Common use of By the Executive for Constructive Termination Clause in Contracts

By the Executive for Constructive Termination. The Executive may terminate his employment hereunder immediately for Constructive Termination at any time upon written notice to the Employer setting forth in reasonable detail the nature of the Constructive Termination. In the event of such termination, the Employer shall (i) pay the Executive’s Final Compensation and any Prorated Bonus, and (ii) conditional upon the Executive continuing to fulfill his contractual obligations toward the Employer, by way of salary continuance, in accordance with the Employer’s payroll practices at the time of Constructive Termination, the Executive’s Base Salary for twenty-four months following termination or an amount representing twenty-four months of the Executive’s Base Salary, in a lump sum payment, at the sole discretion of the Employer. Any obligation of the Employer to the Executive hereunder is conditional, however, upon the Executive signing a release, reasonably acceptable to the Employer, of any and all claims related to the employment of the Executive or the termination thereof.