Example ContractsClausesSeverance
Severance
Severance contract clause examples
Previous results

Severance. Your eligibility for severance upon a termination of employment will be governed by the terms of the Alphatec Severance Agreement and Alphatec Change in Control Agreement, forms of which are attached hereto as [Exhibit A] and [Exhibit B].

Severance. Although nothing in this Section 4 shall be construed to alter the at-will nature of employment as set forth in Section 1 above, Executive shall continue to participate in the Company’s Executive Officer Severance Plan in accordance with the terms and conditions thereof.

Severance. Executive shall be entitled to receive benefits upon a Separation from Service only as set forth in this Section 4:

Severance. Executive shall be entitled to receive benefits upon a termination of employment only as set forth in this Section 4:

Severance. In the event that the Qualifying Separation occurs on December 31, 2022, the Company shall pay Employee a cash lump sum equal to three months of his base salary at the rate in effect immediately prior to the Separation Date. Such payment shall be made in accordance with the Company’s standard payroll practices, less applicable withholdings, on the first payroll date following the date the Release of Claims becomes effective and irrevocable. For the avoidance of doubt, the severance under this subsection # is only payable in the event of a Qualifying Separation that occurs on December 31, 2022, and not in any other situation.

Severance. You will be eligible to enter into a Change in Control and Severance Agreement (the “Severance Agreement”) applicable to you based on your position within the Company. Any Severance Agreement will become effective as of the effective date specified in such Severance Agreement. The Severance Agreement will specify the severance payments and benefits you may become entitled to receive in connection with certain qualifying terminations of your employment with the Company. For purposes of clarity, other than any vesting acceleration benefits set forth in the Company’s Amended and Restated 2020 Equity Incentive Plan and the award agreements thereunder governing the terms of your stock options to purchase shares of Company common stock granted thereunder (to the extent not modified or superseded by your Severance Agreement), any severance payments, benefits and arrangements that may have applied to you before the Effective Date no longer will apply, and you will have no rights or entitlements under any such plans, programs, agreements or arrangements.

Severance. Subject to the conditions set forth in this Section 13, in the event that Employer does not offer Executive employment upon expiration of the Term on terms substantially similar to those contained herein (which shall include without limitation a Base Salary that is at least ninety-five percent (95%) of the Base Salary in effect at expiration of the Term) and Executive’s employment is terminated by Executive or Employer within ninety (90) days after expiration of the Term, Employer shall make a lump-sum severance payment to Executive in an amount equal to one year of Executive’s final Base Salary under this Agreement, subject to applicable taxes and withholdings (the “Severance Payment”) not later than two weeks after the effective date of the general release referenced below in this Section 13. As a material condition upon which Executive shall be entitled to receive the Severance Payment, and as an inducement to Employer’s agreement to pay Executive the Severance Payment, Executive agrees to execute a general release in a form reasonably acceptable to Employer upon the termination of Executive’s employment. Executive shall not be entitled to any additional severance compensation upon the expiration of this Agreement other than the Severance Payment. Executive shall not be entitled to the Severance Payment for any reason other than as set forth in this Section 13.

Severance. The Company agrees to pay Employee a total of Four Hundred Seventy-Four Thousand Nine Hundred and Eighty-Six Dollars ($474,986), representing twelve (12) months of Employee’s base salary, at a rate of Thirty-Nine Thousand Five Hundred Eighty-Two Dollars ($39,582) per month, less applicable withholdings, for twelve (12) months from the Termination Date. The payments to be made pursuant to the prior sentence will commence no later than on the first business day following the sixtieth (60th) day following the Termination Date, with the first payment to include the payments due and owing prior to such first payment date but for the application of this sentence. For the avoidance of doubt, and not in consideration of Employee’s execution of this Transition Agreement, the Company shall issue Employee’s final paycheck, representing all outstanding wages earned prior to the Termination Date, in addition to eighty and one half (80.5) days of accrued but unused paid time off, on the Termination Date.

Severance. You will remain eligible to receive the benefits that may be payable or offered pursuant to the Change-In-Control and Severance Policy. In addition, if you experience a Constructive Termination not in Connection with a Change-in-Control, then, subject to Section 6 below, you will be entitled to receive the following severance benefits from the Company:

Severance. Executive shall be entitled to receive benefits upon a termination of employment only as set forth in this Section 4:

Next results

Draft better contracts
faster with AllDrafts

AllDrafts is a cloud-based editor designed specifically for contracts. With automatic formatting, a massive clause library, smart redaction, and insanely easy templates, it’s a welcome change from Word.

And AllDrafts generates clean Word and PDF files from any draft.