of Termination to Employee; (v) by Employee for Good Reason (as defined in subsection 26(e)) upon delivery of a Notice of Termination to the Employer within a ninety (90) day period beginning on the thirtieth (30th) day after the occurrence of a Change in Control (as defined in subsection 26(c)) or within a ninety (90) day period beginning on the one (1) year anniversary of the occurrence of a Change in Control; or (vi) by Employee upon delivery of a Notice of Termination to Employer. (b) If Employee’s employment is terminated because of the Employee’s death, Employer shall pay Employee’s estate: (i) any sums due Employee as Base Salary and/or reimbursement of expenses through the end of the month during which death occurred, paid in accordance with Employer’s standard payroll procedures, but in any case, no less frequently than monthly; and (ii) any bonus earned or accrued through the date of death. Any bonus for previous years which was not yet paid will be paid pursuant to the terms as set forth in section 4(a). Any bonus that is earned in the year of death will be paid on the earlier of: (i) seventy (70) days after the end of the year in which the Employee died or (ii) with the first payroll cycle following the Company’s press release announcing its financial performance for the year in which the Employee died. To the extent that the bonus is performance-based, the amount of the bonus will be calculated by taking into account the performance of the Employer for the entire year and prorating this through the date of Employee’s death. (c) During the period of any Disability leading up to the termination of Employee’s employment as a result of the Disability, Employer shall: (i) continue to pay the Employee’s full Base Salary at the rate then in effect and all perquisites and other benefits (other than any bonus) in accordance with Employer’s standard payroll procedures, but in any case, no less frequently than monthly, until Employee becomes eligible for benefits under any long-term...

Termination and Severance Payments. (a) In the event that the employment of the Employee is terminated for cause or in the event that the Employee resigns his/her employment with the Company, the Employee shall be paid any salary and any other benefits which have then accrued and to which the Employee is entitled to at such time. However, in such event, the Employee shall not be entitled to any severance compensation as set forth in subparagraph (b) below. (b) In the event that the employment of the Employee is terminated by the Company for any reason other than for cause, in addition to receiving all accrued salary and benefits to which the Employee is entitled to at such time, the Company further agrees to pay the Employee as severance pay an amount equal to the Employee's salary as in effect at such time for an additional one (1) month from the date of termination, with payments to be made on the Company's usual payroll payment dates. (c) All amounts paid under Subsections (a) or (b) hereof to the Employee shall be subject to all applicable local, state or federal withholding taxes, if any.

Termination and Severance Payments. (a) In the event that the employment of the Employee is terminated for cause or in the event that the Employee resigns his/her employment with the Company, the Employee shall be paid any salary and any other benefits which have then accrued and to which the Employee is entitled to at such time. However, in such event, the Employee shall not be entitled to any severance compensation as set forth in subparagraph (b) below.

Termination and Severance Payments. (a) The Executive’s employment under this Agreement may be terminated prior to the end of the Term, if applicable, only as follows (each a “Terminating Event”): (i) Upon the death of the Executive. If the Executive’s employment is terminated because of the Executive’s death, the Company shall pay the Executive’s estate any sums due him as Base Salary or reimbursement of expenses through the end of the month during which death occurred in accordance with the Company’s standard payroll procedures. The Company shall also pay the Executive’s estate an Annual Bonus for the year that death occurs, based on actual performance for such year and prorated to reflect the number of days employed during such year. Any Annual Bonus for previous years which was not yet paid shall be paid pursuant to the terms as set forth in Section 3(b). Any Annual Bonus for the year of death shall be paid by the Company on the earlier of (i) 70 days after the year end in which the Executive died or (ii) the first pay period following the Company’s press release announcing its financial performance for the year in which the Executive died. (ii) Upon the Disability of the Executive for a period of 90 days, which includes any period of payment under the Company’s accident and health plan. During the period of any Disability leading up to the termination of the Executive’s employment under this provision, the Company shall continue to pay the Executive his full Base Salary at the rate then in effect and all perquisites and other benefits (other than any Annual Bonus) in accordance with the Company’s standard payroll procedures until the Executive becomes eligible for benefits under any long-term disability plan or insurance program maintained by the Company; provided, however, that the amount of any such payments to the Executive shall be reduced by the sum of the amounts, if any, payable to the Executive for the same period under any other disability benefit or pension plan covering the Executive. Furthermore, the Company shall pay the Executive any Annual Bonus earned through the date of onset of the physical or mental impairment that led to the Disability, based on actual performance for the year which includes the date of onset of the physical or mental impairment that led to the Disability and prorated to reflect the number of days employed through such date. Any Annual Bonus for previous years which was not yet paid shall be paid pursuant to the terms as set forth in Section 3(b). An...

