Severance Clause Example with 4 Variations from Business Contracts
This page contains Severance 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. (a) Termination Without Cause or Resignation for Good Reason other than during the Pre-CIC Period or within 24 months Following a Change in Control. If Executive's employment is terminated by the Company without Cause or if Executive resigns for Good Reason, and such termination is not within the period of time between the signing of a definitive agreement that, if consummated, would constitute a Change in Control of the Retail/Non-Core Business and the consummation of such Change in Control of ...the Retail/Non-Core Business (the "Pre-CIC Period") or the twenty-four (24)-month period following a Change in Control of the Retail/Non-Core Business, then, subject to Section 5 and Section 8, Executive 6 will receive a payment in an amount equal to one and a half (1.5) times the sum of (i) Executive's Base Salary and (ii) Executive's Target Bonus for the year in which termination occurs. Such amounts will be payable over a period of twelve (12) months in equal installments in accordance with the Company's normal payroll practices, commencing within sixty (60) calendar days following Executive's separation from service. (b) Termination Without Cause or Resignation for Good Reason during the Pre-CIC Period or Following a Change in Control. If Executive's employment is terminated by the Company without Cause or if Executive resigns for Good Reason, and such termination is during the Pre-CIC Period or within the twenty-four- (24-) month period following a Change in Control the Retail/Non-Core Business, then, subject to Section 5 and Section 8, Executive will receive a lump sum payment equal to two (2) times the sum of (i) Executive's Base Salary and (ii) Executive's Target Bonus for the year in which termination occurs. Such lump sum amounts will be payable within the later of sixty (60) calendar days following Executive's separation from service or thirty (30) calendar days following the date of the Change in Control of the Retail/Non-Core Business. (c) Benefit Continuation. If Executive is entitled to severance payments under either Section 4(a) or 4(b) hereof, the Company shall, at the Company's expense, for a period of 18 months (the "Benefit Continuation Period"), provide medical insurance benefit coverage in coordination with the provisions of the Consolidated Omnibus Budget Reconciliation Act of 1985 ("COBRA") by reimbursing Executive for the applicable coverage premiums, provided that (i) Executive completes and timely files all necessary COBRA election documentation, which will be sent to Executive after the last day of employment and (ii) Executive continues to make all required premium payments required by COBRA. In the event such premium payment reimbursements by the Company, by reason of change in the applicable law, may, in the reasonable view of the Company, result in tax or other penalties on the Company, this provision shall terminate and Executive and the Company shall, in good faith, negotiate for a substitute provision that would not result in such tax or other penalties. Benefits otherwise receivable by Executive pursuant to this Section 4(c) shall be reduced to the extent Executive becomes eligible for substantially similar medical insurance benefits during the applicable Benefit Continuation Period (and any such benefits received by, or made available to, Executive shall be reported to the Company by Executive).View More
Variations of a "Severance" Clause from Business Contracts
Severance. (a) Termination Without Cause or Resignation for Good Reason other than during the Pre-CIC Period or within 24 months Following a Change in Control. If Executive's employment is terminated by the Company without Cause Cause, and such termination is not on the date of, or during the twenty-four (24)-month period following, a Change in Control or a Sale of the Retail Business, or if Executive resigns for Good Reason, and such termination is not within on the period of time between the signing of a... definitive agreement that, if consummated, would constitute a Change in Control of the Retail/Non-Core Business and the consummation of such Change in Control of the Retail/Non-Core Business (the "Pre-CIC Period") date of, or during the twenty-four (24)-month period following following, a Change in Control of the Retail/Non-Core Business, Control, then, subject to Section 5 and Section 8, Executive 6 will receive a payment in an amount equal to one and a half (1.5) two (2) times the sum of (i) Executive's Base Salary and (ii) Executive's Target Bonus for the year in which termination occurs. Such amounts will be payable over a period of twelve (12) months in equal installments in accordance with the Company's normal payroll practices, commencing within sixty (60) calendar days following Executive's separation from service. (b) Termination Without Cause or Resignation for Good Reason during the Pre-CIC Period or Following a Change in Control. If Executive's employment is terminated by the Company without Cause