Term; Termination; Certain Effects of Termination Clause Samples

Term; Termination; Certain Effects of Termination. (a) The Employee's employment by the Company under this Agreement shall commence on the Effective Date and shall expire on March 31, 2007 (the "Expiration Date"). Notwithstanding the foregoing but subject to paragraph 7(b), the Company, in its sole and absolute discretion, may terminate the Employee's employment and the Company's obligations hereunder as follows: (i) upon 30 days' notice if the Employee becomes Disabled (as defined herein); (ii) for Cause (as defined herein) upon notice of such termination to the Employee; or (iii) without Cause upon 30 days' notice of such termination to the Employee. (i) If the Employee's employment by the Company is terminated due to his becoming Disabled pursuant to paragraph 7(a)(i), the Company, subject to paragraph 11(c), shall provide to the Employee with respect to a period of twelve (12) months beginning immediately after the date of termination (A) (1) the Base Salary for such period at the Base Salary on the date of termination, minus (2) the amount or amounts (if any) that the Employee receives during such period under any disability insurance policy or plan maintained by the Company or the Employee or under Social Security or similar laws, which net amount shall be payable (after deduction of applicable payroll taxes) in accordance with the Company's customary payroll practices in effect from time to time, and (B) continued coverage for such period under the Company's then existing health benefit and life insurance programs on the same terms that were applicable to the Employee on the date of termination. (ii) If the Employee's employment by the Company is terminated for Cause pursuant to paragraph 7(a)(ii), or if the Employee resigns from his employment with the Company, the Company, subject to paragraph 11(c), may, but shall not be obligated to, provide to the Employee, for and in consideration of the Employee's compliance with the covenants set forth in paragraph 11, with respect to a period of up to twenty-four (24) months beginning immediately after the date of termination or resignation, as determined by the Company in its sole and absolute discretion, the Base Salary for such period at the Base Salary on the date of termination or resignation, which amount shall be payable (after deduction of applicable payroll taxes) in accordance with the Company's customary payroll practices in effect from time to time and with a final payment due not later than March 15 of the year following the year in which the t...