Termination Payments Contract Clauses (117)

Termination Payments. (a) In the event the Executive's employment is terminated pursuant to Section 2(d), the Executive shall be entitled to receive the following payments from the Company, such payments to be made as soon as practicable following the termination date but in any event within ten (10) days after the date the Executive's employment terminates: the Executive's base salary and annual bonus for the calendar year in which the date of termination falls, in each case prorated for the number of days of the ca...lendar year that elapsed prior to the date of termination, accrued vacation pay and unreimbursed business expenses,; and two times the sum of (A) the Executive's base salary for the twelve (12) months immediately preceding the month in which the Executive's employment is terminated and (B) the sum of the (i) average of the annual bonuses paid, or that would have been paid had the Executive's employment with the Company not been terminated, to the Executive under the Atrion Corporation Short-Term Incentive Compensation Plan for the three calendar years prior to the calendar year in which such termination occurs and (ii) average of the annual bonuses received by the Executive under any other bonus or incentive plan of the Company for the three calendar years prior to the calendar year in which such termination occurs. (b) In addition to the payments provided for in Section 3(a), in the event the Executive's employment is terminated as set forth in Section 2(d), (i) all stock options and/or equity granted to the Executive shall fully vest and become exercisable on the termination date; (ii) the Company shall pay one-hundred percent (100%) of the premiums for twelve (12) months of continuation coverage for health benefits under the Consolidated Omnibus Budget Reconciliation Act of 1985 for the Executive and his eligible dependents; (iii) any amounts or benefits due to the Executive pursuant to the Company's Nonqualified Deferred Compensation Plan (the "NQDC Plan") shall be paid to the Executive in accordance with the terms of the NQDC Plan; and (iv) the Company shall direct that payment be made to the Executive of amounts due to him pursuant to, and in accordance with the terms of, the Company's Section 401(k) Savings Plan. View More

Termination Payments. In the event the Executive's employment (i) is terminated by the Company during the term hereof without Cause or (ii) within one year following a Change of Control the Executive's position as President and CEO is (A) terminated by the Company without Cause or (B) his duties are modified in a manner materially adverse to the Executive through no fault of the Executive (other than temporarily while the Executive is physically or mentally incapacitated or as required by applicable law) and the Exec...utive terminates his employment, the Executive shall be paid nine (9) months severance, which includes nine (9) months of the Executive's Annual Salary, pro rata share of earned Bonus Compensation through the termination date and nine (9) months of the Executive Benefits as set forth in Section 5 as full settlement of any sums owed under this Agreement and for any potential actions for breach of this Agreement by the Company. Termination of the Executive's employment as described in the first sentence of this Section 14 will result in the immediate vesting of all shares awarded in the Stock Award in Section 5(b) of this Agreement, and all shares will be issued to the Executive upon termination. Other than any payments set forth in this Section 14, the Executive shall be entitled to no further compensation nor any other payments after such termination. The Executive shall receive no further payments if terminated for Cause other than Accrued Benefits. If terminated for Cause, the Executive will only receive vested shares as of the date of termination, and any unvested shares will be forfeited. 7 15. Death During Employment. If the Executive dies during the term of this Agreement, the Company shall have no further obligations to pay the Executive other than any Accrued Benefits to the Executive's estate. View More