Common use of Termination and Termination Payment Clause in Contracts

Termination and Termination Payment. 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 the Company other than for Cause (as defined in Section 4.b. below), then 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 Company’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 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 Company’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 the Company for Cause. A termination of employment by Employee for “Good Reason” shall mean a termination by Employee of his employment with 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 35563, or (ii) the failure of the Company to obtain the assumption of this Agreement by any successor to the Company; provided, however, the Employee shall provide written notice to the Company specifying in reasonable detail the circumstances claimed to provide the basis for such termination, and the 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. The Company 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 the Company Employer other than for Cause (as defined in Section 4.b. below), then the Company 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 CompanyEmployer’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 the Company 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 CompanyEmployer’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 the Company Employer for Cause. A termination of employment by Employee for “Good Reason” shall mean a termination by Employee of his employment with the Company 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 3556300000, or (ii) the failure of the Company Employer to obtain the assumption of this Agreement by any successor to the CompanyEmployer; provided, however, the Employee shall provide written notice to the Company Board of Directors specifying in reasonable detail the circumstances claimed to provide the basis for such termination, and the Company 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. The Company 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 the Company 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 the Company 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 CompanyEmployer’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 the Company 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 CompanyEmployer’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 Cause or (iv) expiration of the Company for CauseTerm 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 the Company 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 35563, or (ii) the failure of the Company Employer to obtain the assumption of this Agreement by any successor to the CompanyEmployer; provided, however, the Employee shall provide written notice to the Company Board of Directors specifying in reasonable detail the circumstances claimed to provide the basis for such termination, and the Company 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. 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 the Company other than for Cause (as defined in Section 4.b. below), then 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 Company’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 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 Company’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 the Company for Cause. A termination of employment by Employee for “Good Reason” shall mean a termination by Employee of his employment with 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 3556300000, or (ii) the failure of the Company to obtain the assumption of this Agreement by any successor to the Company; provided, however, the Employee shall provide written notice to the Company specifying in reasonable detail the circumstances claimed to provide the basis for such termination, and the 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. The Company 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 the Company Employer other than for Cause (as defined in Section 4.b. below), then the Company 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 CompanyEmployer’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 the Company 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 CompanyEmployer’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 the Company Employer for Cause. A termination of employment by Employee for “Good Reason” shall mean a termination by Employee of his employment with the Company 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 35563, or (ii) the failure of the Company Employer to obtain the assumption of this Agreement by any successor to the CompanyEmployer; provided, however, the Employee shall provide written notice to the Company Board of Directors specifying in reasonable detail the circumstances claimed to provide the basis for such termination, and the Company 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.”