Severance Compensation Clause Example with 23 Variations from Business Contracts
This page contains Severance Compensation clauses in business contracts and legal agreements. An example clause is provided at the top of the page, followed by clauses with minor variations. You can view the text differences by selecting the "Show Differences" option.
Severance Compensation. Upon termination of employment for any reason, the Executive shall be entitled to: (A) all Base Salary earned through the date of termination to be paid according to Section 4; (B) any and all reasonable expenses paid or incurred by the Executive in connection with and related to the performance of his duties and responsibilities for the Company during the period ending on the termination date to be paid according to Section 8; (C) any accrued but unused vacation time through the termination dat...e in accordance with Company policy; and (D) any Annual Bonuses earned through the date of termination to be paid according to Section 5(a); and I all Share Awards earned and vested prior to termination. Additionally, if the Executive's employment is terminated prior to expiration of the Employment Period (including due to his death or Disability, as defined in Section 12(b)) unless the Executive's employment is terminated for Cause (as defined in Section 12(c)) or the Executive terminates his employment without Good Reason (as defined in Section 12(d) and other than for a Change in Control as provided in Section 12(d) and Section 12(f)), the Executive shall be entitled to receive a cash amount equal to one hundred percent (100%) of the sum of the Executive's Base Salary earned during the six (6) months immediately preceding the date of termination (herein the "Separation Payment"); provided, that the Executive executes an agreement releasing Company and its affiliates from any liability associated with this Agreement and such release is irrevocable at the time the Separation Payment is first payable under this Section 6 and the Executive complies with his other obligations under Sections 13 and 14 of this Agreement. Subject to the terms hereof, one-half (1/2) of the Separation Payment shall be paid within thirty (30) days of the Executive's termination of employment ("Initial Payment"), provided that the Executive has executed a release; and the balance of the Separation Payment shall be paid in substantially equal installments on the Company's regular payroll dates beginning with the first payroll date coincident with or immediately following the Initial Payment and ending with the last payroll date that occurs in the third calendar year beginning after the Executive's termination of employment. The Executive may continue coverage with respect to the Company's group health plans as permitted by the Consolidated Omnibus Budget Reconciliation Act of 1985 ("COBRA") for himself and each of his "Qualified Beneficiaries" as defined by COBRA ("COBRA Coverage"). The Company shall reimburse the amount of any COBRA premium paid for COBRA Coverage timely elected by and for the Executive and any Qualified Beneficiary of the Executive, and not otherwise reimbursed, during the period that ends on the earliest of (x) the date the Executive or the Qualified Beneficiary, as the case may be, ceases to be eligible for COBRA Coverage, (y) the last day of the consecutive eighteen (18) month period following the date of the Executive's termination of employment and (z) the date the Executive or the Qualified Beneficiary, as the case may be, is covered by another group health plan. To reimburse any COBRA premium payment under this paragraph, the Company must receive documentation of the COBRA premium payment within ninety (90) days of its payment.View More
Variations of a "Severance Compensation" Clause from Business Contracts
Severance Compensation. (a) Upon termination of employment for any reason, the Executive shall be entitled to: (A) all Base Salary earned through the date of termination to be paid according to Section 4; (B) any and all reasonable expenses paid or incurred by the Executive in connection with and related to the performance of his duties and responsibilities for the Company during the period ending on the termination date Annual Bonuses, pro-rated, to be paid according to in accordance with Section 8; 5(a) and Section 5...(b) above (unless termination is for Cause, as defined below) ; (C) any all accrued but unused vacation time through the time, and (d) reimbursement of all reasonable expenses as set forth in Section 8. (b) Upon termination date in accordance with of employment by Company policy; and (D) for any Annual Bonuses earned through the date of termination to be paid according to Section 5(a); and I all Share Awards earned and vested prior to termination. Additionally, if the Executive's employment is terminated prior to expiration of the Employment Period (including due to his death or Disability, reason other than for cause ("Cause") as defined in Section 12(b)) unless the Executive's 11(c), or upon termination of employment is terminated by Executive for Cause (as good reason ("Good Reason") as defined in Section 12(c)) or the Executive terminates his employment without Good Reason (as defined in Section 12(d) and other than for a Change in Control as provided in Section 12(d) and Section 12(f)), the 11(d)(1), Executive shall be entitled to receive receipt of all vested and unvested shares contemplated in the Executive Award in accord with the any vesting schedule as if no termination occurred. (c) In the event of a cash amount equal to termination by the Company without Cause, by the Executive for Good Reason or by the Executive within one hundred percent (100%) of the sum of the Executive's Base Salary earned during the six (6) months immediately preceding the date of termination (herein the "Separation Payment"); provided, that the Executive executes an agreement releasing Company and its affiliates from any liability associated with this Agreement and such release is irrevocable at the time the Separation Payment is first payable under this Section 6 and the Executive complies with his other obligations under Sections 13 