Common use of Good Reason Termination Clause in Contracts

Good Reason Termination. Notwithstanding anything in this Agreement to the contrary, SCU may terminate Employee’s employment under this Agreement for “Good Reason” at any time during the Term by written notice to Employee. “Good Reason” means termination of Employee by SCU if in the reasonable opinion of Xxx Xxxxxx in his capacity as the Chief Executive officer of SCU, Employee has not met the expectations or fulfilled the responsibilities required of Employee’s position. If Employee is terminated for Good Reason under this Paragraph 8(e) Employee will receive as Employee’s sole and exclusive remedy and in lieu of any Salary or bonus payments under this Agreement or otherwise, and conditioned on Employee’s execution of a General Release and Waiver of Claims substantially in the form attached hereto as an Addendum: (i) Employee’s Salary, as in effect on the date of such termination, for twelve (12) months, less applicable withholding and deductions, payable in a single cash lump sum payment within 30 days following termination; (ii) Employee’s Base Bonus for the calendar year in which such termination occurred (not pro-rated), payable by the end of the first quarter of the following year and (ii) medical and dental insurance coverage provided under COBRA at no cost to Employee pursuant to SCU’s then-current benefit plans for one (1) year after termination or, if earlier, the date upon which Employee becomes eligible for medical and dental coverage from a third party (provided, that, during the period that SCU provides Employee with this coverage, as may be required by law, will be included in Employee’s income for tax and SCU may withhold taxes from employee’s compensation for this purpose). If during the term of this Agreement, Xxx Xxxxxx in no longer the Chief Executive officer of SCU, this Section 8(e) shall be deemed terminated and of no further force and effect

Good Reason Termination. Notwithstanding anything in this Agreement to the contrary, SCU may terminate Employee’s employment under this Agreement for “Good Reason” at any time during the Term by written notice to Employee. “Good Reason” means termination of Employee by SCU if in the reasonable opinion of Xxx Xxxxxx in his capacity as the Chief Executive officer of SCU, Employee has not met the expectations or fulfilled the responsibilities required of Employee’s position. If Employee is terminated for Good Reason under this Paragraph 8(e) Employee will receive as Employee’s sole and exclusive remedy and in lieu of any Salary or bonus payments under this Agreement or otherwise, and conditioned on Employee’s execution of a General Release and Waiver of Claims substantially in the form attached hereto as an Addendum: (i) Employee’s Salary, as in effect on the date of such termination, for twelve one (121) monthsyear, less applicable withholding and deductions, payable in a single cash lump sum payment within 30 days following termination; (ii) Employee’s Base Bonus for the calendar year in which such termination occurred (not pro-rated), payable by the end of the first quarter of the following year and (ii) medical and dental insurance coverage provided under COBRA at no cost to Employee pursuant to SCU’s then-current benefit plans for one twelve (112) months year after termination or, if earlier, the date upon which Employee becomes eligible for medical and dental coverage from a third party (provided, that, during the period that SCU provides Employee with this coverage, as may be required by law, will be included in Employee’s income for tax and SCU may withhold taxes from employee’s compensation for this purpose). If during the term of this Agreement, Xxx Xxxxxx in no longer the Chief Executive officer of SCU, this Section 8(e) shall be deemed terminated and of no further force and effect

Good Reason Termination. Notwithstanding anything in this Agreement to the contrary, SCU may terminate Employee’s employment under this Agreement for “Good Reason” at any time during the Term by written notice to Employee. “Good Reason” means termination of Employee by SCU if in the reasonable opinion of Xxx Xxxxxx in his capacity as the Chief Executive officer of SCU, Employee has not met the expectations or fulfilled the responsibilities required of Employee’s position. If Employee is terminated for Good Reason under this Paragraph 8(e) Employee will receive as Employee’s sole and exclusive remedy and in lieu of any Salary or bonus payments under this Agreement or otherwise, and conditioned on Employee’s execution of a General Release and Waiver of Claims substantially in the form attached hereto as an Addendum: (i) Employee’s Salary, as in effect on the date of such termination, for twelve (12) months, less applicable withholding and deductions, payable in a single cash lump sum payment within 30 days following termination; (ii) Employee’s Base Bonus for the calendar year in which such termination occurred (not pro-rated), payable by the end of the first quarter of the following year and (ii) medical and dental insurance coverage provided under COBRA at no cost to Employee pursuant to SCU’s then-current benefit plans for one (1) year after termination or, if earlier, the date upon which Employee becomes eligible for medical and dental coverage from a third party (provided, that, during the period that SCU provides Employee with this coverage, as may be required by law, will be included in Employee’s income for tax and SCU may withhold taxes from employeeEmployee’s compensation for this purpose). If during the term of this Agreement, Xxx Xxxxxx in no longer the Chief Executive officer of SCU, this Section 8(e) shall be deemed terminated and of no further force and effect.