Common use of Involuntary Termination without Cause or Termination for Good Reason Clause in Contracts

Involuntary Termination without Cause or Termination for Good Reason. Notwithstanding Section 4(a) above, in the event that Employee’s employment terminates due to either (A) an Involuntary Termination without Cause that is not a Change of Control Covered Termination or (B) Employee’s voluntary termination of employment for Good Reason, Employee shall be entitled to receive the following: (i) continued payment for six (6) months of Base Salary equal to the higher of his then current Base Salary, or his Base Salary immediately prior to the effective date of the Change of Control; (ii) a payment to be paid over six (6) months equal to fifty percent (50%) of the target annual bonus for the period in which his employment is terminated; and (iii) provided that Employee elects continued coverage under federal COBRA law, Employer shall pay the premiums of Employee’s group health and dental insurance coverage, including coverage for Employee’s eligible dependents for a maximum period of six (6) months following the effective date his termination; provided however that Employer shall pay such premiums for Employee’s eligible dependents only for coverage for which those eligible dependents were enrolled immediately prior to the effective date of the Involuntary Termination without Cause; and provided further, that Employer shall be relieved of its obligation under this Section 5(c)(iii) as of the effective date of Employee’s coverage by a health insurance plan of a subsequent employer.

Involuntary Termination without Cause or Termination for Good Reason. Notwithstanding Section 4(a) above, in the event that Employee’s employment terminates due to either (A) an Involuntary Termination without Cause that is not a Change of Control Covered Termination or (B) Employee’s voluntary termination of employment for Good Reason, Employee shall be entitled to receive the following: : (i) continued a lump sum payment for six to be paid on his last day of employment equal to twelve (612) months of Base Salary equal to the higher of his then current Base Salary, or his Base Salary immediately prior ; provided that such amount shall be subject to the effective date of the Change of Control; all required tax withholding; (ii) a lump sum payment to be paid over six (6) months on his last day of employment equal to fifty one hundred percent (50100%) of the target annual bonus for the period in which his employment is terminated; and and (iii) provided that Employee elects continued coverage under federal COBRA law, Employer shall pay the premiums of Employee’s group health and dental insurance coverage, including coverage for Employee’s eligible dependents for a maximum period of six twelve (612) months following the effective date of his termination; provided however that Employer shall pay such premiums for Employee’s eligible dependents only for coverage for which those eligible dependents were enrolled immediately prior to the effective date of the Involuntary Termination without Cause; and provided further, that Employer shall be relieved of its obligation under this Section 5(c)(iii) as of the effective date of Employee’s coverage by a health insurance plan of a subsequent employer.

Involuntary Termination without Cause or Termination for Good Reason. Notwithstanding Section 4(a) above, in the event that Employee’s employment terminates due to either (A) an Involuntary Termination without Cause that is not a Change of Control Covered Termination or (B) Employee’s voluntary termination of employment for Good Reason, Employee shall be entitled to receive the following: (i) continued payment for six twelve (612) months of Base Salary equal to the higher of his then current Base Salary, or his Base Salary immediately prior to the effective date of the Change of Control; (ii) a payment to be paid over six twelve (612) months equal to fifty one hundred percent (50100%) of the target annual bonus for the period in which his employment is terminated; and (iii) provided that Employee elects continued coverage under federal COBRA law, Employer shall pay the premiums of Employee’s group health and dental insurance coverage, including coverage for Employee’s eligible dependents for a maximum period of six twelve (612) months following the effective date his termination; provided however that Employer shall pay such premiums for Employee’s eligible dependents only for coverage for which those eligible dependents were enrolled immediately prior to the effective date of the Involuntary Termination without Cause; and provided further, that Employer shall be relieved of its obligation under this Section 5(c)(iii) as of the effective date of Employee’s coverage by a health insurance plan of a subsequent employer.

Involuntary Termination without Cause or Termination for Good Reason. Notwithstanding Section 4(a) above, in the event that Employee’s employment terminates due to either (A) an Involuntary Termination without Cause that is not a Change of Control Covered Termination or (B) Employee’s voluntary termination of employment for Good Reason, Employee shall be entitled to receive the following: (i) continued payment for six (6) months of Base Salary equal to the higher of his then current Base Salary, or his Base Salary immediately prior to the effective date of the Change of Control; (ii) unused vacation pay; (iii) a payment to be paid over six (6) months equal to fifty percent (50%) of the target annual bonus for the period in which his employment is terminated; and (iiiiv) provided that Employee elects continued coverage under federal COBRA law, Employer shall pay the premiums of Employee’s group health and dental insurance coverage, including coverage for Employee’s eligible dependents for a maximum period of six (6) months following the effective date his termination; provided however that Employer shall pay such premiums for Employee’s eligible dependents only for coverage for which those eligible dependents were enrolled immediately prior to the effective date of the Involuntary Termination without Cause; and provided further, that Employer shall be relieved of its obligation under this Section 5(c)(iii) as of the effective date of Employee’s coverage by a health insurance plan of a subsequent employer.