and 14 of this Agreement. Subject to the terms hereof, one-half (1/2) of the Separation Payment shall be paid within thirty (30) eighty days (180) days of the occurrence of a Change of Control (as defined below) and subject to the additional provisions of Section 11(d)(3), then in addition to the severance compensation set forth in Section 6(a) and 6(b), Executive shall also be entitled to the following enhanced separation benefits ("Enhanced Separation Benefits"): (i) the greater of Executive's termination of employment ("Initial Payment"), provided that the Executive has executed a release; and continued Base Salary through the balance of the Separation Payment shall Employment Period, as renewed, or twenty four (24) months of Executive's then Base Salary; (ii) continued participation in Company welfare benefit plans (including health benefits) on the same terms as immediately prior to termination and to be paid in substantially equal installments on full by the Company's regular payroll dates beginning with Company for the first payroll date coincident with or immediately following the Initial Payment period of time set forth in this Section 6(c) (not to be less than twelve (12) months of continuation of benefits) and ending with the last payroll date that occurs in the third calendar year beginning after the Executive's (iii) immediate vesting of all stock options/equity awards. (d) Upon termination of employment. The Executive's continued benefits (either pursuant to Section 6(a), 6(b) or 6(c) as the case may be), the Executive may continue coverage with respect to the Company's group health plans as permitted by the Consolidated Omnibus Budget Reconciliation Act of 1985 ("COBRA") for himself and each of his "Qualified Beneficiaries" as defined by COBRA ("COBRA Coverage"). The Company shall reimburse the amount of any COBRA premium paid for COBRA Coverage timely elected by and for the Executive and any Qualified Beneficiary of the Executive, and not otherwise reimbursed, during the period that ends on the earliest of (x) the date the Executive or the Qualified Beneficiary, as the case may be, ceases to be eligible for COBRA Coverage, (y) the last day of the consecutive eighteen (18) month period following the date of the Executive's termination of employment and (z) the date the Executive or the Qualified Beneficiary, as the case may be, is covered by another group health plan. To reimburse any COBRA premium payment under this paragraph, the Company must receive documentation of the COBRA premium payment within ninety (90) days of its payment. View More
Severance Compensation. (a) Upon termination of employment for any reason, the Executive shall be entitled to: (A) all Base Salary earned through the date of termination to be paid according to Section 4; (B) any and all reasonable expenses paid or incurred by the Executive in connection with and related to the performance of his duties and responsibilities for the Company during the period ending on the termination date Annual Bonuses, pro-rated, to be paid according to in accordance with Section 8; 5(a) above. ; (C) ...any all accrued but unused vacation time through the time, and (d) reimbursement of all reasonable expenses as set forth in Section 8. (b) Upon termination date in accordance with of employment by Company policy; and (D) for any Annual Bonuses earned through the date of termination to be paid according to Section 5(a); and I all Share Awards earned and vested prior to termination. Additionally, if the Executive's employment is terminated prior to expiration of the Employment Period (including due to his death or Disability, reason other than for cause ("Cause") as defined in Section 12(b)) unless the Executive's 11(c), or upon termination of employment is terminated by Executive for Cause (as good reason ("Good Reason") as defined in Section 12(c)) or the Executive terminates his employment without Good Reason (as defined in Section 12(d) and other than for a Change in Control as provided in Section 12(d) and Section 12(f)), the 11(d)(1), Executive shall be entitled to receive receipt of all vested and unvested shares contemplated in the Executive Award in accord with the Executive Vesting Schedule as if no termination occurred. (c) In the event of a cash amount equal to termination by the Company without Cause, by the Executive for Good Reason or by the Executive within one hundred percent (100%) of the sum of the Executive's Base Salary earned during the six (6) months immediately preceding the date of termination (herein the "Separation Payment"); provided, that the Executive executes an agreement releasing Company and its affiliates from any liability associated with this Agreement and such release is irrevocable at the time the Separation Payment is first payable under this Section 6 and the Executive complies with his other obligations under Sections 13 and 14 of this Agreement. Subject to the terms hereof, one-half (1/2) of the Separation Payment shall be paid within thirty (30) eighty days (180) days of the occurrence of a Change of Control (as defined below) and subject to the additional provisions of Section 11(d)(3), then in addition to the severance compensation set forth in Section 6(a) and 6(b), Executive shall also be entitled to the following enhanced separation benefits ("Enhanced Separation Benefits"): (i) the greater of Executive's termination of employment ("Initial Payment"), provided that the Executive has executed a release; and continued Base Salary through the balance of the Separation Payment shall Employment Period, as renewed, or ) twelve (12) months of Executive's then Base Salary; (ii) continued participation in Company welfare benefit plans (including health benefits) on the same terms as immediately prior to termination and to be paid in substantially equal installments on full by the Company's regular payroll dates beginning with Company for the first payroll date coincident with or immediately following the Initial Payment period of time set forth in this Section 6(c) (not to be less than twelve months of continuation of benefits) and ending with the last payroll date that occurs in the third calendar year beginning after the Executive's (iii) immediate vesting of all stock options/equity awards. 