Common use of Termination by Executive Without Cause Clause in Contracts

Termination by Executive Without Cause. Executive may terminate this Agreement without cause upon the provision of twelve (12) weeks' prior notice to the Company. The date of such termination shall be referred to as the "Without Cause Termination Date" in this Agreement. Upon such a termination, the Executive shall receive an amount equal to one year's Base Salary in effect at the time of termination, the full bonus under the senior management Bonus Plan of the Company based on the actual performance of the Company under the Bonus Plan and not pro-rated for months of service in the year of termination, and the full Performance Bonus that Executive would have received under this Agreement based on the actual performance of the Company and not pro-rated for months of service in the year of termination. Executive also shall be entitled to receive the value of the vested retirement benefit and the tax gross up thereon when payable in accordance with Sections 5(d) and 5(h) of this Agreement and any other non-reimbursed business expenses and health insurance as set forth in Section 8 below. Executive must comply with Section 6 below. All stock options which are vested through the Without Cause Termination Date can be exercised by the Executive under the terms of the applicable option plan as if the Executive remained in the Company's employ. No other payment shall be made to Executive under this Agreement other than that provided in this paragraph. Executive will receive payment under this section as long as notice of termination is given during the term of the Agreement even if the Without Cause Termination Date extends beyond the term of the Agreement.

Termination by Executive Without Cause. Executive may terminate this Agreement without cause upon the provision of twelve (12) weeks' prior notice to the Company. The date of such termination shall be referred to as the "Without Cause Termination Date" in this Agreement. Upon such a termination, the Executive shall receive an amount equal to all the compensation including bonuses set forth in Section 5(c)(ii) except that Executive shall receive one year's Base Salary in effect at the time and Chairman's Fee instead of termination, the full bonus under the senior management Bonus Plan of the Company based on the actual performance of the Company under the Bonus Plan two year's Base Salary and not pro-rated for months of service in the year of termination, Chairman's Fee and the full Performance Bonus that Executive would have received under this Agreement based on the actual performance of the Company and not pro-rated for months of service in the year of termination. Executive also shall be entitled to receive the value of the vested retirement benefit and the tax gross up thereon when payable in accordance with Sections 5(d) and 5(h) of this Agreement and any other non-reimbursed business expenses and health insurance as set forth in Section 8 below. Executive must comply with Section 6 below. All stock options which are vested through the Without Cause Termination Date can be exercised by the Executive under the terms of the applicable option plan as if the Executive remained in the Company's employ. No other payment shall be made to Executive under this Agreement other than that provided in this paragraph. Executive will receive payment under this section as long as notice of termination is given during the term of the Agreement even if the Without Cause Termination Date extends beyond the term of the Agreement.