Common use of Termination and Termination Payment Clause in Contracts

Termination and Termination Payment. Employer or the Employee may terminate Employee’s employment at any time, with or without cause, by providing thirty days prior written notice thereof to the other party. If, at any time during the Term of this Agreement, the Employee is terminated by Employer other than for Cause (as defined in Section 4.b. below), then Employer shall, as severance pay, pay the Employee his regular Fixed Compensation, at the rate in effect hereunder immediately prior to such termination, which shall be payable in installments on Employer’s regular payroll dates, from the date of such termination until the earlier of (i) twenty-four months after the date of such termination, or (ii) the end of the Term. If, at any time during the Term of this Agreement, the Employee terminates his employment for Good Reason (as such term is defined below), then Employer shall, as severance pay, pay the Employee his regular Fixed Compensation, at the rate in effect hereunder immediately prior to such termination, which shall be payable in installments on Employer’s regular payroll dates, from the date of such termination until the earlier of (i) twelve months after the date of such termination, or (ii) the end of the Term. For avoidance of doubt, no severance payment will be due to the Employee upon the Employee voluntarily terminating the employment relationship other than termination for Good Reason, upon termination of the employment relationship due to the Employee’s death or Disability (as discussed at Section 4(c) below), or upon termination by Employer for Cause. A termination of employment by Employee for “Good Reason” shall mean a termination by Employee of his employment with Employer due to (i) the reassignment of Employee’s principal place of employment to a location more than fifty (50) miles from 000 Xxxxxxxx Xxxxxx, Xxxx Xxxxxxx 00000, or (ii) the failure of Employer to obtain the assumption of this Agreement by any successor to Employer; provided, however, the Employee shall provide written notice to the Board of Directors specifying in reasonable detail the circumstances claimed to provide the basis for such termination, and the Board of Directors shall fail to correct the circumstances set forth in Employee’s notice of termination within 20 days of receipt of such notice.

Termination and Termination Payment. Employer The Company or the Employee may terminate Employee’s employment at any time, with or without cause, by providing thirty days prior written notice thereof to the other party. If, at any time during the Term of this Agreement, the Employee is terminated by Employer the Company other than for Cause (as defined in Section 4.b. below), then Employer the Company shall, as severance pay, pay the Employee his regular Fixed Compensation, at the rate in effect hereunder immediately prior to such termination, which shall be payable in installments on EmployerCompany’s regular payroll dates, from the date of such termination until the earlier of (i) twenty-four months after the date of such termination, or (ii) the end of the Term. If, at any time during the Term of this Agreement, the Employee terminates his employment for Good Reason (as such term is defined below), then Employer the Company shall, as severance pay, pay the Employee his regular Fixed Compensation, at the rate in effect hereunder immediately prior to such termination, which shall be payable in installments on EmployerCompany’s regular payroll dates, from the date of such termination until the earlier of (i) twelve months after the date of such termination, or (ii) the end of the Term. For avoidance of doubt, no severance payment will be due to the Employee upon the Employee voluntarily terminating the employment relationship other than termination for Good Reason, upon termination of the employment relationship due to the Employee’s death or Disability (as discussed at Section 4(c) below), or upon termination by Employer the Company for Cause. A termination of employment by Employee for “Good Reason” shall mean a termination by Employee of his employment with Employer the Company due to (i) the reassignment of Employee’s principal place of employment to a location more than fifty (50) miles from 000 Xxxxxxxx Xxxxxx, Xxxx Xxxxxxx 0000035563, or (ii) the failure of Employer the Company to obtain the assumption of this Agreement by any successor to Employerthe Company; provided, however, the Employee shall provide written notice to the Board of Directors Company specifying in reasonable detail the circumstances claimed to provide the basis for such termination, and the Board of Directors Company shall fail to correct the circumstances set forth in Employee’s notice of termination within 20 days of receipt of such notice.”

