Common use of Termination By Company Without Cause or By Employee For Good Reason Clause in Contracts

Termination By Company Without Cause or By Employee For Good Reason. If the Company terminates Employee’s employment other than for Cause or the occurrence of Employee’s death or Disability, or if Employee terminates his employment for Good Reason, Employee shall be entitled to receive severance in the gross amount of one and one half (1 1/2) times his Base Salary in effect at the time of termination (so long as Employee is not in breach of this Agreement) (“Severance Payment”), provided that Employee executes, and does not revoke, a General Release of all claims relating to his employment and termination from employment in a form provided by the Company. Subject to Section 9 hereof, the Severance Payment shall be made to the Employee in a lump sum payment, minus appropriate tax and other withholdings, ten (10) days after the General Release is executed by Employee and returned and received by the Company, provided Employee does not revoke the General Release. Employee understands that should he fail or refuse to execute the General Release provided by the Company, or revoke such General Release, he shall not be entitled to the Severance Payment under this section. The Company shall have no further obligations to Employee under the Agreement.

Termination By Company Without Cause or By Employee For Good Reason. If the Company terminates Employee’s employment other than for Cause or the occurrence of Employee’s death or Disability, or if Employee terminates his employment for Good Reason, the Company shall pay to Employee shall be entitled as severance a lump sum payment equal to receive severance in the gross amount greater of: (i) one (1) year of one and one half (1 1/2) times his Employee’s Base Salary in effect at upon termination plus the time average of Employee’s Bonus over the past two (2) years, or (ii) Base Salary in effect upon termination for the remainder of the Initial Term (so long as “Severance Payment”), provided Employee is not in breach of this Agreement) (“Severance Payment”), provided that Employee and he executes, and does not revoke, a General Release of all claims relating to his employment and termination from employment in a form provided by the CompanyCompany (“General Release”). Subject to Section 9 hereof, the Such lump sum Severance Payment shall be made to the Employee in a lump sum payment, minus appropriate tax and other withholdings, ten (10) within 15 days after Employee executes the General Release is executed by Employee and returned and received by the CompanyRelease, provided Employee he does not revoke the General Release. Employee understands that should he fail or refuse to execute the General Release provided by the Company, or revoke such General Release, he shall not be entitled to the Severance Payment under this section. The Company shall have no further obligations to Employee under the AgreementAgreement other than as referenced in Section 4(c) relating to the accelerated vesting of Restricted Shares and Stock Options.