Common use of Termination at Option of Employer Clause in Contracts

Termination at Option of Employer. Notwithstanding any other section of this Agreement, Employer may terminate this Agreement at any time and without cause by giving Employee sixty (60) days written notice of Employer's intent to terminate this Agreement. In the event Employee's employment is terminated pursuant to Section 7.01 of this Agreement, Employee shall be paid all accrued salary, vacation, and reimbursable expenses for which expense reports have been provided to Employer in accordance with Employer's policies and this Agreement. In addition to the forgoing amounts, if Employee is terminated pursuant to this section of the Agreement, he will be entitled to receipt of additional severance payment as follows: 1. Employee shall be entitled to received up to twelve (12) monthly payments each in the amount equal to one twelfth (1/12) of Employee's then current annual base salary, less any withholding required by law. Any payments due and owing to Employee under this Section will commence on the 15th day of the first month following Employee's termination and shall continue until all payments due and owing Employee are made or until Employee obtains other comparable employment, whichever comes first. 2. In addition, the Employee will also be entitled to all vested awards of benefit plans in which employee is vested (including the Deferred Bonus Plan) in accordance with the terms of those plans. 3. For purposes of implementing subparagraph 1 of Section 7.01, Employee agrees to furnish Employer with prompt written notice describing any subsequent employment he secures (including his compensation for such employment) following any termination under this section. 4. For purposes of subparagraph 1 of Section 7.01, the term "comparable employment" shall mean any employment in which Employee's compensation (measured by any cash or non-cash payments or benefits) is comparable to his compensation under this Agreement. Any compensation comparison undertaken for the purposes of this Agreement shall be done without regard to any vested or unvested earnings from the Deferred Bonus Plan.

Termination at Option of Employer. Notwithstanding any other section of this Agreement, Employer may terminate this Agreement at any time and without cause by giving Employee sixty (60) days written notice of Employer's intent to terminate this Agreement. In the event Employee's employment is terminated pursuant to Section 7.01 of this Agreement, Employee shall be paid all accrued salary, vacation, and reimbursable expenses for which expense reports have been provided to Employer in accordance with Employer's policies and this Agreement. In addition to the forgoing amounts, if Employee is terminated pursuant to this section of the Agreement, he she will be entitled to receipt of additional severance payment as follows: 1. Employee shall be entitled to received up to twelve (12) monthly payments each in the amount equal to one twelfth (1/12) of Employee's then current annual base salary, less any withholding required by law. Any payments due and owing to Employee under this Section will commence on the 15th day of the first month following Employee's termination and shall continue until all payments due and owing Employee are made or until Employee obtains other comparable employment, whichever comes first. 2. In addition, the Employee will also be entitled to all vested awards of benefit plans in which employee is vested (including the Deferred Bonus Plan) in accordance with the terms of those plans. 3. For purposes of implementing subparagraph 1 of Section 7.01, Employee agrees to furnish Employer with prompt written notice describing any subsequent employment he she secures (including his her compensation for such employment) following any termination under this section. 43. For purposes of subparagraph 1 of Section 7.01, the term "comparable employment" shall mean any employment in which Employee's compensation (measured by any cash or non-cash payments or benefits) is comparable to his her compensation under this Agreement. Any compensation comparison undertaken for the purposes of this Agreement shall be done without regard to any vested or unvested earnings from the Deferred Bonus Plan.

Termination at Option of Employer. Notwithstanding any other ------------------------------------------------ section of this Agreement, Employer may terminate this Agreement at any time and without cause by giving Employee sixty thirty (6030) days written notice of Employer's intent to terminate this Agreement. In the event Employee's employment is terminated pursuant to Section 7.01 of this Agreement, Employee shall be paid all accrued salary, vacation, vacation and reimbursable expenses for which expense reports have been provided to Employer in accordance with Employer's policies and this Agreement. In addition to the forgoing foregoing amounts, if Employee is terminated pursuant to this section of the Agreement, he will be entitled to receipt of additional severance payment payments as follows: 1. Employee shall be entitled to received receive up to twelve twenty-four (1224) monthly payments payments, each in the amount equal to one twelfth (1/12) of Employee's then current annual base salary, less any withholding required by law. Any payments due and owing to Employee under this Section will commence on the 15th 15/th/ day of the first month following Employee's termination and shall continue until all payments due and owing Employee are made or until Employee employee obtains other comparable employment, whichever comes first. 2. In addition, the Employee will also be entitled to all vested awards of benefit plans in which employee is vested (including the Deferred Bonus Plan) in accordance with the terms of those plans. 3. For purposes of implementing subparagraph 1 of Section 7.01, Employee agrees to furnish Employer with prompt written notice describing any subsequent employment he secures (including his compensation for such employment) following any termination under this section. 43. For purposes of subparagraph 1 of Section 7.01, the term "comparable employment" shall mean any employment in which Employee's compensation (measured by any cash or non-cash payments or benefits) is comparable to his compensation under this Agreement. Any compensation comparison undertaken for the purposes of this Agreement shall be done without regard to any vested or unvested earnings from the Deferred Bonus Planstock appreciation rights of Employee.

Termination at Option of Employer. Notwithstanding any other section of this Agreement, Employer may terminate this Agreement at any time and without cause by giving Employee sixty (60) days written notice of Employer's intent to terminate this Agreement. In the event Employee's employment is terminated pursuant to Section 7.01 of this Agreement, Employee shall be paid all accrued salary, vacation, and reimbursable expenses for which expense reports have been provided to Employer in accordance with Employer's policies and this Agreement. In addition to the forgoing amounts, if Employee is terminated pursuant to this section of the Agreement, he will be entitled to receipt of additional severance payment as follows: 1. Employee shall be entitled to received up to twelve (12) monthly payments each in the amount equal to one twelfth (1/12) of Employee's then current annual base salary, less any withholding required by law. Any payments due and owing to Employee under this Section will commence on the 15th day of the first month following Employee's termination and shall continue until all payments due and owing Employee are made or until Employee obtains other comparable employment, whichever comes first. 2. In addition, the Employee will also be entitled to all vested awards of benefit plans in which employee is vested (including the Deferred Bonus Plan) in accordance with the terms of those plans. 3. For purposes of implementing subparagraph 1 of Section 7.01, Employee agrees to furnish Employer with prompt written notice describing any subsequent employment he secures (including his compensation for such employment) following any termination under this section. 43. For purposes of subparagraph 1 of Section 7.01, the term "comparable employment" shall mean any employment in which Employee's compensation (measured by any cash or non-cash payments or benefits) is comparable to his compensation under this Agreement. Any compensation comparison undertaken for the purposes of this Agreement shall be done without regard to any vested or unvested earnings from the Deferred Bonus Plan.