Common use of Cash Severance after Termination Without Cause or Termination with Good Reason Clause in Contracts

Cash Severance after Termination Without Cause or Termination with Good Reason. (a) Subject to the possibility that cash severance after employment termination might be delayed under section 4.4(b), if the Executive’s employment terminates involuntarily but without Cause or if the Executive voluntarily terminates employment with Good Reason, 30 days after employment termination the Employer shall pay to the Executive in a single lump sum cash in an amount equal to (x) the Executive’s Base Salary for the unexpired term of the Agreement (the Executive’s monthly salary multiplied by the number of whole months remaining in the term of the Agreement), without discount for the time value of money, plus (y) the bonus earned for the calendar year ended immediately before the year in which employment termination occurs. The Employer and the Executive acknowledge and agree that benefits under this section 4.4 shall not be payable if benefits are payable or shall have been paid to the Executive under Article 5 of this Agreement.

Cash Severance after Termination Without Cause or Termination with Good Reason. (a) Subject to the possibility that cash severance after employment termination might be delayed under section 4.4(b4.1(b), if the Executive’s employment terminates involuntarily but without Cause or if the Executive voluntarily terminates employment with Good Reason, 30 days after employment termination the Employer shall pay to the Executive in a single lump sum cash in an amount equal to (x) three times the Executive’s Base Salary for on the unexpired term date notice of the Agreement (the Executive’s monthly salary multiplied by the number of whole months remaining in the term of the Agreement)employment termination is given, without discount for the time value of money, plus (y) the any bonus earned for by the calendar year ended immediately before Executive or accrued by the year in which Employer on behalf of the Executive through the date employment termination occursbecomes effective (including any amounts awarded but that have not vested when termination becomes effective). The Employer and the Executive acknowledge and agree that the benefits under this section 4.4 4.1(a) shall not be payable if benefits are payable or shall have been paid to the Executive under Article 5 section 5.1(a) of this Agreement.