Common use of Termination As Result of No Cause Termination or Employee-Initiated Termination Clause in Contracts

Termination As Result of No Cause Termination or Employee-Initiated Termination. If Executive's employment under this Agreement is terminated as a result of a No Cause Termination or an Employee-Initiated Termination, Executive shall be entitled to receive (i) any Base Salary which may be owed to Executive but is unpaid as of the date on which Executive's employment is terminated and (ii) his Base Salary as in effect on the date of such termination for the period up to, but not including, the fifth anniversary of the Effective Date or, if later, through the remainder of his term of employment under any extension of this Agreement. The payment of such Base Salary pursuant to clause (ii) of the preceding sentence shall be made at such intervals in accordance with the Company's payroll procedures in effect from time to time with respect to officers of the Company but no less frequently than monthly. In addition, in the event of Executive's death following a No Cause Termination or an Employee-Initiated Termination, any Base Salary payable to Executive under this Section 4.2 and not yet paid on the date of Executive's death shall be paid to Executive's designated beneficiary, if any, or if none, his surviving spouse or, if none, his estate (collectively, the "Beneficiary"). Such payments shall be made to the Beneficiary at such times as would otherwise have been payable to Executive under this Section 4.2; provided, however, that the Company may in its discretion pay such Base Salary to the Beneficiary in a lump sum payment in an amount determined in accordance with the methodology set forth in subsection (B) of Section 4.3.

Termination As Result of No Cause Termination or Employee-Initiated Termination. If Executive's ’s employment under this Agreement is terminated during the Original Term as a result of a No Cause Termination or an Employee-Initiated Termination, Executive shall be entitled to receive (i) any Base Salary which may be owed owned to Executive but is unpaid as of the date on which Executive's ’s employment is terminated terminated; and (ii) his Base Salary as in effect on the date of such termination for the period up to, but not including, to the fifth first anniversary of the Effective Date or, if later, through the remainder of his term of employment under any extension of this AgreementDate. The payment of such Base Salary pursuant to clause (ii) of the preceding sentence above shall be made at such intervals in accordance with the Company's ’s payroll procedures in effect from time to time with respect to officers of the Company but no less frequently than monthly. In addition, in the event of Executive's ’s death following a No Cause Termination or an Employee-Initiated Termination, any Base Salary payable to Executive under this Section 4.2 clauses (i) and (ii) above not yet paid on the date of Executive's ’s death shall be paid to Executive's ’s designated beneficiary, if any, or if none, his surviving spouse or, if none, his estate (collectively, the "Beneficiary"). Such payments shall be made to the Beneficiary at such times as would otherwise have been payable to Executive under this Section 4.2; provided, however, that the Company may in its discretion pay such Base Salary and Bonus to the Beneficiary in a lump sum payment in an amount determined in accordance with the methodology set forth in subsection (B) of Section 4.3.