Common use of Election By Company Clause in Contracts

Election By Company. Executive's employment may be terminated at any time by the Company upon not less than ninety (90) days written notice by the Company to Executive. Upon such termination, the obligations of the Executive and Company under this Agreement shall immediately cease. In the event of termination pursuant to this paragraph, Executive shall be entitled to receive (i) any accrued and unpaid base salary and (ii) any and all accrued, earned but unpaid bonuses or benefits described in Section 4 to which Executive is entitled on the date of such termination. Additionally, in the event of termination of Executive's employment with the Company pursuant to this Section 5.2.4, the Company shall pay to Executive (i) In the event of Executive's termination within the first or second year of the Term, Two Hundred percent (200%) of Executive's Annual Salary for the remainder of the Term, payable on the date of termination; (ii) In the event of Executive's termination within the third or fourth year of the Term, One Hundred Fifty percent (150%) of Executive's annual salary for the remainder of the Term, payable on the date of termination; and (iii) In the event of Executive's termination within the fifth year of the Term, One Hundred Twenty Five percent (125%) of Executive's annual salary for the remainder of the Term, payable on the date of termination.. All other rights Executive has under any benefit or stock option plans and programs shall be determined in accordance with the terms of such plans and programs.

Election By Company. Executive's employment may be terminated at any time by the Company upon not less than ninety (90) days written notice by the Company to Executive. Upon such termination, the obligations of the Executive and Company under this Agreement shall immediately cease. In the event of termination pursuant to this paragraph, Executive shall be entitled to receive (i) any accrued and unpaid base salary and (ii) any and all accrued, earned but unpaid bonuses or benefits described in Section 4 to which Executive is entitled on the date of such termination. Additionally, in the event of termination of Executive's employment with the Company pursuant to this Section 5.2.4, the Company shall pay to Executive (i) In the event of Executive's termination within the first or second year of the Term, Two One Hundred Fifty percent (200150%) of Executive's Annual Salary for the remainder of the Term, payable on the date of termination; (ii) In the event of Executive's termination within the third or fourth second year of the Term, One Hundred Fifty Twenty-Five percent (150125%) of Executive's annual salary for the remainder of the Term, payable on the date of termination; and (iii) In the event of Executive's termination within the fifth third year of the Term, One Hundred Twenty Five percent (125100%) of Executive's annual salary for the remainder of the Term, payable on the date of termination.. All other rights Executive has under any benefit or stock option plans and programs shall be determined in accordance with the terms of such plans and programs.