Common use of Termination by Corporation Without Cause Clause in Contracts

Termination by Corporation Without Cause. If the Corporation terminates the Agreement for any reason except for cause as defined in Section Ten then upon the termination of the Employee’s employment under the Agreement, the Corporation shall pay an amount equal to eighteen (18) months’ salary. The amount shall be paid in one lump sum on the date the Employee’s services terminate. All employee benefits provided to the Employee shall be continued as if the Employee was still an employee of the Corporation, for a period of one (1) year from the date of termination or replacement of equal or better benefits from a new employer. In the event Employee has existing stock options, they will be honored in accordance with the terms of said options.

Termination by Corporation Without Cause. If the Corporation terminates the Agreement for any reason except for cause as defined in Section Ten then upon the termination of the Employee’s 's employment under the Agreement, the Corporation shall pay an amount equal to eighteen months (18) months’ of salary. The amount shall be paid in one lump sum on the date the Employee’s 's services terminate. All employee benefits provided to the Employee shall be continued as if the Employee was still an employee of the Corporation, for a period of one (1) year from the date of termination or replacement of equal or better benefits from a new employer. In the event Employee has existing stock options, they will be honored in accordance with the terms of said options.

Termination by Corporation Without Cause. If the Corporation terminates the Agreement for any reason except for cause as defined in Section Ten then upon the termination of the Employee’s 's employment under the Agreement, the Corporation shall pay an amount equal to eighteen (18) months’ months salary. The amount shall be paid in one lump sum on the date the Employee’s 's services terminate. All employee benefits provided to the Employee shall be continued as if the Employee was still an employee of the Corporation, for a period of one (1) year from the date of termination or replacement of equal or better benefits from a new employer. In the event Employee has existing stock options, they will be honored in accordance with the terms of said options.

Termination by Corporation Without Cause. If the Corporation terminates the Agreement for any reason except for cause as defined in Section Ten then upon the termination of the Employee’s employment under the Agreement, the Corporation shall pay an amount equal to eighteen thirty six (1836) months’ salary. The amount shall be paid in one lump sum on the date the Employee’s services terminate. All employee benefits provided to the Employee shall be continued as if the Employee was still an employee of the Corporation, for a period of one (1) year from the date of termination or replacement of equal or better benefits from a new employer. In the event Employee has existing stock options, they will be honored in accordance with the terms of said options.