Severance Compensation Clause Example from Business Contracts

Severance Compensation. The Company may terminate Executive's employment during the Term by providing written notice of the termination date pursuant to Section 11(g), subject to any additional notice requirements for a termination for "Cause" set forth in Section 11(c)(2). Upon termination of Executive's employment prior to expiration of the Term, unless Executive's employment is (i) terminated for Cause, (ii) terminated as a result of Death or Disability or (iii) Executive terminates his employment without Good Reaso...n, then: (a) Executive shall be entitled to receive (i) Base Salary earned through the termination date; (ii) reimbursement of reasonable expenses paid or incurred by 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, (iii) any accrued but unused vacation time through the termination date in accordance with Company policy, and (iv) an amount equal to Executive's Base Salary (the "Separation Payment"), during the prior twelve (12) months (the "Separation Period"), provided that Executive executes an agreement releasing Company and its affiliates from any liability associated with Executive's employment with the Company in form and terms satisfactory to the Company and that all time periods imposed by law permitting cancellation or revocation of such release by Executive shall have passed or expired; and subject to anything to the contrary in Section 11(d)(3), the Separation Payment shall be paid in substantially equal installments over the course of the twelve (12) months following the date of termination in accordance with the customary payroll practices of the Company. View More