Severance Payment Contract Clauses (466)

Severance Payment. (a) Certain Severance Payments. If during the Term the Company terminates this Employment Agreement pursuant to Section 4(d) hereof, or the Executive terminates this Employment Agreement pursuant to Section 4(e) hereof, all compensation payable to the Executive under Section 3 hereof shall cease as of the date of termination specified in the Company's notice (the "Termination Date"), and the Company shall in addition to paying the Accrued Amounts, pay to the Executive, subject to Section 6 hereo...f, the following sums: (i) the Base Salary on the Termination Date for the greater of (x) six months and (y) the remainder of the Term (the applicable period being referred to as the "Severance Period"), payable in monthly installments; If, prior to the date on which the Company's obligations under clause (i) of this Section 5(a) cease, the Executive violates Section 6 hereof, then the Company shall have no obligation to make any of the payments that remain payable by the Company under this section on or after the date of such violation. The payment of severance as required by this Section 5(a) may be conditioned by the Company on the delivery by the Executive of a release of and all claims that the Executive may have against the Company which release shall be in form and substance satisfactory to the Company. 5 (b) Severance Payments upon Termination for Cause, Death or Disability. If this Employment Agreement is terminated by the Company pursuant to Sections 4(a), 4(b) or 4(c) hereof, the Executive (or his estate or representative as applicable) shall receive only the amounts specified in clause (ii), (iii) and (iv) of Section 5(a) hereof. View More

Severance Payment. Provided you execute and return this Agreement and allow it to become effective: a.On the first Company payroll date that follows by at least three (3) business days the Effective Date as defined in Section 7(d), below, the Company will pay to you severance in a lump sum equivalent to twelve (12) months of wages at your base salary rate, plus your annual target bonus at 100%, prorated for the number of days of your employment in 2022, or $742,123.40 less applicable taxes, garnishments and any ot...her withholding required by law or authorized by you. b.The Company will pay COBRA costs for the period specified pursuant to Section 4 below. c.Notwithstanding the foregoing, in the event that the Company experiences a Change of Control, as defined in the Severance Agreement, within 60 (sixty) days of the Separation Date, you will be entitled to the additional severance, bonus and vesting provided in Section 2 of the Severance Agreement. View More

Severance Payment. If the Company terminates Executive's employment or fails to elect Executive as the Chief Executive Officer or if Executive's employment is terminated due to Disability or Death, Executive shall be entitled to receive as of the date of such termination ("Termination Date"), the following severance payments (the "Severance Payments"): (i) $$350,000; and (ii) all stock options held by the Executive will be deemed fully vested and exercisable on the Termination Date and the exercise period for such... stock options will be increased by a period of two years from the Termination Date. View More

Severance Payment. No later than the earlier of two business days after the Effective Date (defined below) or December 31, 2018, the Company shall pay the total amount of $690,000, less applicable payroll taxes, (the "Severance Payment") in full and final satisfaction of any and all claims against the Company, including, without limitation, claims arising from or relating in any way to his employment with the Company, including without limitation all claims for attorneys' fees or costs. The Company shall make the ...Severance Payment by wire transfer pursuant to instructions to be provided by Schwartz. Schwartz's Company-provided group health plan and other insurance benefits will cease on December 31, 2018, subject to any rights of Schwartz and his eligible dependents to continue the Company's group health plan coverage at his own cost to the extent provided by COBRA. Notwithstanding anything to the contrary in this Agreement, Schwartz shall retain all of his vested interest in his ESOP account, his Supplemental Savings Plan account, his 40l(k), and any other similar account, and the proceeds from those accounts shall be distributed in accordance with the plan documents and the process followed for other employees at the end of their employment. View More

Severance Payment. If you timely sign and return this fully signed Agreement to the Company, allow it to become effective, and comply with your obligations under it (collectively, the "Severance Preconditions"), then the Company will deem your employment termination to be a termination without Cause outside of the Change in Control Period pursuant to that certain Executive Change in Control and Severance Agreement between you and the Company, dated May 19, 2020 (the "Severance Agreement"), and accordingly, the Com...pany will pay you, as severance, the equivalent of twelve (12) months of your base salary in effect as of the Separation Date (in the total amount of $604,000), subject to standard payroll deductions and withholdings. This amount will be paid in a lump sum within ten (10) business days after the Effective Date (as defined below). View More

Severance Payment. In the event of a Termination described in Section 5 above, in lieu of the amounts otherwise payable under Section 4 above, the Employee shall be entitled to receive (i) Employer-paid COBRA premiums (relating to the Employee's group medical insurance continuation premiums) for a period of eighteen (18) months after the date of Termination, and (ii) a lump sum payment in cash no later than thirty (30) business days after the date of Termination equal to the sum of: a. the Employee's unpaid salary..., accrued vacation pay and unreimbursed business expenses through and including the date of Termination; and b. an amount equal to one times the Employee's base salary in effect immediately prior to the date of Termination. View More

Severance Payment. Subject to Section 6(a)(1) of the Employment Agreement, on the sixtieth day following the Termination Date, Parker Drilling shall pay to Executive a gross lump sum amount equal to the sum of $836,382.40 (which is 1.5 multiplied by "Total Cash" under Section 6(a)(1) of the Employment Agreement, plus the amount due to Executive pursuant to Section 6(a)(4) of the Employment Agreement). In the event Executive does not execute and deliver the Waiver and Release described in Section 10, without revoca...tion, Executive shall not be entitled to payment of the Severance Payment. Executive acknowledges and agrees that he is not entitled to any payments under Sections 6(a)(2)-(3) of the Employment Agreement with respect to amounts earned in 2017. View More