Termination and Severance Payments. (a) If the Company terminates Executive’s employment for Cause, or if Executive terminates his employment voluntarily and without Good Reason, Executive shall receive any and all earned but unpaid wages within seven (7) business days or the Company’s next regular payday, whichever comes first, and Executive shall be promptly paid for any incurred but unpaid reimbursable business expenses (collectively, the “Termination Payments”). Executive shall not be entitled to any further compensation from the Company. (b) Employee shall be eligible for severance pay under this paragraph after completing one (1) year of employment with Company. If the Company terminates Executive’s employment (which includes the Company’s termination of Executive’s employment by its non-renewal of this Agreement as provided in Section 6(b)(iii)) without Cause or if the Executive terminates his employment for Good Reason, Executive shall receive (i) the Termination Payments, and (ii) provided Executive executes and does not revoke a general release of claims against the Company in the form attached hereto (the “Release”), severance pay equal to 50% of six (6) months of the Base Salary (the “Severance Payments”). The Severance Payments shall be paid to Executive as a salary continuation beginning on the Company’s first regular payday following the sixtieth (60th) day after the date Executive incurs a separation from service (as defined in Code Section 409A); provided, any payments that would have been made during such sixty (60)-day period if Executive’s Base Salary had continued uninterrupted after the date of his separation from service will be paid in a lump-sum on the date his Severance Payments commence; provided that: (i) if the sixty (60)-day period following the separation from service crosses calendar years, if necessary to comply with Section 409A of the Code payment shall not commence until the second calendar year; and (ii) if the Release has not been fully executed by Executive or the seven (7)-day revocation period has not passed, any payments due before those two events will be forfeited and shall not be paid. (c) The Company agrees to reimburse you for the costs of COBRA coverage for you and your dependents for the six (6)-month Severance Payments period, less the amount paid for such coverage by active employees of the Company. COBRA payments will cease following the six (6)-month Severance Payments period or should Executive secure alternative medical coverage elsewher...

Termination and Severance Payments. (a) In the event of termination by ▇▇. ▇▇▇▇▇▇ of his employment under this Agreement for Good Reason, or by the Bank other than for Cause or as a result of the death or disability of ▇▇. ▇▇▇▇▇▇, the Bank shall pay to ▇▇. ▇▇▇▇▇▇, within thirty business days the following as liquidated damages for his termination or, as the case may be, a severance payment: (i) continued regular salary payments for 12 months following his termination; and (ii) ▇▇. ▇▇▇▇▇▇ may exercise any stock options held by him on the Date of Termination, pursuant to the terms of the applicable stock option agreements and plans. Further, the Bank will lend ▇▇. ▇▇▇▇▇▇ the funds to exercise such options upon his written request, stating the amount he wishes to borrow for this purpose, and if all legal requirements applicable to the Bank to lend such funds can be satisfied. (b) In the event of termination by ▇▇. ▇▇▇▇▇▇ of his employment under this Agreement for Good Reason, or by the Bank other than for Cause or as a result of the death or disability of ▇▇. ▇▇▇▇▇▇, any and all individual or group health, life, disability, salary continuation and other such plans, programs or arrangements that provide coverage for ▇▇. ▇▇▇▇▇▇ in effect on the Date of Termination shall be continued in full force and effect at no cost to ▇▇. ▇▇▇▇▇▇ for one year from the Date of Termination. In the event it is not possible to continue coverage for ▇▇. ▇▇▇▇▇▇ under such plans, programs or arrangements, the Bank shall provide COBRA coverage for one year from the Date of Termination. (c) Notwithstanding any other provision of this Section, if any payments under this Section 10 are described in § 28OG(b)(2)(A)(i) of the Internal Revenue Code of 1986 (the "Code") (relating to payments contingent on changes in the ownership or effective control of a corporation), then the payments under this Agreement shall be limited to the minimum extent necessary to ensure that no payment to ▇▇. ▇▇▇▇▇▇ will be treated as a parachute payment pursuant to § 28OG(b)(2)(A)(ii) of the Code. Furthermore, any payments made to ▇▇. ▇▇▇▇▇▇ pursuant to this Agreement, or otherwise, are subject to and conditioned upon their compliance with 12 U.S.C. § 1828(k) and any regulations promulgated thereunder. (d) In the event that the Bank terminates ▇▇. ▇▇▇▇▇▇ for Cause or ▇▇. ▇▇▇▇▇▇ terminates his employment other than for Good Reason, no termination or severance payments will be made. (e) In the event ▇▇. ▇▇▇▇▇▇'▇ employment terminates as a result of...

Termination and Severance Payments. In the event of a change of control and termination without cause, the current base salary of Employee will continue for a period of (1) one year from termination date, and all existing medical and health benefits typically provided for by Company will continue for a period of (1) one year after termination. This provision is cancelled or terminated if Employee finds employment of comparable or similar job status. (1) if less than one year, 35% of options shall vest, (2) if more than one year but less than two years, then 70% of options shall vest, and (3) after 2 years, then 100% of options shall vest.

Termination and Severance Payments. (a) In the event the consulting services of ▇▇▇▇▇ are terminated for any reason, the Company will pay ▇▇▇▇▇ his consulting fee through the effective date of termination. (b) In the event that the employment of ▇▇▇▇▇ is terminated for cause or in the event that ▇▇▇▇▇ resigns his employment with the Company, ▇▇▇▇▇ shall be paid any salary and any other benefits which have then accrued and to which he is entitled to at such time through the effective date of such termination. However, in such event, ▇▇▇▇▇ shall not be entitled to any severance compensation. (c) In the event that the employment of ▇▇▇▇▇ is terminated by the Company for any reason other than for cause, in addition to receiving all accrued salary and benefits to which ▇▇▇▇▇ is entitled to at such time, the Company further agrees to pay ▇▇▇▇▇ as ▇▇▇▇▇▇▇▇▇ pay three (3) month's salary (as in effect at such time) for an additional three (3) months from the date of termination, with payments to be made on the Company's usual payroll payment dates. (d) All amounts paid under subsections (b) or (c) shall be subject to all applicable local, state or federal withholding taxes, if any.

Termination and Severance Payments. After the word "salary" in two places, add the word "and bonus". Change "three (3) month's" to "twelve (12) month's" and change "three (3) months" to "twelve (12) months" in section 7(c).