Common use of Term and Termination of this Agreement Clause in Contracts

Term and Termination of this Agreement. The term of employment of Executive pursuant to this Agreement shall commence on the Effective Date and shall continue for a term of four (4) years, or until sooner terminated as provided herein. (a) Executive's employment hereunder may be terminated: (i) Upon the death or Disability of Executive; (ii) By the Company, immediately for Cause; (iii) By Executive upon ninety (90) days prior written notice to the Company; (iv) By Company immediately upon written notice to Executive; or (v) By mutual agreement between Executive and the Company. (b) Except as set forth below, upon termination of Executive's employment hereunder pursuant to this Section 4, the Company shall have no further obligation to Executive or his personal representative with respect to remuneration due under this Agreement, except for Base Salary earned but unpaid at date of termination, provided however, Executive's covenants in Sections 5 and 6 of this Agreement shall survive the termination of Executive's employment hereunder. Upon termination of Executive's employment hereunder pursuant to Section 4(a)(iv) above, Executive shall be entitled to receive severance pay (the "Severance Amount") consisting of an amount equal to (i) the then current annualized Base Salary plus (ii) the average of the annual bonus actually paid to or accrued for Executive hereunder for the two (2) most recent fiscal years of the Company ending prior to the date of termination, paid together over a twelve (12) month period in accordance with the Company's standard payroll practices in effect at the time of termination. If Executive elects to continue coverage on the Company's health plan upon termination of employment pursuant to Section 4(a)(iv) above, the Company will pay the monthly premiums for the first twelve months of the eligible continuation period or until Executive obtains employment and has satisfied any necessary waiting periods under the new employer's health plan, whichever is sooner. It is understood that Executive's coverage under the Company's disability, accidental death or dismemberment and group life insurance plans cease as of the date of termination. If Executive fails to observe the requirements of Sections 5 or 6 hereof, then the Company shall have no obligation to pay any portion of the Severance Amount remaining unpaid to Executive.

Term and Termination of this Agreement. The term of employment of Executive pursuant to this Agreement shall commence on the Effective Date and shall continue for a term of four three (43) years, or until sooner terminated as provided herein. (a) Executive's employment hereunder may be terminated: (i) Upon the death or Disability of Executive; (ii) By the Company, immediately for Cause; (iii) By Executive upon ninety (90) days prior written notice to the Company; (iv) By Company immediately upon written notice to Executive; or (v) By mutual agreement between Executive and the Company. (b) Except as set forth below, upon termination of Executive's employment hereunder pursuant to this Section 4, the Company shall have no further obligation to Executive or his personal representative with respect to remuneration due under this Agreement, except for Base Salary earned but unpaid at date of termination, provided however, Executive's covenants in Sections 5 and 6 of this Agreement shall survive the termination of Executive's employment hereunder. Upon termination of Executive's employment hereunder pursuant to Section 4(a)(iv) above, Executive shall be entitled to receive severance pay (the "Severance Amount") consisting of an amount equal to (i) the Executive's then current annualized Base Salary plus (ii) the average of the annual bonus actually paid to or accrued for Executive hereunder for the two (2) most recent fiscal years of the Company ending prior to the date of termination, paid together over a twelve (12) month period in accordance with the Company's standard payroll practices in effect at the time of termination. If Executive elects to continue coverage on the Company's health plan upon termination of employment pursuant to Section 4(a)(iv) above, the Company will pay the monthly premiums for the first twelve months of the eligible continuation period or until Executive obtains employment and has satisfied any necessary waiting periods under the new employer's health plan, whichever is sooner. It is understood that Executive's coverage under the Company's disability, accidental death or dismemberment and group life insurance plans cease as of the date of termination. If Executive fails to observe the requirements of Sections 5 or 6 hereof, then the Company shall have no obligation to pay any portion of the Severance Amount remaining unpaid to Executive.

