Common use of Termination by Either Party Without Cause Clause in Contracts

Termination by Either Party Without Cause. At any time during the term hereof, this Employment Agreement may be terminated "without cause" by either Employer or Employee upon written notice to the other party. (A) In the event of such termination "without cause" by Employee, Employer shall have the option either (a) to accept Employee's resignation, effective immediately on receipt of such notice; or (b) to require Employee to continue to perform his duties hereunder, for a period not to exceed six (6) months from the date of receipt of such written notice. In either event, the Employee's compensation and benefits hereunder shall continue only until the effective date of termination, as defined in Paragraph 6.4 below. (B) In the event of such termination "without cause" by Employer, Employee shall receive severance pay equal to thirty-six (36) months' salary, plus bonuses equal to those received by him during the eighteen months prior to termination, and shall be continued under all group benefit plans for a period of eighteen (18) months from the effective date of termination, as defined in Paragraph 6.4(A) below.

Termination by Either Party Without Cause. At any time during the ----------------------------------------- term hereof, this Employment Agreement may be terminated "without cause" by either Employer or Employee upon written notice to the other party. (A) In the event of such termination "without cause" by Employee, Employer shall have the option either (a) to accept Employee's resignation, effective immediately on receipt of such notice; or (b) to require Employee to continue to perform his duties hereunder, for a period not to exceed six (6) months from the date of receipt of such written notice. In either event, the Employee's ' 5 compensation and benefits hereunder shall continue only until the effective date of termination, as defined in Paragraph 6.4 below. (B) In the event of such termination "without cause" by Employer, Employee shall receive severance pay equal to thirtybe continued on the payroll for twenty-six four (3624) months' salary, plus and shall receive bonuses equal to those received by him during the eighteen twenty-four (24) months prior to termination. Such severance pay shall be paid to him in twenty- four (24) equal, and successive monthly payments, beginning on the first day of the month immediately following the effective date of termination. Employee shall also be continued under all group benefit plans for a period of eighteen twenty-four (1824) months from the effective date of termination, as defined in Paragraph 6.4(Aparagraph 6.4 (A) below.