Severance Payment Contract Clauses (466)

Severance Payment. 5.1 Termination without Cause, with Good Reason, or Non-Renewal by the Company. If during the Term (a) the Company terminates the Executive's employment pursuant to Section 4.4 hereof (Termination without Cause), (b) the Company elects not to renew this Agreement pursuant to Section 2 hereof, or (c) the Executive terminates his employment pursuant to Section 4.5 hereof (Termination with Good Reason), all compensation payable to the Executive under Section 3 hereof shall cease as of the date of t...ermination specified in the Company's or the Executive's notice or the expiration of the then current term (the "Termination Date"), and the Executive shall be entitled to the following: 5.1.1 (i)(A) if the Termination Date is within the initial two years of the Term, the Base Salary in effect on the Termination Date for a period of eighteen (18) months from the Termination Date, or (B) if termination is the result of Section 5.1(b) or the Termination Date is after the initial two years of the Term, the Base Salary in effect on the Termination Date for a period of twelve (12) months from the Termination Date, (the applicable period being referred to as the "Severance Period"), payable in cash in monthly installments beginning on the sixtieth (60th ) day following the Termination Date; (ii) benefits under group health and life insurance plans in which the Executive participated prior to termination through the Severance Period; (iii) all unpaid expenses described in Section 3.4, paid on or before the Termination Date; (iv) any earned but unpaid bonus pursuant to Section 3.2, paid on or before the Termination Date; and (v) all previously earned, accrued, and unpaid benefits from the Company and its employee benefit plans, including any such benefits under the Company's pension, disability, and life insurance plans, policies, and programs, if any, paid in accordance with the terms of the applicable plan, policy or program; 5.1.2 notwithstanding the terms of any option or award agreements to the contrary, all outstanding unvested options, warrants or restricted stock granted to the Executive shall become fully vested on the Termination Date and, with respect to options and warrants, shall thereafter be exercisable for the full term of the option or warrant. If, prior to the expiration of the Severance Period, 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 clause (i) and (ii) of this Section 5.1 on or after the date of such violation. Notwithstanding the foregoing, payments of the amounts described in clauses (i) and (ii) of this Section 5.1 shall be conditioned on the delivery by the Executive, within forty-five (45) days following the Termination Date, and effectiveness of a release of any and all claims that the Executive may have against the Company through the date of termination, which release shall be in substantially the form attached as Annex II. 5.2 Termination for Cause, Death or Disability. If this Agreement is terminated by the Company pursuant to Sections 4.1 (Termination upon Death), 4.2 (Termination upon Disability) or 4.3 (Termination for Cause) hereof or in the event the Executive elects not to renew this Agreement pursuant to Section 2, the Executive shall receive only the amounts specified in clauses (iii), (iv) and (v) of Section 5.1 hereof. View More

Severance Payment. In the event Employee's employment is terminated by the Company without cause (including by Employee 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, Employee shall be eligible to receive severance pay based upon Employee's base salary at the time of termination for a period determined in accordance with any guidelines as may be established by the Company or for a period up to twelve ...(12) months (whichever is longer). View More