Termination and Termination Payment. Employer or the Employee may terminate Employee’s employment at any time, with or without cause, by providing thirty days prior written notice thereof to the other party. If, at any time during the Term of this Agreement, the Employee is terminated by Employer other than for Cause (as defined in Section 4.b. below), then Employer shall, as severance pay, pay the Employee his regular Fixed Compensation, at the rate in effect hereunder immediately prior to such termination, which shall be payable in installments on Employer’s regular payroll dates, from the date of such termination until the earlier of (i) twenty-four months after the date of such termination, or (ii) the end of the Term. If, at any time during the Term of this Agreement, the Employee terminates his employment for Good Reason (as such term is defined below), then Employer shall, as severance pay, pay the Employee his regular Fixed Compensation, at the rate in effect hereunder immediately prior to such termination, which shall be payable in installments on Employer’s regular payroll dates, from the date of such termination until the earlier of (i) twelve months after the date of such termination, or (ii) the end of the Term. For avoidance of doubt, no severance payment will be due to the Employee upon the Employee voluntarily terminating the employment relationship other than termination for Good Reason, upon termination of the employment relationship due to the Employee’s death or Disability (as discussed at Section 4(c) below), or upon termination by Employer for Cause. A termination of employment by Employee for “Good Reason” shall mean a termination by Employee of his employment with Employer due to (i) the reassignment of Employee’s principal place of employment to a location more than fifty (50) miles from 000 Xxxxxxxx Xxxxxx, Xxxx Xxxxxxx 0000035563, or (ii) the failure of Employer to obtain the assumption of this Agreement by any successor to Employer; provided, however, the Employee shall provide written notice to the Board of Directors specifying in reasonable detail the circumstances claimed to provide the basis for such termination, and the Board of Directors shall fail to correct the circumstances set forth in Employee’s notice of termination within 20 days of receipt of such notice.

Termination and Termination Payment. Employer or the Employee may terminate Employee’s employment at any time, with or without cause, by providing thirty days prior written notice thereof to the other party. If, at any time during the Term of this AgreementTerm, the Employee is terminated by Employer other than for Cause (as defined in Section 4.b. below), or the Term expires following the provision of a Non-Renewal Notice by Employer, then Employer shall, as severance pay, pay the Employee his regular Fixed Compensation, at the rate in effect hereunder immediately prior to such termination, which shall be payable in installments on Employer’s regular payroll dates, from the date of such termination until the earlier of (i) twenty-four twelve months after the date of such termination, or (ii) the end of the Term. If, at any time during the Term of this AgreementTerm, the Employee terminates his employment for Good Reason (as such term is defined below), then Employer shall, as severance pay, pay the Employee his regular Fixed Compensation, at the rate in effect hereunder immediately prior to such termination, which shall be payable in installments on Employer’s regular payroll dates, from the date of such termination until the earlier of (i) twelve months after the date of such termination, or (ii) the end of the Term. For avoidance of doubt, no severance payment will be due to the Employee either upon (i) the Employee voluntarily terminating the employment relationship other than termination for Good Reason, upon (ii) termination of the employment relationship due to the Employee’s death or Disability (as discussed at Section 4(c) 4.c. below), or upon (iii) termination by Employer for CauseCause or (iv) expiration of the Term following the provision of a Non-Renewal Notice by Employee. A termination of employment by Employee for “Good Reason” shall mean a termination by Employee of his employment with Employer due to (i) the reassignment of Employee’s principal place of employment to a location more than fifty (50) miles from 000 Xxxxxxxx Xxxxxx, Xxxx Xxxxxxx 0000035563, or (ii) the failure of Employer to obtain the assumption of this Agreement by any successor to Employer; provided, however, the Employee shall provide written notice to the Board of Directors specifying in reasonable detail the circumstances claimed to provide the basis for such termination, and the Board of Directors shall fail to correct the circumstances set forth in Employee’s notice of termination within 20 days of receipt of such notice.. All severance payments to be made hereunder, shall be conditioned upon the receipt by the Company of an executed general release in favor of the Company in the form attached hereto as Annex B.

