Common use of Termination and Severance Compensation Clause in Contracts

Termination and Severance Compensation. The Company reserves the right to immediately terminate the Employee's employment under this agreement should any of the following occur: (a) The Employee's commission of a felony that is an act which, in the opinion of the Board of Directors, is either abhorrent to the community or is an intentional act, which the Board of Directors considers materially damaging to the reputation of the Company or its successors or assigns. (b) The Employee's breach of or failure to perform his obligations in accordance with the terms and conditions of this agreement. However the right of the Company to terminate the employment of the Employee under the terms of this paragraph 6(b) shall be conditioned upon the Company promptly providing to the Employee a written notice which describes the Employee's breach of or failure to perform his obligations in accordance with the terms and conditions of this agreement. The Employee shall have thirty (30) days from the date of the Company's issuance of this notice to cure the described breach or failure. Notwithstanding the above described language, should the Company issue more than one (1) notice in any twelve (12) month period under the terms of this paragraph 6(b), the Employee shall have no cure rights for such breach or failure to perform. (c) The death of the Employee. (d) The disability of the Employee, as described in Section 5 above. (e) The Company provide the Employee with notice of the termination of his employment with the Company for conditions other than those described above. (f) The Company issues a notice of non- renewal of the term of this Agreement as described in Section 2 herein. Should the term of the Employee's employment with the Company be terminated pursuant to the terms of Sections 6(e), 6(f) or 9 herein, the Company shall pay to the Employee the Base Salary described in Section 3(a) for a period of eighteen (18) months from the date of such termination.

Termination and Severance Compensation. The Company reserves the right to immediately terminate the Employee's employment under this agreement should any of the following occur: (a) The Employee's commission of a felony that is an act which, in the opinion of the Board of Directors, is either abhorrent to the community or is an intentional act, which the Board of Directors considers materially damaging to the reputation of the Company or its successors or assigns. (b) The Employee's breach of or failure to perform his her obligations in accordance with the terms and conditions of this agreement. However the right of the Company to terminate the employment of the Employee under the terms of this paragraph 6(b) shall be conditioned upon the Company promptly providing to the Employee a written notice which describes the Employee's breach of or failure to perform his her obligations in accordance with the terms and conditions of this agreement. The Employee shall have thirty (30) days from the date of the Company's issuance of this notice to cure the described breach or failure. Notwithstanding the above described language, should the Company issue more than one (1) notice in any twelve (12) month period under the terms of this paragraph 6(b), the Employee shall have no cure rights for such breach or failure to perform. (c) The death or disability of the Employee. (d) The disability of the Employee, as described in Section 5 above. (e) The Company provide the Employee with notice of the termination of his employment with the Company for conditions other than those described above. (f) The Company issues a notice of non- renewal of the term of this Agreement as described in Section 2 herein. Should the term of the Employee's employment with the Company be terminated pursuant to the terms of Sections 6(e), 6(f) or 9 herein, the Company shall pay to the Employee the Base Salary described in Section 3(a) for a period of eighteen (18) months from the date of such termination.

Termination and Severance Compensation. The Company reserves the right to immediately terminate the Employee's employment under this agreement should any of the following occur: (a) The Employee's commission of a felony that is an act which, in the opinion of the Board of Directors, is either abhorrent to the community or is an intentional act, which the Board of Directors considers materially damaging to the reputation of the Company or its successors or assigns. (b) The Employee's breach of or failure to perform his obligations in accordance with the terms and conditions of this agreement. However the right of the Company to terminate the employment of the Employee under the terms of this paragraph 6(b) shall be conditioned upon the Company promptly providing to the Employee a written notice which describes the Employee's breach of or failure to perform his obligations in accordance with the terms and conditions of this agreement. The Employee shall have thirty (30) days from the date of the Company's issuance of this notice to cure the described breach or failure. Notwithstanding the above described language, should the Company issue more than one (1) notice in any twelve (12) month period under the terms of this paragraph 6(b), the Employee shall have no cure rights for such breach or failure to perform. (c) The death of the Employee. (d) The disability of the Employee, as described in Section 5 above. (e) The Company provide the Employee with notice of the termination of his employment with the Company for conditions other than those described above. (f) The Company issues a notice of non- renewal of the term of this Agreement as described in Section 2 herein. Should the term of the Employee's employment with the Company be terminated pursuant to the terms of Sections 6(e), 6(fSection 6(c) or 9 and 7 herein, the Company shall pay to the Employee the Base Salary described in Section 3(a) for a period the balance of eighteen (18) months from the date then effective term of such terminationthis Agreement.

Termination and Severance Compensation. The Company reserves the right to immediately terminate the Employee's employment under this agreement should any of the following occur: (a) The Employee's commission of a felony that is an act which, in the opinion of the Board of Directors, is either abhorrent to the community or is an intentional act, which the Board of Directors considers materially damaging to the reputation of the Company or its successors or assigns. (b) The Employee's breach of or failure to perform his obligations in accordance with the terms and conditions of this agreement. However the right of the Company to terminate the employment of the Employee under the terms of this paragraph 6(b) shall be conditioned upon the Company promptly providing to the Employee a written notice which describes the Employee's breach of or failure to perform his obligations in accordance with the terms and conditions of this agreement. The Employee shall have thirty (30) days from the date of the Company's issuance of this notice to cure the described breach or failure. Notwithstanding the above described language, should the Company issue more than one (1) notice in any twelve (12) month period under the terms of this paragraph 6(b), the Employee shall have no cure rights for such breach or failure to perform. (c) The death of the Employee. (d) The disability of the Employee, as described in Section 5 above. (e) The Company provide the Employee with notice of the termination of his employment with the Company for conditions other than those described above. (f) The Company issues a notice of non- renewal of the term of this Agreement as described in Section 2 herein. Should the term of the Employee's employment with the Company be terminated pursuant to the terms of Sections 6(e6(c), 6(f) or 9 6(d), 7, and 8 herein, the Company shall pay to the Employee the Base Salary described in Section 3(a) for a period the balance of eighteen (18) months from the date then effective term of such terminationthis Agreement.

Termination and Severance Compensation. The Company reserves the right to immediately terminate the Employee's employment under this agreement should any of the following occur: (a) The Employee's commission of a felony that is an act which, in the opinion of the Board of Directors, is either abhorrent to the community or is an intentional act, which the Board of Directors considers materially damaging to the reputation of the Company or its successors or assigns. (b) The Employee's breach of or failure to perform his obligations in accordance with the terms and conditions of this agreement. However the right of the Company to terminate the employment of the Employee under the terms of this paragraph 6(b) shall be conditioned upon the Company promptly providing to the Employee a written notice which describes the Employee's breach of or failure to perform his obligations in accordance with the terms and conditions of this agreement. The Employee shall have thirty (30) days from the date of the Company's issuance of this notice to cure the described breach or failure. Notwithstanding the above described language, should the Company issue more than one (1) notice in any twelve (12) month period under the terms of this paragraph 6(b), the Employee shall have no cure rights for such breach or failure to perform. (c) The death of the Employee. (d) The disability of the Employee, as described in Section 5 above. (e) The Company provide the Employee with notice of the termination of his employment with the Company for conditions other than those described above. (f) The Company issues a notice of non- renewal of the term of this Agreement as described in Section 2 herein. Should the term of the Employee's employment with the Company be terminated pursuant to the terms of Sections 6(e6(c), 6(f) or 9 6(d), and 7 herein, the Company shall pay to the Employee the Base Salary described in Section 3(a) for a period the balance of eighteen (18) months from the date then effective term of such terminationthis Agreement.