Common use of Termination by Company Without Cause or Termination by Executive for Good Reason Clause in Contracts

Termination by Company Without Cause or Termination by Executive for Good Reason. In the event that the Company terminates the Executive's employment without Cause or the Executive terminates his employment for Good Reason before the expiration of the term of this Agreement, including any extension thereof, the Executive shall be entitled to the following payments and benefits: (1) Those described in Paragraph 7(a) as if the Executive had died on his Date of Termination. (2) Payment of an amount equal to the sum of the Base Salary (assuming no increases) payable to the Executive for remaining term of this Agreement assuming no termination, plus (B) two (2) times the average of the Annual Bonuses paid or payable to the Executive during the term of this Agreement, payable in twelve (12) equal, consecutive monthly installments commencing no later than thirty (30) days after the Date of Termination. (3) All outstanding options, stock grants, share of restricted stock or any other equity, incentive compensation shall be and become fully vested and nonforfeitable. (4) The Executive and the Executive's family shall be entitled to receive welfare plan benefits (other than continued group long-term disability coverage) generally available to executives with comparable responsibilities or positions for a period of the lessor of two (2) years from the Date of Termination or until the Expiration Date of this Agreement at the same cost to the Executive as is charged to such executives from time to time for comparable coverage.

Termination by Company Without Cause or Termination by Executive for Good Reason. In the event that the Company terminates the Executive's employment without Cause or the Executive terminates his employment for Good Reason before the expiration of the term of this Agreement, including any extension thereof, the Executive shall be entitled to the following payments and benefits: (1) Those described in Paragraph 7(a) as if the Executive had died on his Date of Termination. (2) Payment of an amount equal to the sum of the Executive's Base Salary (assuming no increases) payable to the Executive for remaining term of this Agreement Agreement, which shall be not be less than five years assuming no termination, plus (B) two (2) times the average of the Annual Bonuses and Salary paid or payable to the Executive during the term of this Agreement, payable in twelve (12) equal, consecutive monthly installments commencing no later than thirty (30) days after the Date of Termination. (3) All outstanding options, stock grants, share of restricted stock or any other equity, incentive compensation shall be and become fully vested and nonforfeitable. (4) The Executive and the Executive's family shall be entitled to receive welfare plan benefits (other than continued group long-term disability coverage) generally available to executives with comparable responsibilities or positions for a period of the lessor of two five (25) years from the Date of Termination or until the Expiration Date of this Agreement at the same cost to the Executive as is charged to such executives from time to time for comparable coverage.