Common use of Executive’s Constructive Termination Clause in Contracts

Executive’s Constructive Termination. For purposes of this Agreement, “Constructive Termination” shall be defined as a material breach by PSID of its obligations under this Agreement (including but not limited to any reduction of Executive’s Base Salary, bonuses or incentive compensation as provided herein). If Executive chooses to treat such material breach as a Constructive Termination, Executive shall provide PSID with written notice describing the circumstances being relied upon by Executive for such termination with respect to this Agreement within thirty (30) days after the event giving rise to the Constructive Termination. PSID shall have thirty (30) days after receipt of such notice to remedy the situation prior to the Constructive Termination being deemed final; or

Executive’s Constructive Termination. For purposes of this Agreement, “Constructive Termination” shall be defined as a material breach by PSID VAC of its obligations under this Agreement (including but not limited to any reduction of Executive’s Base Salary, bonuses or incentive compensation as provided herein). If Executive chooses to treat such material breach as a Constructive Termination, Executive shall provide PSID VAC with written notice describing the circumstances being relied upon by Executive for such termination with respect to this Agreement within thirty (30) days after the event giving rise to the Constructive Termination. PSID VAC shall have thirty (30) days after receipt of such notice to remedy the situation prior to the Constructive Termination being deemed final; or