Common use of Termination by Corporation Without Cause Clause in Contracts

Termination by Corporation Without Cause. In the event the Corporation desires to terminate Executive’s employment for any reason other than as set forth in Sections 5, 6 or 7, the Corporation may do so by providing at least thirty (30) days prior written notice, or in lieu thereof, may relieve Executive of all duties and place Executive on a thirty (30) day paid administrative leave. Subject to Executive complying with the provisions of Sections 8(a) and 8(b), the Corporation, beginning with the first regularly scheduled Corporation payroll date after the Waiver required by Section 8(a) becomes effective, shall pay Executive severance in the form of continuing to pay Executive’s Base Compensation and shall either provide for and maintain Executive’s coverage under the Corporation’s group health, dental, accident and disability insurance plan(s) or pay the required premiums on Executive’s behalf for equivalent continuation coverage, for eighteen (18) months following the Date of Termination. If the Corporation pays the insurance premiums for continuation coverage, and if these amounts are deemed taxable to Executive, then the Corporation shall also provide an additional grossed up amount to cover Executive’s tax liability on such premium payments.