2 (d) Upon termination of employment. The Executive's continued benefits (either pursuant to Section 6(a), 6(b) or 6(c) as the case may be), the Executive may continue coverage with respect to the Company's group health plans as permitted by the Consolidated Omnibus Budget Reconciliation Act of 1985 ("COBRA") for himself and each of his "Qualified Beneficiaries" as defined by COBRA ("COBRA Coverage"). The Company shall reimburse the amount of any COBRA premium paid for COBRA Coverage timely elected by and for the Executive and any Qualified Beneficiary of the Executive, and not otherwise reimbursed, during the period that ends on the earliest of (x) the date the Executive or the Qualified Beneficiary, as the case may be, ceases to be eligible for COBRA Coverage, (y) the last day of the consecutive eighteen (18) month period following the date of the Executive's termination of employment and (z) the date the Executive or the Qualified Beneficiary, as the case may be, is covered by another group health plan. To reimburse any COBRA premium payment under this paragraph, the Company must receive documentation of the COBRA premium payment within ninety (90) days of its payment. View More
Severance Compensation. (a) Upon termination of employment for any reason, the Executive shall be entitled to: (A) all Base Salary earned through the date of termination to be paid according to Section 4; (B) any and all reasonable expenses paid or incurred by the Executive in connection with and related to the performance of his duties and responsibilities for the Company during the period ending on the termination date Annual Bonuses, pro-rated, to be paid according to in accordance with Section 8; 5(a) above. ; (C) ...any all accrued but unused vacation time through the time, and (d) reimbursement of all reasonable expenses as set forth in Section 8. (b) Upon termination date in accordance with of employment by Company policy; and (D) for any Annual Bonuses earned through the date of termination to be paid according to Section 5(a); and I all Share Awards earned and vested prior to termination. Additionally, if the Executive's employment is terminated prior to expiration of the Employment Period (including due to his death or Disability, reason other than for cause ("Cause") as defined in Section 12(b)) unless the Executive's 11(c), or upon termination of employment is terminated by Executive for Cause (as good reason ("Good Reason") as defined in Section 12(c)) or the Executive terminates his employment without Good Reason (as defined in Section 12(d) and other than for a Change in Control as provided in Section 12(d) and Section 12(f)), the 11(d)(1), Executive shall be entitled to receive receipt of all vested and unvested shares contemplated in the Executive Award in accord with the Executive Vesting Schedule as if no termination occurred. (c) In the event of a cash amount equal to termination by the Company without Cause, by the Executive for Good Reason or by the Executive within one hundred percent (100%) of the sum of the Executive's Base Salary earned during the six (6) months immediately preceding the date of termination (herein the "Separation Payment"); provided, that the Executive executes an agreement releasing Company and its affiliates from any liability associated with this Agreement and such release is irrevocable at the time the Separation Payment is first payable under this Section 6 and the Executive complies with his other obligations under Sections 13 and 14 of this Agreement. Subject to the terms hereof, one-half (1/2) of the Separation Payment shall be paid within thirty (30) eighty days (180) days of the occurrence of a Change of Control (as defined below) and subject to the additional provisions of Section 11(d)(3), then in addition to the severance compensation set forth in Section 6(a) and 6(b), Executive shall also be entitled to the following enhanced separation benefits ("Enhanced Separation Benefits"): (i) the greater of Executive's termination of employment ("Initial Payment"), provided that the Executive has executed a release; and continued Base Salary through the balance of the Separation Payment shall Employment Period, as renewed, or twelve (12) months of Executive's then Base Salary; (ii) continued participation in Company welfare benefit plans (including health benefits) on the same terms as immediately prior to termination and to be paid in substantially equal installments on full by the Company's regular payroll dates beginning with Company for the first payroll date coincident with or immediately following the Initial Payment period of time set forth in this Section 6(c) (not to be less than twelve (12) months of continuation of benefits) and ending with the last payroll date that occurs in the third calendar year beginning after the Executive's (iii) immediate vesting of all stock options/equity awards. (d) Upon termination of employment. The Executive's continued benefits (either pursuant to Section 6(a), 6(b) or 6(c) as the case may be), the Executive may continue coverage with respect to the Company's group health plans as permitted by the Consolidated Omnibus Budget Reconciliation Act of 1985 ("COBRA") for himself and each of his "Qualified Beneficiaries" as defined by COBRA ("COBRA Coverage"). The Company shall reimburse the amount of any COBRA premium paid for COBRA Coverage timely elected by and for the Executive and any Qualified Beneficiary of the Executive, and not otherwise reimbursed, during the period that ends on the earliest of (x) the date the Executive or the Qualified Beneficiary, as the case may be, ceases to be eligible for COBRA Coverage, (y) the last day of the consecutive eighteen (18) month period following the date of the Executive's termination of employment and (z) the date the Executive or the Qualified Beneficiary, as the case may be, is covered by another group health plan. To reimburse any COBRA premium payment under this paragraph, the Company must receive documentation of the COBRA premium payment within ninety (90) days of its payment. View More