Severance Payment. In the event Executive's employment is terminated by the Company without cause (including by Executive for Good Reason), and subject to the normal terms and conditions imposed by the Company as set forth herein and in the attached Separation and Release Agreement (Exhibit A), Executive shall be eligible to receive severance pay based upon her base salary at the time of termination for a period of twelve (12) months. Executive will be immediately vested in the Supplemental Executive Retirement Pl...an. Additionally, the Company shall arrange for the excutive to continue to particiapte (through COBRA or otherwisde), on substantially the same terms and conditions as in effect for the Executive (including any active employee contribution) immediately prior to such termination, in the health and similar welfare benefits provided to the Executive until the earlier of (i) the end of the 12 month period beginning on the effective date of termination of the Executive's employment hereunder, or (ii) such time as the Executive is eligible to be covered by comparable benefits of a subsequent employer. The Executive agrees to notify the Company promptly if and when he begins employment with another employer and if and when he becomes eligible to participate in any health or welfare plans of another employer. The foregoing severance rights and obligations shall not exist if Executive voluntarily leaves the Company's employ without "Good Reason" (as defined above) or is terminated for "cause" (as defiend above). 8 17. Severance Payment Terms and Conditions. No severance pay shall be paid if Executive voluntarily leaves the Company's employ without Good Reason, as defined above, or is terminated for cause. Any severance pay made payable under this Agreement shall be paid in lieu of, and not in addition to, any other contractual, notice or statutory pay or other accrued compensation obligation (excluding accrued wages and deferred compensation). Additionally, such severance pay is contingent upon Executive materially complying with the restrictive covenants contained herein and executing a Separation and Release Agreement in a form not substantially different from that attached as Exhibit A. Further, the Company's obligation to provide severance hereunder shall be deemed null and void should Executive fail or refuse to execute and deliver to the Company the Company's then standard Separation and Release Agreement (without modification) within any time period as may be prescribed by law or, in absence thereof, twenty-one (21) days after the Executive's Effective Termination Date. Except as required by Code Section 409A, the above severance pay shall be paid in accordance with the Company's standard payroll practices (e.g. bi-weekly), except no payment shall be made until after the Separation and Release Agreement becomes effective and the first payment thereafter shall include any missed payment. Notwithstanding the foregoing, if any execution and revocation period overlap two calendar years, payments will be paid in the second (2nd) calendar year. Amounts that are nonqualified deferred compensation under Code Section 409A that would otherwise be payable during the six (6) month period immediately following termination shall be paid, with interest, settled, made, or provided, on the expiration of the Delay Period. Notwithstanding, the foregoing Section is subject to the provisions of Code Section 409A. View More

Severance Payment. The Company shall pay or provide to Bhansali the following benefits (as his sole compensation therefore and from the Company): (i) $2,500 on the Termination Date.

Severance Payment. (a) Subsequent to the Termination Date, and on the express condition that Employee has not revoked this Agreement, the Parent shall cause the Company to provide Employee with the severance payments (the "Severance Payments") in accordance with the schedule attached hereto as Annex I, due and payable within thirty (30) days following the Termination Date; provided however, that no payments under this Section 2 shall be made until the Parent's receipt of the stock certificates set forth on Annex I...I attached hereto. Such amounts when paid in full shall constitute complete and full payment of any and all amounts due under the Employment Agreement, including salary and bonus amounts that have been earned by the Executive but have not yet been paid as of the Termination Date. (b) The Company shall issue an IRS Form W-2 to Employee reflecting the Severance Payments made pursuant to this Section 2. For purposes of clarity, the Company shall withhold amounts for payment of taxes as required by local, state and federal law. Employee shall be solely responsible for payment of taxes as required by local, state and federal law. If a claim is made against the Company for any tax or withholding in connection with or arising out of the Severance Payments pursuant to Section 2, Employee shall pay any such claim within thirty (30) days of being notified by the Company and agrees to indemnify the Company and hold it harmless against such claims, including but not limited to any taxes, attorneys' fees, penalties or interest, which are or become due from the Company. (c) Parent shall pay to the Employee a lump sum amount equivalent to the cost of maintaining continuous medical and dental coverage for the Employee for a period of two (2) years from the Termination Date under Parent's current medical plan . The current payment for Employee under the Parent's current medical plan is approximately $520 per month, for an aggregate amount of $12,480 (the "Medical Payments"). The Medical Payment shall due and payable within thirty (30) days following the Termination Date subject to the conditions set forth in Section 2(a) above. (d) Employee understands and agrees that he would not receive the monies and/or benefits specified in this Section 2, except for Employee's execution of this Agreement and General Release and the fulfillment of the promises contained herein. 1 3. Resignation of Directorship. Employee shall voluntarily resign from any director position in the Company or the Parent, within five (5) days following the Effective Date, provided that Parent shall pay Employee the sum of $8,335, representing director fees for the remainder of calendar year 2014. The stated sum shall be paid within thirty (30) days from the Termination Date. View More