Cause, and such termination is on the date of, or during the twenty-four- (24-) month period following, a Change in Control or a Sale of the Retail Business, or if Executive resigns for 3 Good Reason, and such termination is one the date of, or during the Pre-CIC Period or within the twenty-four- (24-) month period following following, a Change in Control the Retail/Non-Core Business, Control, then, subject to Section 5 and Section 8, Executive will receive a lump sum payment equal to two (2) three (3) times the sum of (i) Executive's Base Salary and (ii) Executive's Target Bonus for the year in which termination occurs. Such lump sum amounts will be payable within the later of sixty (60) calendar days following Executive's separation from service or thirty (30) calendar days following the date of the Change in Control of the Retail/Non-Core Business. service. (c) Benefit Continuation. If Executive is entitled to severance payments under either Section 4(a) or 4(b) hereof, the Company shall, at the Company's expense, for a the period ending on the earliest of (A) 18 months following the termination of Executive's employment with the Company, or (B) the date Executive becomes eligible to be covered under any other group health plan (as an employee or otherwise) that does not contain any exclusion or limitation with respect to any preexisting condition which would actually limit Executive's coverage under such plan (the "Benefit Continuation Period"), provide medical insurance benefit coverage in coordination with the provisions of the Consolidated Omnibus Budget Reconciliation Act of 1985 ("COBRA") by paying directly or reimbursing Executive for the applicable coverage premiums, provided that (i) Executive completes and timely files all necessary COBRA election documentation, which will be sent to Executive after the last day of employment and (ii) Executive continues to make all required premium payments required by COBRA. In the event such premium payment payments or reimbursements by the Company, by reason of change in the applicable law, may, in the reasonable view of the Company, result in tax or other penalties on the Company, this provision shall terminate and Executive and the Company shall, in good faith, negotiate for a substitute provision that would not result in such tax or other penalties. Benefits (d) Except as provided in Sections 4(c) and 8, the Company's obligation to make payments and provide benefits under this Agreement and otherwise receivable to perform its obligations hereunder shall not be affected by any set-off, counterclaim, recoupment, defense or other claim, right or action which the Company may have against Executive pursuant or others. In no event shall Executive be obligated to seek other employment or take any other action by way of mitigation of the amounts payable to Executive under any of the provisions of this Section 4(c) Agreement, and such amounts shall not be reduced to the extent whether or not Executive becomes eligible for substantially similar medical insurance benefits during the applicable Benefit Continuation Period (and any such benefits received by, or made available to, Executive shall be reported to the Company by Executive). obtains other employment. View More
Severance. (a) Termination Without Cause or Resignation for Good Reason other than during the Pre-CIC Period or within 24 months Following a Change in Control. If Executive's employment is terminated by the Company without Cause Cause, and such termination is not on the date of, or during the twenty-four (24)-month period following, a Change in Control or a Sale of the Retail Business, or if Executive resigns for Good Reason, and such termination is not within on the period of time between the signing of a... definitive agreement that, if consummated, would constitute a Change in Control of the Retail/Non-Core Business and the consummation of such Change in Control of the Retail/Non-Core Business (the "Pre-CIC Period") date of, or during the twenty-four (24)-month period following following, a Change in Control of the Retail/Non-Core Business, Control, then, subject to Section 5 and Section 8, Executive 6 will receive a payment in an amount equal to one and a half (1.5) times the sum of (i) Executive's Base Salary and (ii) Executive's Target Bonus for the year in which termination occurs. Such amounts will be payable over a period of twelve (12) months in equal installments in accordance with the Company's normal payroll practices, commencing within sixty (60) calendar days following Executive's separation from service. (b) Termination Without Cause or Resignation for Good Reason during the Pre-CIC Period or Following a Change in Control. If Executive's employment is terminated by the Company without Cause Cause, and such termination is on the date of, or during the twenty-four- (24-) month period following, a Change in Control or a Sale of the Retail Business, or if Executive resigns for 3 Good Reason, and such termination is one the date of, or during the Pre-CIC Period or within the twenty-four- (24-) month period following following, a