Termination and Termination Payment. Employer The Company or the Employee may terminate Employee’s employment at any time, with or without cause, by providing thirty days prior written notice thereof to the other party. If, at any time during the Term of this Agreement, the Employee is terminated by Employer the Company other than for Cause (as defined in Section 4.b. below), then Employer the Company shall, as severance pay, pay the Employee his regular Fixed Compensation, at the rate in effect hereunder immediately prior to such termination, which shall be payable in installments on EmployerCompany’s regular payroll dates, from the date of such termination until the earlier of (i) twenty-four months after the date of such termination, or (ii) the end of the Term. If, at any time during the Term of this Agreement, the Employee terminates his employment for Good Reason (as such term is defined below), then Employer the Company shall, as severance pay, pay the Employee his regular Fixed Compensation, at the rate in effect hereunder immediately prior to such termination, which shall be payable in installments on EmployerCompany’s regular payroll dates, from the date of such termination until the earlier of (i) twelve months after the date of such termination, or (ii) the end of the Term. For avoidance of doubt, no severance payment will be due to the Employee upon the Employee voluntarily terminating the employment relationship other than termination for Good Reason, upon termination of the employment relationship due to the Employee’s death or Disability (as discussed at Section 4(c) below), or upon termination by Employer the Company for Cause. A termination of employment by Employee for “Good Reason” shall mean a termination by Employee of his employment with Employer the Company due to (i) the reassignment of Employee’s principal place of employment to a location more than fifty (50) miles from 000 Xxxxxxxx Xxxxxx, Xxxx Xxxxxxx 00000, or (ii) the failure of Employer the Company to obtain the assumption of this Agreement by any successor to Employerthe Company; provided, however, the Employee shall provide written notice to the Board of Directors Company specifying in reasonable detail the circumstances claimed to provide the basis for such termination, and the Board of Directors Company shall fail to correct the circumstances set forth in Employee’s notice of termination within 20 days of receipt of such notice.”

Termination and Termination Payment. Employer or the Employee The Company may terminate Employee’s employment at any time, with or without cause, by providing thirty ten (10) days prior written notice thereof to the other partyEmployee. If, at any time during the Initial Term of this Agreement, the Employee is terminated by Employer the Company other than for Cause (as defined in Section 4.b. below) (a “Qualifying Termination”), then Employer shall, as severance pay, the Company shall pay to the Employee his regular Fixed CompensationSeverance Payments (as defined below) for (i) a 12-month period, at if the rate in effect hereunder immediately prior to such termination, which shall be payable in installments on Employer’s regular payroll dates, from Qualifying Termination occurs after the first anniversary of the date of such termination until the earlier of (i) twenty-four months after the date of such terminationthis Agreement, or (ii) if the end Qualifying Termination occurs prior to the first anniversary of the Term. If, at any time during the Term date of this Agreement, a period equal to the Employee terminates his employment for Good Reason sum of twelve (as such term is defined below)12) months, then Employer shall, as severance pay, pay plus the Employee his regular Fixed Compensation, at the rate in effect hereunder immediately number of remaining months prior to such termination, which shall be payable in installments on Employer’s regular payroll dates, from the first anniversary date of such termination until this Agreement (the earlier of (i) twelve months “Severance Period”). For example if the Qualifying Termination occurs during the sixth month after the date of this Agreement, then the Severance Period would be for eighteen (18) months. The Severance Payments shall be equal monthly payments, each such termination, or (ii) monthly payment being an amount equal to the end average of the Termmonthly Commissions accrued under Section 3(a) during the three (3) months immediately preceding the date of termination (the “Severance Payments”). For avoidance of doubt, no severance payment Severance Payment will be due to the Employee upon the Employee voluntarily terminating the employment relationship other than termination for Good Reasonrelationship, upon termination of the employment relationship due to the Employee’s death or Disability (as discussed at Section 4(c) 4.c. below), or upon termination by Employer the Company for Cause. A termination of employment by Employee for “Good Reason” shall mean a , upon termination by Employee of his employment with Employer due to (i) the reassignment of Employee’s principal place of employment to Company without cause during a location more than fifty (50) miles from 000 Xxxxxxxx Xxxxxx, Xxxx Xxxxxxx 00000Successor Term, or (ii) upon non-renewal by the failure of Employer to obtain Employee or the assumption Company of this Agreement Agreement. Employees’ Severance Payments hereunder shall be reduced by 50 percent of any successor compensation or fees offered to Employer; providedEmployee during the severance period by subsequent employers or other persons for which Employee performs services, howeverincluding but not limited to consulting services. Notwithstanding the foregoing, in the event the Employee is terminated by the Company without Cause during the first three months of this Agreement, the Employee minimum amount of the Severance Payment shall provide written notice be equal to the Board monthly amount paid under section 3(b), regardless of Directors specifying in reasonable detail the circumstances claimed to provide average monthly commissions due for the basis for such termination, and the Board of Directors shall fail to correct the circumstances set forth in Employee’s notice of termination within 20 days of receipt of such noticepreceding three months.