Common use of Procedure Upon Termination by Employee for Good Reason Clause in Contracts

Procedure Upon Termination by Employee for Good Reason. Notwithstanding the foregoing, termination by the Employee for Good Reason shall not be effective until and unless (i) notice of intention to terminate for Good Reason has been given by the Employee within 90 days after the Employee learns of the act, failure or event constituting "Good Reason" under this Section 7.4 (which was not cured by the Company within any time period permitted for such cure above), and (ii) if the Company has commenced an arbitration in the manner prescribed below within 15 days after receipt of the Employee's notice of termination, such termination shall be effective as a termination of employment and shall be deemed a termination by Employee for "Good Reason" and Employee shall immediately be eligible to receive the payments and benefits set forth in Section 7.5 (i) and (iii) in accordance with the conditions established in Section 7.5, unless and until the arbitrator shall have determined that the termination was not for Good Reason. If the Company fails to file a demand for arbitration with the American Arbitration Association and file the requisite fees within fifteen (15) days after receipt of Employee's notice of termination for Good Reason, Employee's termination of employment from the Company shall be deemed to have been a termination by the Employee for Good Reason. If the Company files a demand for arbitration and the arbitrator rules that the Employee's termination was not for Good Reason, then Employee shall, within thirty (30) days of the issuance of such ruling, reimburse the Company for any and all monetary payments made to or on behalf of the Employee by the Company pursuant to Section 7.5(i) and (iii) hereof.

Procedure Upon Termination by Employee for Good Reason. Notwithstanding the foregoing, termination by the Employee for Good Reason shall not be effective until and unless (i) notice of intention to terminate for Good Reason has been given by the Employee within 90 days after the Employee learns of the act, failure or event constituting "Good Reason" under this Section 7.4 (which was not cured by the Company within any time period permitted for such cure above), and (ii) if the Company has commenced an arbitration in the manner prescribed below within 15 days after receipt of the Employee's notice of termination, such termination shall be effective as a termination of employment and shall be deemed a termination by Employee for "Good Reason" and Employee shall immediately be eligible to receive the payments and benefits set forth in Section 7.5 (i) and (iii7.5(a) in accordance with the conditions established in Section 7.5, unless and until the arbitrator shall have determined that the termination was not for Good Reason. If the Company fails to file a demand for arbitration with the American Arbitration Association and file the requisite fees within fifteen (15) days after receipt of Employee's notice of termination for Good Reason, Employee's termination of employment from the Company shall be deemed to have been a termination by the Employee for Good Reason. If the Company files a demand for arbitration and the arbitrator rules that the Employee's termination was not for Good Reason, then Employee shall, within thirty (30) days of the issuance of such ruling, reimburse the Company for any and all monetary payments made to or on behalf of the Employee by the Company pursuant to Section 7.5(i) and (iii7.5(a) hereof.