Grouped Into 1 Collection of Similar Clauses From Business Contracts
This page contains Accrued Obligations Severance COBRA clauses in business contracts and legal agreements. We have organized these clauses into groups of similarly worded clauses.
Accrued Obligations Severance COBRA. (a) Accrued Obligations. Upon the termination or expiration of the Employment Term for any reason, Company shall pay to Executive the following: (i) all unpaid Base Salary through the last day of the Employment Term; (ii) all unreimbursed expenses that otherwise are payable to Executive pursuant to Section 6 above, and (iii) all other accrued payments or benefits to which Executive is entitled and has earned under the terms of any applicable compensation, bonus, award or similar arrangement, pla...n or program (collectively, the "Accrued Obligations"). The Accrued Obligations shall be paid to Executive in a lump sum in cash within thirty (30) days following the termination or expiration of the Employment Term, unless otherwise required by law or the terms of the applicable arrangement, plan or program, in which case the same shall be paid as soon as permitted thereunder. -3- (b) Severance. If the Employment Term ends by reason of either termination by Executive for Good Reason or by the Company's At-Will Termination, the Company shall pay to Executive the greater of (as applicable, "Severance Pay") (i) an amount equal to the product of (A) the number of full or partial months, if any, in the period beginning on the date the Employment Term ended and ending on the date the Initial Term would have ended, if later than the date the Employment Term actually ended, multiplied by (B) Executive's monthly Base Salary (as in effect immediately prior to the termination date) or (ii) an amount equal to one-half of Executive's annual Base Salary (as in effect immediately prior to the termination date). The Severance Pay shall be paid by the Company to Executive in substantially equal monthly installments, without reduction or set off (other than as provided in Section 11(a) below), in accordance with the Company's standard payroll procedures, commencing on the 60th day following the termination or expiration of the Employment Term, provided that the revocation period(s) set forth in the Release Agreement set forth in Section 8(a) below have expired without revocation. If the Employment Terms ends by reason of termination by the Company for Cause, by the Company's Non-Renewal or Executive's Non-Renewal of the Initial Term or any Renewal Term, by Executive's At-Will Termination, or due to Executive's death or disability, no Severance Pay will be owing or paid to Executive. (c) COBRA. If the Employment Term ends by reason of either termination by Executive for Good Reason or by the Company's At-Will Termination, to the extent Executive and Executive's spouse and/or dependent children properly (and timely) elect COBRA continuation coverage under the Company's group health insurance plan, the Company shall pay, on Executive's behalf, all of the premiums due for such coverage for a period beginning on the date the Employment Term so ended and ending on the earliest to occur of (as applicable, "Severance Benefits") (i) the date on which Executive is no longer entitled to COBRA continuation coverage under the Company's group health insurance plan, (ii) the last day of the month that includes or immediately precedes the first day that Executive is covered under another employer's group health insurance plan or (iii) the last day of the month in which Executive receives his final Severance Pay payment; provided, however, that notwithstanding the foregoing or any other provision in this Agreement to the contrary, the Company may unilaterally amend this Section 7(c) or eliminate the benefit provided hereunder, upon written notice to Executive, but only if and to the extent necessary to avoid the imposition of excise taxes, penalties or similar charges on the Company, including, without limitation, under Code Section 4980D. If the Employment Term ends by reason of termination by the Company for Cause, by the Company's Non-Renewal or Executive's Non-Renewal of the Initial Term or any Renewal Term, by Executive's At-Will Termination, or due to Executive's death or disability, no Severance Benefits will be owing to Executive.View More
Accrued Obligations Severance COBRA. (a) Accrued Obligations. Upon the termination or expiration of the Employment Term for any reason, Company shall pay to Executive Employee the following: (i) all unpaid Base Salary through the last day of the Employment Term; (ii) all unreimbursed expenses that otherwise are payable to Executive Employee pursuant to Section 6 above, and (iii) all other accrued payments or benefits to which Executive Employee is entitled and has earned under the terms of any applicable compensation, bonus, award ...or similar arrangement, plan or program (collectively, the "Accrued Obligations"). The Accrued Obligations shall be paid to Executive Employee in a lump sum in cash within thirty (30) days following the termination or expiration of the Employment Term, unless otherwise required by law or the terms of the applicable arrangement, plan or program, in which case the same shall be paid as soon as permitted thereunder. -3- (b) Severance. If the Employment Term ends by reason of either termination by Executive Employee for Good Reason or by the Company's At-Will Termination, the Company shall pay to Executive Employee the greater of (as applicable, "Severance Pay") (i) an amount equal to the product of (A) the number of full or partial months, if any, in the period beginning on the date the Employment Term ended and ending on the date the Initial Term would have ended, if later than the date the Employment Term actually ended, multiplied by (B) Executive's Employee's monthly Base Salary (as in effect immediately prior to the termination date) or (ii) an amount equal to one-half of Executive's Employee's annual Base Salary (as in effect immediately prior to the termination date). The Severance Pay shall be paid by the Company to Executive Employee in substantially equal monthly installments, without reduction or set off (other than as provided in Section 11(a) below), in accordance with the Company's standard payroll procedures, commencing on the 60th day following the termination or expiration of the Employment Term, provided that the revocation period(s) set forth in the Release Agreement set forth in Section 8(a) below have expired without revocation. If the Employment Terms ends by reason of termination by the Company for Cause, by the Company's Non-Renewal or Executive's Employee's Non-Renewal of the Initial Term or any Renewal Term, by Executive's Employee's At-Will Termination, or due to Executive's Employee's death or disability, no Severance Pay will be owing or paid to Executive. Employee. -3- (c) COBRA. If the Employment Term ends by reason of either termination by Executive Employee for Good Reason or by the Company's At-Will Termination, to the extent Executive Employee and Executive's Employee's spouse and/or dependent children properly (and timely) elect COBRA continuation coverage under the Company's group health insurance plan, the Company shall pay, on Executive's Employee's behalf, all of the premiums due for such coverage for a period beginning on the date the Employment Term so ended and ending on the earliest to occur of (as applicable, "Severance Benefits") (i) the date on which Executive Employee is no longer entitled to COBRA continuation coverage under the Company's group health insurance plan, (ii) the last day of the month that includes or immediately precedes the first day that Executive Employee is covered under another employer's group health insurance plan or (iii) the last day of the month in which Executive Employee receives his final Severance Pay payment; provided, however, that notwithstanding the foregoing or any other provision in this Agreement to the contrary, the Company may unilaterally amend this Section 7(c) or eliminate the benefit provided hereunder, upon written notice to Executive, Employee, but only if and to the extent necessary to avoid the imposition of excise taxes, penalties or similar charges on the Company, including, without limitation, under Code Section 4980D. If the Employment Term Terms ends by reason of termination by the Company for Cause, by the Company's Non-Renewal or Executive's Employee's Non-Renewal of the Initial Term or any Renewal Term, by Executive's Employee's At-Will Termination, or due to Executive's Employee's death or disability, no Severance Benefits will be owing to Executive. Employee. View More