Term and Termination of this Agreement. The term of employment of Executive pursuant to this Agreement shall commence on the Effective Date and shall continue for a term of four (4) years, or until sooner terminated as provided herein. (a) Executive's employment hereunder may be terminated: (i) Upon the death or Disability of Executive; (ii) By the Company, immediately for Cause; (iii) By Executive upon ninety (90) days prior written notice to the Company; (iv) By Company immediately upon written notice to Executive; or (v) By mutual agreement between Executive and the Company. (b) Except as set forth below, upon termination of Executive's employment hereunder pursuant to this Section 4, the Company shall have no further obligation to Executive or his personal representative with respect to remuneration due under this Agreement, except for Base Salary earned but unpaid at date of termination, provided however, Executive's covenants in Sections 5 and 6 of this Agreement shall survive the termination of Executive's employment hereunder. Upon termination of Executive's employment hereunder pursuant to Section 4(a)(iv) above, Executive shall be entitled to receive severance pay (the "Severance Amount") consisting of an amount equal to (i) the then current annualized Base Salary plus (ii) the average of the annual bonus actually paid to or accrued for Executive hereunder for the two (2) most recent fiscal years of the Company ending prior to the date of termination, paid together over a period of twelve (12) month period months in accordance with the Company's standard payroll practices in effect at the time of termination. If Executive elects to continue coverage on the Company's health plan upon termination of employment pursuant to Section 4(a)(iv) above, the Company will pay the monthly premiums for the first twelve months of the eligible continuation period or until Executive obtains employment and has satisfied any necessary waiting periods under the new employer's health plan, whichever is sooner. It is understood that Executive's coverage under the Company's disability, accidental death or dismemberment and group life insurance plans cease as of the date of termination. If Executive fails to observe the requirements of Sections 5 or 6 hereof, then the Company shall have no obligation to pay any portion of the Severance Amount remaining unpaid to Executive.

Term and Termination of this Agreement. The term of employment of Executive pursuant to this Agreement shall commence on the Effective Date and shall continue for a term of four three (43) years, or until sooner terminated as provided herein. (a) Executive's employment hereunder may be terminated: (i) Upon the death or Disability of Executive; (ii) By the Company, immediately for Cause; (iii) By Executive upon ninety (90) days prior written notice to the Company; (iv) By Company immediately upon written notice to Executive; or (v) By mutual agreement between Executive and the Company. (b) Except as set forth below, upon termination of Executive's employment hereunder pursuant to this Section 4, the Company shall have no further obligation to Executive or his personal representative with respect to remuneration due under this Agreement, except for Base Salary earned but unpaid at date of termination, provided however, Executive's covenants in Sections 5 and 6 of this Agreement shall survive the termination of Executive's employment hereunder. Upon termination of Executive's employment hereunder pursuant to Section 4(a)(iv) above, Executive shall be entitled to receive severance pay (the "Severance Amount") consisting of an amount equal to (i) the then current annualized Base Salary plus (ii) the average of the annual bonus actually paid to or accrued for Executive hereunder for the two (2) most recent fiscal years of the Company ending prior to the date of termination, paid together over a period of twelve (12) month period months in accordance with the Company's standard payroll practices in effect at the time of termination. If Executive elects to continue coverage on the Company's health plan upon termination of employment pursuant to Section 4(a)(iv) above, the Company will pay the monthly premiums for the first twelve months of the eligible continuation period or until Executive obtains employment and has satisfied any necessary waiting periods under the new employer's health plan, whichever is sooner. It is understood that Executive's coverage under the Company's disability, accidental death or dismemberment and group life insurance plans cease as of the date of termination. If Executive fails to observe the requirements of Sections 5 or 6 hereof, then the Company shall have no obligation to pay any portion of the Severance Amount remaining unpaid to Executive.

Term and Termination of this Agreement. The term of employment of Executive pursuant to this Agreement shall commence on the Effective Date and shall continue for a term of four three (43) years, or until sooner terminated as provided herein. (a) Executive's employment hereunder may be terminated: (i) Upon the death or Disability of Executive; (ii) By the Company, immediately for Cause; (iii) By Executive upon ninety (90) days prior written notice to the Company; (iv) By Company immediately upon written notice to Executive; or (v) By mutual agreement between Executive and the Company. (b) Except as set forth below, upon termination of Executive's employment hereunder pursuant to this Section 4, the Company shall have no further obligation to Executive or his personal representative with respect to remuneration due under this Agreement, except for Base Salary earned but unpaid at date of termination, provided however, Executive's covenants in Sections 5 and 6 of this Agreement shall survive the termination of Executive's employment hereunder. Upon termination of Executive's employment hereunder pursuant to Section 4(a)(iv) above, Executive shall be entitled to receive severance pay (the "Severance Amount") consisting of an amount equal to (i) the then current annualized Base Salary plus (ii) the average of the annual bonus actually paid to or accrued for Executive hereunder for the two (2) most recent fiscal years of the Company ending prior to the date of termination, paid together over a twelve (12) month period in accordance with the Company's standard payroll practices in effect at the time of termination. If Executive elects to continue coverage on the Company's health plan upon termination of employment pursuant to Section 4(a)(iv) above, the Company will pay the monthly premiums for the first twelve months of the eligible continuation period or until Executive obtains employment and has satisfied any necessary waiting periods under the new employer's health plan, whichever is sooner. It is understood that Executive's coverage under the Company's disability, accidental death or dismemberment and group life insurance plans cease as of the date of termination. If Executive fails to observe the requirements of Sections 5 or 6 hereof, then the Company shall have no obligation to pay any portion of the Severance Amount remaining unpaid to Executive.