Common use of Compensation Upon Termination Without Cause Clause in Contracts

Compensation Upon Termination Without Cause. If Employee’s employment is terminated by Employer without cause and at the time of such termination the Operating Company has raised at least $1,000,000 in investor capital, Employee shall be entitled to a severance payment in the amount of twelve (12) times the Employee’s monthly base compensation. The foregoing severance will be payable in twelve (12) monthly payments commencing upon the effective termination date of Employee’s employment. In addition to the severance payment provided for above, in the event Employee’s employment is terminated by the Employer without cause, Employee shall be entitled to any bonus payable pursuant to any Employer bonus plan, pro-rated through the date of any such termination.

Compensation Upon Termination Without Cause. If Employee’s employment is terminated by Employer without cause and at the time of such termination the Operating Company has raised at least $1,000,000 in investor capitalcause, Employee shall be entitled to a severance payment in the amount of twelve (12) times the Employee’s monthly base compensation. The foregoing severance will be payable in twelve (12) monthly payments commencing upon the effective termination date of Employee’s employment. In addition to the severance payment provided for above, in the event Employee’s employment is terminated by the Employer without cause, Employee shall be entitled to any bonus payable pursuant to any Employer bonus plan, pro-rated through the date of any such termination.

Compensation Upon Termination Without Cause. If Employee’s employment is terminated by Employer without cause and at the time of such termination the Operating Company has raised at least $1,000,000 in investor capitalcause, Employee shall be entitled to a severance payment in the amount of twelve (12) times the Employee’s monthly base compensation__________________________________. The foregoing severance will be payable in twelve (12) ______________ monthly payments commencing upon the effective termination date of Employee’s employment. In addition to the severance payment provided for above, in the event Employee’s employment is terminated by the Employer without cause, Employee shall be entitled to any bonus payable pursuant to any Employer bonus plan, pro-rated through the date of any such termination.