Common use of Result of Constructive Termination Clause in Contracts

Result of Constructive Termination. In the event of a Constructive Termination: (a) the Employee shall be entitled to receive his base salary for a period of three years from and after the effective date of Constructive Termination, payable in a lump sum (but discounted by a reasonable factor as mutually determined by the Employer and the Employee) or in accordance with the then payroll policies of the Employer at the option of the Employer; (b) the provisions of Sections 17 and 18 shall apply for the balance of the Employment Term but shall not apply for the period after the Employment Term. (c) all other rights and benefits the Employee may have under the employee and/or group or senior executive benefit, bonus and/or stock option plans and programs of the Employer shall be determined in accordance with the terms and conditions of such plans and programs.

Result of Constructive Termination. In the event of a Constructive Termination: (a) the Employee shall be entitled to receive his base salary for a period of three years one year from and after the effective date of Constructive Termination, payable in a lump sum (but discounted by a reasonable factor as mutually determined by the Employer and the Employee) or in accordance with the then payroll policies of the Employer at the option of the Employer; (b) the provisions of Sections 17 and 18 shall apply for the balance of the Employment Term but shall not apply for the period after the Employment Term. (c) all other rights and benefits the Employee may have under the employee and/or group or senior executive benefit, bonus and/or stock option plans and programs of the Employer shall be determined in accordance with the terms and conditions of such plans and programs.

Result of Constructive Termination. In the event of a Constructive Termination: (a) the Employee shall be entitled to receive his base salary for a period of three years from and after the effective date of Constructive Termination, payable in a lump sum (but discounted by a reasonable factor as mutually determined by the Employer and the Employee) or in accordance with the then payroll policies of the Employer at the option of the Employer;; -7- (b) the provisions of Sections 17 and 18 shall apply for the balance of the Employment Term but shall not apply for the period after the Employment Term. (c) all other rights and benefits the Employee may have under the employee and/or group or senior executive benefit, bonus and/or stock option plans and programs of the Employer shall be determined in accordance with the terms and conditions of such plans and programs.

Result of Constructive Termination. In the event of a Constructive Termination: (a) the Employee shall be entitled to receive his her base salary for a period of three years from and after the effective date of Constructive Termination, payable in a lump sum (but discounted by a reasonable factor as mutually determined by the Employer and the Employee) or in accordance with the then payroll policies of the Employer at the option of the Employer; (b) the provisions of Sections 17 and 18 shall apply for the balance of the Employment Term but shall not apply for the period after the Employment Term. (c) all other rights and benefits the Employee may have under the employee and/or group or senior executive benefit, bonus and/or stock option plans and programs of the Employer shall be determined in accordance with the terms and conditions of such plans and programs.

Result of Constructive Termination. In the event of a Constructive Termination: (a) the Employee shall be entitled to receive his base salary for a period of three years from and after the effective date of Constructive Termination, payable in a lump sum (but discounted by a reasonable factor as mutually determined by 8 the Employer and the Employee) or in accordance with the then payroll policies of the Employer at the option of the Employer; (b) the provisions of Sections 17 and 18 shall apply for the balance of the Employment Term but shall not apply for the period after the Employment Term. (c) all other rights and benefits the Employee may have under the employee and/or group or senior executive benefit, bonus and/or stock option plans and programs of the Employer shall be determined in accordance with the terms and conditions of such plans and programs.