Common use of Termination at the Election of the Executive Clause in Contracts

Termination at the Election of the Executive. In the event the Executive elects to terminate his employment pursuant to Section 4.6, the Company shall pay the Executive the compensation and benefits otherwise payable to him under Section 3 through the last day of his actual employment by the Company. If the Executive provides ninety (90) days prior written notice, the Executive shall receive an amount equal to a pro rata payment (as defined in Section 21) of the annual cash bonus, if any, paid to the Executive in the year prior to his resignation, subject to the Executive’s execution of a severance agreement and release drafted by and satisfactory to counsel for the Company (such signed agreement, the “Release”). Such payment shall be paid in a lump sum within 30 days following the Executive’s termination of employment. No other benefits are payable upon the Executive’s voluntary resignation unless for Good Reason.

Termination at the Election of the Executive. In the event the Executive elects to terminate his employment pursuant to Section 4.6, the Company shall pay the Executive the compensation and benefits otherwise payable to him under Section 3 through the last day of his actual employment by the Company. If the Executive provides ninety (90) days prior written notice, the Executive shall receive in accordance with the Company’s regular payroll practices, a lump sum payment in an amount equal to a pro rata payment (as defined in Section 21) of the annual cash bonus, if any, paid to the Executive in the year prior to his resignation, subject to the Executive’s execution of a severance agreement and release drafted by and satisfactory to counsel for the Company (such signed agreement, the “Release”). Such payment shall be paid in a lump sum within 30 days following the Executive’s termination of employmentCompany. No other benefits are payable upon the Executive’s voluntary resignation unless for Good Reason.

Termination at the Election of the Executive. In the event the Executive elects to terminate his employment pursuant to Section 4.6, the Company shall pay the Executive the compensation and benefits otherwise payable to him under Section 3 through the last day of his actual employment by the Company. If the Executive provides ninety (90) days prior written notice, the Executive shall receive in accordance with the Company’s regular payroll practices, a lump sum payment in an amount equal to a pro rata payment (as defined in Section 21) of the annual cash bonus, if any, paid to the Executive in the year prior to his resignation, subject to the Executive’s execution of a severance agreement and release drafted by and satisfactory to counsel for the Company (such signed agreement, the “Release”)Company. Such payment shall be paid in a lump sum within 30 days following the Executive’s termination of employment. No other benefits are payable upon the Executive’s voluntary resignation unless for Good Reason.