Common use of Notice and Severance Pay Clause in Contracts

Notice and Severance Pay. Either party may terminate this Employment Agreement at any time upon sixty (60) days written notice provided that, (i) If the Company should terminate such employment other than pursuant to subparagraph 5(c) “Termination for Cause”, the Executive shall be entitled to “Severance Pay” an amount equal to: (a) The full base Compensation that he was receiving immediately before his termination for a Term of twelve (12) months according to the Employment Agreement (b) Continuation of Benefits afforded regular employees of the Company for the severance pay period as defined in 5(a) A Bonus each year of the severance pay period (pro rated for partial years) equal to the bonus received by the Executive for the year preceding the year in which termination occurs. (ii) If Executive is terminated following a “Change In Control” as set forth in Paragraph 5(a), the Company shall pay Executive Severance Pay equal to two (2) times the Base Compensation that he is receiving immediately before his termination, and agrees to release all stock agreed to in section “G” Equity, in full.

Notice and Severance Pay. Either party may terminate this Employment Agreement at any time upon sixty (60) days written notice provided that, (i) If the Company should terminate such employment other than pursuant to subparagraph 5(c6(c) “Termination for Cause”, the Executive shall be entitled to “Severance Pay” an amount equal to: (a) The full base Compensation that he was receiving immediately before his termination for a Term of twelve (12) months according to the Employment Agreement (b) Continuation of Benefits afforded regular employees of the Company for the severance pay period as defined in 5(a6(a) A Bonus each year of the severance pay period (pro rated for partial years) equal to the bonus received by the Executive for the year preceding the year in which termination occurs. (ii) If Executive is terminated following a “Change In Control” as set forth in Paragraph 5(a6(a), the Company shall pay Executive Severance Pay equal to two (2) times the Base Compensation that he is receiving immediately before his termination, and agrees to release all stock agreed to in section “G” Equity, in full.

Notice and Severance Pay. Either party may terminate this Employment Agreement at any time upon sixty (60) days written notice provided that, (i) If the Company should terminate such employment other than pursuant to subparagraph 5(c) “Termination for Cause”, the Executive shall be entitled to “Severance Pay” an amount equal to: (a) a. The full base Compensation that he was receiving immediately before his termination for a Term of twelve (12) months according to the Employment Agreement (b) b. Continuation of Benefits afforded regular employees of the Company for the severance pay period as defined in 5(a) A Bonus each year of the severance pay period (pro rated for partial years) equal to the bonus received by the Executive for the year preceding the year in which termination occurs. (ii) If Executive is terminated following a “Change In Control” as set forth in Paragraph 5(a), the Company shall pay Executive Severance Pay equal to two (2) times the Base Compensation that he is receiving immediately before his termination, and agrees to release all stock agreed to in section “G” Equity, in full.

Notice and Severance Pay. Either party may terminate this Employment Agreement at any time upon sixty (60) days written notice provided that, (i) i. If the Company should terminate such employment other than pursuant to subparagraph 5(c) “Termination (5)C below“Termination for Cause”, the Executive shall be entitled to “Severance Pay” an amount equal to: (a) The full base Compensation that he was receiving immediately before his termination for a Term of twelve (12) months according to the Employment Agreement (b) Continuation of Benefits afforded regular employees of the Company for the severance pay period as defined in 5(a(5)A above. (c) A Bonus each year of the severance pay period (pro rated for partial years) equal to the bonus received by the Executive for the year preceding the year in which termination occurs. (ii) . If Executive is terminated following a “Change In Control” as set forth in Paragraph 5(a)(5)B below, the Company shall pay Executive Severance Pay equal to two (2) times the Base Compensation that he is receiving immediately before his termination, and agrees to release all stock agreed to in section “G” Equity, in full.