Change in Control the Retail/Non-Core Business, Control, then, subject to Section 5 and Section 8, Executive will receive a lump sum payment equal to two (2) and a half (2.5) times the sum of (i) Executive's Base Salary and (ii) Executive's Target Bonus for the year in which termination occurs. Such lump sum amounts will be payable within the later of sixty (60) calendar days following Executive's separation from service or thirty (30) calendar days following the date of the Change in Control of the Retail/Non-Core Business. service. (c) Benefit Continuation. If Executive is entitled to severance payments under either Section 4(a) or 4(b) hereof, the Company shall, at the Company's expense, for a the period ending on the earliest of (A) 18 months following the termination of Executive's employment with the Company, or (B) the date Executive becomes eligible to be covered under any other group health plan (as an employee or otherwise) that does not contain any exclusion or limitation with respect to any preexisting condition which would actually limit Executive's coverage under such plan (the "Benefit Continuation Period"), provide medical insurance benefit coverage in coordination with the provisions of the Consolidated Omnibus Budget Reconciliation Act of 1985 ("COBRA") by paying directly or reimbursing Executive for the applicable coverage premiums, provided that (i) Executive completes and timely files all necessary COBRA election documentation, which will be sent to Executive after the last day of employment and (ii) Executive continues to make all required premium payments required by COBRA. In the event such premium payment payments or reimbursements by the Company, by reason of change in the applicable law, may, in the reasonable view of the Company, result in tax or other penalties on the Company, this provision shall terminate and Executive and the Company shall, in good faith, negotiate for a substitute provision that would not result in such tax or other penalties. Benefits (d) Except as provided in Sections 4(c) and 8, the Company's obligation to make payments and provide benefits under this Agreement and otherwise receivable to perform its obligations hereunder shall not be affected by any set-off, counterclaim, recoupment, defense or other claim, right or action which the Company may have against Executive pursuant or others. In no event shall Executive be obligated to seek other employment or take any other action by way of mitigation of the amounts payable to Executive under any of the provisions of this Section 4(c) Agreement, and such amounts shall not be reduced to the extent whether or not Executive becomes eligible for substantially similar medical insurance benefits during the applicable Benefit Continuation Period (and any such benefits received by, or made available to, Executive shall be reported to the Company by Executive). obtains other employment. View More
Severance. (a) Termination Without Cause or Resignation for Good Reason other than during the Pre-CIC Period or within 24 months Following a Change in Control. If Executive's employment is terminated by the Company Inland Management without Cause or if Executive resigns for Good Reason, and such termination is not within the period of time between the signing of a definitive agreement that, if consummated, would constitute a Change in Control of the Retail/Non-Core Business and the consummation of such Cha...nge in Control of the Retail/Non-Core Business (the "Pre-CIC Period") or the twenty-four (24)-month twenty-four- (24-) month period following a Change in Control of the Retail/Non-Core Business, Control, then, subject to Section 5 and Section 8, Executive 6 will receive a payment in an amount equal to one and a half (1.5) 2 times the sum of (i) Executive's Base Salary and (ii) Executive's Target Bonus for the year in which termination occurs. Such amounts will be payable over a period of twelve (12) 12 months in equal installments in accordance with the Company's Inland Management's or Inland REIT's normal payroll practices, commencing within sixty (60) calendar days following Executive's separation from service. (b) Termination Without Cause or Resignation for Good Reason during the Pre-CIC Period or Following a Change in Control. If Executive's employment is terminated by the Company Inland Management without Cause or if Executive resigns for Good Reason, and such termination is during the Pre-CIC Period or within the twenty-four- (24-) month period following a Change in Control the Retail/Non-Core Business, Control, then, subject to Section 5 and Section 8, Executive will receive a 5 lump sum payment equal to two (2) (a) 3 times the sum of (i) Executive's Base Salary and (ii) Executive's Target Bonus for the year in which termination occurs. occurs if the Triggering Event is a Change in Control or (b) 2.5 times the sum of (i) Executive's Base Salary and (ii) Executive's Target Bonus for the year in which termination occurs if the Change in Control occurs after the occurrence of a Qualified Event. Such lump sum amounts will be payable within the later of sixty (60) calendar days following Executive's separation from service or thirty (30) calendar 30 days following the date of the Change in Control of the Retail/Non-Core Business. Control. (c) Benefit Continuation. If Executive is entitled to severance payments under either Section 4(a) or 4(b) hereof, the Company shall, at the Company's expense, for a period of 18 months (the "Benefit Continuation Period"), provide medical insurance benefit coverage in coordination with the provisions of the Consolidated Omnibus Budget Reconciliation Act of 1985 ("COBRA") by reimbursing Executive for the applicable coverage premiums, provided that (i) Executive completes and timely files all necessary COBRA election documentation, which will be sent to Executive after the last day of employment and (ii) Executive continues to make all required premium payments required by COBRA. In the event such premium payment reimbursements by the Company, by reason of change in the applicable law, may, in the reasonable view of the Company, result in tax or other penalties on the Company, this provision shall terminate and Executive and the Company shall, in good faith, negotiate for a substitute provision that would not result in such tax or other penalties. Benefits otherwise receivable by Executive pursuant to this Section 4(c) shall be reduced to the extent Executive becomes eligible for substantially similar medical insurance benefits during the applicable Benefit Continuation Period (and any such benefits received by, or made available to, Executive shall be reported to the Company by Executive). View More
Severance. (a) Termination Without Cause or Resignation for Good Reason other than during the Pre-CIC Period or within 24 months Following a Change in Control. If Executive's employment is terminated by the Company Inland Management without Cause or if Executive resigns for Good Reason, and such termination is not within the period of time between the signing of a definitive agreement that, if consummated, would constitute a Change in Control of the Retail/Non-Core Business and the consummation of such Cha...nge in Control of the Retail/Non-Core Business (the "Pre-CIC Period") or the twenty-four (24)-month twenty-four- (24-) month period following a Change in Control of the Retail/Non-Core Business, Control, then, subject to Section 5 and Section 8, Executive 6 will receive a payment in an amount equal to one and a half (1.5) 1.5 times the sum of (i) Executive's Base Salary and (ii) Executive's Target Bonus for the year in which termination occurs. Such amounts will be payable over a period of twelve (12) 12 months in equal installments in accordance with the Company's Inland Management's or Inland REIT's normal payroll practices, commencing within sixty (60) calendar days following Executive's separation from service. (b) Termination Without Cause or Resignation for Good Reason during the Pre-CIC Period or Following a Change in Control. If Executive's employment is terminated by the Company Inland Management without Cause or if Executive resigns for Good Reason, and such termination is during the Pre-CIC Period or within the twenty-four- (24-) month period following a Change in Control the Retail/Non-Core Business, Control, then, subject to Section 5 and Section 8, Executive will receive a lump sum payment equal to two (2) 2 times the sum of (i) Executive's Base Salary and (ii) Executive's Target Bonus for the year in which termination occurs. Such lump sum amounts will be payable within the later of sixty (60) calendar days following Executive's separation from service or thirty (30) calendar 30 days following the date of the Change in Control of the Retail/Non-Core Business. Control. 5 (c) Benefit Continuation. If Executive is entitled to severance payments under either Section 4(a) or 4(b) hereof, the Company shall, at the Company's expense, for a period of 18 months (the "Benefit Continuation Period"), provide medical insurance benefit coverage in coordination with the provisions of the Consolidated Omnibus Budget Reconciliation Act of 1985 ("COBRA") by reimbursing Executive for the applicable coverage premiums, provided that (i) Executive completes and timely files all necessary COBRA election documentation, which will be sent to Executive after the last day of employment and (ii) Executive continues to make all required premium payments required by COBRA. In the event such premium payment reimbursements by the Company, by reason of change in the applicable law, may, in the reasonable view of the Company, result in tax or other penalties on the Company, this provision shall terminate and Executive and the Company shall, in good faith, negotiate for a substitute provision that would not result in such tax or other penalties. Benefits otherwise receivable by Executive pursuant to this Section 4(c) shall be reduced to the extent Executive becomes eligible for substantially similar medical insurance benefits during the applicable Benefit Continuation Period (and any such benefits received by, or made available to, Executive shall be reported to the Company by Executive). View More
